How bad is the real estate market really?

[imjoesnuffy]

Just wanting to get an outside opinion, hopefully from someone in real estate or someone who has dealt with the market lately.

Myself and a good friend recently bought some lakefront lots. We are building the first home. 4 BR 3 BA, 2 story, 1800 SF, on a very large lot. Lake view and a private dock. Our intentions are to build, sell and repeat

Kind of got the jitters, hearing alot of talk about how bad the market is. We are shooting for the $170K range. Yes prices are low here in KY, building on Nolin lake. It is framed and under roof, waiting on the plumbing and HVAC to be roughed in , before we start drywall. We are subcontracting almost everything out.

Worst case scenario, if the house(s) don't sell quickly. We will have a nice weekend home on the lake. Just don't wan't to stretch myself too thin.

 

[SS_Sean]

Real estate is local. Asking me is like asking someone from Iceland.

By-the-way...I just bought.

 

[imjoesnuffy]

Real estate is local. Asking me is like asking someone from Iceland.

By-the-way...I just bought.

LOL. Believe it or not, I am not trying to hustle a house on turbobuick boards.

I have tried searches online, but haven't found anything comparable to what we are building in this area.

Anyone know of any good real estate search engines or online tools?

 

[GNBRETT]

Actually the market will likely decline over the next year before it stabilizes again. So ur profits will depend on how long you want to sit on your investment.

It use to be that one could flip their real estate investment in a relatively short amout of time but its a risky gamble now. Dosent mean that one couldnt still make a killing in some parts of the country like where you are located. That area has not seen the fluctiations in the real estate market like the new England area did and the west coast and a dozen other areas so it's likely that you will come out ahead.

The federal reserve is supposed to lower interests rates 1/4 or maybe even a 1/2% in the next week or so. So that will change things for the good. But the market will still likely to decline over the next year in some areas but maybe not yours. But that rate may be nominal.

 

[TURBOTWIN2]

Zillow - Real Estate Valuations, Homes for Sale, Free Real Estate Information.
HTH.

 

[bad V6]

Where abouts on Nolin Lake are you building? My wife's family lives close to the dam at Nolin Lake, and we currently reside outside Bowling Green.

The housing market here in Warren County is as bad as it ever has been. There are more houses than ever on the market and building contractors going bankrupt every day. However the local government and news agencies are still saying that saying that this area is not affected by the mortgage crunch, If that be the case, I dread seeing what happens when it does hit.

Pat

 

[bobc455]

It's not a "bad" market, it's a buyers market.

-BC

 

[Pablo]

Holy Mackerel! 170k for a house with a big lot on a lake!?! Sign me up!

Heres what a 170k house looks like where I live

I'm moving to Kentucky!

 

[imjoesnuffy]

Thanks for all the input guys. We are looking to finish around March timeframe and hopefully the market will not have bottomed out by then.

Where abouts on Nolin Lake are you building? My wife's family lives close to the dam at Nolin Lake, and we currently reside outside Bowling Green.

The housing market here in Warren County is as bad as it ever has been. There are more houses than ever on the market and building contractors going bankrupt every day. However the local government and news agencies are still saying that saying that this area is not affected by the mortgage crunch, If that be the case, I dread seeing what happens when it does hit.

Pat

Pat,

We are building on the north end. Paradise pointe rd, just off of Wax road, just before the end, coming from Upton. We went into this, building it as a weekend/summer/retirement home. With 4 bedrooms, it would also allow more than one family to stay over the weekend. This side of the lake is also closer to Louisville, just over an hour drive, which could help it sell as well.

You are right about the contractors. You wouldn't believe how low some of the bids are, these guys just need some work. It is definitely a builder's market as well, materials are soo inexpensive right now.

 

[Lee Thompson]

recently

Where abouts on Nolin Lake are you building? My wife's family lives close to the dam at Nolin Lake, and we currently reside outside Bowling Green.

The housing market here in Warren County is as bad as it ever has been. There are more houses than ever on the market and building contractors going bankrupt every day. However the local government and news agencies are still saying that saying that this area is not affected by the mortgage crunch, If that be the case, I dread seeing what happens when it does hit.

Pat

I just talked with a realtor in BG last week and he assured me that the market there was only slightly affected. I knew he was full of it.

