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Yeah, my comment definitely didn't pertain to you or someone like bbkaren, or all the other people that are buying land or whatever.
True, I'm sure they have money to burn, but who the heck wants to burn money? Most of the truly rich are rich because they are smart. Gosh, my dad drives a Mercedes but will fight you for a dollar. He LOVES taking these development trips. He thinks it's a hoot!
Florida is filled with people that spent money foolishly to keep up with the Joneses. I use to say that they had more money than brains. Come to find out, they didn't really have all that much money. Just a lot of debt.
I don't think the people that are buying up there are doing their research. I mean, we had a person on here that is looking to buy in Hawk's Bluff and wanted to know if we got hurricanes in Tennessee. C'mon now.
Getting back to brcomm0, didn't someone say that an ex-cop is selling this development, or was somehow involved? I could be wrong. I'll check that out and see.
By the way, I think my dad is on this forum now. I better watch what I say. I probably embarrass him on a daily basis!
I'm sure they have money to burn, but who the heck wants to burn money? Most of the truly rich are rich because they are smart. Gosh, my dad drives a Mercedes but will fight you for a dollar. He LOVES taking these development trips. He thinks it's a hoot!
Florida is filled with people that spent money foolishly to keep up with the Joneses. I use to say that they had more money than brains. Come to find out, they didn't really have all that much money. Just a lot of debt.
I don't think the people that are buying up there are doing their research. I mean, we had a person on here that is looking to buy in Hawk's Bluff and wanted to know if we got hurricanes in Tennessee. C'mon now.
Getting back to brcomm0, didn't someone say that an ex-cop is selling this development, or was somehow involved? I could be wrong. I'll check that out and see.
By the way, I think my dad is on this forum now. I better watch what I say. I probably embarrass him on a daily basis!
You are so right. Those scam artists who sold pie-in-the-sky developments to unsuspecting Northerners 40 years ago in Florida are now doing the same thing elsewhere. I am extremely, and I mean extremely weary of places like Hawks Bluff where lots are going for 10 times what surrounding land is worth.
US Census stats show that Van Buren County is losing population. Land can be bought there for a song compared to elsewhere in Tennessee. That county has no industry, no hospitals, very few businesses, and only one small grocery store. Even rural places in Florida that cater to retirees have hospitals. I can't imagine being retired and living in the middle of nowhere. Heaven help you if you have a heart attack in the middle of the night and need to get to a hospital ASAP.
It's indeed a beautiful area, but there are lots of beautiful areas in Tennessee that also have jobs, hospitals, good schools, shopping, and MUCH cheaper land.
Oh, and how cool that your dad is on here! Is he posting in the FL forum?
Well, that didn't take much research. It was all on the first page of the "infamous" Hawk's Bluff thread.
brcomm0's words:
Hawks Bluff is real nice and Moderator cut: we really need to STOP free advertising for this guys commissions ok? if I have to cut his name out of another Hawks Bluff post, I am gonna pull my hair out! on of the salespersons was from the Broward area retired as a deputy and sells homes there. Nice guy and good to deal with. He also lives there. If you have any question fell free to email me
So his buddy is selling this overpriced development.
And it is marketed to a certain segment of the country, definitely not to Tennesseans, who know better. Check it out:
This free trip offer is only available for residents of Florida, Michigan, Illinois and Ohio.
I lived in Boca for 25 years and moved to the mountains.
Been here for 12 years. I have seen what the Floridians are buying and it's basically overpriced junk. They get caught up in the 'hurry up, they ain't making anymore land' realtor hype.
There are lots right down the road from me that specuvestors bought for $150,000 and they're listed for $250,000.
Nothing has or will sell until the price drops at least 50%. At least that.
There are 600 lots over 1 acre with paved road, power and water between 20 and 50 thousand per lot. 600! Care to guess how many sold since November??
50!
More coming on the market everyday cheaper and nicer as all the home equity rich Floridians become upside down in their slice of paradise.
There is no hurry and just because someone can 'afford' to take a $50,000 loss doesn't mean they should be coaxed into into it by people with hidden agendas.
I lived in Boca for 25 years and moved to the mountains.
Been here for 12 years. I have seen what the Floridians are buying and it's basically overpriced junk. They get caught up in the 'hurry up, they ain't making anymore land' realtor hype.
There are lots right down the road from me that specuvestors bought for $150,000 and they're listed for $250,000.
Nothing has or will sell until the price drops at least 50%. At least that.
There are 600 lots over 1 acre with paved road, power and water between 20 and 50 thousand per lot. 600! Care to guess how many sold since November??
50!
More coming on the market everyday cheaper and nicer as all the home equity rich Floridians become upside down in their slice of paradise.
There is no hurry and just because someone can 'afford' to take a $50,000 loss doesn't mean they should be coaxed into into it by people with hidden agendas.
Buyer be aware.
Spot on!, kudos!, Ditto!
Another example, here in North East TN, I know of a large piece of land that a Realtor bought and divided up into large tracks of land and selling them. He put in the roads and utilities, but he is HONEST about it! He is selling the prettiest lot, 12 acres with a pond, beautiful views, all 12 acres usable land for 97k.(nope, not a typo 97k) There is not a lot in there less than 5 acres and there is even one 11 acer lot on the river, mostly river front for around 100k. This is less than 15 miles to a large city with great health care, shopping, restaurants etc. and a few small ones closer to it. Sure he is making a profit, sure he could list it for 10 times as much and market it to other states, but you know how he markets them? A sign in front of each lot, that is it, no MLS or Internet (except his own site). I asked him why, he said because he didn't want one developer coming in and buying them all, sticking McManssions on them and over pricing people. Yes, a REALTOR, and guess what? Not a native, but been here for umteen years and loves TN. He is actively preserving the community spirit and letting growth happen slowly and naturally. I give him credit and my respect.
