Realtors Appraisers Builders and Crooks

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Builder

Englewood, CO

#1 Apr 30, 2010
To the realtors in Richmond. I am curious about Frey Brook subdivision. Why the houses there cost $400,000.

Have the buyers lost their minds? Take Tates Creek Estates, a mere two tenths of a mile away. Those houses are as large or larger than the houses in Frey Brook, but they are only worth $200,000.

Tell me how can a house of equal or less space, with equal or smaller yards, be twice the value?

Clearly the prices are being jacked up by someone, and obviously backed by crooked appraisers, and bought by suckers.

This same argument can be made for Wellington, just 3/8ths of a mile away, and any one of the other subdivisions within a mile each way.

Frey Brook is nothing special. It's just another hill on Tates Creek Road, identical too all the rest. To pay almost double for a house there shows two things. The developer is a crook, and the buyer was so uneducated that he allowed himself to be burnt.

The simple fact is this. There is not a single house in Madison county that is worth more than 100 dollars a square foot. I have built several houses, and a house can be built for 50 to 60 dollars a square foot. If you pay more than that, then you were cheated.

Look around and use your heads. Are you foolish enough to allow yourself to be cheated by an unscrupulous developer or builder?

Have a look at the subdivision called Grey Oaks, located in town, on Tates Creek. Major money there,$300,000 plus, for a small to medium sized house with a neighbor 25 feet away. The lots there are barely big enough to hold the house. And just down the street, there are hundreds of houses that are valued around $40,000 to $50,000 dollars.

Would anyone with any sense buy a $300,000 house with no yard thats 1/4 mile from $40,000 houses? Who screwed those people is beyond me? Why they were silly enough to be made a fool of cannot be explained.

Remember, and ask any reputable builder. Houses in this area cost about 60 dollars per square foot. For a turnkey house, that is ready to move in, the builder will charge about 100 dollars a square foot. If you are priced more than that, they think you are a sucker. A fancy name and entrance means nothing. You are paying for the heated square feet the house has.

So buy your house, but try not to allow the people to cheat you and laugh all the way to the bank.
Combs

Richmond, KY

#2 May 1, 2010
I have bought several houses in my time, and you sir are correct. As to why these people believe the price gouging schemes the developers come up with. The realtors and appraisers make money based on the price of the house. It's in their best interest to see the house sell as high as possible. Whether the buyer is being taken or not is not their concern, ther cut in the deal is their concern.

You are also correct about the price per square foot. Call the lumber companies and you will see that building materials shipped to Frey Brook cost no more than building materials shipped anywhere else. The bottom line cost depends on the honesty of the builder.
so what

Richmond, KY

#3 May 1, 2010
in freybrook you'll see granite countertops,marble floors,pella windows,hardwood floors,stainless appliances,natural wood cabinets. in wellington you'll see plastic laminate countertops,cheap carpeted floors,imitation wood cabinets,run of the mill appliances, no brand windows. so for the same 2,000 sq.ft. theres a world of difference. sure, the air space is the same and the same wood was used to construct both but its the amenities that make the difference and you know it if you're truely a builder!!!!!!
Owner

Mount Sterling, KY

#4 May 1, 2010
A house is only worth what a buyer will pay for it.
somebody

Etna Green, IN

#5 May 1, 2010
Frey brook is a higher end sub. a pound of gold is worth a lot more than a pound of lead.
like said above, the counter tops cost more than most peoples cars. no body is being a crook, most of the homes are custom built, with a set fee to the builder. The Client spent the $400K and the builder gets his fee no matter what is spent.
You would have to know the houses and people involed out there, or just the whole higher end living in general. If you have to ask, you'll never understand
Understand

Richmond, KY

#6 May 1, 2010
I live in Wellington and have all hardwood, Pella Windows, real wood cabinets, solid doors, stainless steel everything, smooth top stove. I do not have granite countertops as I actually use my countertops and did not want the absorbtion that stone does, and I also did not weant my family consuming the sealer they put on the stone to slow the absorbtion of whatever. But a stone countertop is a 6000 addition, and does not raise the price of the house 200000.00.
And to my knowledge their are no prefab houses in Wellington, all the homes were custom built, and I am sure the surrounding subdivisions are the same.

