Buyers for expensive homes hard to find

ASHEVILLE When people of a certain income level consider moving to the Asheville area, they're drawn to the mountains, the city's cultural amenities - and high-end housing developments. Full Story
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KLS

Asheville, NC

#1 Apr 18, 2009
"When people of a certain income level consider moving to the Asheville area, they're drawn to the mountains, the city's cultural amenities — and high-end housing developments."

Certain income level? What the hell does that mean?

This goes back to my previous post about people bringing money to AVL and dumping it in our market. This article talks about houses in the 500k range. Oh. My. God.

Forgive me if don't get all weepy when these type houses don't sell and have no market. Who in AVL can afford that? No one. The only buyers for that type of house is someone from the outside who does not have to earn a living here.

Hats off to AC-T for again writing a sob story that has noting to do with the people who actually live here.
tarheel

Plano, TX

#2 Apr 18, 2009
KLS wrote:
"When people of a certain income level consider moving to the Asheville area, they're drawn to the mountains, the city's cultural amenities — and high-end housing developments."
Certain income level? What the hell does that mean?
This goes back to my previous post about people bringing money to AVL and dumping it in our market. This article talks about houses in the 500k range. Oh. My. God.
Forgive me if don't get all weepy when these type houses don't sell and have no market. Who in AVL can afford that? No one. The only buyers for that type of house is someone from the outside who does not have to earn a living here.
Hats off to AC-T for again writing a sob story that has noting to do with the people who actually live here.
Did you not bother to read the article? "Trickle down" economics. When these houses don't sell, people (local people) become unemployed -- construction people, landscapers, the furniture industry, grocery stores, and on and on. I agree with you that its difficult to sympathize with the buyers of such expensive homes. But if you continue reading, you see how the slowdown in sales of these houses, impact the local "worker bees" who are out of work -- and money.
Ron

Camp Lejeune, NC

#5 Apr 18, 2009
Oh, so if no one buys a mini Cinderella house at the Thoms Estate, Ingles groceries is going to hurt because it "thought" more people were going to be shopping there? And construction workers should assume there will always be new construction jobs available? Should flouride be outlawed because it hurts the business of dentists?
I agree that if these failed or failing developments do not pay local subcontractors, it will definately hurt the local "worker bees." So this tells me there are PLENTY of high end houses to choose from, maybe sell those first before incurring more risk and debt.
The Right Thing

United States

#6 Apr 19, 2009
KLS wrote:
"When people of a certain income level consider moving to the Asheville area, they're drawn to the mountains, the city's cultural amenities — and high-end housing developments."
Certain income level? What the hell does that mean?
This goes back to my previous post about people bringing money to AVL and dumping it in our market. This article talks about houses in the 500k range. Oh. My. God.
Forgive me if don't get all weepy when these type houses don't sell and have no market. Who in AVL can afford that? No one. The only buyers for that type of house is someone from the outside who does not have to earn a living here.
Hats off to AC-T for again writing a sob story that has noting to do with the people who actually live here.
Do you not understand if real estate picks up (particulairly the high end), it WILL positively affect you and your little likely mobile home?
John Glenny

United States

#7 Apr 19, 2009
John,

Good story. Now what about the downtown condo market? How about a story on this?
Yeah Right

United States

#8 Apr 19, 2009
All of the developers mentioned in this article are nothing short of crooks, especially Keith Vinson. They promise their subcontractors the moon with future work if they will give them deep discounts or free products and services for themselves and the development. When its time for the promised development work to start they all of the sudden pull renegotiation tactics and pit you against other vendors to get your price even lower. How dishonest and crooked is that?

Keith Vinson owes $6.4 million to his subcontractors according to this article. What a disgrace?! He irresponsibly overextended Seven Falls in a down turning real estate market and now cannot pay the people he owes. What happens when the lawsuits start to fly? Bankruptcy would be my guess. He has already bankrupted his former company, Connestee Falls Building" so why not Seven Falls? I have no sympathy for these developers whatsoever. They are getting a taste of their own medicine thanks to the steep down turn in the real estate market. I feel sorry for the little subcontractor guy who was just trying to make a living and trusted these guys for a paycheck.
Avl Dao

