Columbus rates among the top opportunities today for investors to buy forclosure properties. Dominion Homes, a huge home builder in the area, looks like it may not make it. Many, many of forclosures are new builds...3-4 years old. There are hundreds in our market now, but it's soon to be thousands. Bad or a good thing...I think good as the builders in our market have ruined everyone's appreciation adding thousands of housing units while no new jobs have come to Columbus area.
Jaclyn Smith Properties - Clayton, NC
Clayton NC New Home Happiness Coordinator
Hi Greg...no doubt about it, job creation is a big part of any market. Seems I read Columbus ranked pretty high on a couple of indexs for a great place to live. Maybe that should be the focus and not on the negativity of a builder. You're likely to be reading more and more about builders going bust in light of their bad planning, sour markets, and the mortgage industry turmoil casting fear and doubt among buyers.
BTW - Welcome to Active Rain! Glad to have you!
Aug 16, 2007 11:31 AM
Anonymous
My statement was not to dwell on errors of builders. Don't get me wrong when builders add 78,000 housing units to a market that has had only 5,000 net growth that's irresponsible. My real point was for an investor this is a great one time opportunity.....with so many forclosure opportunities and interest rates so low it is a perfect market for an investor to buy below market, obtain cash flow and secure a fantastic long term investment with a much more predictable return than available in other investment areanas
Aug 16, 2007 11:37 PM
#2
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876
Hi Greg, I see this is your first post on Active Rain. Congratulations!! I just wanted to welcome you to our Real Estate Industry Network!
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Good Luck to you and your business!Aug 17, 2007 03:07 AM
Solutions - Columbus, OH
I have been buying Dominion and M/I fallout stuff for years and never lost money. I can't wait till these homes come up on HUD....save your cash!!!....we gonna make some money!
Aug 17, 2007 03:24 AM
Key Realty, LTD - Columbus, OH
"Helping You Move On With Your Plans"
It's not only Dominion that is having financial woes, but other large builders such as Beazer Homes and Toll Brothers, have taken hits as well.
According to NAR, new homes sales are down from the $1.1M in 2006 and are projected to drop even further to $852,000 this year and another drop to $848,000 in 2008.
David Seiders, chief economist for National Association of Home Builders offers a more optimistic view and believes the housing market will bounce back next year.
More information found in USA Today (Housing Market Troubles Still Look Pretty Gruesome by Edward Iwata)
Hopefully this will benefit existing home sellers and eleviate some of the struggles they face when competing with the new home builders. There are plenty of good Existing homes available right now in the Central Ohio area. Maybe this New Home slump will level the playing field a bit for the Existing Home Seller.
Aug 18, 2007 05:27 AM
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