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Old 11-01-2009, 09:44 AM
 
4,010 posts, read 10,160,566 times
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You all have it wrong. The house's worth is what someone is willing to pay for it. Not what others have paid for similar property and not what the seller/builder is asking. Worth is always defined by the buyer, not the sellers. (except in their minds) This mistake is often made and is often the reason that people pay way too much for property.

Ryan is a tract builder, and IMO not a very good one, and I would think that any house they are selling is going to be like a new car. As soon as you take the keys it will depreciate.

Decide what you are willing to pay for it then make that the offer. If your "agent" doesn't like it then too bad. They are obligated to take all offers to the seller. If Ryan doesn't like it, then drive over to the next development down the street with a builder's model that isn't selling and try again. It's not like these are not in short supply in the metro.

Personally i think you are rolling the dice by buying any tract home in this area for $250K that isn't on the waterfront of a lake or has some other highly desirable very limited availability. We are in an economic down spiral caused by over priced unneeded real estate. Buy into this, and you just bit off a part of the correction.
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Old 11-01-2009, 10:55 AM
 
Location: Ayrsley
4,713 posts, read 9,656,896 times
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Quote:
Originally Posted by lumbollo View Post
Ryan is a tract builder, and IMO not a very good one, and I would think that any house they are selling is going to be like a new car. As soon as you take the keys it will depreciate.
And your opinion is based on...?

We bought our home from Ryan last year, and were quite pleased with the entire home building process and everyone involved - before, during and after. None of our neighbors have voiced any complaints either. Considering what we had done in the building of our home, we think we got a pretty good deal.

As far as "depreciation" goes. Some people buy houses because they plan to live in them for a number of years and having the house you want, the way you want, can be more important than how much $ you might make on it when, and if, you eventually sell it. Its not always about the money - resale value down the line depends on if you're looking for a starter home or something you know you will want to sell in 5 years, or if its a place that you plan to stay for a good long time.

Quote:
Originally Posted by lumbollo View Post
Decide what you are willing to pay for it then make that the offer. If Ryan doesn't like it, then drive over to the next development down the street with a builder's model that isn't selling and try again. It's not like these are not in short supply in the metro.
True enough. In buying a new or previously owned home these days - if you can't come to an agreement that you like...move on. There is a lot to choose from.

Quote:
Originally Posted by lumbollo View Post
Personally i think you are rolling the dice by buying any tract home in this area for $250K that isn't on the waterfront of a lake or has some other highly desirable very limited availability. We are in an economic down spiral caused by over priced unneeded real estate. Buy into this, and you just bit off a part of the correction.
$250k is not really that much for a house, depending on a large number of features. If its what one wants, and what one can realistically afford - its all good.
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Old 11-01-2009, 10:58 AM
 
80 posts, read 237,849 times
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And to add to that...where in a desirable part of the US can you buy a nice home on a lake for less than $250K...I'm all for a great deal but that's ridiculous...
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Old 11-01-2009, 11:10 AM
 
7,126 posts, read 11,632,233 times
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Quote:
Originally Posted by doubleblessings View Post
And to add to that...where in a desirable part of the US can you buy a nice home on a lake for less than $250K...I'm all for a great deal but that's ridiculous...

This question is similar to the question "How many angels fit on the head of a pin?"

Until you answer "desirable" as to the fit to work, family, schools, friends, culture, climate I guess the answer is: Dozens and dozens of places.
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Old 11-01-2009, 11:53 AM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,645,220 times
Reputation: 3722
Quote:
Originally Posted by lumbollo View Post
You all have it wrong. The house's worth is what someone is willing to pay for it. Not what others have paid for similar property and not what the seller/builder is asking. Worth is always defined by the buyer, not the sellers. (except in their minds) This mistake is often made and is often the reason that people pay way too much for property.

Ryan is a tract builder, and IMO not a very good one, and I would think that any house they are selling is going to be like a new car. As soon as you take the keys it will depreciate.

Decide what you are willing to pay for it then make that the offer. If your "agent" doesn't like it then too bad. They are obligated to take all offers to the seller. If Ryan doesn't like it, then drive over to the next development down the street with a builder's model that isn't selling and try again. It's not like these are not in short supply in the metro.

Personally i think you are rolling the dice by buying any tract home in this area for $250K that isn't on the waterfront of a lake or has some other highly desirable very limited availability. We are in an economic down spiral caused by over priced unneeded real estate. Buy into this, and you just bit off a part of the correction.
Lumbollo, you are giving absolutes in your examples so let me give you a personal example and see if you disagree.

