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Article in the Observer about a luxury condo complex going bust. This would be located in what would be considered by many to be one of the better high demand parts of the city. IMO, buy anything in this city above $250K and you are taking a big roll of the dice. If they go with rentals to survive, the value of this place is going to plummet. Be happy if you are not under contract here, condolences if you are.
You potential homebuyers in Charlotte should take this as another warning.
Article in the Observer about a luxury condo complex going bust. This would be located in what would be considered by many to be one of the better parts of the city. IMO, buy anything in this city above $250K and you are taking a big roll of the dice. If they go with rentals to survive, the value of this place is going to plummet. Be happy if you are no under contract here, condolences if you are.
You potential homebuyers in Charlotte should take this as another warning.
Is it really a big surprise to you that in today's market a condo complex selling for mostly from half a million to a million a piece would have a problem? This is news to you, really?
As has been stated before - as long as you are buying a home today to actually HAVE a home, and not a quick return investment, this is really a great time to be a buyer.
Sure, if you are going to buy a home and expect that you will resell it in the next couple of years and make any money, you'd be taking a risk. But for people who just want a home, just want to put down roots and raise a family or maybe even just want to retire somewhere until it's time for the nursing home, buying a home now in nothing to be afraid of. As long as people plan to stay in their homes, which many who buy do, they will not lose money in the long run.
And for most of my life that was just a meager house (by today's McMansion 'standards') near Cotswold on a nice large lot across from Hotel Charlotte [restaurant for those not familiar].
I passed it a million times before the teardown.
Sad, IMHO, but those were pricey condos...
Lumbo you crack me up, really.
....... this is really a great time to be a buyer. ....
The 25% of mortgage holders would completely disagree with you. They at one time were told this sort of nonsense as well and now are faced with paying on a place that is worth 100s of thousands less than their obligations on it.
I posted this for anyone who might be thinking, by hearing "OH IT'S A GREAT TIME to BUY" to look at the evidence and judge it for themselves. If things were so great this place would not have had to file for bankruptcy protection to keep from being foreclosed on. Luv, I assume you will be going down there and signing up for a few of these units. Talk is cheap, lets see some action on your own recommendations.
One might argue that the decline in prices has slowed, but the prices are still declining even with all of the govermental support.
Government support? The problem so many of us here in Union County that I know have is that we are losing value and are not under water. So many friends that I have here are stuck...want to move...but are stuck w/ homes that have lost so much value or that they cannot sell. It really sucks at this time to be a responsible borrower who put the 20% down that we were supposed to and paid our mortgage on time...we are all being hurt by those who didn't. I guess sadly it is "buyer beware".
We have not been able to sell is 2 years...we are done lowering our price and chasing the market. We are fortunate because we can still move and get on with our life...no more waiting for us. However, it does make me sad that my beautiful custom built home that we put so much into may sit empty for years. Hopefully, we can find a nice family who wants to rent it and make it a home until/or if things improve. Honestly, IMHO I do not see under this Administration how things will improve at least for the jumbo mortgage market. Hope I am wrong!
Last edited by Robinlp; 02-23-2010 at 07:24 PM..
Reason: spelling
The 25% of mortgage holders would completely disagree with you. They at one time were told this sort of nonsense as well and now are faced with paying on a place that is worth 100s of thousands less than their obligations on it.
I posted this for anyone who might be thinking, by hearing "OH IT'S A GREAT TIME to BUY" to look at the evidence and judge it for themselves. If things were so great this place would not have had to file for bankruptcy protection to keep from being foreclosed on. Luv, I assume you will be going down there and signing up for a few of these units. Talk is cheap, lets see some action on your own recommendations.
Article on the 25% underwater that Lumbollo speaks of.
"Nearly 25% of all mortgages are underwater" -- Feb. 23, 2010
The 25% of mortgage holders would completely disagree with you. They at one time were told this sort of nonsense as well and now are faced with paying on a place that is worth 100s of thousands less than their obligations on it.
I posted this for anyone who might be thinking, by hearing "OH IT'S A GREAT TIME to BUY" to look at the evidence and judge it for themselves. If things were so great this place would not have had to file for bankruptcy protection to keep from being foreclosed on. Luv, I assume you will be going down there and signing up for a few of these units. Talk is cheap, lets see some action on your own recommendations.
So true...we are moving to Dallas...but we have lost SO much on this home here we are scared to buy. Luckily, the seller of the house we want in Texas agreed to do a long time lease for us until we see a time where things look "stable". It worked well for us and for them since they are able to move on as well.
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