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There is a neighborhood in this price range outside of Davidson which is a more desirable location than suburban Union county. It was a neighborhood ofmillion dollar+ homes called Abersham or some nonsense like that. This past week the bank started foreclosure on 140 of the 200+ acres that make up this development and thus far they managed to build a single 11,000 sq foot home in this development. The foreclosure is complicated by the fact that the developer has apparently gone into bankruptcy just prior to this. All in all a huge mess and one created from expectations that people have this kind of money to spend on homes.
Amusingly the developer is greenwashing the development as a "green" community as if there is anything green about a 11,000 sq ft. home. Anyone who would move into a home of this magnitude has no sense of responsibility to the environment at all. People are simply delusional if they believe this.
Amusingly the developer is greenwashing the development as a "green" community as if there is anything green about a 11,000 sq ft. home. Anyone who would move into a home of this magnitude has no sense of responsibility to the environment at all. People are simply delusional if they believe this.
Well, the thing for the future is that homes like this could be communal, multi-generational family homes, with aging parents, their adult children and their grandchildren all under one roof. That way, everyone could pool resources and provide child care for babies/children and provide in-home care for elderly parents.
I am not saying that most of us would be living in an 11,000 sq. ft. home, lol, but I do think that this is the most reasonable way to market these white elephant homes.
Society is getting ready to change - out of necessity. Folks are not going to have the $$$ to continue the same lifestyle we have had the past 30 years.
BTW I live near Bromley so I drove in there this weekend. Someone mentioned that no one lived in the community. There is one home that it appears someone is living in. But the rest are for sale or in the process of being built. Beautiful homes, but on small lots a la McMansion style.
There is a neighborhood in this price range outside of Davidson which is a more desirable location than suburban Union county. It was a neighborhood ofmillion dollar+ homes called Abersham or some nonsense like that. This past week the bank started foreclosure on 140 of the 200+ acres that make up this development and thus far they managed to build a single 11,000 sq foot home in this development. The foreclosure is complicated by the fact that the developer has apparently gone into bankruptcy just prior to this. All in all a huge mess and one created from expectations that people have this kind of money to spend on homes.
Amusingly the developer is greenwashing the development as a "green" community as if there is anything green about a 11,000 sq ft. home. Anyone who would move into a home of this magnitude has no sense of responsibility to the environment at all. People are simply delusional if they believe this.
Agreed, 100%. Buying in any development that is not completely built out (or *very* nearly so) is a HUGE risk in this market. How many stories have we heard about "XXXXXX builder pulled out of my neighborhood" right here on CD?
A "green" 11K sq/ft home? Wow, some people will stop at nothing, will they?
Agreed, 100%. Buying in any development that is not completely built out (or *very* nearly so) is a HUGE risk in this market. How many stories have we heard about "XXXXXX builder pulled out of my neighborhood" right here on CD?
A "green" 11K sq/ft home? Wow, some people will stop at nothing, will they?
Thank you guys for guidance, and I do thank the guy who was before a little on the harsh side when explaining the risk of buying in Incomplete subdivisions like Providence Downs South, and I was very close to buying a house on connonade drive and to be exact the one 2013 which is really a nice house if you just take it and put it in a rather much more completed subdivision, and I really was scared enough when I read all the posts in here, and I literally mean all in this thread which started back in 2008 if I recall correctly and took me hours at least ,,,, but I was really glad I did, because right after I did I cancelled my offer on the house, and I am very happy I did and I am also very happy I listened to you guys,
and by the way to those who may wanna know more about horrible experience with foreclosure and those Mcmansions were not just Mortgage fraud but some of them were also Building fraud!!
I offered on a house in Chatelaine and it got accepted and without giving the address, it is 2007 built and looks really amazing inside out,,,, and guess what, my Inspector failed it big time,,, and he is really a nice guy, and here is the many reasons why:
1. Termites
2. Black Mold of the attic
3. Major Water damage of the side of the house
4. Wine celler soaked in water
5. No Caulking through the whole house!
6. Vents all under the earth!
and the list goes on and on!!!!!
7. The previous renter died in the house when he was 42 y/o!!
And I cannot imagine that I my lender wasn't really interested in having the house inspected unless I am interested in this,,, just the appraisal is required by the bank!!! So I could've ended up buying this house without knowing anything of the aforementioned!!!
And all these were fixed and the bank still sold it to someone else,,, Pooor Guy!!! right after I pulled my offer in about a week after I refused to take it even with lifetime warranty.
