Posted on 12/31/2022 8:42:14 AM PST by patriot torch
OMG! I had no idea. The few eminent domain cases I've known up close and personal were road rights-of-way, where the dominated seller came out pretty hunky dory.
Your case is pathetic and should be unlawful - seriously. I hope your replacement home situation made up for at least part of the loss.
The housing market is really just now experience lower prices. It takes a while for sellers and builders to emotionally accept a new reality. They may think the downturn is only a short-term thing. They are wrong.
Some sellers have to sell and builders have to reduce their inventory because interest on construction loans really start hurting after six months and banks will not be all that sympathetic about repayment.
We live in a city with a population of about 40k. My daughter bought her first house in ‘12. At the time there were about 300 foreclosures to choose from. She bought her 1600 sf 3 bedroom, 2 full bath, with new windows, roof and air conditioning for 12,000. With updating we did, its now valued at about 100k.
On the flip side, my daughter decided to get into house flipping ( because her dad has nothing better to do now that I’m retired lol ) and 2 1/2 years ago was able to find a vacant house in dire need of an overhaul. Foreclosed houses were hard to find at any price in our area then.. purchased at 14k. We finally finished and it’s going on the market next week for 85k.
I’m leary of any housing investment at this time for flip or rental.
Firms/People with real cash/cash. No bargaining, no time. Now they're all rentals, the owner has a 3% loan and the renters are paying up the rear end.
Owners (the cash guys) have triple their mortgage monthly. They'd get a fixer, paint it, put in a new sink, maybe some carpet to hide the stains, a couple plants out front, etc. ...
Sigh.
I know of a retired couple just having sold their winter condo in Clearwater Florida. Being in a hurry to get it on the market they listed with the first agent they contacted. She listed for 165k and brought a client in to see the property before it was even publicly listed. After a couple counter offers it was sold for 160. He was from Bosnia.
He played the part as if he was going to move in himself. By the time they returned home, the property was back on the market for 190 with the same agent. It appears she has a history of unethical practices with this client in the past.
Shortly after this I was watching an interview with a RE agent from Clearwater who stated that she sold an upscale house to a foreign family and when she went to the title company to record the sale she was told by the title company that there has been a flood of foreign purchasers paying cash, and the cash was being provided by the U.S. government up to 400k.
Not saying it was verified, just what I heard her say.
“I think this is being done in a lot of places, i.e. Liberal cities around the country. Obama started this with his goal if eliminating single family housing (except for him).”
obama/biden brought us cash for clunkers and destroyed the muscle car market.
The biden/harris market will turn the housing market into clunkers.
So why do I get offers to buy my house site unseen almost every day.
Yup, many people panic when they hear the word “panic” It’s a Pavlovian thing.
Thanks ,that completes my education. Happy New Year!
Flippers, builders and realtors might be in a panic. Lower home prices are good news for many others and have no effect on most.
Oh yes, oh yes. But, you see, the county tax receipts can’t go up if the sales prices are used.
If ( WHEN) “appraisal prices” go up, the ENTIRE NEIGHBORHOOD gets to pay more taxes after a single house in the neighborhood is sold.
My case was a city park next to a river. The city attorneys knew there was no way in heck myself and the others could afford to fight it.
Now politician will raise the budget regardless of whether values go up or down.
bump
Florida and Texas are both being heavily hit by lots of outsiders now. They are looking for a place to ride this thing out.
25% Inflation will collapse the dollar and that is what the Xi-O’Biden administration intends to do. To destroy the USA and make a bunch of slaves of the world.
Total BS post
That sounds credible, with the #ComDem’s in power.
There are no rules with them.
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