The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: John Vosilla who wrote (49668)	3/7/2006 8:07:27 AM
From: Think4Yourself	Read Replies (2) of 306849

re: "Why the sudden need to sell in your neighborhood now? Is it job loss related?" This was one of the last areas to appreciate in the area due to the dumpy commercial conditions in the immediate vicinity. The city is quite wealthy due to a large proportion of major corporations located in the city limits. They started a major revitalization project nearby about five years ago and are pouring millions of dollars into the area every year. It is working. The spending and undervalued properties are why we bought here. The seller felt he made a killing from us when we bought. Foolish man couldn't think ahead. In 3 years our house has gone up in value by about 30% before all the construction work. That's very high for Michigan. Most folks have lived here all their lives and many inherited their homes. People who got their homes for free or in the area of $5-35K are suddenly finding their homes worth $150-250K. They want to cash in but don't want to pay what they consider exorbitant commissions. What many don't realize is that this is still an inexpensive, safe, and nice area to live in and their property taxes are going to double or triple when they buy their next house. Another reason to live here is that the city spending will help counter the downward trend that is inevitable for homes in general. If the city project is successfull our home value will double again over the next 10 years. This is one of those very rare areas to be BUYING now, and these people are trying to sell! edit: Wasn't sure if I should mention this, as it might offend some, but it's an unspoken fact. About threee miles away there is a major slum city on the verge of bankruptcy. My city is very afraid those residents, who are total slobs and consume many more tax dollars than they generate, will start trying to move into this area. That is the real reason for the revitalization project. The city wants to drive up property values to keep out the "riff raff".

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