Sorry for the rant, but is anyone on here living in a condo or townhome right now? I bought my townhome new in 2005 and similar units were selling for 175k. I checked zillow.com and someone sold out of their unit (same as mine) for 136k not too long ago. UGH! My wife and I are in the market for a new home now, but we are stuck with this freaking town home. With the loan to value in the crapper now and the jacksonville area being flooded with condos, my only hope is to rent it out.

anyone else with a condo or townhome, how are you fairing? anyone renting out their unit with success? I know it's a buyer's market, but is it a renter's market as well?

It's gotten to the point where I'm even stripping down my G and selling the parts off it so I can get a little extra cash for closing. sucks big time.

to make matters worse, My original mortgage was on a 3/1 ARM and it will be up for adjustment around jan 09. No one will touch the refi right now because the appraisal is coming in lower than the balance on the mtg.

if anyone can lend some advice or insight, i'd appreciate it.

discuss, thanks....Jon.

ps- just in case anyone wants it.... ---->

https://g35driver.com/forums/archived-sales/227498-fs-hks-hi-power-true-dual-catback-exhaust-jax-florida-lots-pics-look.html

 

i have a home in palmetto that i have been trying to sell for over 6 months now and no bites it sucks because the loan to value is in the crapper like u said !

 

im down 25-30k in my condo as well john. i was planning on buying a house this summer as well but no luck with this market. it looks like our only options are hold on or rent out the condo. wish i could just take the hit and get a house but its a lot of $.

 

Your exhaust still for sale? Will this fit the Z?

 

housing market is hurting real bad right now. even renting condos are slower than homes. but yea the most of my friends are regretting buying there condos a few years ago also. vent out jon, vent out lol

 

I will give you a list of people to thank.

-First off thank the realtors. They inflated the value of homes and are still doing it or at least trying to. If you have a realtor chances are they are not passing all offers on to you. I am glad they are feeling the squeeze.

-Thank the american government for allowing so much outsourcing of american jobs and how they manipulated the fed rate in the last 6 years. Thanks to that you have an american dollar that is falling in value meanwhile more money is leaving the country and feeding other emerging economies who see a rise in fuel demand and as a result we are paying 60+ bucks to fill up. Did I mention the american dollar's weak value means we pay even more for fuel?

-Shady *** lenders dealing subprime mortages

-Bank institutions committing blatant fraud and hiding the weak rating of these mortages based on bad credit by rolling it up in asset backed securities.

This leads to a weak *** economy.

The shadow boom in housing in jacksonville as a result of an economy that could not support itself is the reason there are so many townhomes and condo's coughbartram parkcough.

What makes it worse is all these condo's popping up are nothing more than apartments that were converted.

Someone tell me where are the people coming from to fill these places? Don't worry, I can wait.

Now someone tell me when the local economy buffed up so much to support the high prices of homes. Just look at the jump in the early 2000's. What you see now is the economy settling itself.

When the MOL terminal at Dames Point finishes some 1500+ people will be looking for homes. That is not including the business that will move in to take advantage of that location.

 

One thing also, from what i have heard. They're doing it to compensate for an expected flux in growth to jacksonville for a few reasons. 4 International corperations are going to be building a few new sky scrapers in jacksonville in a few more years to come and they'll be moving people here. They will also be bringing the super bowl back to jacskonville in 2011. This is what i have heard from a few people around town and the news a lil while back (dont ask when i cant remember).

That is why supposivly.

 

Jon,

I know quite a few ppl in the same boat as well. If the wife can qualify for the house alone, I'd say f--k it. Buy the house and send your old mortgage company some "jingle mail".

 

It is all hear say until it happens. Realtors have been saying the market will turnaround later this year for 12 months to try and get people to buy.

 

You could be like my parents who have 5 houses across the US right now. Luckily they can afford to float, but imagine loosing money 5 times over. They've had a 'retirement' place in South Carolina for sale for almost 2 years. It's a gorgeous house, but no one is buying.

I'd definitely rent your place for the next 2+ years if you can swing it. Good luck on the refi, that could hurt.

 

Everything is hurting, sadly... Looks like it's going to get worse soon, and who knows what's in store for us next year with the new cadidate.

 

sweet, maybe a small glimmer of hope for me, haha... I live in kernan forest which isn't too far from there. Maybe one of those fools will rent my place.

interest rate is rising as I type this.

 

Last I heard FED is cutting interest rate which should drop home loan rates.

Cutting rates is bad causes inflation and a weak dollar. Its ****ing stupid because cutting rate promotes spending money but not with unemployment on the rise. Thanks in part to allowing outsourcing. Thank the party that works for big business.

 

The economy could be good or bad depending on what side of the fence you're on. If you're trying to sell, it's terrible because of the loan to value ratio, as you mentioned. But boy, if you're in the market to purchase, this is the time to buy Prices have plummeted!

 

screw you.

ps want to buy my condo? 1200 sq ft 3 bed/2 bath. im serious....