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Old 07-13-2011, 06:30 AM
 
Location: Hazel Green, AL
74 posts, read 224,421 times
Reputation: 42

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It is annoying. Contractors in Madison County (especially Harvest, Meridianville, Hazel Green, New Market) must not know how to finish a subdivision. They lay out the roads, build a few homes, and then leave it to rot. Am I the only one who notices this?
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Old 07-13-2011, 08:44 AM
 
1,242 posts, read 1,923,897 times
Reputation: 878
In a nutshell, many builders thought that the BRAC was going to instantly bring thousands of people here. It did not. Therefore they had to drop these subdivisions. Plus the recession hurt a lot too.
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Old 07-13-2011, 10:52 AM
 
482 posts, read 946,032 times
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It is the builder/developer's fault for overestimating and overbuilding some of these neighborhoods. I'll give you that. But, it's impossible to finish a neighborhood if you can't sell the homes. It all comes down to: 1.) People can't get money to buy 2.) People are scared to buy 3.) People can't sell their other home so that they can buy 4.) Too much inventory and competition. There's just too many homes for sale in our area right now.
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Old 07-13-2011, 12:06 PM
 
1,242 posts, read 1,923,897 times
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Quote:
Originally Posted by Seth Parker View Post
It is the builder/developer's fault for overestimating and overbuilding some of these neighborhoods. I'll give you that. But, it's impossible to finish a neighborhood if you can't sell the homes. It all comes down to: 1.) People can't get money to buy 2.) People are scared to buy 3.) People can't sell their other home so that they can buy 4.) Too much inventory and competition. There's just too many homes for sale in our area right now.
Yeah, that's why I said the recession hurt too.
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Old 07-13-2011, 01:05 PM
 
379 posts, read 807,395 times
Reputation: 85
So, builders were just starting new subdivisions and building homes in advance and hoping that out of town buyers will show up and buy? Is that what really happened?
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Old 07-13-2011, 01:19 PM
 
482 posts, read 946,032 times
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Quote:
Originally Posted by jkratze1 View Post
So, builders were just starting new subdivisions and building homes in advance and hoping that out of town buyers will show up and buy? Is that what really happened?
Um...unfortunately. They heard "BRAC" and "6,000 or more new jobs" and said..."Uh oh, we don't have enough new homes on the ground to accommodate." They overbuilt...a lot of jobs were filled locally...and a lot of the people that moved here and wanted to buy couldn't/can't because they have a home somewhere that they can't sell until the economy picks up and lending regulations lax some. So, rentals and apartments are booming. New homes are making a comeback and account for around 35% of all sales in the Hsv Metro...but there are still too many homes available compared to the number of people buying.
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Old 07-13-2011, 01:29 PM
 
1,242 posts, read 1,923,897 times
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Quote:
Originally Posted by Seth Parker View Post
Um...unfortunately. They heard "BRAC" and "6,000 or more new jobs" and said..."Uh oh, we don't have enough new homes on the ground to accommodate."
I think it went like this in their heads instead, "cha ching!"
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Old 07-13-2011, 01:48 PM
 
482 posts, read 946,032 times
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Quote:
Originally Posted by stewdog1 View Post
I think it went like this in their heads instead, "cha ching!"
LOL. You don't know how right you are. I know of a builder that already had retirement plans for 2012. Everything he had was foreclosed on and he's working a "normal" job now.
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Old 07-13-2011, 02:46 PM
 
Location: Madison, AL
296 posts, read 661,608 times
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So, why are new subdivisions continuing to be approved instead of trying to fill in the partially completed subdivisions?

I wouldn't blame just the developers/builders. I think city of Huntsville is one of the primary culprits. Look at the hopscotch annexation of land all the way into Limestone County. They just wanted new subdivisions started, connection fees charged, and more kids slated for Providence School. Legendwood is probably the most "disappointing" subdivision I have seen; one with a lot of promise (when they thought all the engineers moving from DC would want $600K+ homes) but ended up being stuck in Huntsville city with maybe two homes built in last three years.

As someone posted on this site recently, Huntsville seems to be trying to squeeze the rest of Monrovia in order to get it annexed into the city, too.

The forthcoming cutbacks at MDA and NASA aren't going to help the market either.
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Old 07-13-2011, 03:58 PM
 
159 posts, read 367,220 times
Reputation: 101
It's a first-time home buyer's dream come true though, my wife and I most definitely took advantage of the current market situation.
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