We have friends who are planning to buy there at some point in time, and they have heard that those who purchased their homes in 2004-2006 probably paid in the $800’s+ for homes that are now selling in the $600’s–a loss of around $200K.
In one development, they know of people who paid $850K for a 3000SF home in 2005, and someone who recently closed on the same size home across the street for $675K!
When did your friends buy in 4S? Did they go in with a zero down? If so, the lender may be correct, but it’s still amazing to me that they would suggest walking.
