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Old 07-09-2010, 07:13 PM
 
4,010 posts, read 9,606,371 times
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I mentioned in another topic that I saw a couple move out of a house a couple of weeks ago. This is a house that was for sale, but hasn't been on sale for a while, now it is unoccupied and not for sale and has not been sold. I have no desire to affect the privacy of the individuals who own it so I won't give the address, but I will say that it is in a very nice upscale subdivision near Lake Norman in Mecklenburg. This would be in a good school district, very low crime, high amenity area.

So,
  • This house was built and sold new in early 2007 for $437,000
  • There was a tax value later recorded that came in at $291,000 <-bit confused by this one
  • Zillow currently lists the worth of this house around $240,000.
  • Other similar sites to zillow give worth in the low 200s
All of this was available on public websites. The reason for posting is to let people, who are considering building, know that is happening to real estate in this area. A close to $200,000 drop in value in 3 years is flabbergasting, and if the owners simply walked away, I don't blame them. There is no way they will ever make this back up if they did stay in it. Anyone building new and paying the same kind of money are going to be getting the same results.
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Old 07-09-2010, 09:02 PM
 
40 posts, read 68,280 times
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I understand what you are saying about new construction. Your advice is to buy existing homes not buy new. But what is going on?

I am looking to move to NC for the quality of life - it seems so nice - my husband is finding openings in his field, the weather is mild, the amenities are nice and the taxes are low. But all I am reading is about how transplants are looked down upon and ignored. Why? Is this really true? If there are so many homes available why wouldn't you want them filled?

I want to have friendly neighbors but it seems I will be shunned because I am not originally from NC. I fear for my kids!

This doesn't make sense to me.
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Old 07-09-2010, 09:09 PM
 
8,402 posts, read 22,620,016 times
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Quote:
Originally Posted by The cow says moo. View Post
I understand what you are saying about new construction. Your advice is to buy existing homes not buy new. But what is going on?

I am looking to move to NC for the quality of life - it seems so nice - my husband is finding openings in his field, the weather is mild, the amenities are nice and the taxes are low. But all I am reading is about how transplants are looked down upon and ignored. Why? Is this really true? If there are so many homes available why wouldn't you want them filled?

I want to have friendly neighbors but it seems I will be shunned because I am not originally from NC. I fear for my kids!

This doesn't make sense to me.
Be afraid (for your kids), be very afraid (for your kids). On moonless nights we hunt down and eat the children of the transplants.

Unless they're from Atlanta.



Since the majority of Charlotteans aren't native, I'm not sure where you get the info that transplants aren't welcome.

Last edited by vmaxnc; 07-09-2010 at 09:26 PM..
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Old 07-09-2010, 09:14 PM
 
Location: State of Being
35,881 posts, read 72,440,043 times
Reputation: 22652
Quote:
Originally Posted by The cow says moo. View Post
I understand what you are saying about new construction. Your advice is to buy existing homes not buy new. But what is going on?

I am looking to move to NC for the quality of life - it seems so nice - my husband is finding openings in his field, the weather is mild, the amenities are nice and the taxes are low. But all I am reading is about how transplants are looked down upon and ignored. Why? Is this really true? If there are so many homes available why wouldn't you want them filled?

I want to have friendly neighbors but it seems I will be shunned because I am not originally from NC. I fear for my kids!

This doesn't make sense to me.
If this were true, then 2/3 of Charlotte would not be made up of folks from areas outside the South.

You are more likely to have newcomers as your neighbors than natives.

I am a native and other than friends I have had for many years, the bulk of my close friends here in Charlotte have lived here less than 8 years and are from states outside the South. I have found people are very receptive to welcoming others into their neighborhoods and circles of friends.
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Old 07-09-2010, 09:19 PM
 
Location: State of Being
35,881 posts, read 72,440,043 times
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Lumbollo, that is all very perplexing to me. I don't understand how the heck the price on that house could have been inflated so much when sold.

