3 BR, 2 BA in San Souci!

[Kain99]

I was back in the Longview area a few weeks ago for the first time. I got a case of the creeps back there and questioned myself as to why I might feel this way.

I wondered if it was because the place is old? No
Is it because some of those homes have been clearly abandoned? Maybe

But then I asked a few people who have lived here all their lives and was informed a girl got off a school bus and was raped and murdered there. I'm not kidding when I say I had a serious case of the creeps back there and it is sad, in a sense, it looked to have once been a real nice place. They are building new homes back there right now and maybe cleaning some of the other properties up will make a difference. Going in the entrance, there seemed to be far too much "hanging out" for my liking and there are 2 registered sex offender's in that neighborhood.

I think I'd live in San Souci first. I looked at those mods when they were first brought in in 88-89 and I think they were 30-40K, new. They had all sorts of plans for that place, club house, pool, looks like none of it ever came to be. Some of the older mods there are being gutted and redone.

Claudia Pickeral.... Never forget it. Longview is a notoriously bad neighborhood.

 

[bohman]

I'm thinking about pitching a lowball offer for $100,000 under asking price...

Which one of the houses down there in Spring Ridge was the grow house for that Marijuana dealer a couple of years ago?

Right, I'm sure they are desperate enough to jump right on that... My house isn't as nice as theirs, and I wouldn't take that offer either.

Are you mentioning Spring Ridge because you are mixing it up with Spring Valley, or did you purposefully mention a different neighborhood to use poor logic on? You can't badmouth the whole neighborhood based on an anomaly. I was an acquiantance of that guy (years before the grow operation; we both attended SMC). He didn't grow up in this area, and it's just random chance that he picked that location for his operation.

Trust me, there wasn't much logic still going on in his head. If there were, chances are he wouldn't have wound up getting shot.

 

[Pandora]

I got one that had been a HUD repo. Somebody bought it, re-did the interior (new carpet, paint, etc.) and replaced all the appliances, $90k. Current appraisal is $170K.
They were going for as high as $190k. So did I lose $20k, make $80k or break even because I need a place to live and for $600 a month (my mortage payment) I couldn't rent a dog house.

I swear by modular construction and I have said that many times over the past several years I've been hanging out around here. A close friend of mine has family who owns and rents out several modular homes in the area. I was going to rent one for $600-650 a month in 2004 until the market died down, and I thought that rent amount was fantastic. So $600 to own something, fantatic.

 

[awpitt]

"The neighborhoods toured for the windshield survey included:"

Beverly Estates
Big Oaks
Cedar Cove
Colony Square
Colton’s Point
Country Lakes
Essex South
Fenwick Manor
Gillen's Grove
Golden Beach
Greenview Knolls
Villas at Greenview
Helen Estates
Holly Gaf Acres
Hollywood Heights
Hollywood Shores
Heard Estates
Knolland
Longview Beach
Mill Point Shores
Patuxent Knolls
Patuxent Park
Rolling Acres
San Souci
Spring Valley
St. Andrew's Estates
St. Clements Shores
St. Clements Woods
St. Mary's Beach
South Hampton
Town Creek
Wicomico Shores
Wilderness Woods
Wilderness Run
Wildewood

WORKFORCE HOUSING

Lol, any guesses why this report is no longer online?

Only a small handfull of these communities were graded as beeing distressed by the committee.

 

[awpitt]

Why is a modular not a "real" house? Mine has wooden floor joists, sheetrock on the walls over wood studs. Never understood why being constructed inside under controlled conditions by sober people in a factory was detrimental. Are square corners a bad thing?

Good point. I lived in San Souci from 92-97 in the back section. Our house was made up of all the regular materials found in a so called "stick' built house and the foundation was cinder block and there was no axle underneath.

 

[vraiblonde]

What's wrong with buying a house that used to be a rental? Mine was a rental and it was in immaculate condition.

 

[bohman]

What's wrong with buying a house that used to be a rental? Mine was a rental and it was in immaculate condition.

Here's where I'll disagree with you slightly. It's not impossible to find a well-tended rental property, but it can be difficult depending on the price bracket you are looking for. My house was a rental before we bought, and some of the work that had been done was sub-par at best.

However, there's plenty of owned homes that aren't well-tended either. The one next to me was a dump till somebody flipped it. Thank God the new owner is doing much better.

 

[Chasey_Lane]

People moving furniture in and out of a house every 12-24 months isn't good for walls. Same goes for hanging stuff on the walls. Plus renters do things like pour grease down your drains or flush nasty stuff in the commodes etc, because they don't care. It's not their place...

So what's the reason your rental mansion didn't sell?

