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Old 10-14-2008, 06:21 PM
 
10 posts, read 27,318 times
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I have a lot across from the ICW on the active market for over a year now and have reduced it significanly below tax value, at a point where we will be taking a loss. Is there any hope that it will sell soon? We have received NO interested buyers. Any suggestions or different strategies?
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Old 10-15-2008, 07:09 AM
 
107 posts, read 253,923 times
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Many people know that the tax values around here are way off the mark, so you taking a loss compared to the tax value means nothing. If you are upside down, then you will take a loss because prices will not go back to those outragous values we saw.
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Old 10-15-2008, 05:49 PM
 
2 posts, read 2,989 times
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Default why so many for sale signs

We have been vacationing on Oak Island for the past few years. We noticed a LOT of homes for sale on the island. Is there a specific reason? I love vacationing there and hope that people are not leaving for some serious reason. I had heard that there have been a lot of troubled teens that live there and that there have been problems in the high school, but hope that doesn't affect the vacationing.
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Old 10-15-2008, 08:06 PM
 
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You'll probably get more responses if you post this in the Coastal North Carolina forum.
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Old 10-16-2008, 04:59 AM
 
Location: Wake Forest
2,832 posts, read 6,598,881 times
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Not anytime soon! Is there OIL of GAS on the property? Would sell quicker if there was. Its a down economy and discretionary spending is being cut more and more everyday by all non government personnel, that's you and me.

Good luck and hope you can sell the property.
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Old 10-16-2008, 10:09 AM
 
419 posts, read 1,243,333 times
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Quote:
Originally Posted by dansdrive View Post
Not anytime soon! Is there OIL of GAS on the property? Would sell quicker if there was. Its a down economy and discretionary spending is being cut more and more everyday by all non government personnel, that's you and me.

Good luck and hope you can sell the property.
Discretionary spending is down and banks have tightened up on loans. It's darn near impossible to secure a loan on an empty building lot these days. It can be done if you have great credit and can come to the table with 25% down. Even then, the interest rate will be through the roof.

You may want to offer owner financing to improve your chances. Try listing it on Craigs list. Cutting out a realtor may allow you to lower the price another 5-10%.

I'd say you need to be 25% below tax value to even get someones attention in this market. Maybe even lower to get an offer. Keep in mind that tax values are based on sales from 2-3 years ago. Those days are long gone.
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