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Friday, December 28, 2012
Public Landing Development - Building Lots
While touring the landscape - my wife and I recently visited Public Landing. Since it had been a few years since our last visit - I was astonished to see that a waterview development of Chincoteague Bay - Equestrian Shores - whereby the property prices were signficantly discounted. If my recollection is correct, these same lots asking price were in excess of 100k just a few years ago. Take-a-look at the reduced prices - and still there is no new construction presently going on in this development. As one can easily see - our local housing industry has not gotton any better, but much worse.
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16 comments:
Waterfront lots in crisfield when the wind blows.
I don't think we'll ever see what amounted to the overinflated prices again unless the democrats pull another idiotic idea like they did when they relaxed the loan requirements.
This caused a increase in demand for a short while. Now what we have is the too much supply and not anywhere near the demand problem with houses, which drops prices.
Run, run, run from the waterfront lots. The restrictions and regulations will drive you insane. We learned the hard way.
11:34. When exactly did "Democrats" relax loan requirements? Was pretty sure that was a Bush initiative.
204-Community re-investment act was started under Carter and was further relaxed under Clinton. Pretty sure you have no knowledge on the real world impact of legislative initiatives.
Nope-Guess again 2:04. It was Barney Frank and the House Banking Committee. And as a matter of FACT it was George Bush who warned Frank that a crisis was loaming and Frank and I quote said this--
"these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis."
John McCain also warned and along with Bush wanted an inquiry. They were overridden because the dems had control at the time. Face the facts and realize that the dems are and have been responisble for any and all major crisis' this country has faced.
"Anonymous said...
11:34. When exactly did "Democrats" relax loan requirements? Was pretty sure that was a Bush initiative.
December 28, 2012 2:04 PM"
There was no initiative. It was the work of groups mainly ACORN (sound familiar?) who made a stink saying banks discriminated in lending which in turn led to lenders having to keep race data. Minorities were getting rejected more frequently than others, but in reality it was due to weaker finances than race. Studies found no evidence of discrimination yet the democratic politicians saw another bandwagon to jump on and relaxed the lending requirements saying such things as homeownership is a right and not a priveledge which in turn eventually led to the meltdown.
Actually Bush forewarned of the pending meltdown but Congressional Democrats who had control at the time ignored his warnings. Some publications have him warning on 17 different occasions but it fell on deaf ears.
I'll bet you my bottom dollar that if you were to make an offer lower than the advertised price - they'll take it.
In this market - you take what you can get.
I know where this property is. The few homes that have been built were selling for 750,000 to 1 million dollar range.
This is a good indicator of just how depressed the housing market really is.
In the current environment I do not believe the banks are generally loaning out money for new homes. Most have revamped their loan requirements and the applicants are subjected to close scrutiny in light of the recent past.
It will be a very long time before things start to rebound. However, for those who do have some spare change - now is as good a time to buy as I have seen. For those that purchased these homes and lots at the top end - well I feel very sorry as you will probably never recoup the losses.
Looks as though the lots are going for about 1/3 of what they were selling for in 2008, 2009.
They better have septic permits already, or the buyer is screwed, blued, and tattooed.
356-If you have the credit/income, you will get the loan. 4 members of my family have either bought or built in the last 18 months.
Wow - that is significantly lower than I would have thought.
Scary - to think that this real estate was selling at or above 100k just a few years ago. I hope the homeowners and lot owners are closely monitoring the situation because I can guarantee you that the local assessment office is 'turning the other cheek'.
Over the last 5 years or so, one or both of those houses in Joe's image were for sale. I think both may have been listed at different times, or maybe just one of them twice? The asking price was in the 550k range. Good bang for the buck, when you factor in the land, the location, the septic, well, landscaping and the present cost to build such a big house.
I bet that the tax assessors office are dragging their feet on reassessments of the adjacent areas.
Most of these personel don't want to be bothered with all of the additional paperwork that this can generate. But then again, this is going on virtually everywhere across the nation.
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