Huntsville housing market better than most (Decatur, Madison: sale, mortgages, lawyers)

[Charles]

Originally Posted by Elizabeth_G

Charles, It must be 3112 Longshadow. It is under contract but has not closed yet. Remind me to check in a couple of weeks and I'll let you know what it sold for
If this is the correct home, it has 4500 square feet, on the market for 589,000. It has a salt water pool in the back. Nice!

Thank You. We saw the under contract sign. So that's listed at $131/sqft.

[Mawoods]

Elizabeth, I find that hard to believe - that Clift's Cove house under contract. We didn't like it at all! The construction and layout were of poor quality to us. Maybe we have seen some really spectacular homes in Atlanta and we are jaded. AND why would anyone want to buy the most expensive home in a neighborhood? I think my builder builds a better and more beautiful house.

I wonder if lenders are requiring more disclosure because they have been getting stuck? In Florida, our daughter and son in law lost alot of money having to investigate and find certain flaws and histories in different neighborhoods that they looked in. NO one was offering any info. Homeowners or HOAs . She had to call every one and get stuff and research details. Chinese drywall was another issue and mold in the homes. They had to pay for any house they were interested in to be checked out. And they walked away from many. They could have practically redone their kitchen in their home now for what they spent making sure they didn't get a lemon.

[Diffy Q]

Mawoods - I heard that same thing earlier this week. I also heard an appraiser had a hard time valuing it and ran out of names to call the many rooms! I think a second appraiser was called in.

Elizabeth - Do you really think there might be another round of foreclosures coming on the market there? Do you think it will be in the above $400k price range or across the board?

[Charles]

Originally Posted by Diffy Q

Do you really think there might be another round of foreclosures coming on the market ?

Yes, maybe not as bad in Huntsville but yes.




The subprims have reset. The Alt-A, Option Arms are just starting to reset. These latter set of loans were more common on higher end homes (where as the subprimes were the lower priced homes).

We're in the "eye" of the hurricane now.





YouTube - The Mortgage Meltdown

[Diffy Q]

Charles - Thank you. I had heard there are more ARMs about to reset. Especially in the commercial market. I am interested in the Huntsville area. What price range(s) do you think will be affected?

[DvlsAdvc8]

Just my own observations, but my new subdivision is divided into two sections. One of slightly larger lots with more base options and generally more expensive homes ~300k and up, and a less expensive section ~200k and up.

The more expensive section is selling better than the inexpensive section, and those that do build in the less expensive section are building toward the top of the price range (i.e. choosing a cheaper model, but then getting all the options).

We're quite a good distance away from employment centers, so I'd expect building out here to be slower than places closer in - but it really hasn't been slow.

Charles - Don't forget the soon-to-arrive nightmare in commercial real estate. Eye of the storm, you're absolutely right.

[Mawoods]

Elizabeth, another point I have read about Providence. In the last 3 weeks I have seen in the police blotter 3 burglaries/one assault in the development. All happened during the day. I am familiar with the streets, so it is right there. What is the developer doing to allay those fears? The area is nice but the surround is not and so many people coming into it.

[Charles]

Originally Posted by Mawoods

Elizabeth, another point I have read about Providence. In the last 3 weeks I have seen in the police blotter 3 burglaries/one assault in the development. All happened during the day. I am familiar with the streets, so it is right there. What is the developer doing to allay those fears? The area is nice but the surround is not and so many people coming into it.

Are those crime stats any worse than anywhere else? Maybe three burglaries in three weeks is about average for a community that size???? Not sure.

[Mawoods]

Charles, I don't really know about the stats. I just know we haven't had any burglaries or assaults where we have lived (street) in our last 4 houses since we left Atlanta in 2001. I know I read that a 73 year old women was robbed and hit at 10:30AM in her home there. Those were the facts in the paper and perhaps there are more details to be known. I feel safer out here where we are. Probably all false feelings I am sure. But still I would be uneasy living in Providence as beautiful and charming as it is.

[Elizabeth_G]

Mawoods...That's awful about Providence. I had NO idea...my new office is there. Yikes. I'm out there at all hours of the day and night and haven't noticed any "fishy" looking characters, but I'll certainly take a better look now. That seems high for the small developement.

Charles was correct with the foreclosure future. You know, I think it will affect all price ranges. The upper end, (people that bought beyond their means that went with an ARM...dummies) and the lower end, that have 0 invested in their properties.
Huntsville ranks FAR below the national average in foreclosures, so it's nothing to be alarmed about I don't think. Plus, there have been several builders go belly up already. Many have wised up and have cut their losses to get the homes sold, so maybe the worst of the building crisis will be behind us soon.

The home in Clifts Cove is still listed as contingent. They must still be in the inspection/loan approval stage. I'll let you know what the eventual sales price was when it hits the sold column

ionlife: Providence shows one on Beck that sold...I'll have to ask which other one sold...it may have withdrawn before selling. I'll find out for you!