House prices

2009-08-17 17:55:29

#1

Chorcai: Member; +49|6940|Ireland

This evening I was talking to a few lads and of course the house prices issues came up, long story short, we looked at a house about 8months ago for sale new built fully fitted + finished, 650k. This evening got told the house was with the banks and its for sale at 195k+ !!! Another builder 5months ago selling houses @ 350k+ sold the last two at 86k just to get rid of them and get the banks off he's back ! There was only four built so I'd hate to be the poor sods in the other two houses theirs just devauled by 264k ouch ! We then got on the subject of buying a house that was taken by the banks. I'd feel a bit if'y buying a house that someone had to be more or less kicked out of, but then again its not my fault.

In anycase if I had the cash I would look for a new build from a builder just glad to get the house off the books.

2009-08-17 18:12:52

#2

13urnzz: Banned; +5,830|6789

Chorcai wrote:
In anycase if I had the cash I would look for a new build from a builder just glad to get the house off the books.

inb4ATG

it's not just Ireland, it's worldwide. my house was once valued @ $335,000 and now less than what i owe (ten years into a thirty year mortgage).
if i had any liquid assets, besides the beer in the fridge, i could own a whole neighborhood here . . .

2009-08-17 18:56:47

#3

Kmar: Truth is my Bitch; +5,695|6893|132 and Bush

burnzz wrote:
Chorcai wrote:
In anycase if I had the cash I would look for a new build from a builder just glad to get the house off the books.
inb4ATG

it's not just Ireland, it's worldwide. my house was once valued @ $335,000 and now less than what i owe (ten years into a thirty year mortgage).
if i had any liquid assets, besides the beer in the fridge, i could own a whole neighborhood here . . .

That's odd. Most of the people in an upside down situation bought between 2004-2008. If you bought ten years ago you should have been fine.

Xbone Stormsurgezz

2009-08-17 19:01:08

#4

13urnzz: Banned; +5,830|6789

Kmarion wrote:
That's odd. Most of the people in an upside down situation bought between 2004-2008. If you bought ten years ago you should have been fine.

we did refi, to finish our basement. in 2004. the twenty g's we pulled out, and getting a 6.25, did it.
don't get me wrong, we love the house and put alot in it, but we're in a situation where we can't refi again.
as long as the missus and i keep our jobs we'll be ok . . .

2009-08-17 22:35:31

#5

DrunkFace: Germans did 911; +427|6973|Disaster Free Zone

Yeh 2 of our next door neighbours sold their houses. 1 was marketed at $1.1 million and they had to settle for $980,000. the other was marketed at $950,000 and they had to settle for $815,000.

2009-08-17 23:30:47

#6

Kmar: Truth is my Bitch; +5,695|6893|132 and Bush

In a declining market it best to price as low as possible right from the begining. Otherwise you are going to be chasing the curve downwards. You'll constantly be just a hair behind where it needs to be to sell. It is frustrating because even though you have dropped the price it doesn't really matter, since comparable have dropped as well. You probably need to be in the bottom 20% to sell. .. like it or not foreclosures are part of the competition.

Xbone Stormsurgezz

2009-08-18 04:14:19

#7

Jean_Peste_tu?: Yes I Do; +44|6912|Auteuil, Laval

This new house I just bought is evaluated at par with what I paid. Over here, not sure if it's the same elsewhere, there's always a gap of easily 15%. You will pay more than the evaluated price. Their house was on the market for over 6 months and they didn't had a single offer. When I came in I offered my max budget and saying them that this was my only offer, take it or leave it. They had their mortgage up their throat. They even had to do repairs on the foundations because I could sue them after for hidden deffects. Basically they lost money and I go a great house.

Buy it as low as you can that's the golden rule. It doesn't have any real importance if it's a new build or one off from the real estate agents. But sometimes a brand new build, you will have to finish the landscape and other stuff while an existing house will have repairs to do. Check carefully all the details. In a way it's a painfull job but when you're through you're an happy puppy.

In Québec the housing didn't dropped as much, from 5% to 15% depending areas. I guess the stability of our $. Not sure economic is not my forté.

2009-08-18 04:44:51

#8

Chorcai: Member; +49|6940|Ireland

DrunkFace wrote:
Yeh 2 of our next door neighbours sold their houses. 1 was marketed at $1.1 million and they had to settle for $980,000. the other was marketed at $950,000 and they had to settle for $815,000.

Thats not much of drop, what were they priced at before they bought the houses ?

