Million-dollar homes flood the market

Million-dollar homes flood the market

There are 139 comments on the Asheville Citizen-Times story from Nov 1, 2007, titled Million-dollar homes flood the market. In it, Asheville Citizen-Times reports that:

People who have been wondering just how many million-dollar homes the Buncombe County market can bear may get their answer in the next year.

Join the discussion below, or Read more at Asheville Citizen-Times.

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Satyam

Since: Feb 07

Location hidden

#125 Nov 4, 2007
Realsearch wrote:
<quoted text>
Sadman
You just did.
The situation is this, YOU ARE THE SAD MAN NOT I.

G(-'.'G)
Realsearch

Fairview, NC

#126 Nov 5, 2007
Jackson wrote:
<quoted text>
I have a mobile home I bought brand new in '97 for $19,500 (without land). At that time that was one of the most expensive mobile homes on the lot. Now the cheapest mobile home you can find starts around $35,000. At the time I bought it mobile homes were priced the same way cars are priced, with every year passing they devalued about $1200 a year.
Now mobile homes are actually increasing in value. I have recently found out that my home is now worth $20,000 to $25,000 (without land). The final value would depend on if I did some upgrades to it. If the values decreased as they have always done in the past then my home would now be worth $7500. I think I am happy with that but I still find it very strange that a mobile home actually increases in value & that now if you buy one on land then you will pay no less that $90,000.
The land I live on (2 acres) has been in my family for almost 100 years. I had to sign an agreement with my family that I would NEVER sell the land. If I were to ever want to leave then I would have to give it to someone else in the family & they would also have to agree to NEVER sell it or if I were to die then it would go to my next of kin.
Jackson,

Unfortunately for you, the previous understanding about the value of a mobile home going down in value is still a correct assumption assuming the following: 1. if it is a singlewide 2. if the land under it is NOT owned by the owner of the mobile home 3. it is NOT on a permanent block foundation 4. it is in a location of mostly mobile homes. There may be some other factors which would influence it positively or negatively, but the fact is, it is treated the same way as an automobile..... a new one will always be worth more than a used one.

Here are some facts about just singlewide homes: Last year through 11/5/2006 there were 28 singlewide homes sold with less than 1.5 acres. The average selling price was $54,971. This year to date there have been 24 sold with 1.5 acres or less and the average asking price was $55,989. That is only a 2% increase, and that would mostly be attributed to the increase in the value of the land, not the mobile.

Even though a singlewide may be "afforable" housing, unless you own the land, IT IS NOT A GOOD BUY! All you have to do is call a mobile home dealer and ask what they will buy your used singlewide for without any land, and you will see the reality of that purchase.

However, you are a lucky person to have the use of family land and that is hard to put a value on.
overlook

Lincolnton, NC

#127 Nov 5, 2007
i bot this castle for 100K in 1953.
sold it the new guy in '83
for 300K.
not bad.
tiger wonts

Lincolnton, NC

#128 Nov 5, 2007
Heathclitt wrote:
<quoted text>
are there any southfacesittin lots there?
no, they've been bought already.
Get Over It

Plano, TX

#129 Nov 5, 2007
Angry citizen wrote:
<quoted text>
We suggest commenting if you live here!!! What we face here in asheville is something you have to go through to understand!!!
What makes you think we don't live there part time in our million dollar houses?
beatles

Lincolnton, NC

#130 Nov 5, 2007
ringo and i will live next to tiger woulds

“Don't Blame Me . . .”

Since: Mar 07

Rockledge, FL

#131 Nov 5, 2007
I love the lesson at the end: What does a house have to have to sell for $1 million or more in Buncombe County these days?

It’s not necessarily square footage, says Ann Skoglund, a real estate agent at Beverly-Hanks. Rather, design and other features are most likely to attract buyers, she said. Here is her list:

• Attractive architecture.“Big is not the name of the game. The most important thing they have to have is what I call architecture. It can’t be cookie cutter.… There has to be a wow factor.”

• Fine finishes and features.“Don’t (build) a bathroom that doesn’t have limestone or marble. Don’t (build) a kitchen that doesn’t have granite countertops and high-end appliances.” Buyers are also looking for things like media rooms, wine cellars and outdoor living space.

