Letter to Editor: The Faces of Real Estate Investment

Lately we have become aware of the almost helpless feeling of a community trying to stave off real estate investment greed in the form of mega residential developments of Lakeside and Poplar Hill.  

Whereas mega developments involve the purchase and assemblage of parcels of undeveloped land, there is another type of real estate investment “vehicle” that involves the purchase and assemblage of existing condominiums to convert them into rental properties.  

The real financial benefit of real estate investment for wealthy individuals comes from the substantial tax write off for depreciation of the property and many find it useful to park their wealth there regardless the impact on the lives of people involved.

This face of real estate greed has come home to me personally when the owners of the units at Mallard Ridge in Easton received a letter from a local real estate brokerage indicating that there was a purchaser interested in our units. Attached to the letter were recent purchases of Mallard Ridge units by a single investor.

From my point of view there is virtually no town home in Easton that can match the warmth, community spirit and beautiful green space that is our home at Mallard Ridge. The HOA fees reflect the major involvement of owner/occupiers in the management of Mallard Ridge.

I and a growing number of others wish to only work with brokers who will find owner occupiers who will perpetuate the legacy of neighborliness we have enjoyed. That obviously won’t include the broker who seems to be working with the investor.

Two things will happen when we do this. One is we will learn that the price he is representing is not high market at all.  And second when there are sales we can continue to welcome other owner occupiers who share our interest in maintaining our community as is and have the value of neighborliness that comes from having a stake in the community we have created here.

I suggest residents of other condominium communities who treasure their quality of life similarly targeted do likewise.

Holly Wright
Easton