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Well Nita says you'll get your money back within 20 years, so hang in there pard'ner.
You didn't buy stocks in 07 did you?
I bought my house in 2004. And even given the current market it's worth 30% more than I paid for it. Northwest Arkansas did get overbuilt, but the overbuilding was in a particular segment of the housing market. $100,000 - $200,000 homes weren't overbuilt. $300,000 and up were overbuilt. The growth in the area from 2000-2008 drove land values sky-high. The growth also attracted a lot of investors. Investors supported those sky-high land values buying up old farms to develop. Only in order to profit from those investments, they had to build expensive homes. It's the difference between buying 10 acres for $20,000 or buying 10 acres for $200,000. There were 10 acre parcels going for $1 million.
Everything has gone down in value from 2007-2008, perhaps as much as 10-15%. But the devaluation isn't going to be uniform across the board. And the growth into Northwest Arkansas has slowed, but the area is still growing. Which is all to say that while we had a housing bubble, it wasn't a big bubble nor was it an all-encompassing bubble. It was limited in scope, but more widespread in range. We're weathering the financial downturn fairly well, and I think generally we expect as a region to be in the first wave of recovery, even if the state is not.
Wow, you guys are fast! A whole page is up before I get a chance to check back in.
Quote:
Originally Posted by Dreamy46
Thanks for the info. I figured out where the county tax sites are so I can look up how much the current owners paid and how long they have been there, so I'm good on that data. I also like to view the info on the surrounding homes, so you know what may happen, if your neighbors are investors etc. I won't even consider looking at a home without seeing that data first.
Great, it is a smart idea to find out what may be happening around you. I love looking up prices paid and etc. on properties just for fun.
I was kinda puzzled about your explanation that knowing simple data figures such as home price percentage declines would stop people from seeking the help of a Realtor though. After all, if a house is under contract to sell by a Realtor, you can't bypass that, nor can you even get into the village itself without a Realtor from what I've read. If it hurts to give out the data, why would Maryland Realtors give it out? Sales volume here is probably tenfold what it is there.
I was not only referring to price changes, also MLS sites online; tax amounts, advice through great forums, such as CD; and all that other great info you guys have available.
True, if a house is listed with a Realtor you will have to be at least a customer, if not also a client of theirs. (Not the best way to go, unless you are a master negotiator.)
BTW, I agree. I would love for more info to be readily available to all. However, I am sure that the dissemination of info in MD is not the catalyst of tenfold sales, though it may not hurt.
"Good, knowledgeable" Realtors that provide a valuable service won't go away. The ones that jumped in during the boom with their hands out are an entirely different matter however...
Unfortunately, I wasn't around to see the contracts falling into my lap .
Nevertheless, I am still trying to make it.
Quote:
Originally Posted by Dreamy46
Realtors there will probably be horrified by this, but let me share with you what kind of data a buyer has access to in Maryland:
State property tax site is consolidated with all counties, easy to use, gives last three owners, how much they paid, and the current assessment value. Lacks the photos however that you have there in Arkansas. Other downside is assessments are only done every three years. Foreclosure prices tend to begin at assessed value price.
Yes, sounds like you found this one for SOME counties in AR. Really helpful site. I still haven't located this service (if it exists online) for some counties.
Land Records site provides loan amount financed and the deeds to properties. I can tell how much you financed, refinanced it for, and in some cases even what type of loan you have, ARM etc. It also has plats of the properties. And deed specific information about easements etc. It's great to know how much is financed, because it stops silly lowball offers, at least in some cases, unless they're going to do a short-sale.
Judicial Site provides court records such as foreclosure, divorce, or criminal records, which lets you know if a property is in pre-foreclosure etc. Or if its been taken back by a bank, but isn't being advertised that way by the Realtor trying to sell it. Spotting if the property is being sold because you can't pay your bills, are getting divorced, or went to jail is very easy.
State licensing site provides names of licensed real estate agents, which is helpful nailing down Realtors in transactions that aren't disclosing their interests as they are supposed to.
That would be violating the Rules and Regs!
The Arkansas Real Estate Commission does have a site with a member register.