• Location and community amenities. Some buyers want to be in a golf community or near walking trails or green space; some are looking for a neighborhood like Grove Park or Biltmore Forest; some want spectacular views; and some want to be downtown.

Now stop yer bitchin and get buildin' The Boomers Are Coming!! The Boomers Are Comimg!!
fjcruiserdog

United States

#132 Nov 5, 2007
lawnguy wrote:
As hard as it is to accept, those million dollar houses here are going to continue to sell. There are areas of this country where housing is hugely inflated and folks can sell there giving them funds to waste here. Until they are made to feel very unwelcome here they will continue to come. I heard some folks recently advocating taking steps to identify them and publish their names, encouraging others to boycott their businesses, refuse to work for them, etc. That would have to be universal to work and I doubt the starving carpenter down the road would refuse work, no matter who it was for. Short of some domestic terrorism directed toward the high rollers, I doubt we will get rid of them so easily.
your poor angry nut. It's people like you who can't get anywhere in life because you spend all your time beeing angry and jealous. Unfortunately my taxes have to support slugs like you
fjcruiserdog

United States

#133 Nov 5, 2007
carefulthoughtnc wrote:
<quoted text>
I totally agree with you, Angry. The problem in Asheville is that wages don't match the cost of living. That's why us worker bees can't afford to buy here in our own hometown. Nobody's asking for a handout. We are asking for equitable wages in comparison to the costliness of this ever growing city.
get more jobs
fjcruiserdog

United States

#134 Nov 5, 2007
From Here wrote:
<quoted text>
Paul Varner, you really are quite an idiot. Your post shows that you have no respect for the people who grew up here and the ones who built this city. Your post shows and inherent lack of understanding of the region, the culture and its people.
That being said, the housing market in Asheville is like any other city that's having problems. It's simple Law of Gravity - "What goes up, must come down". I take no joy in seeing people lose everything but, if they had been smart in the first place and spoke to natives we could have told them that most houses in Asheville were not worth millions of dollars no matter how high end the furnishings and interiors. No one should be paying over 300K for a house in this area. Period.
Are you running on the communist ticket? Looks like you do

Since: Feb 07

Ashevegas

#135 Nov 5, 2007
fjcruiserdog, you let your mouth over load your brain. Nowhere in my post am I angry, you are too anxious to mouth off to read carefully. The fact that I mention having HEARD other folks speak their minds about their idea for a remedy, does not mean that I advocate it, in fact I suggested that their idea would not work anyhow. As for being an angry jealous person, you obviously have no idea about what you are talking about. I am very happy, have a good family, a successful business and know enough unhappy wealthy folks to know without a doubt that I would never choose to swap places. Your taxes have never supported me as I have worked all my life and probably pay more for property tax than you do for all your taxes. A good book on manners might do you some good if you have the humilty to get down off your pedistal.

“Man, 2 mo' years...Whew!”

Since: Feb 07

Location hidden

#136 Nov 6, 2007
lawnguy wrote:
As hard as it is to accept, those million dollar houses here are going to continue to sell. There are areas of this country where housing is hugely inflated and folks can sell there giving them funds to waste here. Until they are made to feel very unwelcome here they will continue to come. I heard some folks recently advocating taking steps to identify them and publish their names, encouraging others to boycott their businesses, refuse to work for them, etc. That would have to be universal to work and I doubt the starving carpenter down the road would refuse work, no matter who it was for. Short of some domestic terrorism directed toward the high rollers, I doubt we will get rid of them so easily.
lawnguy,
I've read many of your posts before and have found them to be "reasonable," if I may say so.

This one had me scratchin' my head a bit. You mention it "being hard to accept" that those houses will sell to folks who will "waste" their money on them.

Then you say "they" will continue to come until "they are made to feel very unwelcome here."

You finish with a flourish by saying "Short of some domestic terrorism directed toward the high rollers, I doubt we will get rid of them so easily."

Sounds a little angry/hateful to me. Am I misreading you? I hope so. Not sure, though.

As an aside, do you have any fat landscaping contracts with any of "those" people?

Still scratchin' my head and wondering about your true feelings.

