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Anyone who was purchasing a condo as a second home is not a flipper. The flippers are the ones who intended to never even close on their unit, but to reassign at some inflated price. As I stated, no one is happy with the state of the economy.
I purchased a unit at NBT back in August. I wanted to try and gather all the information I could before making my purchase decision. That is why I read this forum and out of curiosity decided to read it yesterday. I quickly realized that some of the people on this forum make legitimate points, some just want answers, but mostly people are just angry because their risky "flipping" investment didn't work out. No one is happy with the state of the economy.
No one can predict the future. Maybe the units will end up selling for much lower than the current prices. Maybe there will be auctions... no one knows. But, for anyone on this forum to act like they hold a crystal ball is crap. I am certain that the develper and thebanks holding the notes on NBT haven't worked out all of the details. Unlike others on this forum, I can't predict the future, but I can state the FACTS of the present and past.
JAMESBOY: FACT: I received financing in order to buy my unit. Not some private cash sale.
FACT: Because the project is Fannie Mae approved, I received the same interest rate I would have received on my first home. Not some inflated vacation home rate. Standard conventional 30 year fixed.
FACT: My unit appraised for the asking price.
FACT: The following comments are worth noting from my appraisal report in regards to "similiar properties" in the area. "There are few, if any, comparable projects." "The subject's contract price is adequately supported." I could write more, but I will stop there.
FACT: One of the few comparable properties in the area is Island Vista. Not because it has the most expensive condos, but because it has one of the best rental histories of any complex on the Grand Strand. Recent sales at Island Vista are in line with NBT contact prices per square foot.
If you have ever been to Island Vista, it hardly compares to NBT. (That of course is my opinion). However, my appraisal used the word "inferior." (That is fact).
Hey NBTOwner,
Thanks for sharing. So you closed in August right? Just wondering if you had to sell you would get your purchase price. Hmmmm. Did you appraise at the sales price or did you have to kick in some more cash. Who financed you? The interest rate you received is not the same as the interest rate on a primary residence if you financed as a second home or investment property. Fannie Mae will not allow you to do this. Unless you lied on your application or intend to claim this as your primary. I think you need to be careful with the rental aspect. I am looking at other deals and cash flows are way, way, down for 2009. It's scary how bad it is. And unemployment is at 9.8% nationally.
Bottom line...it's going to be a bumpy ride so fasten your seat belts!
James boy, why are you so intent on your crusade against NBP, it is like you wish it to collapse and are upset that there is no sign of it. I fail to see how you were wronged?
I don’t see how the developer is acting maliciously? I cannot fault a salesman for trying to earn a living by selling his product. I do fault a person who maliciously spreads rumors with the intent of inflicting harm on others in order to get something for nothing.
I also struggled with my NPB purchase made long ago when things were different. I asked my dad for advice…here is what he told me
You win some and you lose some, that's life lesson #1.
Don't risk more than you can afford to lose. Life lesson #2.
If you have a good product it will sell itself. Life lesson #3.
I love and trust my very sound 82 years old dad who has lived thru much and seen it all.
NBP is a good product, so I'll take my chances
Thanks for sharing. So you closed in August right? Just wondering if you had to sell you would get your purchase price. Hmmmm. Did you appraise at the sales price or did you have to kick in some more cash. Who financed you? The interest rate you received is not the same as the interest rate on a primary residence if you financed as a second home or investment property. Fannie Mae will not allow you to do this. Unless you lied on your application or intend to claim this as your primary. I think you need to be careful with the rental aspect. I am looking at other deals and cash flows are way, way, down for 2009. It's scary how bad it is. And unemployment is at 9.8% nationally.
Bottom line...it's going to be a bumpy ride so fasten your seat belts!
But seriously, thanks for sharing.
JamesBoy. Thank you for confirming that there is absolutely no truth whatsoever in half of the stuff on this forum. Yes, my interest rate was the same on my SECOND home as my first. NO, I did not lie on my application. Who said anything about renting? Where do you come up with this stuff?
