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It had title issues, major ones and could only be sold to a cash buyer. Another one went for a similar price last year but had structural problems.
Most of the good ones are getting multiple offers right now. One last week had 9 offers in 5 days. Banks are pricing them anywhere from $93-110 a square foot. You can't come close to building one for that with the lot costs factored in.
Charlottean - That's one thing that amazed me when I first came down here. I couldn't believe how low the per square foot cost of home building was! Compared to the Northeast or California, the Charlotte area still is a bargain. But given the shift of demographics of late, because of the economy, I'll bet you can sell 10 $350K or below-houses, in the same time period it might take to sell an $850-$1,000K home. Single family homes will still continue to have more appeal than a "pricey" Charlotte condo though! But even they don't have the $1045 sq ft cost of a 550 sq ft condo in San Francisco that I saw on HGTV the other night!
Last edited by TheEmissary; 02-24-2010 at 03:47 PM..
Charlottean - That's one thing that amazed me when I first came down here. I couldn't believe how low the per square foot cost of home building was! Compared to the Northeast or California, the Charlotte area still is a bargain. .....
This is a bit of a fallacy because if there are no buyers, then it's not a bargain no matter where the scale is set. California, BTW, is in a nightmare financial meltdown because it's economy was so based on the speculation of real estate. While I expect that condos in certain high profile cities will remain high, they are coming down too and should not be used as a judge of the relative amounts of money for real estate in Charlotte.
This is a bit of a fallacy because if there are no buyers, then it's not a bargain no matter where the scale is set. California, BTW, is in a nightmare financial meltdown because it's economy was so based on the speculation of real estate. While I expect that condos in certain high profile cities will remain high, they are coming down too and should not be used as a judge of the relative amounts of money for real estate in Charlotte.
There are buyers, just not as many over the past couple of years. Yes, that goes for down here just like many parts of the country.
IF you make a comparible income, it is a bargain compared to many areas in the northeast for instance....
IF you make a comparible income, it is a bargain compared to many areas in the northeast for instance....
With this logic, you could argue that NE property is a bargain compared to that in Tokyo or London. It doesn't change the financial aspects of the party stuck in a home losing value no matter where they are located.
You know what's funny, is most people were going on and on during the bubble how it was such a great time to buy. Very few talked about how dangerous and risky it was to buy then when prices were shooting up. Now that finally prices are coming back to reality, people are NOW freaking out and saying it's not a good time to buy. It's like where were you a few years back? Those people who bought a few years ago are the ones suffering this bloodbath.
My view is, don't follow the herd.
Sheenie,
If I would have taken your advice on buying a home, I would have lost a couple of hundrend thousand dollars in just a few months. I'll follow my own herd.
With this logic, you could argue that NE property is a bargain compared to that in Tokyo or London.
You actually could if you wanted to move from Tokyo or London to the States.
We moved from the NE and are extremely happy. Plan to live here a very long time (to boot, sq footage costs were rediculously low) so yes, it was a bargain.
Just keep this in mind: interest rates are going up. Now, that may not mean a thing to most folks. And it sure isn't a reason to pay more for a house at this point in time than you should! But just keep it in mind . . . perhaps run some scenarios, i.e. . . . getting a house at $300K today at 5% or waiting 2 years and getting a house at $280K for 9%. Just throwing that out there . . . something to factor in when making these decisions.
Might make sense for houses below 500k, but in the upper real estate market it would not. These houses are dropping like rocks. (hundrend of thousands of dollars. ) This wouldn't make up for a an increase in interest rates of 1-2%.
This is a bit of a fallacy because if there are no buyers, then it's not a bargain no matter where the scale is set. California, BTW, is in a nightmare financial meltdown because it's economy was so based on the speculation of real estate. While I expect that condos in certain high profile cities will remain high, they are coming down too and should not be used as a judge of the relative amounts of money for real estate in Charlotte.
lumbollo - I agree 100% with your first two sentences, but I just heard on the news yesterday that San Francisco prices rose 5% year over year from Dec 08 to Dec 09. Now, from your postings I can assume you're not a twenty-something, I'm 57 BTW, but I cannot remember anytime in my life when there was quite as large a disparity in prices, between so-called "high-priced" and "low-priced" areas of the country. I don't think that when I lived outside of Raleigh in 1973 that the houses were 1/3 the price of houses in my then home state of NJ!!! Has there ever been a time in the last 40 years, that the Charlotte housing market "appreciated" in the same way as the high-cost areas, at least for a couple of years?
Might make sense for houses below 500k, but in the upper real estate market it would not. These houses are dropping like rocks. (hundrend of thousands of dollars. ) This wouldn't make up for a an increase in interest rates of 1-2%.
Yes it would depending on how large the drop is compared to the interest rate increase.....
take this example...
400K note 30yr fixed:
6%: 2400/month
8%: 2935/month
320K note 30yr fixed:
6%: 1918/month
8%: 2348/month
Bottom line is you pick your poison whether you wait or not.....homes will probably drop and interest rates will most likely go up......I believe interest rate hikes become a bigger burden the larger the note...(maybe someone knows the formula??)
Again, moving is not strictly financial. There are other factors (like which played into our decision which can make it the right decision)
There are many roads to dublin.
Since my crystal ball is somewhat cloudy, I can't be precise.....
Yes it would depending on how large the drop is compared to the interest rate increase.....
take this example...
400K note 30yr fixed:
6%: 2400/month
8%: 2935/month
320K note 30yr fixed:
6%: 1918/month
8%: 2348/month
Bottom line is you pick your poison whether you wait or not.....homes will probably drop and interest rates will most likely go up......I believe interest rate hikes become a bigger burden the larger the note...(maybe someone knows the formula??)
Again, moving is not strictly financial. There are other factors (like which played into our decision which can make it the right decision)
There are many roads to dublin.
Since my crystal ball is somewhat cloudy, I can't be precise.....
Jack,
Just look at the example of the house I mentioned in Providence Downs that was originally priced at $1,799,000 and now is listed at $999,000. This 800K drop in price took place within a few months.
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