So thank you for educating me about some stuff and I also learned some lesson the hard way, and I am really scared now to offer on other houses!! though I am very very interested to buy a house a foreclosure in particular!!
Thank you guys for guidance, and I do thank the guy who was before a little on the harsh side when explaining the risk of buying in Incomplete subdivisions like Providence Downs South, and I was very close to buying a house on connonade drive and to be exact the one 2013 which is really a nice house if you just take it and put it in a rather much more completed subdivision, and I really was scared enough when I read all the posts in here, and I literally mean all in this thread which started back in 2008 if I recall correctly and took me hours at least ,,,, but I was really glad I did, because right after I did I cancelled my offer on the house, and I am very happy I did and I am also very happy I listened to you guys,
and by the way to those who may wanna know more about horrible experience with foreclosure and those Mcmansions were not just Mortgage fraud but some of them were also Building fraud!!
I offered on a house in Chatelaine and it got accepted and without giving the address, it is 2007 built and looks really amazing inside out,,,, and guess what, my Inspector failed it big time,,, and he is really a nice guy, and here is the many reasons why:
1. Termites
2. Black Mold of the attic
3. Major Water damage of the side of the house
4. Wine celler soaked in water
5. No Caulking through the whole house!
6. Vents all under the earth!
and the list goes on and on!!!!!
7. The previous renter died in the house when he was 42 y/o!!
And I cannot imagine that I my lender wasn't really interested in having the house inspected unless I am interested in this,,, just the appraisal is required by the bank!!! So I could've ended up buying this house without knowing anything of the aforementioned!!!
And all these were fixed and the bank still sold it to someone else,,, Pooor Guy!!! right after I pulled my offer in about a week after I refused to take it even with lifetime warranty.
So thank you for educating me about some stuff and I also learned some lesson the hard way, and I am really scared now to offer on other houses!! though I am very very interested to buy a house a foreclosure in particular!!
Basim Ayoub
You can do a lot of research on homes on your own, by checking on past ownership thru/ tax records, for example.
There is no reason to be worried about buying another house as far as what you might end up purchasing. As you have already seen, a good inspector is worth his/her weight in gold. I bought my house from folks who were moving back to their home in Taiwan, so I knew that if I ended up with some undisclosed problem, I would be out of luck to recover anything in damages or to correct those problems. So I hired a structural engineer after I made the offer on the house and made the deal contingent on his report not turning up anything that would cost over $5K to remediate. As it turned out, his report only emphasized what I felt was true - this house is built much above code and industry standards - and is not only solid, but also constructed of top notch materials.
If you feel unsure, be willing to put some of your own money on the line. After all, better to know these things up front and walk away from a bad situation than to not spend the money and end up w/ something unforeseen that will cost you thousands of dollars.
You might consider looking at a home that has not been rented or unoccupied for a long period. So often, those are the houses that will have problems, such as from mold.
There are so many fine homes on the market. Just keep looking. There is no reason to feel frantic, tho. There is always another house . . .
You can do a lot of research on homes on your own, by checking on past ownership thru/ tax records, for example.
There is no reason to be worried about buying another house as far as what you might end up purchasing. As you have already seen, a good inspector is worth his/her weight in gold. I bought my house from folks who were moving back to their home in Taiwan, so I knew that if I ended up with some undisclosed problem, I would be out of luck to recover anything in damages or to correct those problems. So I hired a structural engineer after I made the offer on the house and made the deal contingent on his report not turning up anything that would cost over $5K to remediate. As it turned out, his report only emphasized what I felt was true - this house is built much above code and industry standards - and is not only solid, but also constructed of top notch materials.
If you feel unsure, be willing to put some of your own money on the line. After all, better to know these things up front and walk away from a bad situation than to not spend the money and end up w/ something unforeseen that will cost you thousands of dollars.
You might consider looking at a home that has not been rented or unoccupied for a long period. So often, those are the houses that will have problems, such as from mold.
There are so many fine homes on the market. Just keep looking. There is no reason to feel frantic, tho. There is always another house . . .
Thank you much for your concern, and it is really a learning experience for me, and I think or I would like to believe that I learned my lesson the hard way
Thanks
Basim
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in this development. The foreclosure is complicated by the fact that the developer has apparently gone into bankruptcy just prior to this. All in all a huge mess and one created from expectations that people have this kind of money to spend on homes. 
,,,, but I was really glad I did, because right after I did I cancelled my offer on the house, and I am very happy I did and I am also very happy I listened to you guys, 
