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CURRENT MARKET CONDITIONS, reluctant homeowners and the bleak prospects of getting Montgomery County officials to change zoning laws have all contributed to a developer's decision to not pursue the purchase of a key low-density neighborhood adjacent to Bethesda's downtown core.

As The Post's Miranda S. Spivack reports, Jeffrey Neal of Monument Realty has told residents of the Sacks neighborhood, which centers on Leland Street south of Woodmont Avenue, plotted above, that he has abandoned plans to buy the 60-home neighborhood and replace it with high-density residential buildings. Reports Spivack:

Neal told residents over the weekend in an e-mail that 39 homeowners had agreed to sell but that he needed more to make the deal work. He had offered about $2 million a house, with the amount depending in part on the timing and terms of the sale.

Residents elsewhere in Bethesda and neighboring Chevy Chase had watched the potential sale of the Sacks neighborhood closely, wondering if it would pave the way for the redevelopment of other low-density neighborhoods in the area.

» "Bid to Buy Community Near Bethesda Aborted" [WaPo]

Posted by Michael Grass at 1:40 PM on February 26, 2008
Tagged in Bethesda , Free Ride , Maryland , Montgomery County , News