I am clearly in opposition to Wright’s Crossing. But I decided to imagine what our island would be like if the Nevada developer pulled off the mystical affordable housing development.
I design and build homes everyday. I price the costs of homes and all of their supplies and labor expenses. Here is what I come up with:
The Nevada developer claims to sell small basic affordable homes for $250,000 as per the articles written in the paper. The average listing on Whidbey Island for a 2,000-square-foot, three bedroom home is $375,000.00. Based upon the formulas described in articles from the Nevada developer, I believe he would sell similar-sized homes in Wright’s Crossing for $350,000.00. This is a very impressive number. It also seems like it is amazingly affordable and would draw buyers from all areas to be here.
But what does it mean for the current 2,000 -square-foot homeowners of Whidbey Island? Well, it means you just lost $25,000 per household. When you decide to sell your existing home, you will now have 200-plus comparable sized homes that just sold for $25,000-plus less than what you could have sold it for before Wright’s Crossing existed. The banks and appraisers value homes sold close in size, location and amenities.
The tens of thousands of residents that live near Oak Harbor will lose equity from their home every time a home sells in Wright’s Crossing. The more homes that are sold in this affordable housing development the more the appraiser has a comparable home to decrease the value of yours.
If you are a homeowner and you support this development, it will indirectly cost you a fee of $25,000 in the loss of value of your home.
I am a huge supporter of affordable housing. Through condominiums, townhomes and city infill, it can be done to provide affordable housing to those who need it. I am not a supporter of creating a development that takes away property value to the current homeowners of Whidbey Island to make an out of state developer wealthy.