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Being as close as you are, you should be driving these developments non-stop! Take everything you read here with a grain of salt as we all of our own little idiosyncrasies - one person's dream house could be someone else's nightmare. You can protect yourself by getting to the know the area intimately.
Specific to your question I'm very bearish on RE right since I joined this site... I think most of the regulars will attest to that. I continue to be extremely bearish and, in fact, think we're on the edge of a double dip. My opinion is that we're going to see another significant dip into next year... I can load you down with links to plenty of references - you can find many of them here and in the RE forum if you search. Things are bad - real bad... and if you're going to look out here in the country where demand will dry up the fastest, you should expect to have to sit on a purchase a real long time. You should also accept the risk that if you buy in an unfinished neighborhood, it may never get built out... look at Hollister... look at Millbridge. You should also accept depreciation/deflation is a very real risk even in an established/mature neighborhood. Look at Demere... look at Wesley Oaks... look at Stonegate... look at Champion Forest. Research what these subdivisions were selling at just a few years ago. Also remember that these are tract built homes... For instance, I'm not a huge fan of the Centex product, either. Even custom homes are taking a beating - look what's happened in Providence Downs or Anklin Forrest over the past several years.
In the end - the further out you go, the bigger the risk. Take all with that grain of salt I mentioned. Remember as you said yourself - "you don't get much house for the money" up there for a reason.
Not to disagree completely with you Mikey - but for those who need to buy (some people do you know!), this is really a great time because of the fantastically low interest rates. Getting a 30 year mortgage at 4.5% - WOW, we won't see that again in our lifetimes once they go back up!
Where should you buy in Waxhaw? - No where. Waxhaw was a few old buildings and alot of cow fields and woods 10 years ago. Now it is going to return to that state because the growth there, and all in that part of Union county, represents the worst of the real estate bubble. You really don't want to buy into this mess.
A young couple needs to find a place a lot closer in, preferably inside of Charlotte 4, in a neighborhood that has been established for at least a decade. This is the only place where you will be able to weather out the coming economic recession and not lose your financial future in the process. (that is if you have to buy a house) My recommendation is to stick to a place you can pay off in 15 years.
He gave that info later in the thread He wants about 3000 square feet for $250,000 to $300,000.
Hey, thanks. The post was a little involved so I guess I ran out of patience!!
PS: OP, you may not get that in the best school districts. In my neighborhood, the prices are around $375,000 and that's a way-reduced price because of the market. The square feet are there along with the good schools (IMHO) for a little more.
Being as close as you are, you should be driving these developments non-stop! Take everything you read here with a grain of salt as we all of our own little idiosyncrasies - one person's dream house could be someone else's nightmare. You can protect yourself by getting to the know the area intimately.
Specific to your question I'm very bearish on RE right since I joined this site... I think most of the regulars will attest to that. I continue to be extremely bearish and, in fact, think we're on the edge of a double dip. My opinion is that we're going to see another significant dip into next year... I can load you down with links to plenty of references - you can find many of them here and in the RE forum if you search. Things are bad - real bad... and if you're going to look out here in the country where demand will dry up the fastest, you should expect to have to sit on a purchase a real long time. You should also accept the risk that if you buy in an unfinished neighborhood, it may never get built out... look at Hollister... look at Millbridge. You should also accept depreciation/deflation is a very real risk even in an established/mature neighborhood. Look at Demere... look at Wesley Oaks... look at Stonegate... look at Champion Forest. Research what these subdivisions were selling at just a few years ago. Also remember that these are tract built homes... For instance, I'm not a huge fan of the Centex product, either. Even custom homes are taking a beating - look what's happened in Providence Downs or Anklin Forrest over the past several years.
In the end - the further out you go, the bigger the risk. Take all with that grain of salt I mentioned. Remember as you said yourself - "you don't get much house for the money" up there for a reason.
From the wife,
I have to agree with MikeyKid.
I would stay away from communities that are not completed. Every subdivision is taking a hit no matter where you live.
But I do have a question and I've seen this discussion before on city-data. How do you consider Anklin Forrest a custom home community? I believe most of those homes were built by James Custom Homes? I've been inside those homes. They are tract homes as well.James also built homes in our subdivision. We had three builders build in our subdivision. I've also been in several James Custom Homes here and they look the same as in Anklin Forest. So coming from the wife of a family of contractors and builders I would not consider them custom. They are nice homes but not custom built.
To the poster....if you are serious about buying I would look at foreclosures in established neighborhoods. And I think to myself, if we were to do it all over again we probably would have bought closer to things. I do love our area of Union County but it seems all the activities our children do are in Meck County. Plus we didn't know it at the time and we were buying for the great schools in Union County but now both our children are in private school. So you never know what may happen.
Also I think you mentioned Lawson. Great community and I know several people in there. Just remember it is not fully built out. But Lawson does look complete b/c there is a major section completed. Lawson was supposed to have million dollar homes across the street from Lawson and it was still going to be Lawson. I'm not sure what is happening on the property across the street. Not sure if the develpoer still owns it?
Make sure you do your homework. Drive around in the communities that you have an interest. Especially on weekends and summer evenings. That is when alot of neighbors are outside. You can get a feeling for the community.
Good Luck.
Not to disagree completely with you Mikey - but for those who need to buy (some people do you know!), this is really a great time because of the fantastically low interest rates. Getting a 30 year mortgage at 4.5% - WOW, we won't see that again in our lifetimes once they go back up!
