Indian Trail to consider moratorium o...

Indian Trail to consider moratorium on new home building

There are 8 comments on the WCNC-TV Charlotte story from Sep 13, 2010, titled Indian Trail to consider moratorium on new home building. In it, WCNC-TV Charlotte reports that:

The problem has become common all over the country. Homebuilders--hurt by the turn in the economy--scale back the features and prices of homes they are building in unfinished new neighborhoods.

Join the discussion below, or Read more at WCNC-TV Charlotte.

June

Mooresville, NC

#1 Sep 14, 2010
One needs only to take a drive around town and see all the vacant homes via foreclosure or spec homes to see that the need for new homes is not there right now.
Why devalue our few upscales neighborhoods? If builders want to keep their crews working they need to step up and build to meet the neighborhood standards. If not then they don't need to be building here.
Mike

Falls Church, VA

#2 Sep 14, 2010
The builders made promises to home buyers which is why the home buyers bought in the first place. While I totally understand that they need to sell lots, building much smaller and cheaper houses so they can off the lots is unacceptable and would ultimately have a devastating effect on existing property value and sales. With the economy the way it is the ability to sell a house anymore and not take a bath is nearly impossible. Further reducing home value by sticking significantly cheaper houses into neighborhoods of more expensive homes would kill used home sales. I did not have the option to build a cheap house in my subdivision years ago because they said "it would not be fair to people that already own homes in here" hmmmmm now it ok when it benefits them? Wrong... we need to look at the long term, not the short term which benefits only the builders and specifically the land developers.

“Vote Republican”

Since: Aug 08

Wyandanch, NY

#4 Sep 14, 2010
This is wrong. If they sell homes for 1/2 of what I purchased, then that screws me out of my investment.
June

Mooresville, NC

#5 Sep 14, 2010
I am all for economic development and I do believe there are a lot of things Indian Trail needs. More cheaply built homes is not one of them.
Once you build that house for 160k in a 400k neighborhood it is there forever.
The town needs to be selective and seek out quality development.
Texas

Matthews, NC

#6 Sep 21, 2010
There are a lot of vacant homesites in Indian Trail, as there are all over the country.
The reason: There is no market for new homes.
This is not Communist China. The US has a free market. Note free market.
What does it mean? Your house has the value the market will pay for it, and the market has devalued upscale house values as well as values of houses in other price classes.The builder can't afford to build houses there is no market for. Are you going to subsidise the builder, so he can buy houses you like.
The builder will not build houses he can't sell.
Do you really expect the builder to build houses with the price tag that you would like.
Unless you have noticed, there is a recession in this country.

“Vote Republican”

Since: Aug 08

Wyandanch, NY

#7 Sep 21, 2010
Texas wrote:
There are a lot of vacant homesites in Indian Trail, as there are all over the country.
The reason: There is no market for new homes.
This is not Communist China. The US has a free market. Note free market.
What does it mean? Your house has the value the market will pay for it, and the market has devalued upscale house values as well as values of houses in other price classes.The builder can't afford to build houses there is no market for. Are you going to subsidise the builder, so he can buy houses you like.
The builder will not build houses he can't sell.
Do you really expect the builder to build houses with the price tag that you would like.
Unless you have noticed, there is a recession in this country.
Then stop building houses and let the inventory speak for itself. After all, it is a free market. IT residents have a right to place a moratorium on new construction, that is what is a matter of public good.
Mike

Falls Church, VA

#8 Sep 21, 2010
So I guess it would be ok to just move mobile homes into the vacant lots? The builder does not own the lot, the developer does. The problem with what is happening in the country now is that we are acting without regard for the future. Free market...exactly. We are trying to protect the value of our homes and our subdivisions in this economy. Plopping down smaller and cheaper homes in neighborhoods of larger and more expensive homes further kills the the already horrible real estate market...to what benefit? There are plenty of areas they can build the homes they want.
Texas wrote:
There are a lot of vacant homesites in Indian Trail, as there are all over the country.
The reason: There is no market for new homes.
This is not Communist China. The US has a free market. Note free market.
What does it mean? Your house has the value the market will pay for it, and the market has devalued upscale house values as well as values of houses in other price classes.The builder can't afford to build houses there is no market for. Are you going to subsidise the builder, so he can buy houses you like.
The builder will not build houses he can't sell.
Do you really expect the builder to build houses with the price tag that you would like.
Unless you have noticed, there is a recession in this country.
recession blues

Monroe, NC

#9 Sep 22, 2010
Mike wrote:
So I guess it would be ok to just move mobile homes into the vacant lots?
<quoted text>
No, it wouldn't. You are not considering the fact that any new builder must meet the minimum requirements of the town's UDO, which does not allow for mobile homes in a neighborhood. lol. with that being said, buyers must also be aware of what they are buying. the developers are not doing anything illegal, but are acting within the open and legal scope of action provided to them. they have purchased the land as an investment, to build out a community. As someone else said, builders can't build homes that won't sell, and unfortunately there is virtually no upper end market now. only cheaper houses sell. so if the option is don't let the developer/builder develop and build, who is going to pay the notes on the vacant land that is there? How about if the homeowners offer to share the expense of the notes and expenses the developer must pay while a moratorium is in effect? that way the homeowners get their moratorium, and the developer/builder (who are the ones who have made an INVESTMENT, just like homeownerns have made an investment), and the developer isnt paying out of pocket month after month. somehow I don't think the homeowners would agree to pay the expenses, although this really would be the most rational compromise. Homeowners can't think they can have it all. we are in a non-relenting recession. the whole situation stinks, for everyone. let's hope for a turnaround.

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