From the Washington Post:
"The federal government will not fund the Metro extension to Dulles International Airport without drastic changes, officials said yesterday, effectively scuttling a $5 billion project planned for more than 40 years and widely considered crucial to the region's economic future.Jim Bacon at Bacon's Rebellion offers a few options.
. . .
'The sheer number and magnitude of the current project's technical, financial and institutional risks and uncertainties are unprecedented,' Simpson wrote yesterday in a follow-up letter to Virginia Gov. Timothy M. Kaine (D). 'I have serious concerns whether it would be appropriate to continue further investment.'"
8 comments:
This is why I moved to DC and no longer live in Virginia. When it comes to transportation, VA is about as incompetent as they get.
LOL, all those people who bought million dollar homes, or speculative properties in "Pimmit Hills" are now getting hosed!
I know of one investor who owned 17 homes and have heard of others owning dozens. They figured once the metro opened they would double or triple their investment.
Get ready to see a BUNCH of defaulted properties in that area. I know of one "McMansion" in Pimmit that has dropped from 1.3M+ to under 1.0 in the last week.
Leesburg/Ashburn homes just took another 5% decline hit today on this news!
so what happens to the homes in Reston/Herndon being marketed as "near the new metro"?
I guess they'll stay pretty quiet!
Funny some folks in Leesburg/Ashburn don't want the metro, they are worried it will bring crime, haha. Not like criminals drive to suburbia - they all take metro
Geek,
Georgetown back in the day didn't want a metro stop because of the "crime element." They ended up with gridlock, an outdated sewer system (that would have been replaced), and the subsequent problems and fires.
I can't imagine buying an investment property based on "a soon to be metro stop" when these projects takes tens of years to develop and are often way behind schedule. There's got to be a better use for your money...
My $0.02.
"I know of one investor who owned 17 homes and have heard of others owning dozens. They figured once the metro opened they would double or triple their investment."
This is an area I am familiar with... there are tons of people who are trying to cash in on the metro including a bunch of commercial groups.
If this falls through it will do them no good that is for sure...
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