trof
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Apr-04-08 07:17 AM
Original message |
One man's trouble = another man's opportunity |
|
Yes, this is about the mortgage/credit meltdown.
My buddy Carl called yesterday. He'd just heard from an old friend of his, a property developer/homebuilder. The guy is in deep serious and needs some fast cash to try and keep his head above water for a little while longer.
He has a lakeside development north of Montgomery, AL. He offered Carl 2 brand new houses, about 2000 sq. ft. each. Not on the lake, but a block from it. $175,000 for both.
Carl can afford to hang on to them, maybe rent them out, until this crisis blows over. Then figures he can probably sell them for around $100,000 each. Maybe more. He's driving up today to take a look.
And so it goes.
|
sinkingfeeling
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Apr-04-08 09:31 AM
Response to Original message |
1. There are something like 9 different 'developments' being auctioned off this weekend here in NW |
|
Arkansas because the developers/builders are going bankrupt. This area was just ranked 16th. fastest growing area in the country, down from 8th. place last year.
|
MadHound
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Apr-04-08 09:33 AM
Response to Original message |
2. That's one big benefit to this housing downturn in my area |
|
It puts a halt to out of control development, eating up the countryside, destroying the environment.
|
melm00se
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Apr-04-08 09:37 AM
Response to Original message |
|
and real estate free fall will stop when enough people perceive that the price is now worth the expenditure. that is the purpose of price.
|
trof
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Apr-04-08 10:20 AM
Response to Reply #3 |
4. Homes in my neighborhood on market for 2+ years. Why? |
|
BECAUSE THEY ARE PRICED TOO HIGH! Any house will sell if it's priced according to current market conditions. Any house, anywhere.
2 or 3 years ago I could have gotten around $200,000 more for my house than I can now. So if I were going to put it on the market today, I sure wouldn't list it at 2005 prices.
|
DU
AdBot (1000+ posts) |
Tue May 07th 2024, 03:22 PM
Response to Original message |