Frey Brook is NOTHING special, and the homes are way overpriced. Look at the front house there, it has already been built, sold, repossed, and sold again. It went for 400 plus the first time, and 310000 the second less than a year later. So you sire have no idea what you are talking about.
Information

Richmond, KY

#7 May 1, 2010
After reading this and knowing that sometime in the future I would be wanting my own home, I called my uncle, who is a builder. He has built 100's of homes and apartment buildings, and he told me straight up that 100 dollars a square foot was a little high. A standard run of the mill house should be in the 70 dollar range unless you are getting a real good deal from a friend or family member. That will allow the builder to make a living and do well. The 100 dollar range is for those large houses in big subdivisions. So I guess I will be getting one of his houses when I am ready. And I know the materials are good quality as he owns his own building supply business.
Diddle

Douglas, GA

#8 May 1, 2010
Not disagreeing but I think $100.00/SqFt is a pretty fair price for this area. My house was built in 2005. It averaged out to be $90.00/SqFt. If you add in some upscale aminities (tile, lots of hardwood, geothermal, tankless water heaters, conventional toilets (not the grossly expensive water wasters) the price escilates rapidly.

We have far more square footage than we need so we chose the best carpet for the most used rooms and lesser cost carpet for the
other rooms. Vinyl in the baths and laundry room in order to upgrade to tile later. Hardwood in the living and dining room and all ways. We upgrade and add to where finances allow and have finally got to the point our house is worth about twice whet we owe on it. Thank you, Jesus!

I can tell you this. A $250.000.00 house in Lexington is a $300.000.00 house in Madison county.

Location I guess..

Best!

D~
Information wrote:
After reading this and knowing that sometime in the future I would be wanting my own home, I called my uncle, who is a builder. He has built 100's of homes and apartment buildings, and he told me straight up that 100 dollars a square foot was a little high. A standard run of the mill house should be in the 70 dollar range unless you are getting a real good deal from a friend or family member. That will allow the builder to make a living and do well. The 100 dollar range is for those large houses in big subdivisions. So I guess I will be getting one of his houses when I am ready. And I know the materials are good quality as he owns his own building supply business.
Resident

Richmond, KY

#9 May 1, 2010
I looked at the house in Frey Brook and decided not to buy it. Instead I bought 603 more square feet than it and paid 136 less money. I have a larger and way better yard than that hill they offer there.
I would bet good money that my house is as good if not better than the one I looked at there.

The problem is that real estate in Madison County is a joke. It is so overpriced you have to wonder why the banks would even loan the money on it.

Why the people around here continue to allow builders and what not to rip them off is really beyond me. My realtor after looking around advised me which properties were way over priced, and told me the builders to shy away from. He found us a fantastic deal. So don't blame the realtors, blame the crooked builders and criminal appraisers.
Retired

Englewood, CO

#10 May 2, 2010
I am glad I do not own one of those overpriced houses in Frey Brook, they were flooded in. You would think a developer would have forseen that this could of happened and made plans. But I suppose all he was concerned about was profit margin. And making sure enough mexicans are present to continue building for the day.
alotofBS

Richmond, KY

#11 May 2, 2010
Retired wrote:
I am glad I do not own one of those overpriced houses in Frey Brook, they were flooded in. You would think a developer would have forseen that this could of happened and made plans. But I suppose all he was concerned about was profit margin. And making sure enough mexicans are present to continue building for the day.
I know nothing about building, but do have sense enough to know the floods we had today are not the usual Madison Co rains. Don't even know where Frey Brook is but know homes all over the county are flooded. Why don't you get out tomorrow & help someone whose home is flooded instead of all this BS on topix!
Realtor

Englewood, CO

#12 May 3, 2010
Sitting here tonight looking through Multiple List I decided to peruse the messages here and came across this forum. As a realtor in this area, I have to agree that most properties in and around Richmond are indeed way overpriced. This inflation is being backed by various appraisers, and the lenders are being hoodwinked into lending money on these properties.