MLS site provides very detailed sales data such as 34, four bedroom, single family homes sold between 350k-400k in May in each zip code. Average days on the market, total sales volume, average price, and median price per county etc. Even though some still do it, there's regulations (and fines) against fudging the days on the market by re-listing the property and setting the clock back to zero. What's the rules on that there?
How much of this info is available there in Arkansas?
As for the rest of this info, I am not aware that it is available.
Maybe someone else could help us out on those, as I may just be ignorant of what is out there.
Quote:
Originally Posted by Dreamy46
Well Nita says you'll get your money back within 20 years, so hang in there pard'ner.
Let me hit you up with some questions. How walkable is HSV? What kind of speed limits are in there? I like to be able to walk my dog (on a leash) and ride a bicycle, are the speeds limits and traffic volume low enough in there to safely do that? I know they have walking trails, but I don't want a situation where I need to drive a car to get to somewhere to walk.
How's the OakLawn track? We enjoy donating our money from time to time to slot machines. Decent fun place? Buffet?
Another thread is discussing dry counties in AR. What's the specifics on that in Garland and Saline?
We also enjoy getting out for social drinking and dancing with a 40+ crowd. Karaoke is great too. Are there ample places to do that in HSV or HS?
Let me hit you up with some questions. How walkable is HSV? What kind of speed limits are in there? I like to be able to walk my dog (on a leash) and ride a bicycle, are the speeds limits and traffic volume low enough in there to safely do that? I know they have walking trails, but I don't want a situation where I need to drive a car to get to somewhere to walk.
Unfortunately, I cannot answer any of your HSV questions. HSV is it's own little world. I have never even been! Sorry.
How's the OakLawn track? We enjoy donating our money from time to time to slot machines. Decent fun place? Buffet?
I might not be the best person for these questions so far. I haven't been to the track either. I know some who go up to a couple of times a week. I have heard they have Black Jack tables with computerized dealing, that some say are a fun way to "donate" your money. Buffet?? I have also heard they have a great Corned Beef Sandwich you must try.
Another thread is discussing dry counties in AR. What's the specifics on that in Garland and Saline?
Garland = WET, no problems there.
Saline is private restaurants/clubs only, as far as I know. Nevertheless, from others' posts alcohol seems readily available in Saline County as well.
We also enjoy getting out for social drinking and dancing with a 40+ crowd. Karaoke is great too. Are there ample places to do that in HSV or HS?
My husband and I went to the Arlington Hotel Lobby in HS this past Friday night. (We are mid and late twenties). There was a large 40-65+ crowd dancing the night away to live music. Great fun to watch and I am sure even more fun to dance. There are some Karaoke places around HS. Again, I don't know about HSV.
I wish I could be of more help to you when it comes to the village.
where can I look up how much a previous owner paid for a house?
My mom says that they don't list the purchase price on the records at the courthouse in Arkansas like they do here in LA. She may be wrong, but she tried to look up the information on her cabin before she bought it, and it wasn't there.
My mom says that they don't list the purchase price on the records at the courthouse in Arkansas like they do here in LA. She may be wrong, but she tried to look up the information on her cabin before she bought it, and it wasn't there.
They don't let you post links in this forum, but if you go to arcountydata dot com, then you'll find most of the counties. You need to select "free public search of assessments."
actdatascout dot com seems to have many of the other counties, such as Garland.
Let me hit you up with some questions. How walkable is HSV? What kind of speed limits are in there? I like to be able to walk my dog (on a leash) and ride a bicycle, are the speeds limits and traffic volume low enough in there to safely do that? I know they have walking trails, but I don't want a situation where I need to drive a car to get to somewhere to walk.
How's the OakLawn track? We enjoy donating our money from time to time to slot machines. Decent fun place? Buffet?
Another thread is discussing dry counties in AR. What's the specifics on that in Garland and Saline?
We also enjoy getting out for social drinking and dancing with a 40+ crowd. Karaoke is great too. Are there ample places to do that in HSV or HS?
I can answer some of your questions, not completely but to some degree. Oaklawn, the track is pretty nice, our granddaughter and her husband go a couple of times a year, we have been once, but the slot part is pretty crappy. You may have to just plan some weekend trips over toward Tunica. I don't know about how walkable it is, but here in BV, which was designed by the same company there are lots of good walkable areas in everyone's own neighborhood, no sidewalks, that makes no difference as there is very little traffic in the residentual areas. I am sure HGV is similar. If it is like here the speed limit in town is going to be around 30 to 35 mph.
