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25,000 to Mecklenburg County in just one Year


monsoon

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Also, when bubbles burst, it is when people are trying to sell as fast as they can. Does that really happen with housing? Will there be a lot of people moving to hotels and apartments just to get out of owning a house?

I can see a plateau or slip dip in values as people can no longer afford the real estate, but otherwise it doesn't seem like things can be so bad without a catestrophic change.

Think of it this way. When all of the ARM's start to rise, people who own a mortgages will start to forclose.

Some balk at this since all that one would have to do is just Refi, right????

Not quite..

Most can't even get approval for a new loan because they already have muliple lines of credit already existing.

Maybe they can't even refi snce their credit picture is so bleak becasue of other debt (ie Cars and Credit Cards) Then this person will walk away from the house leaving it to the bank because the actual mortgage is GREATER than the value of the house. It can and does happen all the time.

Once the bank gets it they auction it off, except at a much lower value since the priciple of the loan is all they seek.

Now multiply that many times over and you a scenario that is getting ready to take place. Banks will get burned and so will investors. There is no real easy way to escape the bursting of the bubble.

This is just one way tha One gets upside down on their note.

The reason is because in the last ten years with the Fed's total lack of foresight they allowed Banks to lend money to anyone with a pulse. Screw the Credit score, it went out the window. It was all about getting you in that home. And hell since rates are 0%, you can buy more house...hahahaha. Think again. Most real estate has been purchased with these wonderful products (ie ARMS) that are now going to be the death of many a bank and investor. You don't even need one red cent to walk into a million dollar home these day !!! This is INSANE!

The only real way would be to change the American mindset of spending less and saving more. But guess what, that aint going to happen. People are too interested in keeping up with the Jones's and will alway spend what they don't have.

We are going to witness the crash in a way I think most can not realize. Interest rates are climbing so fast and the Dollar is breaking. It is only a matter of time before the domino effect takes place in frothy housing markets.

A2

DId anyone see Nightline last night? They had a story on the condo market cooling in San Diego. They said condos were staying on the market much longer than just a few month ago and sellers don't want to come down on their prices and buyers are not buying.

This is only one city in a handful. This trend is JUST BEGINNING!

A2

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Couldn't decide which thread this article would best apply to - probably several. But, it ties into the discussion here about so many people moving here (and by extension, where they are all going to live). It's an interesting viewpoint on sprawl that's not often defended. Also raises the assertion that urbanism can be, by its nature, snobby and elitist. :unsure: This article argues that now that everyone is so rich (as compared to previous generations), and has basic shelter taken care of, we're at the comfort level where we can care more about aesthetics and can afford to be snobby about it. And also, because anti-sprawl critics tend to focus more on lower/middle class subdivisions and not on the likes of the affluent person who buys several acres on the outskirts of town to enjoy a little peace and quiet.

Adds some interesting geographic and historic argument (i.e. European cities, often held as a model, were built that way out of necessity or mandate, and not to create vibrant, dynamic communities).

A summary thought: "Most urban change, no matter how wrenching for one generation, tends to be the accepted norm of the next, and the cherished heritage of the one after that."

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A summary thought: "Most urban change, no matter how wrenching for one generation, tends to be the accepted norm of the next, and the cherished heritage of the one after that."

Clearly it's true we sometimes come to cherish things that once were wrenching, but I'm not sure the converse follows. Sometimes wrenching change doesn't work out at all. The sign of good medicine is that it makes you better, not that it tastes bad.

Will we really come to cherish the towers-in-gardens we built for poor people in the middle of the last century? The word "project" had a positive connotation then, but doesn't now. Many people regret that urban renewal process and some towers are being replaced.

What about the "urban change" that created business districts, blocks of tall towers that emptied of life after 5 p.m.? We no longer cherish that idea, which seemed pure and futuristic once upon a time. Now such places are regarded as needing a make-over.

And then there are the early suburbs, endless acres of split-level ranches that in many cities are becoming the areas where "urban" problems are most concentrated. I don't know that these places are ever going to be cherished. Mostly we just seem to be running away.

My suspicion is that we often come to cherish the past when the present isn't working as well. Our love of old places makes me wonder about the quality of our new places.

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I live in Tega Cay which is right near all of the areas you guys are talking about. Lancaster Co. is exploding going down 521 I think it is, where it backs up to Ballentyne. As for the Palisades, I think they are technically located in York Co., S.C. I could be wrong though, when I drive down 160 and 49 going to Lake Wylie (where the Palisades is) the road goes in and out of York and Meck. several times.

Also, there is a tennis tournament that is coming to the Palisades in September with John McEnroe and Jim Courier among others.

Surprisingly The Palisades is in Mecklenburg it just sneaks in over the boarder. I looked into buying over there last year but the higher taxes made me think otherwise and am currently looking into Lake Shore in Tega Cay.

Like the other poster in here I'm from California but have not yet escaped. Sold the house last year but have been renting ever since. It is going to be a mess over here for many years to come while this housig thing sorts itself out.

Really liked Charlotte though, what a fantastic little, growing city it is and think there are going to be great things to come for the area. Enjoyed the friendly people as well, wow saying hello to people... what a concept.

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Welcome to the forum chadetroit. From your screen name I would not have imagined you were from California.

:thumbsup: Thanks, just trying to learn all I can about Charlotte and pass the good stuff along to the wife. Born and raised outside of Detroit but now residing in Cali. Hopefully soon to change.

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Greetings all, my first post here. Just discovered the site as well.

I will be moving to Charlotte (Matthews actually) this summer, coming from suburban (Westchester county) NY, which is 30 mins north of NYC.

We are a young family, with 3 children. We bought our first house (nay, tis now our home - no more renting, yay!) for 1/4 of the price of what a similar one would cost here.

I will miss being close to the beach however :(

Anyway, just wanted to say hi and put a little more perspective into the growing Charlotte population!

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Speaking with the people who run my apartment complex in H'ville today they say they are at 97% capacity with a long list of applications. I have no reason to doubt this as I've been trying to move into a larger unit for several months now.

Also, I notice that houses in the neighborhood I manage are selling at a very rapid pace.

In both cases, according to the apartment staff and to my sales staff, people seem to be "pouring" into Charlotte from several areas - New York, New Jersey, Ohio, Pennsylvania, New England, California, and Georgia. I use the term "pouring" b/c I sense that the pace of in-migration is quickening dramatically recently compared to what I've seen over the last several years in Charlotte and before that, over the last 17 years in Raleigh-Durham.

While both Charlotte and Raleigh have grown at an incredible pace over the past 20 years - maybe the pace is actually increasing? Is that possible?

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Greetings all, my first post here. Just discovered the site as well.

I will be moving to Charlotte (Matthews actually) this summer, coming from suburban (Westchester county) NY, which is 30 mins north of NYC.

We are a young family, with 3 children. We bought our first house (nay, tis now our home - no more renting, yay!) for 1/4 of the price of what a similar one would cost here.

I will miss being close to the beach however :(

Anyway, just wanted to say hi and put a little more perspective into the growing Charlotte population!

Welcome to the Carolinas, Melk!

You're not as far from the "beach" as you think...first of all, you'll have Lake Norman...and, as you know - traveling from Westchester to LI beaches can take a couple of hours in the summer - you'll be at least a little more than a couple of hours from the sub-tropical beaches of Charleston 12 months a year.... :yahoo:

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