Keeping A Wide Angle View On The World of Cryptocurrencies, Blockchains, Economics, Politics, Science And The Environment
14 July 2009
Business/Economic News for July 15, 2009
1 comment:
Anonymous
said...
So now what do the people who bought in Islander Village do? Comps at Tortuga West and Park Village show foreclosures and bank owned properties. Any appraiser isn't going to ignore this fact - if you bought and now your 'affordable' house has lost money, you are screwed. Islander Village isn't all owners either as now they changed the HOA to let rent-to-own and renters in. If I was a rent-to-own person and I saw the foreclosures at Park Village I could buy for much less, what makes me stay it Islander Village? Sure, the market downturned and the parcel behind Islander Village is up for sale (to become only what is the question) so where is the incentive to finish the project? Where is the incentive to buy knowing your home value is decreasing with every foreclosure or short sale in another sister developement? Where is the incentive for a bank to loan money on this project? It just isn't there.
1 comment:
So now what do the people who bought in Islander Village do? Comps at Tortuga West and Park Village show foreclosures and bank owned properties. Any appraiser isn't going to ignore this fact - if you bought and now your 'affordable' house has lost money, you are screwed. Islander Village isn't all owners either as now they changed the HOA to let rent-to-own and renters in. If I was a rent-to-own person and I saw the foreclosures at Park Village I could buy for much less, what makes me stay it Islander Village? Sure, the market downturned and the parcel behind Islander Village is up for sale (to become only what is the question) so where is the incentive to finish the project? Where is the incentive to buy knowing your home value is decreasing with every foreclosure or short sale in another sister developement? Where is the incentive for a bank to loan money on this project? It just isn't there.
Post a Comment