“RadicalDudette”

Since: Feb 07

Location hidden

#137 Nov 6, 2007
ButchHowdy wrote:
I love the lesson at the end: What does a house have to have to sell for $1 million or more in Buncombe County these days?
It’s not necessarily square footage, says Ann Skoglund, a real estate agent at Beverly-Hanks. Rather, design and other features are most likely to attract buyers, she said. Here is her list:
• Attractive architecture.“Big is not the name of the game. The most important thing they have to have is what I call architecture. It can’t be cookie cutter.… There has to be a wow factor.”
• Fine finishes and features.“Don’t (build) a bathroom that doesn’t have limestone or marble. Don’t (build) a kitchen that doesn’t have granite countertops and high-end appliances.” Buyers are also looking for things like media rooms, wine cellars and outdoor living space.
• Location and community amenities. Some buyers want to be in a golf community or near walking trails or green space; some are looking for a neighborhood like Grove Park or Biltmore Forest; some want spectacular views; and some want to be downtown.
Now stop yer bitchin and get buildin' The Boomers Are Coming!! The Boomers Are Comimg!!
That is the best part of the article.

I would want real windows that I can open with screens.

What is the point of the million dollar homes?
It will turn you into a house hermit. One would
have the latest of everything. No need to go outside and visit the real world.

Unless they need to get a Blackberry.

Satyam

Since: Feb 07

Location hidden

#138 Nov 6, 2007
reasonable wrote:
<quoted text>
lawnguy,
I've read many of your posts before and have found them to be "reasonable," if I may say so.
This one had me scratchin' my head a bit. You mention it "being hard to accept" that those houses will sell to folks who will "waste" their money on them.
Then you say "they" will continue to come until "they are made to feel very unwelcome here."
You finish with a flourish by saying "Short of some domestic terrorism directed toward the high rollers, I doubt we will get rid of them so easily."
Sounds a little angry/hateful to me. Am I misreading you? I hope so. Not sure, though.
As an aside, do you have any fat landscaping contracts with any of "those" people?
Still scratchin' my head and wondering about your true feelings.
I agree with much of what you are saying. Yes, how will the locals make all those rich folks feel unwelcome? Drove up to Hot Springs on Saturday and way up there in Madison County there's a new gated community going in. These folks will hole up in their refuge and you'll likely never see them and if you do, how you going to tell the difference between them and rich tourists, the very people Asheville thrives on.

Oh, and the wasting money part. That's funny too. I seriously doubt folks with that kind of bread think of it as waste. Also, you may not have noted this but a lot of these fancy digs are not even home to many, they are second homes. There's a bunch of such developments going in, probably the place we saw on our drive is one of them, seen some down near Lake Lure as well.

This is typical of people with a lot of do re me. I saw it out in the Southwest as well, Arizona and Colorado, there is a booming market in second homes in these mountains more going in near Waynesville and west to serve Atlanta. Some of these people, no probably most of them will write a check without a second thought.

Mind boggling? It sure is for us who had to or having to earn our money through hard work. Fact is we have two personal friends who are not even millionaires. One owns a house in Saratoga Springs and a condo in Hendersonville and his sister owns a home in Hendersonville and property near Cabo San Lucas. This pair, by the way, were born in SC and are gravitating back "home".

“Man, 2 mo' years...Whew!”

Since: Feb 07

Location hidden

#139 Nov 6, 2007
Satyam wrote:
<quoted text>
I agree with much of what you are saying. Yes, how will the locals make all those rich folks feel unwelcome? Drove up to Hot Springs on Saturday and way up there in Madison County there's a new gated community going in. These folks will hole up in their refuge and you'll likely never see them and if you do, how you going to tell the difference between them and rich tourists, the very people Asheville thrives on.
Oh, and the wasting money part. That's funny too. I seriously doubt folks with that kind of bread think of it as waste. Also, you may not have noted this but a lot of these fancy digs are not even home to many, they are second homes. There's a bunch of such developments going in, probably the place we saw on our drive is one of them, seen some down near Lake Lure as well.
This is typical of people with a lot of do re me. I saw it out in the Southwest as well, Arizona and Colorado, there is a booming market in second homes in these mountains more going in near Waynesville and west to serve Atlanta. Some of these people, no probably most of them will write a check without a second thought.
Mind boggling? It sure is for us who had to or having to earn our money through hard work. Fact is we have two personal friends who are not even millionaires. One owns a house in Saratoga Springs and a condo in Hendersonville and his sister owns a home in Hendersonville and property near Cabo San Lucas. This pair, by the way, were born in SC and are gravitating back "home".
I know quite a few of "those" folks right here in the downtown where I live. Most are full-timers but the ones that aren't (and many of them are locals with a city crash-pad) don't bat an eye when they stroke that fat check. Two people I know have sold their condos for, let's just say, well into the 6 figures PROFIT after having them for less than 2 years.

