Why So Many Homes Available in Dougla...

Why So Many Homes Available in Douglasville?

Posted in the Douglasville Forum

First Prev
of 4
Next Last
KingaKongo

Marietta, GA

#1 Oct 15, 2011
If you go onto a real estate site like Zillow and type in Douglasville, You see hundreds and hundreds of new homes,(built in late 1990's - early 2000's), selling in the depressed price range of 20K-35K. Why? Is something driving people away from the area? What are the dynamics?

Douglasville and Powder Springs are both in the same boat. No other area of Atlanta has the volume of homes or the degree of depressed values like here.

WHY???!!!
EX-Douglasville homeowner

Atlanta, GA

#2 Oct 15, 2011
KingaKongo wrote:
If you go onto a real estate site like Zillow and type in Douglasville, You see hundreds and hundreds of new homes,(built in late 1990's - early 2000's), selling in the depressed price range of 20K-35K. Why? Is something driving people away from the area? What are the dynamics?
Douglasville and Powder Springs are both in the same boat. No other area of Atlanta has the volume of homes or the degree of depressed values like here.
WHY???!!!
Why - Because the thugs,lower class and section 8 have moved into
the neighborhoods. This has brought down the home property values.
and the crime is also up in DOuglass too.
Many of us moved into a wonderful neighborhood and had our dream
home and then saw the Greedy Builders let anyone into the homes with No down payment 80/20. Many of them got into a home they couldn't afford and later just walked away. My subdivison had
18 foreclosures from 2007-2011 out of 73 homes. Values that were 173k dropped to 65k-80k. Even now the subdivison that I lived in was mixed and now all black. Not a safe place anymore if you are caucasian.
Soberer

Douglasville, GA

#3 Oct 15, 2011
EX-Douglasville homeowner wrote:
<quoted text>
Many of us moved into a wonderful neighborhood and had our dream
home and then saw the Greedy Builders let anyone into the homes with No down payment 80/20.
Doesn't 80/20 mean 20% down? No down payment with 20% down?

Don't drink and post people!
positive

Loganville, GA

#4 Oct 15, 2011
80/20 is two loans---
80% 1st and 20% 2nd so the down payment is borrowed.

I knew things were bad in 2006 when the builder was offering an 80/20 interest only 40 year mortgage. Yep it was foreclosed on 2 years later .

ex owner, how'd you get out of your house in Douglas county?

Since: Jun 07

D'ville, GA

#5 Oct 16, 2011
KingaKongo wrote:
If you go onto a real estate site like Zillow and type in Douglasville, You see hundreds and hundreds of new homes,(built in late 1990's - early 2000's), selling in the depressed price range of 20K-35K. Why? Is something driving people away from the area? What are the dynamics?
Douglasville and Powder Springs are both in the same boat. No other area of Atlanta has the volume of homes or the degree of depressed values like here.
WHY???!!!
More starter homes, few jobs (Douglas is a bedroom community with a large portion of the jobs found in Atlanta and other areas), high unemployment (is it still around 14%?), this area was late to join the housing boom so there were more high risk loans, bad construction, no thought to improving trasportation, Section 8 houing, just to name a few reasons.
The Great Scallipini

Villa Rica, GA

#6 Oct 16, 2011
EX-Douglasville homeowner wrote:
<quoted text>
Why - Because the thugs,lower class and section 8 have moved into
the neighborhoods. This has brought down the home property values.
and the crime is also up in DOuglass too.
Many of us moved into a wonderful neighborhood and had our dream
home and then saw the Greedy Builders let anyone into the homes with No down payment 80/20. Many of them got into a home they couldn't afford and later just walked away. My subdivison had
18 foreclosures from 2007-2011 out of 73 homes. Values that were 173k dropped to 65k-80k. Even now the subdivison that I lived in was mixed and now all black. Not a safe place anymore if you are caucasian.
Not greedy builders - corrupt (Barney Frank) banking/lending rules.
DC Voter

Schaumburg, IL

#7 Oct 16, 2011
KingaKongo, where have you been over the past 10 yrs? Under a rock?

Douglas County will be the new ghetto for the 21st century. The substandard homes will rot to the ground and most of Douglas will be considered "blighted". Thanks to the board of commissioners and Commissioner Mulcare's "Quality of life" agenda.

The home builders with cooperation of our zoning boards and commission are responsible for destroying this county and market values. Let them eat saw dust!
KingaKongo

Marietta, GA

#8 Oct 16, 2011
Thanks all for your comments. I suppose I was under a rock, but once you come out, try to get people to be honest and bring you up to speed. I've had more re agents and politically connected people say "problem?.... what problem?"
I am glad I kept digging and stumbled upon this message board. Thanks again for the honest assessment.
KK

“Yet another average white man.”

Since: Jun 11

Location hidden

#9 Oct 16, 2011
The Great Scallipini wrote:
<quoted text>
Not greedy builders - corrupt (Barney Frank) banking/lending rules.

