I have been a resident of Hillsboro for 28 years now, and the growth has been crazy. We have had double digit appreciation since the end of the great recession, 2007-2010. All of that market correcting has corrected to the extent of pushing our entry level housing out of the reach of our entry level buyers.
High density has been the goal, the problem is that it isn’t tackling our emerging families urge for single family residential, which is generally the reason those folks purchase in the ‘suburbs’. The cost of the land is outstripping our emerging entry level buyers’ purchasing ability.
With the advent of the south Hillsboro project, we have housing product that will appeal to the 1st time move up buyers (among others, of course), freeing up the inventory of existing entry level homes for our emerging entry level buyers. That will cause the whole housing market to move much more freely.
Contrary to setting up a downward push on the value of the existing homes, it will allow the market to begin to move forward with housing available to all purchasers. The side benefit is that it opens the door for more natural appreciation, which is what the housing market needs to self-sustain.
– Judith Shortt, Owner and Broker