Gloucester County housing market stalls

Don't forget the other problems Dunston Hall had that were less concerned with the economy than with hanky panky, which undoubtedly affected buyer confidence.

Gloucester has been a big money maker for developers, builders and real estate businesses. Things were to high. Couldn't last but so long, huh?

The failure of Dunston Hall was not because of the economy.

Just Me wrote:

The failure of Dunston Hall was not because of the economy.

Somerset Failed way before DH, was that not because of the Economy? How about the Villages, that have never been built, arent there lots of housing subdivisions on the Pen and Williamsburg in foreclosure, just look at the DP

me just wrote:

<quoted text> Somerset Failed way before DH, was that not because of the Economy? How about the Villages, that have never been built, arent there lots of housing subdivisions on the Pen and Williamsburg in foreclosure, just look at the DP

Are you asking? Or are you telling us?

Just Me wrote:

The failure of Dunston Hall was not because of the economy.

If you think the economy was not part of it then why didn't they sell at auction for a third of the original price? It cost more to build them to the condition that they're in than what the bank paid.

Sales will increase when the greedy builders, real estate salesman and especially for existing homes the greedy homeowners price homes for their actual worth instead of trying to rob the buyer.

There has been a gradual moral breakdown with people trying to get something for nothing. This increased until the greed bubble burst with devastating results. I have no sympathy for those trying to sell an over priced home. Let them eat their greedy dreams.

Whats next wrote:

<quoted text> If you think the economy was not part of it then why didn't they sell at auction for a third of the original price? It cost more to build them to the condition that they're in than what the bank paid.

Once again Just Me doesn't think. Just runs off at the mouth.

Real Estate wrote:

Sales will increase when the greedy builders, real estate salesman and especially for existing homes the greedy homeowners price homes for their actual worth instead of trying to rob the buyer.
There has been a gradual moral breakdown with people trying to get something for nothing. This increased until the greed bubble burst with devastating results. I have no sympathy for those trying to sell an over priced home. Let them eat their greedy dreams.

Geez! You didn't leave anybody out. You think maybe we ought to all go live in a tent?

You bet I didn't leave anyone out. There's enough collective blame for this housing mess. Sellers, real estate agents, mortgage brokers, banks mortgage companies all were out to make a quick easy buck regardless of the consequences to our economy. It was all about them and what they wanted not the right thing or ethical thing.

I hope they all choke on the ill gains they may have made as many are now underwater.

Real Estate wrote:

You bet I didn't leave anyone out. There's enough collective blame for this housing mess. Sellers, real estate agents, mortgage brokers, banks mortgage companies all were out to make a quick easy buck regardless of the consequences to our economy. It was all about them and what they wanted not the right thing or ethical thing.
I hope they all choke on the ill gains they may have made as many are now underwater.

It's called greed. One of the seven deadly sins. It's been contagious in this country for some time now.

Real Estate wrote:

You bet I didn't leave anyone out. There's enough collective blame for this housing mess. Sellers, real estate agents, mortgage brokers, banks mortgage companies all were out to make a quick easy buck regardless of the consequences to our economy. It was all about them and what they wanted not the right thing or ethical thing.
I hope they all choke on the ill gains they may have made as many are now underwater.

you must be a saint then...Dont know about you but if my house is priced for a certain amount, its what the market value is at that time. Its not a sellers fault if there house is priced at that value at that time. Do you think a seller is thinking "well, I dont want to sell my home too high and ruin the economy". Why dont you sell your home for pennies and maybe you can take the credit for being a trendsetter and the cure of our economic woes.

THINK:
The same bank that offered the financing to sellers of homes in Dunston Hall in the 300 plus range who approved the loans for 300K plus is now selling the same homes they paid 215 / 218K for at auction (only advertised in Gazett Journal, not Daily Mess) are now listed for 289K through a realitor...
Brought to you by EVB (Evil Vindictive Brothers)

Real Estate wrote:

Sales will increase when the greedy builders, real estate salesman and especially for existing homes the greedy homeowners price homes for their actual worth instead of trying to rob the buyer.
There has been a gradual moral breakdown with people trying to get something for nothing. This increased until the greed bubble burst with devastating results. I have no sympathy for those trying to sell an over priced home. Let them eat their greedy dreams.

Property is ONLY worth what someone is willing to pay for it. If the purchaser decides to pay ..then that is what it is worth. If they don't, then it is NOT worth the asking price. Purchasers are the ones that drive the pricing.

Evil Vindictive Brothers wrote:

THINK:
The same bank that offered the financing to sellers of homes in Dunston Hall in the 300 plus range who approved the loans for 300K plus is now selling the same homes they paid 215 / 218K for at auction (only advertised in Gazett Journal, not Daily Mess) are now listed for 289K through a realitor...
Brought to you by EVB (Evil Vindictive Brothers)

Asking prices and loan values are based on 'comparable sales in the last 3 months or so!' At the time comparable sales were in the range. Right now, there are very few sales, let alone good comparable sales.

EVB wasn't the only lender making loans on property that today has lost value.

There's more than enough empty homes in Gloucester and Rt. 17 continues to be overly congested. They ought to revisit and call of the Barrens/Villages project somehow someway. Rt. 17 cannot handle the additional vehicles all this housing will bring.

Fortunately, the former County Adminstrator that wanted to turn Gloucester into a city is no longer here, however, much needs to be done to correct the problems with Gloucester's leadership. Purge them all and let's get new blood in there, it cannot be any worse than what we've got.

I just want this economic mess over with. I read in the paper that our area is reaching the bottom as far as housing prices and the job losses. I hope everyone makes out alright.

Voice of Reason wrote:

There's more than enough empty homes in Gloucester and Rt. 17 continues to be overly congested. They ought to revisit and call of the Barrens/Villages project somehow someway. Rt. 17 cannot handle the additional vehicles all this housing will bring.
Fortunately, the former County Adminstrator that wanted to turn Gloucester into a city is no longer here, however, much needs to be done to correct the problems with Gloucester's leadership. Purge them all and let's get new blood in there, it cannot be any worse than what we've got.

If you truely believe that the former County Administrator tried to turn Gloucester into a city, then you're more delusional than most. I was at the meeting where the "Barrens/Villages was approved. Whitley didn't do anything other than present this issue to the board. The applicant and the planning department made the presentations and with a public hearing people spoke, mostly in favor, of this project. And when the vote was in, it passed by the BOARD, not the county administrator. And the vote was 5-2 for passage. Who voted for it? Theberge, Bland, Adams and ALTEMUS and RESSLER. Yep, that's right, the very people who fired Whitley.

So maybe you should get your facts straight about who controls what happens in the county. Because development is a direct result of the Board of Supervisors actions, through ordinances and the adoption of the Comprehensive Plan. Instead of complaining, get involved.

Hasn't the market stalled everywhere? and yet we have developers knocking down our door, just say no!

Stalls ?

Good. Perhaps it will keep our charming and scenic county from becoming another crime ridden, Yankee infested craphole like Williamsburg and James City County.

Isn't good to wake up and see trees, fields and small well knit communites instead of what's on the other side of the river ?

If you're some greed filled politician, developer or real estate goon I suspect the answer is no.