 

[smilin]

This thread looks like a bad attempt to emulate a schoolyard spat.
Vrai has made an impressive attempt to show there just might be a good deal out there or two.
Old Patchy has used the same old same old: Don't buy now the sky is falling argument.
Believe it or not we all know stuff falls out of the sky, but not forever.
Looking at the list put up of neighborhoods in which the commission did their drive by, mine is on there and I wouldn't move. Four neighborhoods out of a county the size of St.Mary's isn't bad, but something should be done about them. Thanks for the input.
Foreclosures? You obviously weren't around Real Estate in the nineties. At the beginning of the decade sellers where bringing thousands of dollars to the closing table to pay off their mortgages. People were buying foreclosures all over the place. I even bought one.
Those people where all warned by parents, relatives and maybe even a few experts copied articles on the web (I'm sure) and said "DON'T DO IT".
If they didn't flip them, held on to them, then sold them in the last few years they might have to say some thing like "you were wrong". If you buy today, with due diligence, you will probably be happy down the road, however my crystal ball is clouded up and I can't seem to see the future with absolute clarity and certainty like some can.

 

[smilin]

A quick question, which I don't have time or resources to research:
What's the percentage or amount of homes turned over during
the "Great Greed Grab" of the last few years?
If the number is low, then most people could sit on their "virtual" profit
or take less at settlement, when they sell.
If the number is high, then the market will probably stay depressed for years.

 

[Chasey_Lane]

Those people aren't the problem. The buyers since 2005 are...

Here's a 2005 buyer. Not a bad profit after 6 months of OWNERSHIP huh? results

 

[vraiblonde]

Patch, help me understand your logic.

You have to live somewhere.

You are going to pay for housing, whether you rent or buy.

If you're going to stay put for at least 5 years, why does it make more sense to rent than to buy, knowing that at the end of the 5 years, you walk away from your rental with nothing, but will walk away from your house with at least what you paid for it, and probably more?

 

[vraiblonde]

Why are you assuming that I'll be here 5 years?

I wasn't assuming anything - I said "if".

Just answer the question without twisting my words around to suit yourself, please.

 

[somdrenter]

Here's a 2005 buyer. Not a bad profit after 6 months of OWNERSHIP huh? results

Excellent example. The current owner purchased with an Adjustable Rate Mortgage at an initial 7.4%, tied to the LIBOR +5% with a cap of 10% on the change date, due to re-set in ‘08 in addition to a balloon payment. Care to guess the current LIBOR index? Any predictions on the ‘08 LIBOR? And now, three homes on the market, in the same neighborhood well below this price point.

 

[Chasey_Lane]

What do you want to bet that was pre-construction pricing that was probably ordered in 2004?

Then you should have mentioned that when you talked about people purchasing homes in 2005. I gave you a very good example of someone making money off their home purchase.

 

[Chasey_Lane]

How come you didn't bring up any homes over there in Piney whatever where you are? Aren't you getting rich over there?

And while I'm at it, there are several homes on my street where the seller made a good profit...well over $100K. So yes, they are getting rich.

 

[Chasey_Lane]

blah blah blah blah

Purchased in 2005: $289K. For sale in 2007: $355K.

results

 

[somdrenter]

haha i was trying to figure out how you and Somdrenter were figuring they were ARM loans.

seems like you really like looking misinformed

from the Tax Record definitions page
link

Keep making them assumptions, you know like paying off someones Mortgage, for them, is a good thing

no need, i'm happy with my purchases, happy with the equity i've acrued.

but we are still waiting to see if we can trust you to post your landlords loan information.

just the financial aspects, such as when he took out the loan, what his rate is, what the amount was etc.

Hold on a sec…..you’ve form your own opinions and bashed other peoples opinion, when you don’t even know how to get the basic, free to the public, information to make an informed decision? Then you call it “assumptions”?

Hey patch, I don’t take you for a fool, but in no way, shape, form, hint or allegation post your landlords information. Sounds like sack may want to pay you a visit. He sounds pretty agitated that he possible made the biggest financial decision of his life and didn’t have some basic knowledge of the subject, he may want to take it out on someone.

 

[somdrenter]

uhm i'm not the one that asked what Non-Arms length meant

And your right Patchy doesnt have to post the information, but since he admits to having the ability to retrieving the info, wouldnt it be neat to compare what his landlord is paying (as in when he first got the loan, how much the loan is, at what terms) verses what Patchy is paying him in rent?

And i know reading retention isnt your strong suit, but i do believe i said NOT to post any personal information, just the financials, you know along the same lines as what you posted

Sack, at this point you should, or should have, asked your realtor about this stuff. The information is free to the public, but even that seems a little too complicate for ya.

And I don’t care if it is just the financials. There’s a lot that can be gleamed from “just the financials” and at this point, I highly advise Patch against it.

 

[thebird]

Warning: If you become angry when reading housing bubble stories, or if you are not sleeping well, then you may suffer from a condition known as "paying too much for your house last year." Only a doctor can tell for sure, so ask your health care professional if bankruptcy is right for you. A simple income test may be required. In the meantime, you are urged to avoid reading these types of stories.

Yeeeeeeeeah, can anyone please tell me how to unsubscribe from this post? I posted like 10 pages ago and I'm sick of getting alerted every time this dude feels the need to endlessly defend his decision to rent instead of buy...it's getting old. Anyone? Help? Please?