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Old 08-21-2008, 03:55 PM
 
14 posts, read 36,860 times
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Okay.... I need to bug y'all for more help. Still looking at houses in EP via the different real estate websites and I am puzzled about the houses in the Tierra del Este subdivision. Does anyone know what's up with them? There are sooooooooo many up for sale (some of them very nice) in the same subdivision and the prices don't match the rest of the EP market, specially for new houses (they are very cheap). So what gives? What's wrong with them? Who's the builder/s? Anyone know?
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Old 08-21-2008, 05:02 PM
 
4,626 posts, read 7,200,374 times
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Part of the problem is that many of the homeowners are facing foreclosure...and thus the homes are up for sale.

Many subprime mortgages written in the area.............

I've been watching the foreclosure listings on the ELP gov't homepages.

Seems the same mortgage companies keep coming up.. over and over and again.

Unless you are planning on staying... say.. 10+ years.. and you can get the bank to short-sale at about 30%.. I'd avoid the area.
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Old 08-21-2008, 06:31 PM
 
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alright, but many (most) of the homes are already priced super low (example: $209k for a 3200 sq. ft. home). Can I safely assume that those homes are foreclosures? Why is it bad to buy a foreclosure? We probably will stay at least 4 years... beyond that I don't know.
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Old 08-21-2008, 07:33 PM
 
4,626 posts, read 7,200,374 times
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Quote:
Originally Posted by laredodallasgirl View Post
alright, but many (most) of the homes are already priced super low (example: $209k for a 3200 sq. ft. home). Can I safely assume that those homes are foreclosures? Why is it bad to buy a foreclosure? We probably will stay at least 4 years... beyond that I don't know.

Are the houses you are looking at in MLS.. or FSBO? The first thing you want to do is visit the El Paso Tax Assessors website. You can search by address. First, verify the square footage, then take a look at the current taxes. Most are listing 2007.. they are going up.

Are the addresses you're looking up.. priced above or below assessment?

There are many reasons both pro and con in buying foreclosures.. or houses entering foreclosure. Your example above.....MLS??? FSBO???? Bank owned????? I've toured some recent foreclosed properties. OMG...the former owners pull out kitchen appliances, counters, cabinets.. bathroom fixtures, lighting fixtures.. anything they can possibly detach. Bank owned properties take longer to close.... I had one take 6 months.......I didn't need it to live in, I was buying it as an investment, but I thought we'd never close.

If you are only planning on 4 years.. think forward......would you be able to sell easily??????? Do you think there will be many homes owned as investment rentals??? Is the subdivison near build out.. or will there be comepetition from new-builds.. with the latest bells and whistles making your home look old???

A home in the Tierras selling for $65.00/sqft... that's a red flag. Going rate on solid resales is in the $113/sq ft. range.. depending upon interior finish grade and lot size.
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Old 08-22-2008, 10:17 AM
 
14 posts, read 36,860 times
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Well, the example above had an MLS # and was listed in a realtor website. I don't know if it was a bank property. Obviously, I know that there is something wrong when the property is selling for so little $/sq. ft. Just wanted to know if everyone in el paso is aware of this particular neighborhood's downfall and if there is a particular builder/s associated with it ??? that way I can avoid it/them.

thanks
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Old 03-24-2010, 10:49 AM
 
2 posts, read 8,978 times
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Quote:
Originally Posted by laredodallasgirl View Post
Okay.... I need to bug y'all for more help. Still looking at houses in EP via the different real estate websites and I am puzzled about the houses in the Tierra del Este subdivision. Does anyone know what's up with them? There are sooooooooo many up for sale (some of them very nice) in the same subdivision and the prices don't match the rest of the EP market, specially for new houses (they are very cheap). So what gives? What's wrong with them? Who's the builder/s? Anyone know?
Hi my name is Tony and I live in the Tierras Area. Since El Paso is growing more and more the East is the area of more growth. Most of the houses here are big and very nice looking. They are some of them cheap since the area is new and is surrounded by sand really. Our house for example is worth 200,000 where in other cities a house like this would be worth more than 600,000. Eventhough it is new a lot of stuff is being built so I am sure in a few years it will be a very nice place to live.
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Old 03-24-2010, 10:57 AM
 
2 posts, read 8,978 times
Reputation: 10
Quote:
Originally Posted by laredodallasgirl View Post
Okay.... I need to bug y'all for more help. Still looking at houses in EP via the different real estate websites and I am puzzled about the houses in the Tierra del Este subdivision. Does anyone know what's up with them? There are sooooooooo many up for sale (some of them very nice) in the same subdivision and the prices don't match the rest of the EP market, specially for new houses (they are very cheap). So what gives? What's wrong with them? Who's the builder/s? Anyone know?
There are some houses around this area in foreclosure but there are very little of them. The Tierras region is sometimes known as the big houses area (I know because I live in The Tierras Region). There are a lot of different builders here. For example I live in a dead end street and all the 5 houses here are from different builders. Most of the builders are very good and I think all of them are custom homes. The reason why the houses are soooooo cheap is because of the region. The region is surrounded by sand (Tierras in English means Sand or Dirt). There is also a website for this region here is the link (LAS TIERRAS NEIGHBORHOOD ASSOCIATION - HOME PAGE). Also EVERY building in this area is NEW. And I am sure in a few years this will be a very nice place to live.
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Old 03-27-2010, 10:35 AM
 
4,248 posts, read 10,231,071 times
Reputation: 3109
If you're buying a home and only plan on staying 4yrs you're in for a financial loss. RENT!!!!!!!!!!!!!!

Rent for less and put the extra money in the bank.
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Old 04-03-2010, 07:02 PM
 
Location: oversea's
479 posts, read 1,109,927 times
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It is not always cheaper to rent......... the pro is your not tied down for longer than your lease, but rent is a lot of times higher than a house payment.
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Old 04-06-2010, 04:39 AM
 
Location: Texas
471 posts, read 676,226 times
Reputation: 317
I've lived over here since last June. I've had no problems with my house and I love it here. I can ride my dirt bike out of my garage and be at Red sands in 10 minutes Hit maybe 2 stoplights on the way to work at Biggs. There are still tons of new houses going up, and I believe a high school. The only thing I don't like is that these houses don't come landscaped (I don't count colored rocks as landscaping) and I'm one of the few with actual grass and trees. I hope the neighborhood will look better in a few years, it's kind of barren right now. I see some new businesses going up on Montana next to the Lowes. I pray there is a grocery store in there. I believe the home values will go up because of what is basically a Ft Bliss East going up on the east side of 375. I also understand there will be a gate on the south side on Montana. So this will be a good place for the families of the troop influx to live. Guess we'll see!
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