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Old 03-18-2007, 09:59 AM
 
2,152 posts, read 6,057,166 times
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I just thought I'd post this link to an article in Today's Observer about Beazer Homes.

http://www.charlotte.com/523/story/55062.html (broken link)
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Old 03-18-2007, 02:27 PM
 
235 posts, read 664,966 times
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wow, is all I can say and I feel bad for the people who got taken by this..
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Old 03-18-2007, 02:40 PM
 
Location: Charlotte, NC
3,356 posts, read 8,864,631 times
Reputation: 1932
Alas the old saying applies.

If it sounds to good to be true it usually is.

If the paper is correct in the mis-statement in earnings about Beazer Mortgage, then Beazer mortgage should be closed and Beazer homes should be very closely watched.
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Old 03-18-2007, 03:25 PM
 
Location: Concord, NC
189 posts, read 525,683 times
Reputation: 68
I do feel badly about this as well. Beazer is using questionable business tactics, but the people who purchased also need to bear some responsibility too. Everyone should know their monthly budget. If something is not in your budget then do not make the purchase. I personally do not consider buying a home an impulse purchase, but maybe I am wrong?
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Old 03-18-2007, 08:44 PM
 
235 posts, read 664,966 times
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Is there a massive law suit against them at the very least for the rotten work on the homes..I thought buyers would look to sue there has to be some law protecting people....very sad
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Old 03-19-2007, 02:06 AM
 
Location: Dilworth - Charlotte, NC.
549 posts, read 2,187,105 times
Reputation: 241
It seems Beazert took advantage of the "first time" buyer who usually is inexperience or lack of savvy. Which is very sad since one wants a subdivision to go down the tube. When I was living in an apartment complex about a year ago they sent tenant a little pamphelt of information giving lots of freebies for their Stowe Creek comminut in Southwest Charlotte. And I remembered that a friend of mine had bought there years ago with Mccar and they have been closed out for a while. (Not to say that McCarr is better that's another thread all together) I noticed that other builders don't give away THAT many much money away. There is another subdivision called "Griers Fork" located on Dingess Road in the Steele Creek area near the Beazer's Stowe Creek community. This community also has turned bad with lots of empty and section 8 homes. It was built by Eastwood and Pulte. Reading all of the articles in the series made me realize that this is a bigger problem than what most people panthon since it's like a domino effect. Not just hurting one community but lowering the value of homes near the vicnity.
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Old 03-20-2007, 08:56 AM
 
56 posts, read 46,376 times
Reputation: 17
And another one, wow!!!!!!!!!
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Old 03-20-2007, 09:06 AM
 
Location: Dilworth - Charlotte, NC.
549 posts, read 2,187,105 times
Reputation: 241
Griers Fork is a few years old already. They started building around in 1998 1999. Most of those homes are not going up in value. It has not matured the way most would like it to have.
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Old 03-20-2007, 09:18 AM
 
56 posts, read 46,376 times
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The expections on many of the developments have not been met. I wonder what will happen with the continued slow down of the housing market.
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Old 03-20-2007, 09:28 AM
 
Location: Dilworth - Charlotte, NC.
549 posts, read 2,187,105 times
Reputation: 241
Umm not a good picture pops up in my head. People who tought they were going to make a quick buck buying in those types of communites will gag. Imagine paying a mortage on a house whose value deflated? See these companies grab people who don't know the Charlotte market and all of it's idiosincracies. Buying a house is a big investment and builders like Beazer made it seem all lighthearted.
When my parents bought their house the banks requiered at least 25% down payment or else they would not talk to them. Right now the real estate market is playing musical chairs. When then music ends the ones standing won't be happy.
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