Palisades Homes...CANT SELL, very frustrated. Hard community to sell anything! (sale, coupon)
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This community has break-ins, mischievious kids tearing down letters to their signage and homes that won't sell. I have many neighbors/friends that are in the same boat. One just lost his job ($200K salary) and is considering moving back to FL and leaving the house. This doesn't help because BEAUTIFUL homes have been left, foreclose, or look aweful that won't sell. The schools are poor and yet they market this as a fabulous place to be. Does anyone else have a Palisades' opionion? This was supposed to a Country Club and it's been a burden ever since 2007/08 up to now.
So sorry to hear of your frustration. It's a tough one, and I do understand... however, you might want to go back and erase the part of your post that I highlighted above. Writing this publicly could hurt the sale of your home and your neighbors.
Too much speculation out there for that place. I never "got it". It's beautiful no doubt about that and Rhein Medall (developer) did a fabulous job with the project. Marketing was well thought out and they even won the Auborn (sp?) award/designation at one point for the conservation methods.
High prices, no water access, lack of water front lots deep enough for boats, subpar school scores and ratings all hurt it really bad.
Last I heard is that they (developer) need $75 million to keep going.
MANY locals invested in that project.
I remember this development being touted as a "green way" to live back when they were proposing it. I wondered if the time if this was a bad case of greenwashing as I don't understand how building huge homes in the wilderness could be considered good for the environment.
Agreed on the points about access to the lake. Why pay lake prices for homes that can't use the lake.
I also agree with the points made above. Chalk it up as a bad decision, price it to move, and get out of there.
I honestly think alot of the banks are going to try to ride this thing out like was mentioned in an earlier post. I put an offer in on a house that was days away from foreclosure. It has been sitting 85% complete since the end of 06'. builder was loosing to the bank on a certain date. I had information on what was owed to the bank. I offered 10k over that to the builder days before his foreclosure and he did not take it. The bank now has this home and I contacted the bank offered the same money and they also turned it down. The bank is going to have to finish this home in order to sell it. My main reason for wanting it was location to my parents house. I have heard of people really making out on some of the builders positions out there but was not even low balling it based on some other sales in the neighborhood. I thought I was helping the builder out since he did not have an offer in 14 months.
Well...I certainly don't want to put the Palisades down...like I mentioned we were very proud to be there. You got a lot of house for your money compared to South Charlotte and Ballantyne, etc. But, things have changed. The developer is suffering, the HOA is suffering and the schools are not that great. We bought to stay there, but we have learned our lesson with lenders! Remember back in 2005, 06, 07? You could have your dog finance the house if they could get us through the loan...haha. It's a great community, but a little too soon for it's time down near Lake Wylie. The community didn't equate to the lack of growth down there.
We had 720 and above credit scores-tried to stream line our 1st and 2nd Mtg into 1 loan and we qualified for 5% interest-but when the bank did the appraisal-it came back at $405K-we needed it at $470K. We listed it again, got a contract, and THEN the bank says it's worth $450K??? Ugh. That's the frustrating part. Now were stuck.
Anyway-thanks for all the feedback and for allowing me to vent! We know were one of many in this area that bought in the boom and now were paying for it. We know now what we would have done differently that's for sure.
I also agree with the points made above. Chalk it up as a bad decision, price it to move, and get out of there.
Seriously. When we put our home on the market (Weddington/Waxhaw area), we knew it should sell for much more, but not in this market... and not when foreclosures are killing the comps. So we priced it to sell, below other similar models which were listed in the neighborhood, even though we have more features both inside and outside. We had two offers within a week, one full price.
So if you really want to sell, price it to sell. Trust me, with the deals out on the market today you'll make up whatever money you lose on the sale side when you buy. We have an offer in on a house with a $1.5 million tax value for $400k. So yeah, we only made a little on the sale side, but 6-10 years from now, we'll more then make up for it on the buy side.