Hickory, NC

#9 Apr 19, 2009
Ron wrote:
Oh, so ... Ingles groceries is going to hurt because it "thought" more people were going to be shopping there? And construction workers should assume there will always be new construction jobs available?...
Hey Ron, you're another person who gets it; our numbers must be increasing!
Yes, there is a whole domino effect as the bubble-fueled hi-end residential and commercial real estate markets collapses in the wake of burst bubbles in the stock market and in speculative ‘investing’ and selling of assets.
We are beyond the point of debate; it is already happening, it is inevitable, it was fore-ordained.
We can waste time whining or moralizing or wishing for the return of the Mega-Bubbles in real estate - OR- we can wise up and plan for what will happen next: the national and local excess supply of contractors, sub-contractors, speculators, realtors, mortgage brokers, investment brokers, appraisers, closing attorneys, etc, all face near-permanent job losses as their occupations downsize to a much smaller national & local headcount that is financially sustainable in this post-bubble economy.
Similar downsizing will happen in revenues from RE sales, as well as in consumption and retail sales; i.e. more shuttered stores, more jobless spa workers and hospitality workers. More foreclosed over-debted businesses, hotels, strip malls, etc.

Those communities and business owners with the cojones (and leadership) to admit they're already seeing the above have a chance to plan for its acceleration and to adapt to downsized economics. Communities and leaders mired in denial – or fooled into thinking its temporary - will get steamrolled by the deflated economic bubble.

You can’t plan or adapt for something you are too afraid to see or admit is true: that this widespread over-building in hi-end residential and commercial development was unsustainable and will not return because the domestic & global speculative bubbles fueling it can NOT be re-inflated by Team Obama, the GOP, or the USA.
Glad to be in WNC

United States

#10 Apr 19, 2009
"• 37 Montford Ave.,$2,153,000, Montford Gateway phase II LLC to Asheville Board of Realtors Inc."

Well, certainly not all is not gloom and doom with the locals.

Since: Dec 07

Asheville

#11 Apr 19, 2009
Times are tough and I don't wish hardship on anyone, buyers or builders, but it is what it is right now. What's sadder to me are the number of people (usually elderly)who own their houses outright and can barely scrape together enough money to pay their property taxes in order to keep what they own. That's just wrong.
Local

Peachtree City, GA

#12 Apr 19, 2009
Whatever happened to developers who wanted to build a house for "regular" people. GREED, that's what happened to them. NOT EVERY PERSON IN THE WORLD CAN AFFORD A MILLION DOLLAR HOUSE!!!! Just for those who missed it, not every person in the World can afford a million dollar house. It's not just purchasing the home, it's maintaining it, buying electricity for it, it's thinking about the effect your home has on the environment AND THE SURROUNDING PROPERTY'S TAX BASE!

Times changed WHILE they were building these monstrocities, and now we're going green (meaning we want smaller houses dip-chit) I DO have the money to purchase this kind of house, BUT and listen very clearly Mr. Developer, and Mrs. Real Estate first cousin, I am not going to live forever, I want something without a lot of stairs, with a smaller floor space because if I fall at one end of the room I can't get up and reach the PA system to call for help.

Developers have no sense of what real people want and THAT is why their houses sit empty. Also, Mr. Developer here's a clue, I don't want a house like every frickinbody else. Not everyone can, or wants to live in a gated, don't know my neighbor community. Right now is when people are reaching out to each other and smaller homes, with front porches and places to meet your neighbor will sell.
The Right Thing

United States

#13 Apr 19, 2009
Glad to be in WNC wrote:
"• 37 Montford Ave.,$2,153,000, Montford Gateway phase II LLC to Asheville Board of Realtors Inc."
Well, certainly not all is not gloom and doom with the locals.
Shouldn't realtors lead the way like they always do? You should follow their lead. In your case, "follow", is all you do.
TN Ted

Nashville, TN

#14 Apr 19, 2009
Guess the Biltmore Estate and McDonalds just don't pay enough for people to afford these houses. People had a chance of having a modest home when there was some manufacturing in the area. Buncombe never tried to attract or to keep any manufacturing job. Wait for the leaves to turn and people will come and look at the pretty leaves, and might have a greasy BigMac. Oh, how times have changed. Look for more store closings too.
seriously

Spartanburg, SC

#15 Apr 19, 2009
The problem began with all the builders becoming greedy and building the worng price range of homes for this area. We sell 15- one million dollar homes so the next year they build 200? Huh.

