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I thought he meant - $150,000 houses as opposed to $450,000 houses. That is why I was asking about covenants on the deeds - do those survive even tho lots are being auctioned off? I would think they would . . . wh/ would mean there are probably restrictions on the sq. ftg. requirements for houses being built there. Meaning . . . that would keep the neighborhood intact and no low dollar houses being constructed.
most covenants dont state a minimum sq ft requirment or a price point . Its all about money. Vacant property dosent make money. The only way to sell today is to sell cheaper houses. I hope people didnt buy at $450,000 . The houses I saw there were at $300,000.
I also agree they will build lower value homes there.But I was attacked on here before for telling people to do there homework before they buy.Some people thought everything was fine because the builder through a superbowl party.Id be really concerned at the situation now as it seems no developers showed up at the auction only the bank.The downtown looks abandoned.Lets be real its not Marvin or Ballentyne its Waxhaw.
most covenants dont state a minimum sq ft requirment or a price point . Its all about money. Vacant property dosent make money. The only way to sell today is to sell cheaper houses. I hope people didnt buy at $450,000 . The houses I saw there were at $300,000.
I've never lived in a neighborhood with covenants that didn't stipulate a minimum sq. ft requirement. I thought that was pretty standard.
The CC&R's do survive, as they are legal documents on file with the County Clerk's office. The Notice of Auction specifically states that the sale is "subject to" existing restrictions, easements or other rights of way. That being said, the CC&R's specify certain architectural standards and guidelines which must be adhered to. Any builder or person wishing to develop, is subject to those standards and restrictions, and must get approval of plans prior to building. One other important note, is that unlike many developments, or tracts of land in Union County, both of these developments are FULLY permitted as concerns sewer and water. This is a HUGE advantage in the marketplace when the real estate market begins to rebound, as any developers seeking opportunities will undoubtedly seek to buy property that can be developed quickly and for a profit. I expect that long-term, these sub-divisions will fare quite well. In the short-term, they will have to do what is necessary, as does every other community.
As for the effect on the community, the mayor said, “What happens from this point on is determined by who takes ownership.”
What does that mean???? Does this guy care.
Waxhaw foreclosure sale totals $49.5 million | CharlotteObserver.com (http://www.charlotteobserver.com/276/story/576854.html - broken link)
She's actually a woman, I believe. But I agree, a completely stupid statement!
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