People are oversimplifying this type of situation... You can't "price it to move" if you are upside down and don't have the cash to cover the shortfall. This leaves you at the mercy of the bank to approve a short sale - which they won't be motivated to do unless you're way behind and well on your way to foreclosure. Even then, the bank may choose to ride it out.
Many, many people don't have the luxury of pricing a home where it needs to be to sell. That's one of the biggest issues right now and it's only going to get worse as more and more the ARMs come up for a huge jump.
People are oversimplifying this type of situation... You can't "price it to move" if you are upside down and don't have the cash to cover the shortfall. This leaves you at the mercy of the bank to approve a short sale - which they won't be motivated to do unless you're way behind and well on your way to foreclosure. Even then, the bank may choose to ride it out.
Many, many people don't have the luxury of pricing a home where it needs to be to sell. That's one of the biggest issues right now and it's only going to get worse as more and more the ARMs come up for a huge jump.
Those are personal financing issues. The fact that this is a good community has nothing to do with what situations folks got themselves into with loans.
I have heard very positive things about the whole Palidsades development - as far as the planning of it. Contractors have gone belly up all over this country, not just here in Charlotte, and not just at the Palisades.
And prices have dropped all over this country - and may very well drop more. Who knows?
I am not putting down the OP as I know this has been frustrating. But again - I don't think Palisades itself is the problem. The economy is the problem - and the fact that folks bought when houses were at their zenith with pricing - and didn't take out fixed loans - or took out 2 loans rather than putting down a sizeable downpayment . . . this is what went on all over the country. This can't be dumped on the Palisades as being a lousy place to live.
Again, I am still confused about what happened with the OP's situation, so I don't mean to sound I am slamming them - many of us have lost our jobs and are in bad situations with selling homes . . . but I do think this needs to be considered in the larger picture of what has occurred nation-wide - and not single out one development.
Again, I am still confused about what happened with the OP's situation, so I don't mean to sound I am slamming them - many of us have lost our jobs and are in bad situations with selling homes . . . but I do think this needs to be considered in the larger picture of what has occurred nation-wide - and not single out one development.
I agree ani and my post wasn't directed at Palisades specifically - it was directed at the advice to the OP... Advice to "price it to move" and "get out".
This thread is a microcosm for what is happening all over and will continue to get worse. I've seen crazy numbers on how more ARMs are still waiting to trigger and more then likely trap homeowners. These people can't get out - they simply can not do it. Throw all the tax incentives for buying homes out you want, nobody is going to buy at the price points these people need to get out. It's going to continue to erode home values until all the ARMs get gone and those people get into a reasonable home payment situation. In all likelihood we'll probably see more people walking away from homes soon and communitys with some decent potential (like this Palisades place) will be severly impacted.
I agree ani and my post wasn't directed at Palisades specifically - it was directed at the advice to the OP... Advice to "price it to move" and "get out".
This thread is a microcosm for what is happening all over and will continue to get worse. I've seen crazy numbers on how more ARMs are still waiting to trigger and more then likely trap homeowners. These people can't get out - they simply can not do it. Throw all the tax incentives for buying homes out you want, nobody is going to buy at the price points these people need to get out. It's going to continue to erode home values until all the ARMs get gone and those people get into a reasonable home payment situation. In all likelihood we'll probably see more people walking away from homes soon and communitys with some decent potential (like this Palisades place) will be severly impacted.
Mike - I caused some confusion by including your post. I went off on a tangent. I meant to put that I was in agreement w/ what you said about the situation w/ the financing issue - and then to jump off into the whole discussion about it being a nationwide phenomena.
I totally agree with you - this is a microcosm of what is going on all over the country.
We loved both the Palisades and The Sanctuary but just couldn't see paying that much for a home AND have to pay for Private Schools since the schools in that area are not rated very well. So we chose Union County instead.
I am sorry that things are so tough for you. I hate to say that it seems many are in the same situation as you. It is tough all over... Feel free to vent away, I think we can all understand times are tough and you deserve to vent someplace.
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We know were one of many in this area that bought in the boom and now were paying for it. We know now what we would have done differently that's for sure.
