Well we can't sell our place because the water issue alone makes it tough and devalues our home anyways. We are losing money just sitting here and doing nothing. Lets pay the very expensive price and get this job done already, stop being such a tight wad. I tell all new prospect buyers that I see on Sundays and let them know of the water situation and that really tends to turn them off. I wish someone would have told me about the water problems.
5:33 PM
4 comments:
The Orange County Register said this morning that although home prices are as high as ever, overall sales have decreased 31.6% over the last 12 months. I think that there are much deeper issues in the housing market than Parkridge's water problem.
Yes, but in a down market only the best of the best are going to sell. And a complex with "issues" has a much more difficult time of competing for "market share" with other neighborhoods that do not have similar problems.
I've lived here a long time and here's some fat to chew on. First, the 1 and 2 bedroom section of the real estate market is the first to go down in a slow market and the last to bounce back. 2nd, these places are (or were) way overpriced. It wasn't that long ago that a person could get in here for less than $150,000. These places were originally offered for sale for around $50,000 as I recall, which was at the low end of the market, even back then. I'd like to see a show of hands of anyone who ever really believe that Parkridge is or was ever the "best of the best". 3rd, I strongly suspect that our neighbors who took out sub-prime, interest only, and other creative loans just to get in here are going to feel the heat when another year goes by and they still can't sell. It's going to drag down the whole complex, at least for a while.
By the way, my water's OK. Always was, for some reason.
I agree with almost all of the above. The only thing I hope is that the management company is smart enough to file a lien on these "creatively financed" properties as they go into foreclosure so we can at least collect the delinquent association fees.
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