I was wondering how property values in other parts of the country are doing. I know the market is sluggish right now and really bad for new construction.

Anyway, my subdivision is smack dab in the middle of Hampton roads with access to military bases, hospitals entertainment, etc. At the height of the market, my neighborhood was selling for $225K-$260K in under 14 days after listing.

Just in the past year there have been at least two foreclosures that I know of as well as slow movement throughout the subdivision.

The house across the street from me is a 2100 sq ft home with 4 BR and 3 full baths with an in-law suite w/ separate entrance and is now listed for $174,900. City assessment is $241,900. It sold 3 years ago for $245K.

I posted this in the club as I can see this getting ugly real quick.

Discussion?

 

I BOUGHT A HOUSE TO FLIP, 4 YEARS AGO, it was apprasied at $100,000. I Purchased it for 48,000. I am not able to get rid of it at 12,000 right now.

My home was appraised at 184,000 7 years ago. My Neighbor hood is selling between 100 and 110,00.

 

Unlike the rest of Oregon my area is booming. With all the new wind turbines going in around here houses are selling higher than 2 years ago, and new businesses are moving into the area.

 

As if you guys aren't tired enough of my gloom and doom, here's some reality from Chicago.
My personal residence, purchased in 1985, had exponentially increased in value over the years to a high of about 625,000 in late 2006. From 08 to present, the highest comp in my neighborhood is 320,000. If I had to get out of it quickly, my guess would be 285k and that would take some market time. On average, there are 2 foreclosures per block and that represents only those already processed. No crying poor here, I paid 54k in 1985. The loss is in my head.

Like Pat though, I am stuck with a spec house nearby in Oak Park. Back in 07, we projected resale at 700-725k and rehabbed accordingly. Paid 299k, 225k in rehab costs and about 24k per year in debt service and taxes since. We cant even get anyone in to look at it at 419, which already represents a huge loss (real). IhateChase, my lender, won't even consider talking a short sale as I am a speculator, which, in this mortgage market is the equivalent of a child molester. They even turned down our offer of deed in lieu, so next step is probably just letting them take it and being on the hook for the deficiency.

My real estate out in the country has remained flat, a blessing in this market. Sure seems to me that the cities were hit a lot harder than rural, likely due to the rural areas never having experienced over zealous appreciation.

The Chicago market currently has about 18,000 nearly identical 2 bedroom/2 bath condos on the market...ready to deliver. That works out to a 12-15 year supply depending upon who you talk to. That segment of the market will not likely ever recover.

I'm tired of hearing doublespeak like "jobless recovery" or "cautious optimism". If the powers that be would stop sugar coating reality and get thier heads out of each others' butts, they would realize that there will not be a recovery without some growth in real estate and stop using seriously flawed models to report unemployment statistics.

 

The more I hear from you Don, my vacation plans for the summer may include a stop in eastern Oregon....just to sniff around a little.

 

Property values in this part of Oregon are falling badly, lots of empty foreclosed homes.
What was a $225K house is now a $150K house............There are NO jobs here.

 

Keeping in mind that I live in Canada, my house was bought for $465 new in 06. Similar floor plans in the same subdivision, built today are in the high 5's, low 6's. But those who are selling and moving on from their 4 year old houses are getting low 5's. The city appraised ours mid to high 5 for this year.

A guy I know, who lives and works near me, recently bought a snowbird residence near Lake Havasu for $80,000. 1/4 acre with pool. And I work with a guy who's seriously considering buying a condo in Vegas for $18,000.

That's just to put pricing in perspective, half million dollar homes in Canada, with a higher valued dollar, compared to (probably) really nice properties south of the border for a fraction of the cost.

 

Keep em coming, this is gonna get good.

 

250k in my neighborhood for a 1200-1500 sq ft house.

 

Reminds of when I was stationed in San Diego from '02-'04. You could get a 1000 sq ft house on a postage stamp lot for $400K.

 

One place I cleaned out and did a security check on later. (it makes me a few$$) I ran into the real estate gal, she let me in on her knowledge......The house in question was a 4bdrm, 2 1/2 bath, 2 story 2600sqft, 2 1/2 car garage, on a postage stamp lot, up tight against other houses very similar, built in 2002. Sold new for $339K in early 03, she said they would be lucky to get $189K for it.

Mini mansions built on tiny lots, 6ft from your neighbors............they can keep em'.

 

This thread isn't so bad, Tim. Not so sure it would be,,,

Let me know if you want it moved to the GNAC. I can always move it back here if you're predictions come true.

Would be interesting to get more feedback from more members.

 

I built my house for 125k in '82. The value went up to 400k around 06. Now it is down to about 2-250k. I am still ahead, but nothing is selling around here. New Jersey is the arm-pit of the country. Nobody would move here on purpose if they didn't have to. Prison is probably nicer.

 

That would be great Lizzie if you would like to. I was afraid that we would end up talking about government, politics, etc. as it all has had an effect on our values. I believe that GNAC is suitable.

Thanks Lizzie.

 

No worries, Tim!!! Any time!!!

It very well may get political,,,

If it does,,, I'll move it back!!

So be good everybody!!!