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If Chase were to buy Wachovia, they wouldn't relocate everything to NY where the cost of living and salaries is much higher. Would be stupid. It would result in job losses due to duplication of jobs, but that's probably about it.
People aren't leaving in droves, they are coming to Charlotte in droves. Top 10 in the country in growth last year if I'm not mistaken.
Housing is bad everywhere, but not nearly as bad in Charlotte. We didn't experience the huge bubble in housing that other cities saw that has now popped.
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
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Quote:
Originally Posted by Gumbo
If Chase were to buy Wachovia, they wouldn't relocate everything to NY where the cost of living and salaries is much higher. Would be stupid. It would result in job losses due to duplication of jobs, but that's probably about it.
Generally the bank doing the aquiring eventually moves it's operations to where they're originally located. Take that for what it's worth.
Really, what's up with this post? I mean to go to such extents to throw Charlotte under the bus. Did you get robbed, raped, or what?
No city is perfect, the economic downturn is been felt EVERYWHERE. At least we do not have high property taxes like in many parts of the country except for Texas perhaps, where getting a refinance is a NIGHTMARE!!!
Which brings me to another issue: Get your facts right, you need as little as 5% down on a 30 year fixed rate mortgage program so there you go you'd need $18k not $60k.
Of course I would reccomend 10% or better yet 20% under normal housing circumstances. But with home values falling as you pointed out, why would anyone put 20% just to see it get diluted. I'd put 5% (I do agree you need to at least put something, otherwise why the hell would anyone buy a home if you can save, there are people who should be renters indeed), and wait til this craziness goes away, which could indeed by years from now; and then pay a good chunck towards my principal to get rid of PMI.
Tell me something, why do you buy a home? To have a roof to live under, because you buy the place you like that you could not rent. I mean if things do get worse you still would have to pay rent, don't you? I agree we have mistreated the values of our homes and treated them like ATM machines, but that happenend EVERYWHERE!
So please, do not throw Charlotte under the bus. Yes we do depend a lot on the banks, but we have diversified our economy as well and at least we will have the infrastructure in place if the worst is to come so we could reinvent ourselves.
Location: Living near our Nation's Capitol since 2010
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Are you kidding me? Charlotte is GROWING not shrinking. I was speaking with my son who lives in Philly this morning and he said that every single one of the age 50+ top managers (read that very well paid) are all coming down to buy up land and houses for their pending retirements. Many of my friends and neighbors from Maryland are planning to relocate here within 10 years. The wave of newcomers is going to crest later in this decade with all the aging baby boomers looking for their ideal retirement spot.
I read something not long ago that compared the Carolinas to what California used to be back in the 80's and 90's. Well, california is no longer the desirable destination that it once was. High taxes and illegal immigration has taken care of that. But the Carolinas have similar appeal. Great weather, mountains and shore, but with low taxes and fantastic weather almost year round. That article made sense to me.
I moved here 7 months ago to escape the blight, crime and taxes of the mid Atlantic region. It was a GREAT decision. So the OP must not be seeing the same city I am seeing. Maybe it would be best for him/her to move to a more suitable location? I sure would like to know where that would be!
Anyone wanna buy my house?? I'm getting out before the apocolype!! Thanks for the warning OP!
The sky (over Charlotte) is FALLING!!!
Guess I better pack up the car and head for some mecca of prosperity, where water is plentiful, traffic is non-existent and ne'er is heard a discouraging word.
Now let's see <studying map> . . . I could go up 95, to DC or NY or NJ . . . oh heck no. My friends are from that area and they came here to escape the problems . . . so . . . Hmmmm. . . head down to FLA . . . woops. Hurricane season and big bugs . . . Okay. I-40 . . . let's see . . . St. Louis!!! Dern, flooding out that way . . . Geeeee. <scratches head> What about Michigan. Ooops, no jobs.
Well dern. Maybe . . . Atlanta!! No, too much traffic and they don't have water either (Lake Lanier - pitiful shape). CHICAGO!!! No . . . nasty winters, rough commute, houses are expensive . . . SEATTLE!!! OMGosh - only 37 days of sunlight a YEAR?????? . . .
Oh well. Looks like things are about as good here as any place else I can think of . . .
Please , please don't send all those bankers back here to NY. First off we don't want them as they have bad mouthed NY enough since they left and second prices have RISEN since they left so they can't buy back in.
Now that I have gotten all my bad jokes out lets discuss your post . Unless I missed it I didn't see you live here. And if you did you would have no incentive or motive to do a number on CLT living. So what is your motive, You seem like a bright guy that knows how to write. Paragraphs. Grammer.
Thought process, etc.
My guess, and it is really a guess--you are a buyer like me. But you're different in that you are trying to short the market. Did you learn that trick in the stock market or did some sage teach it to you? Think you're wasting your time on this board because most of the people here are pretty smart.
I cannot see any other reason that someone would write a thread like this--what do you guys think?
je
Would like to add that I never learned to think with the masses,always a contrainian, hence my "guess"
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My My a short in real estate?
