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Yes, a lot of 'em here. I have a friend who dropped 300k on a house, they're in their early 20s and make 30k/yr. Dad paid for it all. A lot of those up here.
I believe it. The other thing is that a lot of the homes in Asheville are second homes, and so those incomes are not included in the statistics that were quoted.
Income, in this case, is not really an accurate measure of the wealth in the area, so it's really not a fair gauge to use when discussing home prices.
Unfortunately for me, I don't think home prices are going to go down much more in Asheville, especially considering what the Fed did today. Wow.
I worry about the long-term consequences though, which I admittedly don't fully understand. In the short term, the government seems determined to put a stop to the devaluation of the housing market.
I worry about the long-term consequences though, which I admittedly don't fully understand. In the short term, the government seems determined to put a stop to the devaluation of the housing market.
The current mess, the sub-prime mortgage bust is going to seem like a minor bump. Starting in 2009, the "Alt-A" and "option ARM" mortgages are going to start taking their toll, and it will be bigger and last longer than the sub-prime mess.
Starting in 2009, the "Alt-A" and "option ARM" mortgages are going to start taking their toll, and it will be bigger and last longer than the sub-prime mess.
It could be. I'm sure the Fed action yesterday was at least in part aimed at heading off this problem, which they surely are aware of. I'm not sure how Asheville stacks up to the rest of the state in terms of foreclosures, but one person I spoke with opined that Asheville didn't really see alot of speculation compared to other places.
However, the predatory lending practices and naive/misinformed home buyers phenomenon must surely exist here as well; I can't see how it wouldn't.
So I'm sure there will be some additional pain. It remains to be seen though if it will be as bad as advertised.
Paddler, drive around the boom areas in Asheville. For speculators, there are a few in West Asheville, one of which I know is about to lose everything. Sad but you pay your money and you take your chances.
$900K spec house down the street is entering year 3 of sitting there empty and unsold, been on the market almost 4 years including construction phase.
Yes, of course the high-end market is going to get slammed. But the 150-2750K market is not so gloomy. My real estate broker friend in the Raleigh area has sold 4 new homes in the last month in that range. Not a bad month.
On the other hand, there's a 700k Victorian home that sat for 10 months with no action, and the seller took it off the market.
So it's not really accurate to point to a 900K house that isn't selling as benchmark for the housing market in general.
There's no doubt the market is taking a big hit -- but you have to keep it in perspective too. It's not all doooooooommm and gloooooooommmmm.
If anything it will make it more affordable. We need more decent builders. I am sick and tired of that one floor plan single story with tan siding that is the official house of Asheville. Can't spit w/o hitting one.
$900K spec house down the street is entering year 3 of sitting there empty and unsold, been on the market almost 4 years including construction phase.
We have one of those around the corner from us. It was part of the parade of homes in 2007, got 2 or 3 visitors in about a year and now has renters in it.
The "build it and they will come" era is over for probably quite a while.
The was an article in the Citizen Times this week that said home sales in the Asheville area dropped 50.4% in November 2008 compared to Nov 2007. Here is a link to the article. Don't know how long they will keep it active. At any rate it appears that the market in Asheville is catching up with the rest of the Nation on its downward spiral--LJP
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Home sales drop
