How's the WNC Real Estate Market? (Asheville: lenders, to buy, zip codes)

[Dreamy46]

Originally Posted by NeoLvr

I noticed that price wasn't the only thing cut, .... the property lost a bedroom and a full bath somewhere along the way too

Could there be a problem?

"Financing Available: Not Available. Cash Purchase Only"

[NeoLvr]

Originally Posted by Dreamy46

Could there be a problem?

"Financing Available: Not Available. Cash Purchase Only"

Admittedly I only checked out a few listings; but that seemed to be posted on all of them so might just be standard now.

[Dreamy46]

Originally Posted by NeoLvr

Admittedly I only checked out a few listings; but that seemed to be posted on all of them so might just be standard now.

I looked over the FAQ's. It has to do with whether properties meet lender guidelines such as FHA standards is my interpretation:

REDC FAQs - Foreclosed Home, House, Properties, Real Estate, Repo Condo, Repossession & Auction

This one says financing available:

HICKORY Foreclosures - 3814 8TH ST PL NW HICKORY, NC 28601 - Auction.com

As does this one:

INDIAN TRAIL Foreclosures - 1603 TARRINGTON WAY INDIAN TRAIL, NC 28079 - Auction.com

[Dreamy46]

Originally Posted by NeoLvr

Admittedly I only checked out a few listings; but that seemed to be posted on all of them so might just be standard now.

The owner of the REDC talks about the condition of cash only properties and the overall auction process in this audiocast:

http://www.tngacademy.com/Media/64-T...%204-19-08.mp3

[Asheville Native]

I have watched this house since the first trees were cut down almost 5 years ago. Huge house on a tiny tiny and stupid steep lot. Nothing but a greedy spec house waiting on some fool to pony up some ridiculous money. Construction started over 4 years ago, finished for 3 years, and has never been lived in.
Highest asking price $924,999.00 today it is still empty at $499,000.00
Beverly-Hanks & Associates REALTORS®

[Gators2009]

Originally Posted by Asheville Native

I have watched this house since the first trees were cut down almost 5 years ago. Huge house on a tiny tiny and stupid steep lot. Nothing but a greedy spec house waiting on some fool to pony up some ridiculous money. Construction started over 4 years ago, finished for 3 years, and has never been lived in.
Highest asking price $924,999.00 today it is still empty at $499,000.00
Beverly-Hanks & Associates REALTORS®

Beautiful house - built in 2007... the beginning asking price was almost $1m? Holy cow! It looks like a really nice house, not sure it mentioned the sq footage in the details, but almost a million $ seems very high to me - even in 2007. Now it's listed as a "short sale" for $499k.

[Dreamy46]

Originally Posted by Gators2009

Beautiful house - built in 2007... the beginning asking price was almost $1m? Holy cow! It looks like a really nice house, not sure it mentioned the sq footage in the details, but almost a million $ seems very high to me - even in 2007. Now it's listed as a "short sale" for $499k.

According to the tax records: 2009 Total Property Value: $920,800

Tax assessment of $920,800, asking price in short-sale of $499,000.

Sheds a little light on that debate, doesn't it?

[Gators2009]

^^^ Holy cow. So it's actually been valued at $920k??? Wow - if I only had $499,000...

[Asheville Native]

Originally Posted by Gators2009

Beautiful house - built in 2007... the beginning asking price was almost $1m? Holy cow! It looks like a really nice house, not sure it mentioned the sq footage in the details, but almost a million $ seems very high to me - even in 2007. Now it's listed as a "short sale" for $499k.

Granted, nice house but to appreciate the greed you need to see it in person to see how it is stuck on a tiny tiny lot that is billy goat steep. You just can't visualize it from the pictures, but that driveway is ridiculously steep. If it is raining, a front wheel drive car cannot pull up the driveway, it will just spin it's tires, and likewise a rear wheel drive cannot backup the drive.
From the street the house is about 15 - 18 feet from the edge of the pavement, yet your are looking down into the top story, which would be the second or third based on your reference.

Several large trees on the lot are dead due to damage and compaction done by construction. One dead oak can be touched while standing on the upper deck. The buyer would need to spend at least $5,000 - 6,000 having someone that know what they are doing remove the 3 or so dead trees.

The driveway to this house crosses directly in front of another house, while the driveway to the other house stuck directly beside this one is within a few feet of the posts for the deck.

[Dreamy46]

Originally Posted by Dreamy46

New listings coming in at a rate of three times the number of sold listings equals continued falling prices due to oversupply.

Monthly Statistics Report (http://www.abr-nc.com/resources/housing-statistics - broken link)

The 8k tax credit is about to expire. If they don't renew it or make it bigger, expect a bad winter and beyond for housing.

Or you could believe prices will rise forever because everyone is dying to move here despite the fact that wages are low and jobs are hard to get...

Any theories, conspiracy or otherwise, as to why the statistics page on the Realtor's site no longer works?