For the record, I'm not one of them but we're doing just fine, thank you very much.

The people on these threads who constantly carp about some perceived class-warfare do not have one iota or even half a scintilla of a clue about the market downtown and what it will bear, IMHO.

“Just me”

Since: Oct 07

Joliet, IL

#140 Nov 6, 2007
Can I ask if anyone one on here knows , how does settlement issues affect the value of your home ?
I know that by sinking the value depreciated but by how much is what I am trying to figuire out ?
We had one appraiser tell us "your house is worth what you can sell it for , and nobody would buy it so it has no value "
They did do underpinning .
Thanks for any help anyone can give
Thanks RoyofDenver

Eddyville, KY

#141 Nov 6, 2007
Excellent reading on you websites there!
Some scary shite fer sure.
Roy wrote:
Can you say massive mis-allocation of resources?
Pop! goes the housing bubble.
Maybe they can eventually be turned into multi-family housing? Or salvaged for their granite counter tops and hardwood floors? What average family actually needs 6000 sq ft? Imagine the cost to heat and cool these monsters. Talk about flagrant waste of limited resources.
Clusterf**k Nation lands on our doorstep. Who'd a thunk it??
http://www.kunstler.com/ -- www.peakoil.com -- www.independencejournal.com
Check it out. Read and learn. Improvise, adapt, and overcome, if you want to.
Suburban dystopia and the greatest mis-allocation of natural resources in human history. That's us. Seems like available credit for the purchase o these McMansions is drying up. Banks are losing their asses due to their myopia and greed -- investments in CDO's, mortgage security's etc. Where's your money?
CDOs, sub-prime mortgages, and unsustainable living arrangements combined with a declining energy supply. Happy motoring is on its last leg. Watch gasoline prices, heating oil, nat gas, and electricity, not to mention food. 2% inflation? Yeah, only if you don't need food or energy. Welcome to the future.
I'd hate to be upside down on one of these things. My guess is that they're so poorly constructed that they'll be falling apart within five years.
Bravo!
Thanks to the ACT for reporting this. More people need to be made aware of what's going on.
Helicopter Ben and his boyz are making sure that the wealth of this country is getting more and more concentrated in the hands of the top 1%. Incidentally, that group currently earns 47% of all income earned in this country. American dream my ass. Thank You Bush, Cheney, private corporation called the Federal Reserve, Congress, and the whole real estate industry. Yes, thank you.
Another fact: Families who earn more than $200,000 per year are the top 2%. 98% of us are feeling the pinch, yet congress still argues about flag burning, abortion, and gay marriage. As if those things have anything to do with our quality of life and standard of living.(which seems to be declining almost daily now).
Vote for Ron Paul M.D. if you would like to see the crooks and sociopaths who cleverly engineered this situation put out of a job, which IMHO is the LEAST that they deserve.
Or vote for one of the media favorites and watch current trends continue until this country is absolutely bankrupt and the top 1% own everything. The status quo, business-as usual, is killing the average American. Who do the people in our corporate government actually represent?
Answer that question honestly and your conscience will guide you. Turn off your TV. Google is your friend.
Happy Friday everybody!!!

