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Old 08-17-2009, 02:11 PM
 
21 posts, read 62,962 times
Reputation: 35

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Ok, I know there are a lot of people struggling with selling their homes in Charlotte and widely in other areas...but I must vent for a moment. We built our home in 2005-the Palisades was HOT HOT HOT! We have 5br, 4 ba all brick and not to sound silly-but I put blood sweat and tears into having it look like a Pottery Barn catalog. I had it on the market for 8 weeks, nothing. Then changed realtors, whored the price out-got an offer. A LOW ball offer, but nonetheless an offer. It was a short sale at this point and the bank said it was worth $450K! They hired a 24 yr. old agent to do a BPO and included Ashton Oaks in the comps sold which is the Palisades' custom section. Ours would be the ONLY home in the entire neighborhood to have grown 22% in 1 year. Ridiculous. Lost the buyer-home is Active again. HOA dues are due and yet nothing seems to be maintained or handled in a timely manner and now they say were 2 months out from the entire HOA being out of cash to survive. What the heck?? My dream home, that went up in $$$ due to ARM% and lack of appraisal coming back at $450K initially plus falling out of our buyers has us in a hard place.

This community has break-ins, mischievious kids tearing down letters to their signage and homes that won't sell. I have many neighbors/friends that are in the same boat. One just lost his job ($200K salary) and is considering moving back to FL and leaving the house. This doesn't help because BEAUTIFUL homes have been left, foreclose, or look aweful that won't sell. The schools are poor and yet they market this as a fabulous place to be. Does anyone else have a Palisades' opionion? This was supposed to a Country Club and it's been a burden ever since 2007/08 up to now.

I know I sound harsh...and I'm sure 1/2 of it is emotions, but I would love to know if anyone else is struggling out there in Palisades.
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Old 08-17-2009, 02:27 PM
 
Location: Up above the world so high!
45,269 posts, read 59,275,570 times
Reputation: 38677
Quote:
Originally Posted by gabrielle2213 View Post
Ok, I know there are a lot of people struggling with selling their homes in Charlotte and widely in other areas...but I must vent for a moment. We built our home in 2005-the Palisades was HOT HOT HOT! We have 5br, 4 ba all brick and not to sound silly-but I put blood sweat and tears into having it look like a Pottery Barn catalog. I had it on the market for 8 weeks, nothing. Then changed realtors, whored the price out-got an offer. A LOW ball offer, but nonetheless an offer. It was a short sale at this point and the bank said it was worth $450K! They hired a 24 yr. old agent to do a BPO and included Ashton Oaks in the comps sold which is the Palisades' custom section. Ours would be the ONLY home in the entire neighborhood to have grown 22% in 1 year. Ridiculous. Lost the buyer-home is Active again. HOA dues are due and yet nothing seems to be maintained or handled in a timely manner and now they say were 2 months out from the entire HOA being out of cash to survive. What the heck?? My dream home, that went up in $$$ due to ARM% and lack of appraisal coming back at $450K initially plus falling out of our buyers has us in a hard place.

This community has break-ins, mischievious kids tearing down letters to their signage and homes that won't sell. I have many neighbors/friends that are in the same boat. One just lost his job ($200K salary) and is considering moving back to FL and leaving the house. This doesn't help because BEAUTIFUL homes have been left, foreclose, or look aweful that won't sell. The schools are poor and yet they market this as a fabulous place to be. Does anyone else have a Palisades' opionion? This was supposed to a Country Club and it's been a burden ever since 2007/08 up to now.

I know I sound harsh...and I'm sure 1/2 of it is emotions, but I would love to know if anyone else is struggling out there in Palisades.
Gabrielle, I completely understand your frustration, and I am sorry for what you are going through.

Hindsight is always 20/20 and won't help you now, but the truth is, you bought new construction at the height of it being inflated and way overpriced. My best advice, forget what you "think" your home is worth - and price it to sell based on the comps that HAVE sold. THAT is your home's true value.
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Old 08-17-2009, 02:38 PM
 
Location: Union County
5,196 posts, read 5,219,445 times
Reputation: 3814
It seems that much of the frustration is that the bank wouldn't accept the short sale offer and it's basically out of her hands now... In many cases the banks have a realtor do a "drive by" and have them consult on the price. If they think they can get more, then they will deny the offer and hold out. It puts so much emphasis on that realtor's opinion and if they don't have a clue you're likely hosed.

With the HoA collapsing it's hard to imagine the bank being that foolish, but it's got to be a simple case of a tons of short sales and so few people to handle them.

I feel so bad for your situation and wish you the best of luck. =(

P.S. I'm not familiar with this area... where is it?
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Old 08-17-2009, 02:51 PM
 
Location: South Charlotte
1,419 posts, read 3,976,338 times
Reputation: 469
Too much speculation out there for that place. I never "got it". It's beautiful no doubt about that and Rhein Medall (developer) did a fabulous job with the project. Marketing was well thought out and they even won the Auborn (sp?) award/designation at one point for the conservation methods.

High prices, no water access, lack of water front lots deep enough for boats, subpar school scores and ratings all hurt it really bad.

Last I heard is that they (developer) need $75 million to keep going.

MANY locals invested in that project.
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Old 08-17-2009, 03:05 PM
 
350 posts, read 458,230 times
Reputation: 404
Question "Lake Wylie"

Quote:
Originally Posted by MikeyKid View Post
P.S. I'm not familiar with this area... where is it?
"Palisades" sounded familiar to me . . . It's a Lake Wylie subdivision just north of the border. There was an infamous street racing crash that killed a few people at the subdivision's entrance recently. Both drivers arrested.

To the OP: Help me understand: The $450K appraisal was more than the lowball offer, but less than the amount owed?
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Old 08-17-2009, 03:58 PM
 
3,117 posts, read 3,983,889 times
Reputation: 1756
Your situation stinks. Almost everyone who bought into a new neighborhood during the end of the boom is going through that. People should look at buying a home as a long term investment. That is part of the cause of the whole bubble situation. Did you say you had an ARM too? Tsk Tsk. Yet another cause. I am sorry you are in such a bad position, but you probably need to stick it out. BTW, anyone who googles "The Palisades" will now be directed to your post. Watch what you say about your neighborhood if you want to sell!!!
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Old 08-17-2009, 04:35 PM
 
Location: El Charlotte
182 posts, read 270,537 times
Reputation: 139
My wife and I looked at Palisades and were close to pulling the trigger. It really does look great, no doubt. We thought the HOA dues were a little high and the country club dues were REAL high. I'm quite surprised to hear about the petty crime and the HOA funding! Wow. Reflection Pointe in Belmont is suffering, as well. Sorry about your situation, but you will most likely have to ride it out.
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Old 08-17-2009, 04:37 PM
 
Location: Union County
5,196 posts, read 5,219,445 times
Reputation: 3814
Sounds to me that the banks are going to ride these out.
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Old 08-17-2009, 06:14 PM
 
Location: State of Being
35,707 posts, read 45,398,174 times
Reputation: 20912
I sometimes am slow and didn't understand your post.

Are you saying you bought w/ an adjustable rate mortgage, can no longer afford your home, need to sell it . . . and are going into foreclosure? I apologize if I got things mixed up.
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Old 08-17-2009, 06:47 PM
 
Location: Gaston County, N.C.
1,316 posts, read 1,254,331 times
Reputation: 784
I had noticed the large fountain at the front is usually not running anymore, and had wondered if it was a hint of any cash crunch problems for the HOA.

It never did make much sense to me to live there, when one could just drive a little farther, cross the lake - and escape CMS.
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