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Dave I think a majority of high end new construction neighborhoods are seeing similar fates. This was the market that was most over-inflated and is having to make the most adjustments, though fortunately there are some exceptions.
Agreed. Ayrsley was down a few notches from the Palisades, with mostly townhomes around $200k (give or take), but we're only a hop, skip and a jump up South Tryon from there. We don't have the country club setting, but the entire development plan here: a mix of housing, stores, bars, restaurants, etc. is doing quite well. The builders in our section broke ground on new houses this week and construction is set to begin on a second Hilton property and a separate conference center very soon. And I think the price-point of the new construction here has continued to attract buyers and has prevented a rash of foreclosures (in fact, I have yet to see one in this neighborhood). Same general area, a more moderately-priced new development, and we are not (knocking on wood) seeing these same types of issues.
Seriously...COUPONJACK and LUMBOLO. You are both rude and insulting. Common sense really? I'm a pretty smart person-the fact that I even think for one moment that I have to write that now is ridiculous. This was a post about my home not selling and the neighborhood the home is in. In 2005 and 2006 there was almost NO SUCH thing anymore as a traditional loan-they were the rare ones. Everything was a no doc loan, etc. We put 10% down, had $50K in savings and COULD afford this home. Our salaries have deviated since then-in addition to the VALUE OF THE PROPERTY not appraising-NOT our stupidity. We have perfect credit.
As for educating and researching and asking people...we did that and all of the things researched were for 80/20 loans, etc. Again, we COULD afford it-it was below our living budgets AT THE TIME. We wanted to stay there-but the home is now worth $100K less in the Palisades. PERIOD.
It's honestly comments like the ones you both posted that provoke requesting removal. Oops-wait. I already did that.
Just because we 'think' something, doesn't mean we have to write it or say it. Common sense also equates to good ole fashion MANNERS.
Last edited by gabrielle2213; 08-31-2009 at 02:39 PM..
I got my conventional loan on a house I could afford in 2006 because that is what I asked for. They aren't rare, people were just offered more than they could afford and it became the norm.
It hasn't changed. My husband's boss asked for $350K for his new house and they gave him $500K. He repeatedly turned them down and ultimately found another lender that wasn't pressuring him into more than he wanted to spend. He didn't want to buy more, and we are talking about a VERY wealthy family - he could very easily afford $500K +, but the smart thing for anyone to do, in any economy, is to live below your means, not at them. Your situation proves that the unexpected can and does happen.
OP---I know others have asked this of you before but don't you think you would be wise in not knocking your community? Anybody doing a Google seach on your community if they were interested, will come across this tread.
IMHO it's not the way to sell a Mona Lisa. Remember, first rule of selling is to believe in your product or idea.
Put your game face on and say"I'm going to SELL this house".
Seriously...COUPONJACK and LUMBOLO. You are both rude and insulting. Common sense really? I'm a pretty smart person-the fact that I even think for one moment that I have to write that now is ridiculous. This was a post about my home not selling and the neighborhood the home is in. In 2005 and 2006 there was almost NO SUCH thing anymore as a traditional loan-they were the rare ones. Everything was a no doc loan, etc. We put 10% down, had $50K in savings and COULD afford this home. Our salaries have deviated since then-in addition to the VALUE OF THE PROPERTY not appraising-NOT our stupidity. We have perfect credit.
As for educating and researching and asking people...we did that and all of the things researched were for 80/20 loans, etc. Again, we COULD afford it-it was below our living budgets AT THE TIME. We wanted to stay there-but the home is now worth $100K less in the Palisades. PERIOD.
It's honestly comments like the ones you both posted that provoke requesting removal. Oops-wait. I already did that.
Just because we 'think' something, doesn't mean we have to write it or say it. Common sense also equates to good ole fashion MANNERS.
Sorry, but if your memory tells you that there was no such thing as a traditional loan back in '05 and '06 then you were uneducated and got sucked in by the NAR thinking that home values never depreciate. Not EVERYONE was doing liar and no-doc loans as you foolishly say.
The problem is you got caught up thinking you could buy more than you actually afford, never for once thinking what would happen if you went down to one salary. Also, no one had a gun to your head to move from your home after 5 years. Most people get into trouble when they try to "profit" from the "appreciation" of their home.
You just did a bad job protecting yourself in case of an emergency, and now want to blame it on bad luck.
When someone calls you out on it, you get all emotional and try to blame someone else except yourself.
The lesson of this thread is for people reading this thread to not do what you guys did.
Gabriel, this is in response to you calling me rude for honestly answering your questions. it was you who came here asking first for sympathy and opinions. It was you who were saying that nobody could see this coming and especially you, someone self described as smart, educated, having lots of income, etc, etc, etc. How could this possibly be your fault? If you are going to ask for a question and demand that we understand why, then you should be prepared for the answer.
Now, in your very first post here, you said this:
Quote:
Originally Posted by gabrielle2213
We built our home in 2005-the Palisades was HOT HOT HOT!
Honestly this sounds like someone running to a gold rush and not someone making an informed decision on buying a place because it meets their "needs" and based on rational thought. If you think it is rude because you ask for an opinion on a public forum and get an honest answer back, an answer BTW which didn't call you names, but did question your actions as one looking from the outside, then I assume you were not really looking for any real answers.
In 2005 and 2006 there was almost NO SUCH thing anymore as a traditional loan-they were the rare ones. Everything was a no doc loan, etc.
Absolutely false.
I refinanced in 2006 and found many traditional loans to choose from.
But I am old school, I would never buy a property without putting down at least 20%.
That was the rule of thumb for decades.
In no place in my ORIGINAL post did I ask for financing options...I asked "Is anyone else struggling within the Palisades". I agree with most, the financing could have been smarter, no doubt-but the manner in which you SHARE your opinions are insulting and for no reason. This SAME home appraised in 2007 (2 years after we bought) for $485,000. My same home (2 other exact floorplans) just sold for $370K and one for $381K. Both sold comps are still BELOW our initial selling price. We didn't re-fi 3 times like some people did-we held steady with our original loan(s) in hopes to re-fi to a fixed after 3 years...there ARE traditional loans out there, but that was not as common in 05'. We put 10% down, have maintained our jobs, our credit, everything. The neighborhood we reside in is now referred to from (5) Realtors I have spoken with as the new "Foreclosure country club". We could afford our home, but for reasons beyond NOT ONLY ourselves it cannot appraise for what we need it to in order to refinance.
You can have an opinion-but the manner in which it is delivered to insult someone with 'common sense' comments-ridiculous.
If I had put down 20%, had a nice fixed loan and tried to sell it-I would be in the same situation. Losing $70-90K in a supposedly good neighborhood. The other 20% of my post spoke about break ins, etc. I was hoping to gather some thoughts on the NEIGHBORHOOD and people struggling to sell.
We also considered the palisades and the sanctuary when we were looking for a house. we too felt that the houses were too over-priced, in the middle of nowhere. There werent even enough grocery/shopping stores around. Everyone just kept talking about the "Bloom" that was going to open one day. Luckily, we also had a good realtor. He recommended us to buy in this neighborhood ONLY if we were sure we were going to live there for 10 years, otherwise no. The reason, he said, was that this community still has a lot of new construction houses waiting to sell. So if the time came when we had to sel our house, we would be competing against those houses. Simple case of supply vs demand.
To conclude, we ended up buying in the ballantyne area. Not sure if we would regret this in the future (can anyone predict the future!!), but for now, it seems like a good choice.
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