Since: Feb 07

Ashevegas

#142 Nov 6, 2007
reasonable wrote:
<quoted text>
lawnguy,
I've read many of your posts before and have found them to be "reasonable," if I may say so.
This one had me scratchin' my head a bit. You mention it "being hard to accept" that those houses will sell to folks who will "waste" their money on them.
Then you say "they" will continue to come until "they are made to feel very unwelcome here."
You finish with a flourish by saying "Short of some domestic terrorism directed toward the high rollers, I doubt we will get rid of them so easily."
Sounds a little angry/hateful to me. Am I misreading you? I hope so. Not sure, though.
As an aside, do you have any fat landscaping contracts with any of "those" people?
Still scratchin' my head and wondering about your true feelings.
Reasonable,
One terrible shortcoming of online forums like this is the lack of ability to see the writer and get clues from expressions, etc. Apparently some folks took what I opined here and got an entirely different meaning.
1) wasting money refers to a thing I have seen several times, where someone from another area sells for an amount there, then spends here, as if they were still living there. It may be buying just what they want, and they can afford it, but they spend more here than they need to. Several customers of mine have gone through that cycle, and seem to think I am nuts when I tell them they are spending to much, or are being fleeced.
2) The hypothesis I put out about people continueing to come here until they are made to feel unwelcome, some seem to have taken as a veiled threat. It is not. I only observe and listen. I have heard lots of anger and talk along those lines, and would not be too surprised if it occured, but am not advocating it. However since I know a few of the high-rollers, I have heard some of them admit that they are thinking of going elsewhere, largly due to the fact that they just don't fit in here. Some are afraid, but most are just realizing that Asheville is not the paradise that the real estate snake oil salesmen hype it up to be.
Most of what makes Asheville dear to me has nothing to do with the government, money or those moving here in the recent years. My family has been here a long time and I have lots of friends and memories here.
The worst part of the influx of money here is the effect on older folks, who bought homes here in 40's and 50's for modest prices, invested their lives here and are now being taxed out because of nearby property being inflated. My home has been in our family since the 1920's and due to commercial development nearby has been inflated to ridiculous heights. That might be seen as a windfall, if I wanted to sell, but since I just want to live here, I am being taxed an amount that only reflects the greed of others, and does not reflect the fact that my quality of life has declined because of that developement. I am not sad or angry for myself, because I will come out fine, but many older friends and customers are really being hurt by this. One rememdy might be to fix the property tax at an amount when the property is sold and as long as it remains in that owners hands, it could not be increased to match prices with newly sold property. Then, in order for our free spending government to finance their sillyness they would have to increase the rates on current sales and this might just pull the reins in of some of the McMansions.

“Man, 2 mo' years...Whew!”

Since: Feb 07

Location hidden

#143 Nov 7, 2007
lawnguy wrote:
<quoted text>
Reasonable,
One terrible shortcoming of online forums like this is the lack of ability to see the writer and get clues from expressions, etc. Apparently some folks took what I opined here and got an entirely different meaning.
1) wasting money refers to a thing I have seen several times, where someone from another area sells for an amount there, then spends here, as if they were still living there. It may be buying just what they want, and they can afford it, but they spend more here than they need to. Several customers of mine have gone through that cycle, and seem to think I am nuts when I tell them they are spending to much, or are being fleeced.
2) The hypothesis I put out about people continueing to come here until they are made to feel unwelcome, some seem to have taken as a veiled threat. It is not. I only observe and listen. I have heard lots of anger and talk along those lines, and would not be too surprised if it occured, but am not advocating it. However since I know a few of the high-rollers, I have heard some of them admit that they are thinking of going elsewhere, largly due to the fact that they just don't fit in here. Some are afraid, but most are just realizing that Asheville is not the paradise that the real estate snake oil salesmen hype it up to be.
Most of what makes Asheville dear to me has nothing to do with the government, money or those moving here in the recent years. My family has been here a long time and I have lots of friends and memories here.
The worst part of the influx of money here is the effect on older folks, who bought homes here in 40's and 50's for modest prices, invested their lives here and are now being taxed out because of nearby property being inflated. My home has been in our family since the 1920's and due to commercial development nearby has been inflated to ridiculous heights. That might be seen as a windfall, if I wanted to sell, but since I just want to live here, I am being taxed an amount that only reflects the greed of others, and does not reflect the fact that my quality of life has declined because of that developement. I am not sad or angry for myself, because I will come out fine, but many older friends and customers are really being hurt by this. One rememdy might be to fix the property tax at an amount when the property is sold and as long as it remains in that owners hands, it could not be increased to match prices with newly sold property. Then, in order for our free spending government to finance their sillyness they would have to increase the rates on current sales and this might just pull the reins in of some of the McMansions.
Thanks for your response. Governments address tax issues...not homebuyers. You didn't address your statement about domestic terrorism being a remedy and, while none of my business, I am curious if you do business with "those" people.

Still scratchin' my head about your true feelings.

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