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Real Estate slide?

Discussion in 'Money & Finance Forum' started by kshead, Aug 28, 2006.

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  1. Aug 29, 2006 at 4:03 PM #21
    chipshot

    chipshot Full Access Member

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    Come let me take you on a party ride
     
  2. Aug 29, 2006 at 5:34 PM #22
    builder

    builder membered member

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    Dude...that's what happened with my condo. The first 23 were snatched within 8 months. It took 3 more years to sell the next 23. And none of that was because of developers buying them. People will not live in a hood regardless of how nice looks inside the unit. Especially single white female buyers.
     
  3. Aug 29, 2006 at 6:33 PM #23
    VA49er

    VA49er Full Access Member

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    Don't developers limit the number of units that are reserved just to be flipped?
     
  4. Aug 29, 2006 at 6:49 PM #24
    kickazzz2000

    kickazzz2000 CURRENTLY ON THE CAN

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    How would they know?
     
  5. Aug 29, 2006 at 7:06 PM #25
    Freakshow

    Freakshow Fuck you guys.

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    Generally the lenders do. They won't lend if over a certain % are investors.

    Easy to tell. When the customer applies for the mortgage...certain things have to be shown to make it a primary residence, second home, or an investment property.

    If your credit show you own a home in Charlotte...and you buy a condo in Uptown...it's an investment property...WAY more to it than that...I just don't want to get into it now.
     
  6. Aug 29, 2006 at 11:42 PM #26
    Yuck

    Yuck Sweet Pea

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    Don't buy in a development until it's completed. I learned the hard way.
     
  7. Aug 29, 2006 at 11:44 PM #27
    chipshot

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    shit, they are paying 400+ to live on the outskirts of my hood

    Condos are just bad investments when they are building them by the thousands.
     
  8. Aug 30, 2006 at 8:36 AM #28
    Trace

    Trace Full Access Member

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    I have seen here an area where "urban reclaimation" was and is being attempted. All it took was a couple people getting shot in drive-bys to kick the legs out from under that chair.

    I remember looking at houses in that area just east/southeast of Charlotte and thinking, "Gee this is a cool neighborhood, but where the hell do you go to the grocery store without packing a gun?"
     
  9. Aug 30, 2006 at 8:53 AM #29
    Savio

    Savio Freelance Pimp

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    oh yeah....what happened?
     
  10. Aug 30, 2006 at 1:33 PM #30
    Guest

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    most good developers only allow 10-15% of the presales to be investors. alot of the contracts actually require the purchaser to live there a certain amount of time before they can sell.
     
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