Buying a home soon - thinking of Springfield...

[Shwaz]

No I meant I "huh" as in I didn't understand your post.

You're saying these brand new construction homes are going to be appraised wrong?

[mtraininjax]

Brand new construction is being appraised just like all other properties. Unless the homebuilder is loaning the money, all banks are now including foreclosures and other properties that may not conform to the "new construction". You, the buyer, have no control, even if you supply your own comps.

[Shwaz]

banks are now including foreclosures and other properties that may not conform to the "new construction".

Including these properties with what? They're going to appraise a brick house as having wood siding and as classify them as foreclosure from a charitable home builder that hadn't foreclosed?

None of this makes any sense.

[ChriswUfGator]

banks are now including foreclosures and other properties that may not conform to the "new construction".

Including these properties with what? They're going to appraise a brick house as having wood siding and as classify them as foreclosure from a charitable home builder that hadn't foreclosed?

None of this makes any sense.

Have you ever seen a Uniform Appraisal Report? It's based on however many comparable properties the lender requests. They take the comparables and apply a formula to come up with the subject property's value.

What he's saying is, the lenders are changing their standards on what type of properties they will accept as "comps", and that this will result in appraisals coming in lower now than they used to. Which, in turn, will make it harder to sustain high sales prices in the market.

[Shwaz]

Have you ever seen a Uniform Appraisal Report? It's based on however many comparable properties the lender requests. They take the comparables and apply a formula to come up with the subject property's value.

What he's saying is, the lenders are changing their standards on what type of properties they will accept as "comps", and that this will result in appraisals coming in lower now than they used to. Which, in turn, will make it harder to sustain high sales prices in the market.

That clears things up a little... but why would they appraise a home that is made of brick and list it as wood siding?

Also, what if the whole block is Operation New Hope houses, wouldn't they be included as the "comps"?

[fsujax]

well, well, I just happened to buy an ONH from Tom back in Dec 2007. I was very pleased with the house and the work that was done. They went all out with amenities for the house. I don't remember there being any income limit when I purchased mine, other than going through the city's affordable housing program. My home was a lot more than 150k. Guess, I missed out on the great deals! These ONH can really do wonders to bring young professionals into the neighborhood. There was no way I could have afforded a SRG or done a restoration on an older home. ONH gave the opportunity to own a home in Springfield. I have been following with inteerest the discussion on the SPAR message boards.

[thelakelander]

Fsujax, there is room for ONH in Springfield.  As you mentioned, everybody can't afford to pay +$200k for housing.  The neighborhood benefits from having a little diversity.  To be honest, I'm more concerned with the number of buildings that continue to come down in the historic district.

[fsujax]

me too, Lake! I hate seeing the older homes torn down.

[fsu813]

i'm not.
some would take way too much $$$ to rehab, which few are willing to do....especially now.

[Shwaz]

i'm not.
some would take way too much $$$ to rehab, which few are willing to do....especially now.

ONH is also building designs are modeled after the old homes. Craftsmans Bungalows etc.
The home listed for sale in this thread looks just like all the rehabs I've seen.

[thelakelander]

i'm not.
some would take way too much $$$ to rehab, which few are willing to do....especially now.

That could be an argument if it were not a national historic district.  They were falling a long time before the market turned sour.  You would never see the things people get away with here, in a city like Savannah or Charleston.  I wonder, if things don't change, will we ever get to a point where we'll lose the "historic" designation?

[Bativac]

Someone asked whether I've looked in Riverside. I have, and I've seen some homes with features similar to what we like in the Springfield homes (2 stories, "old fashioned" floor plans, not built in the 1970s or 80s, etc). Of course, price is an issue, and homes in Riverside are also on the expensive side.

Living in Florida isn't helping. I have a friend whose annual salary is pretty close to mine who just bought a house in Greenville, SC. Huge two story house, five acres of land, for under $250K.

We'll find something eventually...

[Deuce]

What hood in Greenville? I'm from there originally and know the town quite well.

[Springfielder]

i'm not. some would take way too much $$$ to rehab, which few are willing to do....especially now.

Then what's the sense in this being a historic district? 

[mtraininjax]

Historic districts are fodder for expensive contractors. RAP is bad news for people who have to fix windows and doors to homes that are 60, 70 and 80 years old. No one needs that garbage! If RAP voted to be added, I doubt it would pass. As it is, only about 300 households are members out of more than 3,000 in the Riverside/Avondale area. It is a complete waste of time and resources and should be taken out back and shot.