This development and the changes planned to the town ordinances to make it happen will affect the viability property values of Waterford homeowners and the economic growth prospects of Leland for years to come - as well as allowing for "fast tracking" similar projects elsewhere in Leland in the future. It's the destruction of the small town/bedroom community economic and social engine that has evolved over the last decade that may kill the goose that laid the golden egg for entrepreneurs and developers and homeowners.
We are in the midst of the creation of an apartment building bubble akin to the home building bubble that was created a few years ago. The hell bent every man for himself blind thrust towards building apartments to capitalize on what, IMHO, is a short term supply/demand situation in apartment housing will inevitably lead to a catastrophic overshoot just as has happened over the last decades - when the brakes are inevitably jammed on too late in economic bubbles to prevent oversupply, market crashes, bankruptcies, etc. etc. I know there are those that say the popping of this new apartment bubble is years off - but that is what the development community and the banks said right up to the bursting of the housing bubble. There are entirely too many apartments being built in Wilmington and the surrounding communities to be economically viable in the long run.
When the "free market" does it's thing and the current apartment "business model" becomes toast the surrounding communities will pay the price. (I use the "business model" term loosely - these developers are cowboys not businessmen).
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