Pulte of Charlotte (Mint Hill, Waxhaw, Marvin: for sale, real estate, foreclosure)
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According to Pulte's web site, these are the projects in the Charlotte area... I know we've debated new vs. resale before, but I just wanted to get some opinions on which ones have a chance to finish. Do you think they'll finish any of these? With the whole foreclosure-gate, it puts a new perspective on obtaining the original title.
Hey if I was still building, I wouldn't hesitate to roll out that fact in my marketing. "Buy my new home, and you are guaranteed free and clear title" Only problem maybe if the lots were purchased in a distressed situation and someone can't prove clear title on the dirt. As for Pulte they seem to be building in what I would describe as AA locations. Nothing marginal in the portfolio.
My wife and I are closing on a home in The Belair community next month. They currently have 42 lots remaining and it appears as if the remainders are moving fast upon talking with the salespeople. I don't think this is fluff either as every time we stop by, the place is buzzing. We have been resarching the market for over 2 years and I feel 100% confident with our decision.
Great....Huge surplus of existing homes on the market. People foreclosing on the homes they own creating more empty homes in an already flooded market. Builder says....hmmm I know what would be a good idea, lets just build more homes to add the existing market. Yeah, that is a good idea...it has worked out so well for everyone recently..
I live in one of the listed communities. Of approx. 150 lots, over 90 sold, with almost 30 sold year-to-date. Price range 300K and up. They are currently developing the final tract of land for what will be the last 30-40 lots. The sales center is very busy on weekends and currently building a new model/sales center. Most other builders would have packed it in last year. I feel it's an advantage of the largest national builder (deep pockets) who is also the developer.
I just heard a neighborhood up the street, again with a national homebuilder (300-550K homes), is in trouble as the developer went bankrupt. The builder is not the developer in this community.
Great....Huge surplus of existing homes on the market. People foreclosing on the homes they own creating more empty homes in an already flooded market. Builder says....hmmm I know what would be a good idea, lets just build more homes to add the existing market. Yeah, that is a good idea...it has worked out so well for everyone recently..
And what exactly would you expect a home building company do? I would venture a guess that building houses is 99.99% of their business. Should they just close up shop because the market is saturated with used homes to compete with? Kinda like telling Harris Teeter to stop selling groceries cause there is plenty food at Walmart. I'm sure there are millions of used cars for sale. Maybe we should make a call to Detroit and tell them to stop building cars so everyone has no choice but to stick with what they've got or buy a used one.
They wouldn't be building if people weren't buying....
..... Maybe we should make a call to Detroit and tell them to stop building cars so everyone has no choice but to stick with what they've got or buy a used one.
They wouldn't be building if people weren't buying....
Maybe you missed the fact that GM and Chrysler would have done just that if it were not for the taxpayers coming in to bail them out. Likewise the new home industry is 100% dependent upon continuing and irresponsible backstops to the mortgage companies.
The point that is being missed in these posts is the housing market collapsed because it was made too easy to buy a home. This continues to be the case, as much as the media says otherwise, and anyone buying into it now, will be the ones that get burnt the most in the process. Some advice, don't take advice from anyone who has an vested interest (as in they are going to make money) in getting you to buy a house. There are millions in foreclosure, underwater, etc who all did this and I would guess that without exception they were all told it was a great time to buy a house. Buy one of these places and you immediately join the club as there the resale market is 0.
Yeah, I know, I am wasting my time because buying a new house in a new development is like putting a cake in front of a hungry fat kid. The regrets come later after the cake is consumed.
[quote=CherryTwist;16281395]Maybe you missed the fact that GM and Chrysler would have done just that if it were not for the taxpayers coming in to bail them out.
Didn't miss the fact as it had nothing to with the viability or financial footing of any specific company. This was merely a product/business example. I'll use golf cart manufacturers next time if helps us stay on subject. Likewise the new home industry is 100% dependent upon continuing and irresponsible backstops to the mortgage companies.
The point that is being missed in these posts is the housing market collapsed because it was made too easy to buy a home. This continues to be the case, as much as the media says otherwise
Not sure what media you are talking about, but it must be something other than TV/Radio/print. Sub-prime and predatory lending has always taken the brunt of this (I dont' disagree with that either). I can't recall a single media release disputing that mortgages were the major culprit.
, and anyone buying into it now, will be the ones that get burnt the most in the process. Buying into what? Purchasing real estate? I've been through enough cycles to know when to buy. When homes are being built on lots that are purchased for less than it costs to develop a site let alone what the raw dirt cost is, I can tell you from experience that it won't be a bad investment. Some advice, don't take advice from anyone who has an vested interest (as in they are going to make money) in getting you to buy a house. I agree with this. People should always do their own research. There are millions in foreclosure, underwater, etc who all did this and I would guess that without exception they were all told it was a great time to buy a house. Buy one of these places and you immediately join the club as there the resale market is 0. Don't disagree, but doubt too many people are buying a house with plans to sell it tomorrow. Knowing when to sell is as important as knowing when to buy.
Yeah, I know, I am wasting my time because buying a new house in a new development is like putting a cake in front of a hungry fat kid. The regrets come later after the cake is consumed. Disagree with the regret part (at least when looking long term). The cake/fat kid got a laugh out of me though[/quote]
Buying into what? Purchasing real estate? I've been through enough cycles to know when to buy. When homes are being built on lots that are purchased for less than it costs to develop a site let alone what the raw dirt cost is, I can tell you from experience that it won't be a bad investment.
I think almost everyone's experience no matter what age they are has gone through anything like what we are going through. (Except the few who lived through the Great Depression).
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Don't disagree, but doubt too many people are buying a house with plans to sell it tomorrow. Knowing when to sell is as important as knowing when to buy.
No one does, but no one can predict the future. Tragic circumstances force people to sell when they don't want to. And I think it's critical that people take into consideration the worst case scenario because life happens. It's not a matter of IF something will happen, it's a matter of WHEN. I think it's disingenuous when other people/posters just say go for it and buy a home.
I think the thing that isn't being considered is that SOME are still doing well despite the economy and are very lucky to be in that position. Also, SOME have plenty of money in the bank and have planned accordingly for worst case scenerio. Would you recommend that those should continue to throw money away renting and paying someone elses mortgage for fear of the future? That doesn't make much sense to me.
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. Yeah, that is a good idea...it has worked out so well for everyone recently.
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