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| Author |
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MicheleD
(Kentucky)
Posts:1866
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| 08/12/2008 2:23 PM |
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Interesting article.
I think some new posters here are running into the fringes of this, delayed turnover, etc.
[url]http://www.msnbc.msn.com/id/25887040/[/url]
Overbuilt market creating modern ghost towns
Americans love new construction, but some developments go unfinished
When Michigan development Kirkway Estates was planned, it called for 179 homes. As of last year 15 were built.
Scott MacDonald, a 40-year-old lawyer, and his family were among the first buyers of new homes in Kirkway Estates, a residential community in the Detroit suburbs. The MacDonalds paid more than $500,000 in 2006 for a home that would be ready in July 2007. The Colonial-style brick home had four bedrooms, three-and-a-half bathrooms, and designer touches and offered everything they expected in a town known for great public schools and homes fit for Ford execs.
Everything, that is, except neighbors.
When the MacDonalds arrived, there were fewer than 15 homes in Kirkway Estates, where 179 were planned. Their home was the only one built thus far on a cul-de-sac with six lots. They expected more houses to appear soon after they purchased, but instead Kirkway’s builders ran into financing trouble and work on the community’s remaining lots halted, leaving the MacDonalds and their handful of neighbors in limbo.
Rest of article here: [url]http://www.msnbc.msn.com/id/25887040/[/url] |
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SusanW1
(Michigan)
Posts:2316
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| 08/12/2008 3:50 PM |
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Don't use Michigan as the benchmark for ANYTHING right now!
The economy is awful and the prospective buyers for the $300 - $500,000 market have been laid off or left the state. Retirees are moving south. The state is imploding!
I hear Kentucky and southern Ohio are holding their own. |
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MicheleD
(Kentucky)
Posts:1866
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| 08/12/2008 4:01 PM |
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I know.
But my point was that there are a lot of newer developments, even here in Kentucky, that are slowing completion, or running into the probability of, as the article said, selling out to some other builder/developer who will change the quality level of the homes and drive the market value of homes already built down.
In cases like those, the HOA cannot be handed over to the homeowners, because the developer hasn't completed enough units to reach the turnover threshold.
They are in awful straights.
Rough situation, getting rougher.
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