 

[bad V6]

Nolin Lake is a good location, with the influx of people during the summer months. I have noticed how the other lake and recreational areas have developed over the years, and yet the Nolin Lake area is just now beginning to see this growth. It has a great potential for development in the future. There are a lot of weekenders from Indiana, Illinois, and Ohio, who come to this area on a regular basis.

I just talked with a realtor in BG last week and he assured me that the market there was only slightly affected. I knew he was full of it.

That's what they want you to think. If the housing prices fell, who would loose money, realtors and local government.

Pat

 

[SS_Sean]

REALTOR.com - Real Estate Listings & Homes For Sale

 

[BOOSTBROTHER]

I am a Realtor

The Market depends on alot of different factors.

The Job rate in your area, can the people afford the house that you are wanting to sell?

How many houses are or will be on the market when you want to sell yours?

REPOs how many repos are in your area if you are looking and it says AS-IS 93% chance that is's a repo.

Repos are they bringing market value or are they getting dumped?

DOM(days on the market) how long is it taking for homes to sell?

This is just a small list of many to look at before you buy or sell a home this is what we get paid for.

If you have any other questions feel free to ask I will try to Help.


BOOSTBROTHER

 

[GNBRETT]

Holy Mackerel! 170k for a house with a big lot on a lake!?! Sign me up!

Heres what a 170k house looks like where I live

I'm moving to Kentucky!

lol

 

[Junior Samples]

Holy Mackerel! 170k for a house with a big lot on a lake!?! Sign me up!

Heres what a 170k house looks like where I live

I'm moving to Kentucky!

Wait Pablo... in So CAL for 170k you might get that pictured but without the roof ...too funny

 

[ijames]

Here in Maryland between DC and Baltimore there seems to be about ten times more houses on the market than 18 months ago, and prices are down maybe 5% for the ones that have sold. The ones still listed for top dollar are just not selling. Not buying or selling but I like to do searches every few months just to see what mine "could" sell for .

 

[TR Custom Parts]

:frown: All I know is that we have been trying to sell my late mother in laws house in Port Richey FL since June with not even a bite on it. $110K for 2 bedroom 2 bath and 2 car garage.

My sister is a realtor here in CT and all she is doing is foreclosures.

 

[imjoesnuffy]

Sounds pretty grim out there.

The Market depends on alot of different factors.

The Job rate in your area, can the people afford the house that you are wanting to sell?

How many houses are or will be on the market when you want to sell yours?

REPOs how many repos are in your area if you are looking and it says AS-IS 93% chance that is's a repo.

Repos are they bringing market value or are they getting dumped?

DOM(days on the market) how long is it taking for homes to sell?

This is just a small list of many to look at before you buy or sell a home this is what we get paid for.

If you have any other questions feel free to ask I will try to Help.


BOOSTBROTHER

Boostbrother,

Thanks for the response. Based on the circumstances surrounding this house it is hard to answer directly as it is not being built in a typical neighborhood. Every house on the road it is being built on, with the exception of one is used as a weekend home. Most people that live on the road went in with someone else and bought their house either with a friend or family. Most of them are professionals/executives that are just looking for a place to get away on the weekends. Individually they rotate weekends most of the time, with another family.

The job rate in the area blows. Most people in the immediate area don't live there full time anyway.

With it being a seasonal community there are almost always houses available. Few meet the criteria that this house has, as far as location goes and bedrooms available.

Houses sell relatively quickly from what I have seen. There are some that they are not very actively trying to sell but are listed. If it sells it sells, if not they will continue to use it, that sort of thing. Seems to be a lot of that in recreational homes when dealing with lake homes.

Maybe I am just trying to be optimistic with this reasoning, but that's why I am trying to get outside opinions. We will be listing it 10K under what it has appraised for this week, so I guess we will see.

Thanks,
John

 

[Junior Samples]

Yeah it looked bad in FL this weekend, drove through Sub lost count after 40 signs and id bet 36 are forclosures but is the glass half full or half empty?...i say build!

 

[casper]

Im a Realtor in NC and Don't let nobody tell its good because wright now it's a buyers market only. When people lower there price too much and that hurts others tring to sell