2009-08-18 05:12:32

#9

nlsme1: Member; +32|5709

A friend of mine just bought a 3 bed/2 bath home on 2.8 acres for 36k. After 8k credit from the gov, he is picking it up for less then I paid for 12 acres 3 years ago.

2009-08-18 05:31:09

#10

Jean_Peste_tu?: Yes I Do; +44|6912|Auteuil, Laval

nlsme1 wrote:
A friend of mine just bought a 3 bed/2 bath home on 2.8 acres for 36k. After 8k credit from the gov, he is picking it up for less then I paid for 12 acres 3 years ago.

What?!?

Where is that piece of land that's worth so little? 36K as in dollars?

2009-08-18 06:10:34

#11

Dilbert_X: The X stands for; +1,817|6398|eXtreme to the maX

I'd feel a bit if'y buying a house that someone had to be more or less kicked out of, but then again its not my fault.

Don't worry about it.

Fuck Israel

2009-08-18 06:56:24

#12

DrunkFace: Germans did 911; +427|6973|Disaster Free Zone

Chorcai wrote:
DrunkFace wrote:
Yeh 2 of our next door neighbours sold their houses. 1 was marketed at $1.1 million and they had to settle for $980,000. the other was marketed at $950,000 and they had to settle for $815,000.
Thats not much of drop

That was kind of my point.

what were they priced at before they bought the houses ?

I don't understand your question.

2009-08-18 08:03:46

#13

Chorcai: Member; +49|6940|Ireland

DrunkFace wrote:
Chorcai wrote:
DrunkFace wrote:
Yeh 2 of our next door neighbours sold their houses. 1 was marketed at $1.1 million and they had to settle for $980,000. the other was marketed at $950,000 and they had to settle for $815,000.
Thats not much of drop
That was kind of my point.
what were they priced at before they bought the houses ?
I don't understand your question.

As in did they build the houses or buy them and are now selling for the 1st time or reselling

2009-08-18 09:05:53

#14

DrunkFace: Germans did 911; +427|6973|Disaster Free Zone

Chorcai wrote:
DrunkFace wrote:
Chorcai wrote:

Thats not much of drop
That was kind of my point.
what were they priced at before they bought the houses ?
I don't understand your question.
As in did they build the houses or buy them and are now selling for the 1st time or reselling

Umm they're both reselling.
The owners of the 980k property had lived there for about 15 years, and I have no idea what they payed for it. Though I suspect it was between 400-550k.
The cheaper place the people were only there for about 9 years but probably paid about the same.

2009-08-18 09:08:37

#15

nlsme1: Member; +32|5709

Jean_Peste_tu? wrote:
nlsme1 wrote:
A friend of mine just bought a 3 bed/2 bath home on 2.8 acres for 36k. After 8k credit from the gov, he is picking it up for less then I paid for 12 acres 3 years ago.
What?!?

Where is that piece of land that's worth so little? 36K as in dollars?

He got it on auction in upstate NY. Needs work, but for that price.....

2009-08-18 09:18:38

#16

ATG: Banned; +5,233|6821|Global Command

My wifes uncle owns a condo in Las Vegas. He paid 130k some years ago and the only offer that has come in on his short sale is for 17k.

2009-08-18 09:24:22

#17

Kmar: Truth is my Bitch; +5,695|6893|132 and Bush

nlsme1 wrote:
Jean_Peste_tu? wrote:
nlsme1 wrote:
A friend of mine just bought a 3 bed/2 bath home on 2.8 acres for 36k. After 8k credit from the gov, he is picking it up for less then I paid for 12 acres 3 years ago.
What?!?

Where is that piece of land that's worth so little? 36K as in dollars?
He got it on auction in upstate NY. Needs work, but for that price.....

It's a matter basic supply and demand. 36k is relatively inexpensive here as well. Upstate NY is extremely low density by US standards.

Xbone Stormsurgezz

2009-08-18 09:55:57

#18

Jean_Peste_tu?: Yes I Do; +44|6912|Auteuil, Laval

Kmarion wrote:
nlsme1 wrote:
Jean_Peste_tu? wrote:

What?!?

Where is that piece of land that's worth so little? 36K as in dollars?
He got it on auction in upstate NY. Needs work, but for that price.....
It's a matter basic supply and demand. 36k is relatively inexpensive here as well. Upstate NY is extremely low density by US standards.