I know this is gonna sound kinda dumb - but does it LOOK like it should be priced at $220K?
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Old 07-09-2010, 09:24 PM
 
40 posts, read 68,280 times
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Quote:
Originally Posted by vmaxnc View Post
Be afraid (for your kids), be very afraid (for your kids). On moonless nights we eat the children of the transplants.



Since the majority of Charlotteans aren't native, I'm not sure where you get the info that transplants aren't welcome.

EEEEKKK! My brains!

Thank you. I have been having a tense evening discussing our move and my fears with my husband (who thinks I am nuts at this point, mind you).

Your comments lightened the mood over here and made me giggle.
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Old 07-09-2010, 09:31 PM
 
Location: State of Being
35,881 posts, read 72,440,043 times
Reputation: 22652
Quote:
Originally Posted by The cow says moo. View Post
EEEEKKK! My brains!

Thank you. I have been having a tense evening discussing our move and my fears with my husband (who thinks I am nuts at this point, mind you).

Your comments lightened the mood over here and made me giggle.
RELAX - and enjoy your weekend!

Come with a smile and a willingness to volunteer in community activities and you will meet folks and find yourself very welcomed.
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Old 07-10-2010, 03:12 AM
 
4,010 posts, read 9,606,371 times
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Quote:
Originally Posted by anifani821 View Post
....

I know this is gonna sound kinda dumb - but does it LOOK like it should be priced at $220K?
You know how I feel on the "worth" of a lot of these homes so my opinion isn't important but I did look into the specs. it is 4000 sq ft, with a walk out unfinished basement. It's vinyl sided with some brick accents with a front porch and decent deck. The photos of the inside show typical hardwoods in some of the formal areas and kitchen, overscale molding, granite/stainless in kitchen, carpet throughout. The neighborhood is a very large highly planned type place with sidewalks, nice landscaping, huge amenity area. Houses in this neighborhood normally pull a premium over other neighborhoods.

I am pretty sure there are builders in this city still selling the same thing now close to that kind of pricing as this works out to $108/sq ft. I'm thinking that a lot of people, just based on posts on this forum over the last 6 months to a year, are in the process of being charcoaled broiled by this kind of equity loss. If anyone reading this is thinking of building, you might want to give this considerable thought as this should be what is frightening you, and not nonsensical thoughts of being shunned.

Ani - my opinion is the real market for $400K homes is extremely limited simply because most people don't have the real incomes to pay something like this off. Sure they can afford to finance it in the short term, but that financing always assumed they could sell it at a higher price so their tax subsidized interest payments became tolerable. Where it fails is later in the loan, after all the incentives are gone, that tax subsidy starts to shrink, and the carrying costs start to increase (repairs, furnishing, etc) No fun being house poor when effective household incomes are also falling. What happens if the monthly income takes a hit? Signing up for close to a 1/2 million dollars worth of debt over 30 years, even on what is considered a pretty good middle class income, simply doesn't compute.

Given the situation with this particular home, I think they saw the writing on the wall. It wasn't going to sell for anywhere close to what they paid for it, so they took it off the market, and walked off. It's now the bank and the taxpayer's problem. It's also a problem for anyone else with a home in this price range in this area.

Last edited by lumbollo; 07-10-2010 at 03:46 AM..
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Old 07-10-2010, 06:36 AM
 
Location: Union County
6,026 posts, read 9,305,069 times
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lumbollo - I have issues with Zillow, but that's whacked...

What has recently closed in that subdivision? Any recently sales to compare the $291k to?

When you start getting into $70ish sqft for relatively new construction that is not a good sign for other homes in that neighborhood who need to sell.

I could link examples of many subdivisions in UC that are seeing similar issues.
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Old 07-10-2010, 06:43 AM
 
604 posts, read 1,222,360 times
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In some neighborhoods, True Homes is building homes in the $50's per sq foot. They are what is left of CP Morgan I believe but nicer.
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