No Market for Marbletown Green
Published in the Blue Stone Press, 9/21/2007
To the Editor:
I think Messrs. Hauspurg and Reynolds have a wonderful concept in Marbletown Green, and that they did well to invite the public to help conceptualize it. But when it comes to the proverbial three L’s, I think said fellows got it wrong. Beyond the multitude of unfavorable impacts on the community (which are nicely elaborated at PreserveMarbletown.org), there simply isn’t a market for a project like this in our town.
That’s a statement worth repeating: there is NO MARKET in Marbletown for Marbletown Green.
Want proof? Just talk to anyone who’s building houses here today. What they’ll tell you is, it’s not a struggle to find buyers … it’s downright impossible! And that’s from guys with only a handful of parcels in inventory. But here come Hauspurg and Reynolds wanting to produce upwards of 450 units to go for half-a-million a piece. I’ll let the reader supply an adjective to describe such aspirations.
If you think my numbers are off, don’t blame me. I’m just going by what has appeared in the media. I’ve heard 450 units. I’ve heard a $200 million construction cost. If you assume these guys want to make a little money, simple arithmetic will get you near my estimate of average asking price.
There are good reasons why the local market couldn’t absorb this project. To begin with, its merchandise would be out of reach for most town residents. Median household income, after all, is in the 50,000 dollar range. That means you’d have to rely on upscale weekenders to provide demand and, let’s face it, the competition for their dollars is fierce. One nearby, credible threat is the Town of Lloyd, which boasts proximity to Metro North as well as Hudson River frontage. Our beloved horse farms and ‘honk views, as nice as they are, can’t trump that.
Given the impact concerns, public opposition and market challenges facing them, it’s wise for “Gang Green” to have “stepped back.” Still, instead of scrapping the project altogether, I’d like to see them pursue it, but in a place where it would actually make sense. If they are genuinely committed to the concept, and not just to monetizing the orchard, that’s what they will do.
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