Don't know about dry counties, I do remember buying wine on our way to Hot Springs a few years ago.
I hope someone else will be able to give you a little more details.
Let me hit you up with some questions. How walkable is HSV? What kind of speed limits are in there? I like to be able to walk my dog (on a leash) and ride a bicycle, are the speeds limits and traffic volume low enough in there to safely do that? I know they have walking trails, but I don't want a situation where I need to drive a car to get to somewhere to walk.
I don't live in HSV and haven't been there for a few years but will write what I remember and welcome any corrections by locals.
HSV covers a large area and is located in a forest with 2-lane roads throughout. Traveling on Desoto Blvd, from the west gate to the east gate, is around 15 miles. Then there are many, many miles of residential roads/streets with no sidewalks. I wouldn't classify it as a walkable area but walking or biking on many of the residential streets would be fine. I wouldn't feel safe riding a bike on the main 2-lane roads and it would be a challenge to ride with the inclines/hills in some areas. Also, there are homes within walking distance of some of the conveniences in the Village. One example, in the Coronado area, one could walk to the lake, fitness center, library and service station, etc. (The trail in that area might be short. Check the link below.) On the west side of the village at the front gate, one would be close enough to walk to a small grocery store, Walgreens, Post Office, etc. but it would require crossing Hwy 7 and walking through the traffic entering/exiting the village at the guard station. Others may have better info on walkable neighorhoods.
Regarding trails, it would be possible to live within walking distance of one of the trails. Think the longest trail parallels Desoto Blvd and is being extended but verify that with the links. A side note, I've heard complaints about tiny ticks in HSV but don’t know if they present a problem.
HSV is a beautiful, unique area with many lakes and golf courses. Definitely worth a look.
Here's some links:
I bought my house in 2004. And even given the current market it's worth 30% more than I paid for it. Northwest Arkansas did get overbuilt, but the overbuilding was in a particular segment of the housing market. $100,000 - $200,000 homes weren't overbuilt. $300,000 and up were overbuilt. The growth in the area from 2000-2008 drove land values sky-high. The growth also attracted a lot of investors. Investors supported those sky-high land values buying up old farms to develop. Only in order to profit from those investments, they had to build expensive homes. It's the difference between buying 10 acres for $20,000 or buying 10 acres for $200,000. There were 10 acre parcels going for $1 million.
Everything has gone down in value from 2007-2008, perhaps as much as 10-15%. But the devaluation isn't going to be uniform across the board. And the growth into Northwest Arkansas has slowed, but the area is still growing. Which is all to say that while we had a housing bubble, it wasn't a big bubble nor was it an all-encompassing bubble. It was limited in scope, but more widespread in range. We're weathering the financial downturn fairly well, and I think generally we expect as a region to be in the first wave of recovery, even if the state is not.
I was thinking about your comment this evening after reading a Key West condo article and pondering what's happened in my own community. I read your comment as the low-end won't suffer much because it wasn't overbuilt.
Where I think you're wrong at is it's simply going to be the last domino to fall, as is the case where I currently live. It's impossible for people on the top of the housing food chain to lose money without the folks on the bottom losing some also.
The Key West article talked about $1.2 million dollar condos that are now selling in the $400k range. That causes depreciation creep, no matter where you live.
In my area (Maryland) we had a glut of $500k spec houses that were being offered in 2006-2007. During that time the 150k-300k priced homes held their values really well. But as those $500k homes became $400k homes, the $300k homes became $225k houses. And the $150k - $200k homes that ended up as foreclosures are now selling between $80k - $90k, some even lower than that if they're in bad shape.
It may take awhile, but it will happen. Albeit at lower percentage rates, because you never experienced quite the price craziness of the two coasts. Rent prices will tell the story. Until you can buy it cheaper than you can rent it for, and make money renting it at the price you bought it for, the prices will keep falling until economic equilibrium returns.
Last edited by Dreamy46; 06-09-2009 at 09:23 PM..
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