New homes made of crappy materials and practices. They're falling apart all over town. Sure the lenders approved people who should never have walked through the door (thanks to crap Clinton put into motion). But the builders still built crappy homes out of water soluble particle board that have no long term investment value. So yes, even the builders and developers sold our county out. How many of them still live here?
Grob
Ex-Douglasville homeowner

Atlanta, GA

#10 Oct 16, 2011
positive wrote:
80/20 is two loans---
80% 1st and 20% 2nd so the down payment is borrowed.
I knew things were bad in 2006 when the builder was offering an 80/20 interest only 40 year mortgage. Yep it was foreclosed on 2 years later .
ex owner, how'd you get out of your house in Douglas county?
I have been out of my home since June 2011, I walked away and gave the keys back to the bank!! My block had two foreclosures and one house for sale. One home was rented but I spoke to the owner
and she was planning to let the house go into foreclosure after the renter left. I closed on my home in 1999 and had a down payment of 32k. Did all the right things in improving the property.
I had a appraisal done, it valued the property at 195k in 2005.
Douglass tax assessor now in 2011 has the property valued at 84k.
With foreclosures in the area it brings down the comps on homes for sale. ALso the people unable to sale are renting to section 8,
the foreclose homes have lower income people moving in and ones
who have no pride to mow, paint or take care of the home.
Kids are let loose in the neighborhood to cause trouble or break into homes. I had friends that didn't feel safe on my side of town and would leave before dark, when they came to visit!!
I never had any problem in living alone but the area around me changed. The police were sent to my home several times when the alarm went off. Someone broke into my storage building and stole
several tools. I had a gun and would have used it to protect myself and my home. But I also felt like my quality of life had changed, why should I live in fear?? Has a single white woman
who works hard and just wanted a home. To have neighbors who look
after each other. My neighborhood now has cars and homes with thumping bass all night. Youth with saggy pants walking all hours of the night. So I moved on and renting now, don't plan to buy.
I miss my home and sometimes very angry about what happen. But I also know the values in that subdivison will never go up.
curious

Dallas, GA

#11 Oct 16, 2011
where did you live ex-douglasville homeowner?
ex-Douglasville homeowner

Atlanta, GA

#12 Oct 16, 2011
curious wrote:
where did you live ex-douglasville homeowner?
Aspen Woods subdivision. Below is the link showing all the foreclosures in the neighboorhood.

http://www.atlhomeforeclosures.com/Foreclosur...

Since: Mar 11

Location hidden

#13 Oct 18, 2011
Grob Hahn wrote:
<quoted text>
New homes made of crappy materials and practices. They're falling apart all over town. Sure the lenders approved people who should never have walked through the door (thanks to crap Clinton put into motion). But the builders still built crappy homes out of water soluble particle board that have no long term investment value. So yes, even the builders and developers sold our county out. How many of them still live here?
Grob
+1 I agree 100%. Check who are the builders of these homes selling for under $100,000 that was build in 2000s. I bet its Atreus, Legacy, homelife or what ever name they are going by now.
MovingForward

Douglasville, GA

#14 Oct 18, 2011
FWIW

I follow the foreclosure market fairly closely. Mostly in the area of the Fannie and Freddie availabilityís. I have noticed a reduction in the number of these properties in Douglas County while Cobbs and Fultons have increased.

Per capita (percentage wise based on population) Cobb and Fulton has always had more Fannie and Freddie Foreclosures.

Banks, on the other hand, may be seeing more foreclosures. I really donít monitor them all that much because the banks donít deal as much as Fannie and Freddie. They tend to sit on properties longer hoping for a better ROI. I guess that is the difference between government and private sector.
KingaKongo

Marietta, GA

#15 Oct 21, 2011
Are investors coming in and buying the relatively new homes and putting renters in?

Do you think some neighborhoods have so many foreclosures that the HOAs will fail?

With so many foreclosures, what is happening to the the small business that support these neighborhoods?

Thanks.

Since: Jun 07

D'ville, GA

#16 Oct 21, 2011
KingaKongo wrote:
Are investors coming in and buying the relatively new homes and putting renters in?
Do you think some neighborhoods have so many foreclosures that the HOAs will fail?
With so many foreclosures, what is happening to the the small business that support these neighborhoods?
Thanks.
The HOA in my old subdivision basically went down the tubes. It was a non-mandatory HOA with a pool and entranceway as the only community property. It had always been tough getting enough people to join to cover costs, even at $125 a year, but when things got tough nobody had the extra change so the pool didn't open last year. It'll never open again I fear, means the taxes won't get paid either. Noticed a subdivision north of Douglasville along 92 didn't open their pool either. I'd imagine that in a mandatory subdivision the legal costs of collecting dues will really start killing HOAs.
chalkies4obama

Douglasville, GA

#17 Oct 21, 2011
the blacks

it's plain old white flight

“Liberals are closet raaacists!”

Since: Nov 08

Location hidden

#18 Oct 21, 2011
Wow! A racist liberal. Who would have ever thought?!
Rapt

Douglasville, GA

#19 Oct 21, 2011
KingaKongo wrote:
If you go onto a real estate site like Zillow and type in Douglasville, You see hundreds and hundreds of new homes,(built in late 1990's - early 2000's), selling in the depressed price range of 20K-35K. Why? Is something driving people away from the area? What are the dynamics?
Douglasville and Powder Springs are both in the same boat. No other area of Atlanta has the volume of homes or the degree of depressed values like here.
WHY???!!!
What do you expect. When the Welcome to Douglasville billboard.. Is a large structure stating we are in the prison business.

Since: Jan 10

Location hidden

#20 Oct 21, 2011
Synergy wrote:
Wow! A racist liberal. Who would have ever thought?!
Isn't that an oxymoron?

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 4
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Douglasville Discussions

Title Updated Last By Comments
News Mayor gives State of the City Address 15 hr What 11
News Douglasville a hot spot for small business loans (Dec '16) 22 hr Citizencane 5
School grounds Thu Dville-Native 3
Moving To Douglasville Thu Dville-Native 9
Holly Springs HOA (Apr '10) Jul 18 Mcdemail 4
Gay people in lithia springs. (May '14) Jul 17 Larry 3
Review: Christopher L WYNN PC (Mar '09) Jul 14 Tre43 62

Douglasville Jobs

More from around the web

Personal Finance

Douglasville Mortgages