Growth Slowing on Its Own?

Candidates for public office in Montgomery are attacking growth and its associated ills with the fervor of a preacher at a revival meeting. However, development may be slowing already due to economic forces. In the past few days, we have learned that the number of unsold homes is reaching its highest level in more than a decade, though we still need more details on Montgomery's market to draw firm local conclusions.

However, there is certainly some evidence that the slowdown has reached Montgomery. Canyon Ranch is considering shelving a major new development near Old Georgetown Square where 270 and the Beltway meet. One also cannot help but notice that some construction projects are moving along very slowly. Another year has passed and the plush Adagio condominium development on Wisconsin Ave. next to Staples in Bethesda remains a giant hole in the ground.

Still, other projects proceed apace. The old Giant ("That was my Giant!") on Arlington Road has finally been demolished and Federal Realty is moving ahead with its construction of a new condo/retail project in the heart of Bethesda. Similarly, the building at the corner of Woodmont Ave. and Old Georgetown Rd. in Bethesda has been razed and construction of the new posh and pricey Lions Gate condo complex moves along. However, in a market where prices are falling, will people really pay upwards of $1.2 million for condos which will overlook a noisy intersection that can sound like Indianapolis 500 even if you can walk to Metro?

Of course, one should note that the Bethesda projects are all "smart growth" type projects since they are infill in an areas of the County close to Metro and public transport. Unless one opposes all new growth until the County's infrastructure expands, these are the sort of new projects I suppose one would tend to favor even though they will provide lots of what will be unaffordable housing to most people.

The question remains, however, whether Montgomery will elect a slate of anti-growth candidates just as the economic boom grinds to a halt.