I am concerned that this will all come crashing down and cost many families their monies and may even close some banks that hold the paper on these houses. The real estate market will adjust itself, on that you can be sure.

When that adjustment occurs, and people learn that they have paid 400k for a 200k property, what then? Continue to pay for a house that you know will never be worth what you paid, at least not in our lifetimes. Or just bail out and let the lenders have it? What will they do 200k in the hole?

If I were buying a property, I would have it appraised through an out of town appraiser, and see what the real value of the property is. Sure, you can use whoever to get the loan approved if you just have to have that house. But you had better know what you are going into.

As for the 100/sqft in this area. Do you think that figure should hold if the builder farmed everything, or the majority, out to illegal immigrants? Do they even understand the proper way to build a house, or are they relying on the builder and inspectors to spot issues. And if those issues somehow pass, is it then the buyers problem?

I have been selling real estate for many years, and in the last several years I have become uncomfortable with the housing cost in this area. Everyone involved should understand that this is not right. Using for example Grey Brook, and Goggins Lane nearby. There are many, many homes that have sold for about twice there actual value. And it bothers me.

I fear the adjustment that is coming, it has too. When someone buys a 200k home for 400k, and lives there a couple years and then asks 500k.. Well you see the problem. Me, I just hope to retire before then crash.
Realtor

Englewood, CO

#13 May 3, 2010
I am in Richmond, I have no idea why my post was from Englewood, CO, it should have read Richmond, KY
Richmond Proud

Richmond, KY

#14 May 3, 2010
I happen to know the family that lives in the first house in FreyBrook and they are the original owners of the home and it has in no way ever been as Mr. "understand" stated " already been built, sold, repossed, and sold again. It went for 400 plus the first time, and 310000 the second less than a year later" This person obviously is making up things and has nothing better to do with their time. FreyBrook is a wonderful neighborhood with wonderful people living there. The houses are quality built and anyone with any sense or experience building a home would know that. Oh and by the way...how would people living on a hill be "flooded in" ? None of the people there were flooded in. Cars in and out all day, even at the worste of the rains. People, get a life!
Farmer

United States

#16 May 3, 2010
Richmond Proud wrote:
? None of the people there were flooded in. Cars in and out all day, even at the worste of the rains. People, get a life!

You gotta be a dumbass, tates reek road was closed before you get to that mess of a subdivision. So no body that obeyed the law got in or out.

I would not buy there for nothing, listen to the realtors before you waste your money, and any realtor pointing you at that place must be in on the cut.
Huh

United States

#17 May 3, 2010
ratbag wrote:
Well no matter what subdivision you are looking at, DO NOT, I reapeat, DO NOT buy a Brent Ray home. I did and it is the poorest construction I have ever seen. I wouldn't let this bastard build me a birdhouse
After reading your other posts, it thrillls me to no end that you bought a crappy house. Crappy house for a crappy person. There is some justice.
Huh

United States

#19 May 3, 2010
Ratbag wrote:
<quoted text>
The proctologist called, they found your head
And he called you why? Maybe that's why you're such an azzhole - you're impacted.
Huh

United States

#21 May 3, 2010
Ratbag wrote:
<quoted text>
I would like to award you Douche of the Day
Surely you don't want to part with that, do you? It might be propping something up in your crappy house!
Richmond Proud

Richmond, KY

#22 May 3, 2010
All of Tates Creek Road was not closed, There was a post by state troopers warning that about 1 mile past Hidden Point there was a mud slide. HMMMMMMMMMMMMMMMMM if I'm correct, that's even further than FreyBrook. Actually, I am correct! What's your problem?
News

Richmond, KY

#23 May 3, 2010
On the news was the story of how Tates Creek was closed from Tates Creek Estates on down. They even had video showing the Madison County Sheriff cars sitting across the road with a monster sign saying road closed and roadblocks across the road behind the car.
Everyone that watched the news saw it, and everyone with the exception of you I guess, knows the road was closed at that point, before those subdivisions you spoke of.

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