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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.
GABRIELLE: You did what you thought was the right thing at the time.
It is easy for any of us to look back and based on the knowledge we have at the moment, criticize decisions we or someone else made 3 years ago.
I am sorry that you have felt no one was being sympathetic to your situation, as actually, I think most of us feel awful when someone else is dealing with a financial crisis, regardless of how those situations came about. I know I feel awful about it. I know what it is like to face financial problems, despite doing the "right things."
Perhaps you did not take out the best loan in re: to the future, but it is not like you haven't paid for your mortgage and it isn't like you deceived someone to get the loan. I think we all have been so discouraged by the credit situation that the country is in - it is easy to be kinda blunt when talking about it.
The Palisades is a beautiful neighborhood. I have been very impressed with the layout and what was included in the plans. Part of the reason that the appraisals are coming out low is b/c many of these properties were bought at the height of the market, but that was true all over this country - not just here in Charlotte and not just there at the Palisades. Unfortunately, you have gotten caught in a very unfortunate situation.
I had mentioned this before . . . I think you need to be creative with your approach to dealing with your situation at hand.
May I ask a question (wh/ you may have already answered)? The 20% loan . . . do you have any assets you can liquidate in order to pay off that loan? If you paid off that loan, would you then be able to refi the remaining balance? I know the advice is to never liquidate a 401K, b/c of fees, but if you can prove a hardship case, then perhaps you could use that $$ to pay off the 20% loan (wh/ I am assuming is a 2nd lien) and then that leaves you free to work on the 80% loan. Maybe using this method, you could rework the loan, get a Fannie loan, put 5% down. Have you looked at all options for liquidating and the financial impact of doing that? Just a thought, albeit an unconventional suggestion. At least this would keep you from losing your home and ruining your credit. Then, you could lower the price on your house to sell it if that is what needs to happen.
Is Harris-Teeter ever building in the Palisades? Their sign has been out there for over a decade I think. Same thing happened to Berewick. Harris-Teeter was in a Joint Venture with the Pappa's. So, while Harris-Teeter had the claim on the land, nobody else every built there. Harris-Teeter never built. And so nobody built. Got strung out. The "Town Center" proved to be a deception. Pappa's. Harris-Teeter. Nothing!!! So, if you want to find out who is behind the non-development of Pallisades and Berewick (and possibly even Springfield!), then you can just look at the signs and the -broken-promises- (Lies about development such as a Town Center).
Is Harris-Teeter ever building in the Palisades? Their sign has been out there for over a decade I think. Same thing happened to Berewick. Harris-Teeter was in a Joint Venture with the Pappa's. So, while Harris-Teeter had the claim on the land, nobody else every built there. Harris-Teeter never built. And so nobody built. Got strung out. The "Town Center" proved to be a deception. Pappa's. Harris-Teeter. Nothing!!! So, if you want to find out who is behind the non-development of Pallisades and Berewick (and possibly even Springfield!), then you can just look at the signs and the -broken-promises- (Lies about development such as a Town Center).
The Harris Teeter in Springfield is under construction.
All I know is that the drive into the Palisades from Tryon Street would drive me nuts if I had to do it everyday. The wife and I looked at a new construction house in there and an empty lot close to the horse ring. While the lot was a total bust, the entrance road turned me off. It just takes too long to get through there. Coming in from Youngblood would only be a 50% of the time thing since I spend a lot of time at the lake during the summer months.
Then finding out about the HOA's troubles put the brakes on that purchase. Has that improved since 2009 or so?
I would have a hard time justifying buying there when you can just drive a few miles farther out and be in York County. Kiss Mecklenburg taxes buh-bye, and CMS too.
I don't understand this at all. I've lived in The Palisades VERY happily; I find it a beautiful, friendly neighborhood, absolutely ZERO crime, no children running up and down the streets, very attractive houses, and a governing classy and quality atomosphere. I would recommend The Palisades to anyone considering moving. It is exciting that it is still developing in certain areas and the new schools and country club confirm that this remains a growing and up-and-coming area of Charlotte with good access to shops, schools, restaurants etc. BUT enough exclusivity to ensure peaceful and safely enjoyable living in Charlotte.
I don't understand this; The Palisades is without doubt a quality place to live with, to my knowledge (and I've lived there for 7 years) absolutely ZERO crime, no kids running in the streets screaming, friendly neighbors, attractive houses and is a generally delightful part of Charlotte to live. It is exciting as it continues to develop (schools and a great new country club) - and has easy access to the golf course, Lake Wylie, shops, schools, restaurants. It is conveniently positioned so that there is a sense of exclusivity but, importantly, with the choice to take walks, or drive to the local areas, and it is convenient for uptown. 100% THUMBS UP and I would recommend The Palisades to anyone looking to move to an area where quality of life, comfort, safety, choice and a sense of family well-being within a positive community are priorities.
The original post was made during the collapse of the real estate market. The concerns raised are no longer relevant.
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Harris Teeter
