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Old 01-29-2009, 11:02 PM
 
158 posts, read 251,582 times
Reputation: 111
Default Unfinished houses rotting in the rain

Driving around the Kitsap Peninsula in the normal course of things I have noticed a few houses that are stick framed and just sitting for months, rotting in the rain. I guess the builders ran out of money to finish them. Eventually they will be bulldozed. Until then, I will keep renting.
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Old 01-30-2009, 01:51 PM
 
Location: WA
3,987 posts, read 12,635,448 times
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Quote:
Originally Posted by Pugetsoundman View Post
Driving around the Kitsap Peninsula in the normal course of things I have noticed a few houses that are stick framed and just sitting for months, rotting in the rain. I guess the builders ran out of money to finish them. Eventually they will be bulldozed. Until then, I will keep renting.
Yes, when financing dries up there is no choice for many small businesses but to just stop operating... and with sales virtually dead they can't even unload properties at a loss.
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Old 01-30-2009, 02:38 PM
 
Location: We_tside PNW / CO / SA TX / Thailand
10,669 posts, read 17,287,950 times
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Quote:
Originally Posted by Pugetsoundman View Post
.. I have noticed a few houses that are stick framed and just sitting for months, rotting in the rain. ... Eventually they will be bulldozed. Until then, I will keep renting.
I was checking on some new homes about 1 mile away, and found one priced at $560k and not quite finished. Similar one next door had not attached down spouts to underground, and the runoff eroded the foundation of the first. I notified the builder, and this week he took about 1/2 of it down with a trackhoe.

There was another about 10 miles away that sat vacant for 10 yrs, and framing was all gray and weathered, but they came in and finished it last year (Just in time for the crash). bad timing...
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Old 01-30-2009, 06:31 PM
 
13,382 posts, read 24,303,956 times
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Quote:
Originally Posted by Freebird2007 View Post
I know you work in the markets so I will pose this question to you.


is offering a 20% discount on a $500k house unreasonable? Especially when the builder has abundant inventory? (9 houses left)
My experience in Real Estate is that just about everything is negotiable...

I've made some very good buys over the years being the lowest offer...

Sellers opted for my low offer because I would waive contingencies and offer quick, as-is closings... In other words... my offer would be cash in their pocket in 10 to 14 days...
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Old 01-31-2009, 12:51 PM
 
Location: We_tside PNW / CO / SA TX / Thailand
10,669 posts, read 17,287,950 times
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Quote:
Originally Posted by Ultrarunner View Post
..In other words... my offer would be cash in their pocket in 10 to 14 days...
This is very important. Don't delay the sale. Don't nit-pic (do due diligence up front), make a solid offer with a credible way to provide them with some GREEN cash.

I have found my best deals to be purchased between Jan and April... folks like to have some $$ to pay taxes, and like to unload with the new year in hopes of a 'fresh start'. + not have to pay their first half property taxes from their pocket. Send your offer AFTER they have received their property tax statement and are scratching their head to figure out how to pay Christine, before she turns her legal staff lose on them. She's ruthless, hungry, and very hard to keep satisfied (prepare for MORE taxes).
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Old 01-31-2009, 09:21 PM
 
390 posts, read 996,887 times
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What do you mean, Jan. She promised no more taxes didn't she?
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Old 05-03-2011, 03:10 PM
 
Location: Rochester Hills
70 posts, read 65,019 times
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So how's this going.... midway through 2011 and still falling!!!
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Old 05-04-2011, 11:09 AM
 
Location: WA
3,987 posts, read 12,635,448 times
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I recently talked to a Clark county RE agent that has gone into rental properties in a big way through investments in foreclosed/short-sale multi-unit properties. He says the rental market is strong so he can be selective with tenants and he is buying properties at half of their peak values and financing with low interest rates. He went from looking at food stamps to looking at his largest income ever in just three years.

My property in Clark county was appraised for refinance last year with about a 15+% drop from from the peak but I have been told a fast sale today would take another 10% reduction. There is simply a lot of desirable properties on the market at reduced prices.

My home is obviously worth less than it was anytime in the past five years but my property taxes are now as high as they have been in that period. This trend cannot continue.
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Old 05-05-2011, 08:01 PM
 
Location: We_tside PNW / CO / SA TX / Thailand
10,669 posts, read 17,287,950 times
Reputation: 7544
Quote:
Originally Posted by cdelena View Post
...
My home is obviously worth less than it was anytime in the past five years but my property taxes are now as high as they have been in that period. This trend cannot continue.
Oh, but it can continue (and likely will). We are not 1/2 way through a 10 yr + recovery cycle, AND probably need to be 7-8 yrs into it before we will see any significant value increases. (if ever). Rising interest rates will shoot another slug in the market price and deflate any growth. Clark County is overbuilt, and no significant jobs materializing. I just put an offer on a place less than 2 minutes from me, & taxes are 1/10th my current level.

I have WA realtor friends buying rentals in Palm Springs and AZ. Great positive cash flows, and good upside potential (Tho likely not back to the 'peak')
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Old 05-05-2011, 09:00 PM
 
Location: East of Seattle, originally from SF Bay Area
13,407 posts, read 15,192,913 times
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here on the eastside they have started to go up again already, and developments that were stopped in their early stages are now being worked on again. One in particular was advertising "from the low $700s" that looked abandoned 2 years ago is now being finished and is advertising "from the low $500s" and they are selling.
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