That in turn mean no new homes being built for the working folks here. Then all the old homes became the only option, which drove up those prices.

If the builders would refocus on $125,000 homes, they might actually survive the storm.
seriously

Spartanburg, SC

#16 Apr 19, 2009
And just think, if you bought one of the Buttmore Pork or Buttmore Pond homes in the last few years and need to sell it, you're only going to lose a few hundred grand.
Local

Weaverville, NC

#17 Apr 19, 2009
Local wrote:
Whatever happened to developers who wanted to build a house for "regular" people. GREED, that's what happened to them. NOT EVERY PERSON IN THE WORLD CAN AFFORD A MILLION DOLLAR HOUSE!!!! Just for those who missed it, not every person in the World can afford a million dollar house. It's not just purchasing the home, it's maintaining it, buying electricity for it, it's thinking about the effect your home has on the environment AND THE SURROUNDING PROPERTY'S TAX BASE!
Times changed WHILE they were building these monstrocities, and now we're going green (meaning we want smaller houses dip-chit) I DO have the money to purchase this kind of house, BUT and listen very clearly Mr. Developer, and Mrs. Real Estate first cousin, I am not going to live forever, I want something without a lot of stairs, with a smaller floor space because if I fall at one end of the room I can't get up and reach the PA system to call for help.
Developers have no sense of what real people want and THAT is why their houses sit empty. Also, Mr. Developer here's a clue, I don't want a house like every frickinbody else. Not everyone can, or wants to live in a gated, don't know my neighbor community. Right now is when people are reaching out to each other and smaller homes, with front porches and places to meet your neighbor will sell.
Yet another "Local", but luckily, I mostly agree with this one.

But I have more than a few neighbors that I do NOT want anywhere near my front porch!
deport now

Asheville, NC

#18 Apr 19, 2009
tarheel wrote:
<quoted text>Did you not bother to read the article? "Trickle down" economics. When these houses don't sell, people (local people) become unemployed -- construction people, landscapers, the furniture industry, grocery stores, and on and on. I agree with you that its difficult to sympathize with the buyers of such expensive homes. But if you continue reading, you see how the slowdown in sales of these houses, impact the local "worker bees" who are out of work -- and money.
most of these workers are illegal aliens who send their money back to mexico. you can find a huge nest of these "worker bees" at every construction site.

Since: Oct 08

Asheville, NC

#19 Apr 19, 2009
go back north wrote:
Third class citizens dumb enough to pay the prices you did.
Unless you have Cherokee or some other Native American blood in your lineage, you too are a "third class citizen" of WNC. But then you're probably dumb enough not to realize that.
Ghost Dog

Springfield, MO

#20 Apr 19, 2009
avlcrp wrote:
<quoted text>
Unless you have Cherokee or some other Native American blood in your lineage, you too are a "third class citizen" of WNC. But then you're probably dumb enough not to realize that.
Anyone born in America is a "Native American", there are no people much older than 100 years and very few of them. There are NO people alive that were here prior to when the first explorers came to North, Central or South America. Being an Indian is another thing, that means you are basically a descendent of Asian peoples that came either by sea or by land bridge from Russia to Alaska, thousands of years ago. It also means you are not "Pure" but a Mutt like everyone else, co-mingled with Europeans, Africans, etc. So, as a "Native American", I am not a "third class citizen", I am a citizen of the USA just like the Indians, even though Congress gave some of them "special citizenship" and allowed them to have "reservations". Which people were the first immigrants? Polynesians, Mongolians, Chinese, a mixture, there were no Indians in the Americas when they arrived, they co-mingled and created, hmmmmmmm, Indians!
Ghost Dog

Springfield, MO

#21 Apr 19, 2009
Glad to see the mansion construction being slowed, hope it is halted as it will help bring home construction prices down since the contractors can't gouge the rich folks or at least those that think they are rich but aren't!
Glad to be in WNC

United States

#22 Apr 19, 2009
The Right Thing wrote:
<quoted text>
Shouldn't realtors lead the way like they always do? You should follow their lead. In your case, "follow", is all you do.
Oooooooooo Someone got up on the wrong side of the MLS this morning.

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