JamesBoy, I do have some "insider" information. I heard that the developer and the banks have a secret agenda to sell the entire PentHouse floor to you for $100.00. Unfortunately for you, (since I am a pathological liar), I put on a skirt and changed my name to JamesBoy. They mistakenly thought I was JamesBoy and gave the deal to me first.
But seriously, thank you for continuing to humor us all.
James boy, why are you so intent on your crusade against NBP, it is like you wish it to collapse and are upset that there is no sign of it. I fail to see how you were wronged?
I don’t see how the developer is acting maliciously? I cannot fault a salesman for trying to earn a living by selling his product. I do fault a person who maliciously spreads rumors with the intent of inflicting harm on others in order to get something for nothing.
I also struggled with my NPB purchase made long ago when things were different. I asked my dad for advice…here is what he told me
You win some and you lose some, that's life lesson #1.
Don't risk more than you can afford to lose. Life lesson #2.
If you have a good product it will sell itself. Life lesson #3.
I love and trust my very sound 82 years old dad who has lived thru much and seen it all.
NBP is a good product, so I'll take my chances
I certainly don't have a crusade against anyone or anything. The state of the world with NPB truely fascinates me. It is baffling to me how any of you thought that the price you agreed to was sustainable in the long term. Yall gladly took all of the risk, sold your souls for beachfront property at 4X it's value and got nothing out of it. And now I think you are screwed. Today I still wonder how so many of you could be so gullible. You knew there was a chance you would get destroyed by this thing but the temptation was too great. What is even more funny is yall somehow think things are going to get better or that you are actually getting a bargain. This is so funny to me it's ridiculous. Obama can't save you on this one. A year from now many purchasers in this thing will be walking away. Then what will you think of your investment? This thing is foreclosure city. You are kidding yourself if you think you can rent your unit for decent cash. The consumer is hurting right now. 17% of everyone who wants to work is either unemployed or underemployed. And home prices have more to fall. And the competition for rents next summer will be fierce because investors are buying at such cheap prices they don't need much to cash flow. Somehow I think your 82 year old dad has not seen this much stupidity before.
Jamesboy - I agree that things seem bleak, however, you are not stating anything new about the economy that most of us NBP homeowners have not heard before regarding, real estate prices, unemployment, taxes increases, inflation, budget deficits, etc. It's bad out there and can possibly get worse. So what's your point? If you think we're stupid for going ahead with our contracts to purchase at NBP well, you may be correct. Only time will tell. 4Seas Dad is wise in his years in stating "Don't risk more than you can lose". My grandfather lost his 6 family house in the Great Depression in the 1930's. It set him back, but he survived. We will all have a story to tell one day about NBP, hopefully, it will be a good story.
James boy, why aren’t you walking away? Walk away! what are you waiting for? How many units are you dreaming about getting for pennies on the dollar? Please!
We all lost money in the recession; I am truly saddened for those who lost everything.
When you lose, you pick up the pieces and keep on going. That’s true grit! It is what people like my dad are made of, what he taught me, and what I teach my children. Things won't stay bad, I choose to believe that.
No doubt sir, you are smarter than people like me who decided to go ahead and close on their unit. So, I won’t waste any more of your time on life lessons from my 82 yrs old dad who has had a life long dream of having a place at the beach.
I hope that you wake up one day and realize that it is not always about the money,
I understand that MANY individuals involved in this project entered into contracts to purchase units. Have any of the developers, their employees, and others involved in this project (including realtors) closed on their units and had them recorded?
Our loss is your gain Laws have changed (my business partner owns more than 4) Willing to allow you to take over my contract Willing to sell for 25K less than purchase price Unit 2/2 bath -8K worth of upgrades High Floor
My husband and I have been trying to figure out the status of Northbeach. We have visited and found a couple of units on the lower floors and were ready to do a contract. Cannot get a definite answer from the realtors. They keep saying they will call us and we cannot find out anything. Can someone tell us anything about what's going on?
Thanks
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response to JamesBoy
