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Bad news for a homeowner

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Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Homeowner entered into a contract for a new home, closed December at $3XX,000. Builder cut the sale prices after the homeowner entered into contract. Now top end is appx. $50K less. Homeowner is very upside down. That's been seen in several subdivisons since last September as the market has declined. And the Realtors say the market isn't declining!
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Welcome to my world. :(
Same thing is happening around the Denver area, particularly in some of the higher end subdivisions that are trying to close out before their investors begin to lose too much money on vacant unsold homes.

As I've said before, I don't invest in the stocks of big building companies because this is what they are doing to the folks who have supported buying their actual product. It's all about the investors, not the consumers.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
ohhhhh, that 8O entrepenurial hubbub :lol: - it's that unknown factor that drives everyone crazy, ay :roll:


8)
 
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