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The only area that I know is where I live. So, I went to the website of the State of Colorado http://www.colorado.gov/cs/Satellite.../1251596395258 which covers these programs. The homes that are now on the market, that have been rehabilitated under this program, are listed.
I get the the disturbing impression that these homes are pumped up in value and the real money goes to the developers and municipalities. I read some of the program rules and the developers get money to rehabilitate these homes and they can also purchase them and resale them. A municipality will hire a developer and then can resell it.
All the homes that I have looked appear to me to be above the selling price of homes in these areas at this time. I am taking a cursory look and I know the neighborhoods and the area, having lived here for 33 years. So, what happens, you may get up to 30,000 or so to purchase .and perhaps 15,000 to further rehabilitated but the price for these homes in thes neighborhoods have just too high, in the neighborhood of 30K-60K. That is my opinion.
These prices are just not correct pricing, even for the high cost of housing in Colorado. These neighborhoods are not the best and the homes around do not reflect some of the values.
I just do not know what to think. Something just does not seem right. You got to remember that these homes were seized and/or acquired well below the market price and did need rehabilitation but selling at these prices?? There is some big profits made somewhere. Now I realize that there are new and better amenities than perhaps the surrounding homes. but you cannot build and create value much above the nieghbhorhood norm. If you are going to live there and have these grant forgiven, over time, then maybe there is no problem. You still have to pay the taxes at the higher inflated assessment. To keep the tax base, the municipalities want to rehab and they also set the the assessment. It does helps to keep the value of the surrounding homes. So, really I just thinking out loud, I just do not know enough.
Livecontent
Last edited by livecontent; 11-12-2011 at 06:51 PM..
So you take the $45,000.00 and one of the stipulations is you must live in it for 15 years or pay it back if you don't. So the hurricane comes before the 15 year period and wipes you out, then what, you pay back the $45,000.00 .
So you take the $45,000.00 and one of the stipulations is you must live in it for 15 years or pay it back if you don't. So the hurricane comes before the 15 year period and wipes you out, then what, you pay back the $45,000.00 .
I wonder the same thing. Also, for retirees, what happens if you happen to die before the 15 years?
Well if you have a mtg you have to have HOI on your home so if a hurricane comes you will be insured. It is close to the ocean so you will $$ for HOI too.
You are not too far from St. Augustine only about 25 miles but Palm Coast City is the largest city in the county with over 75K population. I know it isn't huge but it not isolated by any means.
Livecontent, my kids were born at the Lutheran Wheat Ridge hospital and I lived in Denver for several years. I agree with you that the prices in the Wheat Ridge link seem to be way inflated.
Livecontent, my kids were born at the Lutheran Wheat Ridge hospital and I lived in Denver for several years. I agree with you that the prices in the Wheat Ridge link seem to be way inflated.
Thanks for your response. Much of all that goes on today is to move wealth to the banking and financial industry.
The city/county acquires a property under foreclosure. They get money from the federal government to rehabilitate. These municipalities or developer sell the home to a low or moderate income buyer. These buyers will pay a higher price because they are not very knowlegeable. In addition, they need and want the grants, again more money from the government, so they are willing to buy.
They municipalities set a higher assessment, because they are in control and that it was sold at a higher price. It gets them more taxes and retains the neighborhood values. All fine and good at this level.
Next the buyer gets a loan from the financial industry for a larger price then what it is really worth and the loan is guaranteed by the feds. The banks receive more interest from a higher mortgage, from an inflated assessment. In addition, if there a default then the government pays the bank. The banks makes more with no risk and the taxpayers are the ones really gving the money being that is channeled to the bankers.
An example of the Greed of Wallstreet and Capitalism backed by the Federal Government using your money to fund the rich lifestyles of the tycoons of Wallstreet. The bankers know no Schand, as it is part of their culture because to rob the poor for the benefit of the rich, is a badge of honor.
Livecontent
Last edited by livecontent; 11-13-2011 at 05:03 PM..
You are not too far from St. Augustine only about 25 miles but Palm Coast City is the largest city in the county with over 75K population. I know it isn't huge but it not isolated by any means.
Very true. And in particular, retirees would have even less of a worry about feeling isolated (I think) since they don't need an area with a lot of employment.
I dunno. I have about as much trust in a place that will pay you to live there as I do in any town or city you have to pay to either get into, get out of, or both due to toll roads and bridges.
Thanks for your response. Much of all that goes on today is to move wealth to the banking and financial industry.
The city/county acquires a property under foreclosure. They get money from the federal government to rehabilitate. These municipalities or developer sell the home to a low or moderate income buyer. These buyers will pay a higher price because they are not very knowlegeable. In addition, they need and want the grants, again more money from the government, so they are willing to buy.
They municipalities set a higher assessment, because they are in control and that it was sold at a higher price. It gets them more taxes and retains the neighborhood values. All fine and good at this level.
Next the buyer gets a loan from the financial industry for a larger price then what it is really worth and the loan is guaranteed by the feds. The banks receive more interest from a higher mortgage, from an inflated assessment. In addition, if there a default then the government pays the bank. The banks makes more with no risk and the taxpayers are the ones really gving the money being that is channeled to the bankers.
An example of the Greed of Wallstreet and Capitalism backed by the Federal Government using your money to fund the rich lifestyles of the tycoons of Wallstreet. The bankers know no Schand, as it is part of their culture because to rob the poor for the benefit of the rich, is a badge of honor.
Hey, you wanna buy my Palm Coast casa? I'm retired and the place is driving me nuts. I work too. Not stressed financially. However, no where within 50 miles for entertainment. The area is fine for retirees, if you can deal with the boredom. The problem is, not to be unsympathetic, the ares is packed full of unemployed losers. It needs homeowners not renters looking for cheap housing. It is totally ruining the town and holding back development. No good restaurants, no shopping, a few grocery stores, a Target, a Kohls, the ever present Bealls but no real shopping. The closest shopping center is 40 miles away in run down Daytona. Contemporary shopping is 50 miles up 95 to Jacksonville. The PC town center is set up for shopping and entertainment but except for the movies and a midget Red Lobster/Olive Garden, nothing else has located. The $45,000 loan program is an excellent idea, let's get this area up and running to what it's supposed to be. In the mean time, I could be persuaded to sell! Remember, you get a $45,000 loan!
Last edited by season10; 11-19-2011 at 07:44 PM..
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