In a bit of surprising news, the last lot in this development phase went for sale for a starting price of about 40K more than six months ago, increasing base entry price for whole neighborhood.
There are other sides to this as price increase as I pointed out below. While instant equity and increased perceived dwellings value, and while feeling incredibly fortunate to have been able to score the house for the price we paid (not cheap at our maximum possible budget) and the interest rate we got, we feel bad for those having to pay so much more just to get in.. Granted the next phase will have more privacy with more woods behind it, better lots with higher ground elevations, and will be further back from the main street and all..
Another aspect is that currently almost the whole neighborhood is made up of younger families and their kids.. When prices in the next phase start rolling in at 100K more than what we bought at, can many many young families who are just starting afford homes in the 400K range in this part of Northeast Ohio? How is increased premium going to change neighborhood demographics?