2 1/2 yrs ago we bought here and moved from NJ. We were fortunate to sell at that time and purchase a new Ryan home. We love it here, the kids are happy (since they are closer to their extended family). If we stayed in NJ we prob would've been miserable w/o family and paying high prop taxes (over 8K/year). The weather is better, people are friendlier, kids have adjusted well....things are good and we don't plan on moving for another 15+ yrs unless some type of unforseen emergency happens. Yes I bought at th peak and I knew prices would come down. To tell you the truth, I don't care because I'm not moving and I'm not underwater. I don't plan to get rich off the "appreciation" of my home (which typically is the inflation rate). I'm not a speculator....

I didn't want to rent because we did extensive homework on the area.

Any problems w/this?
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Old 11-01-2009, 12:27 PM
 
4,010 posts, read 10,160,566 times
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Quote:
Originally Posted by CouponJack View Post
.....

Any problems w/this?
Absolutely none. I've always said that if you buy a "home" to live in, then purchase it at a price that you are happy with. (worth to you) and pay it off as soon as possible. This is consistent with what I said.

2.5 years ago you didn't have the knowledge that prices and homes were indeed going to spiral down (though I give you a lot of credit of being more aware of what is wrong than most) but I am willing to bet that if you were in the market today then you would not be so willing to take a builder and real estate agent's word that you could not get a better deal. You sound as if you are not happy witth the price paid but I understand how many got into this because we had everyone from the President down to every real estate agent on the street harping to buy a home, "it's a good investment". Guess who was profiting via all this advice about the future of real estate.

It's water under the bridge. If you can pay for it and don't care about moving soon, then maybe 15 years from now if you sell it, you might make a few bucks. I am of the opinion that prices in Charlotte are headed back to 1989 levels and that ought to be the basis that future buyers judge today's prices against. I saw on a blog just today, they finally had to convert The Catalyst Condos to full apartments in downtown. This is a 28 story skyscraper condo tower that was completed just a few months ago. Someone made the decision to spend millions to build this place, yet they could only sell 30 out of the 400 units built (and they originally lied about that amount) and now that it has gone to apartments, they can't even rent them at their new reduced prices. It goes to prove that just because some yoyo built it, doesn't mean it is worth it.
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Old 11-01-2009, 08:12 PM
 
2,340 posts, read 4,607,639 times
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I don't normally agree with Lumbullo (LOL), but in this case, I think he/she is right.

Coming from the SF Bay area and Columbia SC, Charlotte's real estate market is high and I feel inflated. I think a lot of this has to with the influx of folks from the West Coast and NE that came to this area and were willing to pay 300/400/500+ for homes that they would not be able to purchase in their home areas for double that. When I look at the fact that they pay in the Charlotte Metro area is ~ 30+% less than NY and SF and consider the fact that what cost me close to 1 mill 3 years ago is now selling for 2/3rds, I still think CLT is overpriced for the region.

I visited a subdivison in Indian Trail last week that was selling in the 400-500 range and I'm still shocked that people are willing to pay those prices in this area.

As for Ryan, at this point, they are acting as a tract builder. Sorry. ;-) I have an uncle that purchased a new home from Ryan ~3 years ago for close to 500. That was on the low side for this development. New homes are now selling in the subdivision for under 300. Ouch. I've been watching the construction of several new tracts over the last few weeks. They look more like modular homes now than custom constuction. Exterior walls look like they come in pre fab pieces. I saw a tract go from bare ground to exterior completed with roof and masonry in about 9 days.

It is what it is. I just wonder who are these people paying top dollar in this economy.
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Old 11-01-2009, 11:40 PM
 
100 posts, read 241,182 times
Reputation: 18
yes i agree. I saw the Genavieve model in vermillion wch is priced at 408k. Wanted to ask what will people be willing to pay for such a house?
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Old 11-02-2009, 05:25 AM
 
4,010 posts, read 10,160,566 times
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Quote:
Originally Posted by sue77 View Post
yes i agree. I saw the Genavieve model in vermillion wch is priced at 408k. Wanted to ask what will people be willing to pay for such a house?
You should be aware this is the 2nd go around for Vermillion. This development is at least 15 years old and once the real estate boom started in the early 2000s, that developer scrapped the original plans for the place and started building those gigantic McMansions and hight priced condos. There used to not be a place in there for sale that was more than 190K.
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Old 11-02-2009, 10:28 AM
 
1,039 posts, read 2,990,158 times
Reputation: 485
Quote:
Originally Posted by sue77 View Post
yes i agree. I saw the Genavieve model in vermillion wch is priced at 408k. Wanted to ask what will people be willing to pay for such a house?
I looked at that one online and it starts at $270K. Does that mean somehow with upgrades in this market they are listing it for over $130K more than the base price??? Crazy...
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