With the area bought must have been out of major cities areas but I still find it inexpensive.
Good job done by your friend nlsme1.

2009-08-18 10:05:33

#19

nlsme1: Member; +32|5709

Jean_Peste_tu? wrote:
Kmarion wrote:
nlsme1 wrote:

He got it on auction in upstate NY. Needs work, but for that price.....
It's a matter basic supply and demand. 36k is relatively inexpensive here as well. Upstate NY is extremely low density by US standards.
With the area bought must have been out of major cities areas but I still find it inexpensive.
Good job done by your friend nlsme1.

It was in Durham NY, 30 min south of Albany.

2009-08-18 10:11:06

#20

Kmar: Truth is my Bitch; +5,695|6893|132 and Bush

nlsme1 wrote:
Jean_Peste_tu? wrote:
Kmarion wrote:

It's a matter basic supply and demand. 36k is relatively inexpensive here as well. Upstate NY is extremely low density by US standards.
With the area bought must have been out of major cities areas but I still find it inexpensive.
Good job done by your friend nlsme1.
It was in Durham NY, 30 min south of Albany.

My father is from a small town in upstate NY.. Malone. We have land up there as well.

Xbone Stormsurgezz

2009-08-18 21:50:53

#21

Harmor: Error_Name_Not_Found; +605|6840|San Diego, CA, USA

Jean_Peste_tu? wrote:
When I came in I offered my max budget and saying them that this was my only offer, take it or leave it.

With all due respect, why are you buying a house that is at your maximum budget? If either you or your wife loose your job you'll be up shit-creek very soon. Have at least a 6 months in savings for all your expenses.

I also hope you didn't get an adjustable loan - those things are what helped cause this whole mess.

2009-08-18 22:58:19

#22

Kmar: Truth is my Bitch; +5,695|6893|132 and Bush

Harmor wrote:
Jean_Peste_tu? wrote:
When I came in I offered my max budget and saying them that this was my only offer, take it or leave it.
With all due respect, why are you buying a house that is at your maximum budget? If either you or your wife loose your job you'll be up shit-creek very soon. Have at least a 6 months in savings for all your expenses.

I also hope you didn't get an adjustable loan - those things are what helped cause this whole mess.

Maximum is relative.. it could be that he was saying that this was the max he was willing to spend because he needs to have financial insurance as well (a safety net). The fact that he is budgeting his money shows some responsibility.

Xbone Stormsurgezz

2009-08-19 02:55:06

#23

Chorcai: Member; +49|6940|Ireland

ATG wrote:
My wifes uncle owns a condo in Las Vegas. He paid 130k some years ago and the only offer that has come in on his short sale is for 17k.

My jaw just hit the floor after reading that one.

2009-08-19 09:35:16

#24

Kmar: Truth is my Bitch; +5,695|6893|132 and Bush

Chorcai wrote:
ATG wrote:
My wifes uncle owns a condo in Las Vegas. He paid 130k some years ago and the only offer that has come in on his short sale is for 17k.
My jaw just hit the floor after reading that one.

I had somewhat similar. Listed one for 70k and people come in at 30k. It's most likely an investor looking to grab up a bunch of them.

This was an interesting article.
http://images.businessweek.com/ss/09/06 … ign_id=msn

Xbone Stormsurgezz

2009-08-19 09:38:35

#25

Mekstizzle: WALKER; +3,611|6913|London, England

Just wait it'll go back up again, for the time being, just use your house for what you bought it for. To fucking live in

BF2S Forums House prices

Chorcai wrote:

burnzz wrote:

Chorcai wrote:

Kmarion wrote:

DrunkFace wrote:

nlsme1 wrote:

Chorcai wrote:

DrunkFace wrote:

DrunkFace wrote:

Chorcai wrote:

DrunkFace wrote:

Chorcai wrote:

DrunkFace wrote:

Chorcai wrote:

Jean_Peste_tu? wrote:

nlsme1 wrote:

nlsme1 wrote:

Jean_Peste_tu? wrote:

nlsme1 wrote:

Kmarion wrote:

nlsme1 wrote:

Jean_Peste_tu? wrote:

Jean_Peste_tu? wrote:

Kmarion wrote:

nlsme1 wrote:

nlsme1 wrote:

Jean_Peste_tu? wrote:

Kmarion wrote:

Jean_Peste_tu? wrote:

Harmor wrote:

Jean_Peste_tu? wrote:

ATG wrote:

Chorcai wrote:

ATG wrote:

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