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I drove back through Sp'burg last week after being gone for 11 years. I had a home in a super nice west side development...custom built in '94. Many of the homes in my neighborhood sold for $450k+ 12 years ago. All were going for $110 sq. ft.
I saw many of these homes now selling in the low $300ks. Make offer pricing. That's around $68 per sq. ft. That's insane! What has happened in S'burg.......and why? Is it just unemployment? Banks not lending? WHAT? I am thinking about moving back, but this is downright scary.
Think I might be taking a harder look now at G'vile and the Taylors area. Have they had the same problems? Thanks...... Jak
There are likely multiple reasons for this surprising decline in property value, including the current economic recession. My opinion is that it is tied to the demographic structure of the area. The residential growth on that side of town has been mixed, mostly from affordable to middle class. The mixture of commercial and industrial growth has certainly played a role as well, with factories and distribution warehouses hugging I-85, and sloppy suburban sprawl scattered around the I-26 interchages. There is no concentration of upper middle class communities on the westside of Spartanburg, which would bolster property values.
I highly recommend checking out the Pelham-Batesville area over to the Five Forks area, which has a nice concentration of pricey communities and property with a consistently strong value. Another area to look at is Thornblade and its surrounding communities. This map gives a rough idea about the areas mentioned:
Thank you Skyliner. I made it to Greenville Co. this w/e. 1100 mile drive. We really like the Five Forks areas as you mentioned we would. Also, we spent some time near Clemson, Seneca and Easley. Also, some nice areas there.
We are not looking for a track home development. Want a place to call it home from here on out. Would like at least 1.5 acres with elbow room and room for privacy. I see a lot of areas that fit the bill, but just need to keep exploring the areas.
Next up....north of G'ville. Beautiful so far. A lot to be proud of if you live in the upstate.
Did you guys miss the news that the market for high-priced residential real estate has crashed? People were saying the expensiv-o houses were recession-proof but they were wrong and prices have come down harder and faster than the affordable houses.
On the bright side, if you are going to buy an expensive house, you can save $150,000 over the values from a year or so ago. Assuming you want to live there for a long time rather than flip the property, why is that a bad thing?
Did you guys miss the news that the market for high-priced residential real estate has crashed? People were saying the expensiv-o houses were recession-proof but they were wrong and prices have come down harder and faster than the affordable houses.
On the bright side, if you are going to buy an expensive house, you can save $150,000 over the values from a year or so ago. Assuming you want to live there for a long time rather than flip the property, why is that a bad thing?
its really never a good thing to see home prices depreciating, I think people are worried the trend will continue, and want their investment to be worth something
its really never a good thing to see home prices depreciating, I think people are worried the trend will continue, and want their investment to be worth something
Everything has bottomed out, there is no reason not to buy unless you are extremely, extremely conservative, in which case you should put all your money into either a checking account or short-term Treasuries.
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