Nice catch, MBMouse. We certainly don't need this guy getting anymore publicity. If I read one more post about "I'm in phase one, lot 404, where are you" I think I will tear MY hair out. By the way, they have already tried to do that, on other threads.
seenitallb4: Thanks for your helpful contribution. There are even MORE developments like that here. Anyone that offers you a free plane ride and a T-bone to buy land is obviously up to something. You WILL pay for that free ride. Guaranteed.
Google up 'housing bubble' and click on the first link for some cold hard truth about this 'buyers market'.
I met a realtor friend today who I trust completely, he told a client 'No, he would not buy right now or in the next year, for that matter'.
He still makes sales, slower by much, but sleeps well.
Kudos to both of you above. I am not in the RE business or even Tenn. for that matter, but I travel through Spencer weekly.......I hate to see honest people get duped by greedy realtors or developers.
I also feel that anyone that posts defending the 'buy now' mantra IS in the RE business. IMHO
Thanks.
Seenitallb4,
I see your point and understand what you are saying, however I bet that Realtor friend of yours was in a different state than TN? We did not have a "housing bubble" or a "burst bubble" here. I agree, any Realtor that cries "buy now" you should be skeptical of, but not all states had that issue. Did it effect us? sure, some, like having a lot more people move out of those areas and move here and everyone believes all the generalizations they here on TV so folks come here and make very low ball offers on houses that have only had steady, yet slow equity growth. Not some 100k jump in 2 years, then they can't understand why it is so hard to deal with people here.
So yea, I get your point and agree with it, up to the point of we here in TN had a housing bubble.
No I am not a Realtor either hahahaahha
Quote:
Originally Posted by seenitallb4
Google up 'housing bubble' and click on the first link for some cold hard truth about this 'buyers market'.
I met a realtor friend today who I trust completely, he told a client 'No, he would not buy right now or in the next year, for that matter'.
He still makes sales, slower by much, but sleeps well.
Kudos to both of you above. I am not in the RE business or even Tenn. for that matter, but I travel through Spencer weekly.......I hate to see honest people get duped by greedy realtors or developers.
I also feel that anyone that posts defending the 'buy now' mantra IS in the RE business. IMHO
Thanks.
Last edited by mbmouse; 07-12-2007 at 06:54 PM..
Reason: add
Spot on!, kudos!, Ditto!
Another example, here in North East TN, I know of a large piece of land that a Realtor bought and divided up into large tracks of land and selling them. He put in the roads and utilities, but he is HONEST about it! He is selling the prettiest lot, 12 acres with a pond, beautiful views, all 12 acres usable land for 97k.(nope, not a typo 97k) There is not a lot in there less than 5 acres and there is even one 11 acer lot on the river, mostly river front for around 100k. This is less than 15 miles to a large city with great health care, shopping, restaurants etc. and a few small ones closer to it. Sure he is making a profit, sure he could list it for 10 times as much and market it to other states, but you know how he markets them? A sign in front of each lot, that is it, no MLS or Internet (except his own site). I asked him why, he said because he didn't want one developer coming in and buying them all, sticking McManssions on them and over pricing people. Yes, a REALTOR, and guess what? Not a native, but been here for umteen years and loves TN. He is actively preserving the community spirit and letting growth happen slowly and naturally. I give him credit and my respect.
I bought in a similar type of subdivision. The smallest lots are 1 1/2 acres but they are along the Pigeon river. Any lots not on the river were 5 acres or more all the way up to one 20 acre lot. History of this subdivsion is the man who owned the whole area used it just as farmland for haying so it's quite flat yet hilly on the back side where i bought half way up the hillside looking out over the flat land and mountains. It's actully down in a small valley then goes up the back side on a hill. Even the flat land has the mountain views. Anyways, this man passed away and his son just subdivided the land, put in utilities and paved the roads and sold it on his own at reasonable prices. Some lots are listed now with realtors but those are the ones that someone bought just to turn around and sell for a profit. The lots were origianally for sale at $30 - $50,000 depending on the size and now those people trying to sell it on their own have the prices up to $79,000 and one even $120,000. I'd say that $120,000 is worth a nice penny but maybe not quite that much. The thing i like about this area is the man made the subdivision with the stipulation that people can still have farm animals on their property as long as they have at least 2 acres and only limit one farm animal for each acre you own and a few other very minimal restrictions on home building just to keep the place in good shape and looking good. we were just up there last week and had some deer on our property, some wild turkey and also it's baby turkey which i have never seen a smaller turkey (alive anyways) and the neighbor came by to let us know of a baby bear that's been in the area to keep watch out for it.
MBMouse: You are not a real estate agent, but you are a mortgage broker. This still affects you.
No. Tennessee didn't have a housing bubble. No one was that interested in moving here until they got "stuck" where they were. Then we were the new "promised land." Quite a few people poured in, and jacked up the prices. Didn't create a bubble. It was a little too late. It was posed to take off like a rocket. But it didn't happen. Prices still went up and they could go down.
Sorry. Real estate tanked across this country. Sub-prime tanked. Mortgages reset on ARMs and are poised to reset again.
People should hold off on buying here or anywhere. The market is too volatile. Will they lose huge money by buying now? I doubt it. But prices could go down.
I think people should low-ball. And I think a moderator that is also a mortgage broker should not be telling people how to bid. You've done that on a few threads, lately. You said that owners will be "offended." I think it is a conflict of interest.
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