You're the nicest disagreer on city-data! I completely get your point, but from my research the current powers that be are pushing an economic policy called Quantitative Easing to help the economic recovery... It's a fancy term for keeping interest rates as low as possible and "printing money" - the idea is that you offset the insane debt with inflation - you're not paying it back mind you, you're using fancy accounting.
Since the ultimate goal is to stimulate inflation, which is largely impossible with the employment picture so bleak, you keep printing that money and keep the interest rates down. If they go away from this policy and raise interest rates they could see run away deflation. On the other hand, if they keep to it they risk hyperinflation. Either scenario isn't so good, but I believe we won't see a significant raise in interest rates for quite a while.
Quote:
Originally Posted by JoanD'Arc
Am I missing something here? Price range? Required square feet? Number of bedrooms, baths, etc???
The OP posted this above:
Quote:
We want a 3-4 bedroom with an extra bonus room, 2.5+ bath, >3000-sq.ft for 250-300k.
Where should you buy in Waxhaw? - No where. Waxhaw was a few old buildings and alot of cow fields and woods 10 years ago. Now it is going to return to that state because the growth there, and all in that part of Union county, represents the worst of the real estate bubble. You really don't want to buy into this mess..
I'm sorry, I just don't see that as valid. There are many lovely, newer neighborhoods in Waxhaw. They just aren't in the old downtown area you describe. Some of them are as I have stated, in the under-$400 k range, and lots of them are much bigger houses in beautiful developments for plenty more in price.
All these houses are more affordable now because of the housing market downturn, and represent a comfortable way of life, with good schools, close to Mecklenburg but in Union County, were the taxes are lower.
From the wife,
I have to agree with MikeyKid.
I would stay away from communities that are not completed. Every subdivision is taking a hit no matter where you live.
But I do have a question and I've seen this discussion before on city-data. How do you consider Anklin Forrest a custom home community? I believe most of those homes were built by James Custom Homes? I've been inside those homes. They are tract homes as well.James also built homes in our subdivision. We had three builders build in our subdivision. I've also been in several James Custom Homes here and they look the same as in Anklin Forest. So coming from the wife of a family of contractors and builders I do not consider them custom. They are nice homes but not custom built.
To the poster....if you are serious about buying I would look at foreclosures in established neighborhoods. And I think to myself, if we were to do it all over again we probably would have bought closer to things. I do love our area of Union County but it seems all the activities our children do are in Meck County. Plus we didn't know it at the time and we were buying for the great schools in Union County but now both our children are in private school. So you never know what may happen.
Also I think you mentioned Lawson. Great community and I know several people in there. Just remember it is not fully built out. Lawson was supposed to have million dollar homes across the street from Lawson and it was still going to be Lawson. I'm not sure what is happening on the property across the street. Not sure if the develpoer still owns it?
Make sure you do your homework. Drive around in the communities that you have an interest. Especially on weekends and summer evenings. That is when alot of neighbors are outside. You can get a feeling for the community.
Good Luck.
That's very interesting about Anklin Forrest... couple years ago when I was doing my usual bashing of subdivisions (I'm an equal opportunity hater) - said something like that about Anklin Forrest, but a resident came into the thread and cut me up both ways that they were "custom". So I took that word ever since. I should dig up that thread because they were so insistent that the community would never see serious depreciation because they were "built so well". I've been seeing what they're selling for in there... many of those list prices right now are dreaming!
You're the nicest disagreer on city-data! I completely get your point, but from my research the current powers that be are pushing an economic policy called Quantitative Easing to help the economic recovery... It's a fancy term for keeping interest rates as low as possible and "printing money" - the idea is that you offset the insane debt with inflation - you're not paying it back mind you, you're using fancy accounting.
Since the ultimate goal is to stimulate inflation, which is largely impossible with the employment picture so bleak, you keep printing that money and keep the interest rates down. If they go away from this policy and raise interest rates they could see run away deflation. On the other hand, if they keep to it they risk hyperinflation. Either scenario isn't so good, but I believe we won't see a significant raise in interest rates for quite a while.
The OP posted this above:
You could be right about not seeing rates go up too soon. My gut feeling is it will happen either late this year or early next - but I'm not as studied on this as you are
Honestly, for those of us who lived thru the early 80's and 15% mortgage interest rates I just think it's worth taking advantage of the historically low rates if you can and need to buy anyway
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I continue to be extremely bearish and, in fact, think we're on the edge of a double dip. My opinion is that we're going to see another significant dip into next year... I can load you down with links to plenty of references - you can find many of them here and in the RE forum if you search. Things are bad - real bad... and if you're going to look out here in the country where demand will dry up the fastest, you should expect to have to sit on a purchase a real long time. You should also accept the risk that if you buy in an unfinished neighborhood, it may never get built out... look at Hollister... look at Millbridge. You should also accept depreciation/deflation is a very real risk even in an established/mature neighborhood. Look at Demere... look at Wesley Oaks... look at Stonegate... look at Champion Forest. Research what these subdivisions were selling at just a few years ago. Also remember that these are tract built homes... For instance, I'm not a huge fan of the Centex product, either. Even custom homes are taking a beating - look what's happened in Providence Downs or Anklin Forrest over the past several years.
He wants about 3000 square feet for $250,000 to $300,000.
