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Farls
ParticipantI suspect there’s some fuzzy math involved with that…But good luck.
ParticipantYou’re dreaming if you think properties right now in Texas, South Carolina, North Carolina, Tennessee or Atlanta are giving a 30% return and positive cashflow.
ParticipantYou’re dreaming if you think properties right now in Texas, South Carolina, North Carolina, Tennessee or Atlanta are giving a 30% return and positive cashflow.
ParticipantSurveyor, I disagree completely. Foreclosures everywhere are due to high prices of housing…Period. I understand that all real estate is local…..but I don’t believe there are many good markets right now. (I’m a former Realtor in San Diego and I was involved in nearly 100 transactions in my relatively brief career before leaving the industry for greener pastures). Just because prices in certain areas are lower than others that does not make them a good deal. Texas, South Carolina, North Carolina, Tennessee and Atlanta are NOT booming. (Booming in unsold properties maybe…In fact, last I heard Atlanta had over 100,000 homes on the market). Those areas were booming a few years ago when California money was buying many of their properties….Now many of those “saavy” investors are holding a declining asset with negative cashflow each month.
ParticipantSurveyor, I disagree completely. Foreclosures everywhere are due to high prices of housing…Period. I understand that all real estate is local…..but I don’t believe there are many good markets right now. (I’m a former Realtor in San Diego and I was involved in nearly 100 transactions in my relatively brief career before leaving the industry for greener pastures). Just because prices in certain areas are lower than others that does not make them a good deal. Texas, South Carolina, North Carolina, Tennessee and Atlanta are NOT booming. (Booming in unsold properties maybe…In fact, last I heard Atlanta had over 100,000 homes on the market). Those areas were booming a few years ago when California money was buying many of their properties….Now many of those “saavy” investors are holding a declining asset with negative cashflow each month.
ParticipantBut a non-speculative-market state (Ohio) currently has the highest foreclosure rate ever recorded in U.S history.
(Sorry I don’t have a link..Saw it on http://www.patrick.net the other day).
People all over the country should know by now the market is on a downward trend…but I think they’re still too busy “consuming” to be paying attention…..
ParticipantBut a non-speculative-market state (Ohio) currently has the highest foreclosure rate ever recorded in U.S history.
(Sorry I don’t have a link..Saw it on http://www.patrick.net the other day).
People all over the country should know by now the market is on a downward trend…but I think they’re still too busy “consuming” to be paying attention…..
ParticipantAlex,
…..and by “a really bad NEXT FEW MONTHS”..you mean 60-100..haha….ParticipantAlex,
…..and by “a really bad NEXT FEW MONTHS”..you mean 60-100..haha….ParticipantBut the point is it wasn’t a rush sale. If he put it on the market and sold it in a week for a huge loss that would be one thing. But, he had it on the market for two years…chasing the market downhill….Before finally selling at way less than the purchase price.
We hear on this board a lot that luxury homes won’t get hit very hard…
We hear that homes in Portland are still increasing…..
This is a good example of a big loss that wasn’t by a desperate seller.
farls
ParticipantBut the point is it wasn’t a rush sale. If he put it on the market and sold it in a week for a huge loss that would be one thing. But, he had it on the market for two years…chasing the market downhill….Before finally selling at way less than the purchase price.
We hear on this board a lot that luxury homes won’t get hit very hard…
We hear that homes in Portland are still increasing…..
This is a good example of a big loss that wasn’t by a desperate seller.
farls
ParticipantSeattle-relo,
I’m sympathetic to your situation…but you seem to be blaming everyone but yourself. For such a large purchase maybe you should have done more homework before making the purchase. You have blamed:
1) The real estate agents.
2) The locals for being in denial of market conditions.
3) The seller for non-disclosure of problems.
4) The inspector for not finding problems.It’s sounding like excuse after excuse with no personal accountability for your actions.
Sorry you’re in a bad situation…but no one held a gun to your head to buy the house.
ParticipantSeattle-relo,
I’m sympathetic to your situation…but you seem to be blaming everyone but yourself. For such a large purchase maybe you should have done more homework before making the purchase. You have blamed:
1) The real estate agents.
2) The locals for being in denial of market conditions.
3) The seller for non-disclosure of problems.
4) The inspector for not finding problems.It’s sounding like excuse after excuse with no personal accountability for your actions.
Sorry you’re in a bad situation…but no one held a gun to your head to buy the house.
ParticipantIt means it’s 30% of the selling agents commission…Not 30% of the selling price.
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