Charleston Real Estate | Empty Homes (get credit, houses, unemployment)

[johnnylingoman]

One of those Charleston Real Estate businesses is the real buyers agent.
I used to work for them and before the crisis hit, the company was BOOMING. Now there are many homes that are vacant and getting old. Weeds are rooting up from the ground, no one ever wants to buy. It is horrible. Is there anything we could do to at least not let these homes sit vacant and fall into ruin?

[Maryjane55us]

I think if it were my personal neighbor.. I'd try to keep his grass cut and weeds pulled.. for the sake of my own property values. Most of these are very small lots.. easy to take care of.

Otherwise, I think I'd make a suggestion to the HOA, that we start a list of volunteers to take turns helping out to keep the vacant houses with tall weeds looking attractive. Again, not to do his work for him, but to protect neighborhood values.

[ohioaninsc]

If the banks or whomever hold the properties would take 30 cents on the dollar, or even 20 cents on the dollar just to get rid of them they'd get filled up quickly....otherwise, I'm not sure if there is anything that can be done to fill them....people can't get credit to buy homes anymore (w/out the 20% down pmt, and an excellent credit rating & a steady income, which is what it should be, and not doing that has gotten us into this mess we're in), and many people are worried about even trying b/c who's to say that they won't lose their jobs w/in a year or so....this is going to be a long term recession/depression...I can easily see national unemployment topping 10% or even 12% & we know SC is higher than the national avg in this regard.

[OleTomCat]

I have one thing to say: Fair Tax, pass it now.....

[Maryjane55us]

[quote][If the banks or whomever hold the properties would take 30 cents on the dollar, or even 20 cents on the dollar just to get rid of them they'd get filled up quickly....otherwise, I'm not sure if there is anything that can be done to fill them....
....this is going to be a long term recession/depression...I can easily see national unemployment topping 10% or even 12% & we know SC is higher than the national avg in this regard./QUOTE]

I totally agree. The Charleston area is one particular area that's in severe denial of what's going on with the economy. This isn't going to be any short term bounce back economy like in the old days.

Our local area never had the explosive appreciation that Charleston areas have had and yet still our prices have depreciated to mid-late 90's levels.

People are AFRAID.. very ARAID to purchase in this scenerio.

[Flat2MT]

[quote=Maryjane55us;9124027]

[If the banks or whomever hold the properties would take 30 cents on the dollar, or even 20 cents on the dollar just to get rid of them they'd get filled up quickly....otherwise, I'm not sure if there is anything that can be done to fill them....
....this is going to be a long term recession/depression...I can easily see national unemployment topping 10% or even 12% & we know SC is higher than the national avg in this regard./QUOTE]

I totally agree. The Charleston area is one particular area that's in severe denial of what's going on with the economy. This isn't going to be any short term bounce back economy like in the old days.

Our local area never had the explosive appreciation that Charleston areas have had and yet still our prices have depreciated to mid-late 90's levels.

People are AFRAID.. very ARAID to purchase in this scenerio.

And rightfully so. Why buy a depreciating 'asset?' Trying to catch a falling knife is so absurd.

The sooner those who have to sell face reality and drop the seller denial facade, the sooner the marketplace will recover.

The longer a seller waits, the more they will lose in value - their only choice is to sell now at current market value or forever be priced in.

The closing price of the comps will now set the ceiling price for all others that follow....and that ceiling price is dropping, and dropping in Charleston especially so on homes listed at $500K and above....

[Flat2MT]

Originally Posted by OleTomCat

I have one thing to say: Fair Tax, pass it now.....

If Obama really wanted 'Change We Can Believe In' that would be a no-brainer.....

If the other guys really want to 'reinvent' themselves, they should have embraced the FairTax a long time ago....

Why is everyone so afraid of the FairTax?

[JimmyCh]

Flat2MT- do you mean Flattax or FairTax...the only Fairtax in my mind is progressive taxation which is what we have right now plus increasing in taxation on the upper tax brackets and the true collection enforcement that's needed. Trickle down economics is a fantasy. Warrent Buffet is only paying about 15%-20% tax anyway and is a big advocate of the true FairTax (he said tax me more :P).

[Flat2MT]

Originally Posted by JimmyCh

Flat2MT- do you mean Flattax or FairTax...the only Fairtax in my mind is progressive taxation which is what we have right now plus increasing in taxation on the upper tax brackets and the true collection enforcement that's needed. Trickle down economics is a fantasy. Warrent Buffet is only paying about 15%-20% tax anyway and is a big advocate of the true FairTax (he said tax me more :P).

FairTax - take a look at Neal Boortz's (coauthor John Linder) The FairTax Book - it's an eye opener.

[OleTomCat]

Go to fairtax.org, read up on it. Does away with the income tax and all payroll withholdings.