I live in Orlando..thats not something im seeing, however, there's a development by me that was selling homes in the 5-600k range...they have about 5 homes left and not only did they reduce by about 25k...they are throwing in pools and granite counter tops....the people who bought there a year or two earlier are furious
A sense the housing market has bottomed.
- Thread starter S2007S
- Start date
I live in Orlando..thats not something im seeing, however, there's a development by me that was selling homes in the 5-600k range...they have about 5 homes left and not only did they reduce by about 25k...they are throwing in pools and granite counter tops....the people who bought there a year or two earlier are furious
These subs (there are multiple) aren't in Orlando - they're in Jacksonville. The broker I know lives in Orlando.
On that subject, homeowners filed a class action lawsuit against Pulte in Nevada last year when Pulte dropped the prices of homes $130,000 overnight, after a sub was 1/2 sold.
I believe the homes were in the $400Kish price range.
The 'after the closing - wink, wink' rebates are designed to try and prevent that problem, and to make sure comparables don't plunge, so that future buyers don't get disqualified from getting a mortgage in that particular area (because of the falling selling prices).
Comparables are certainly one key imo. Takes a long, long time for those to erode too. Of course, even comparables dont matter if there are no buyers and no demand for loans and appraisals.
Can you imagine the situation in towns/cities where revaluations were done recently at the highs -- maybe even generational highs? And now sales are threatening to print below valuation?
Didnt they say the housing market bottomed about 3 months ago. WTF man, who am I going to believe, the CEO's of big homebuilding companies or the talking heads on wallstreet. AHhhhh. I dont understand, they keep talking about this soft landing and how this economy is great. Goldilocks economy, hahaha, who are they kidding. 
No.
The CEO's of the big building firms have mostly been the most honest guys out there, especially Toll Bros.
its the NAR that keeps saying we've hit bottom. They are a RE lobby which pretends to be unbiased in their assessments. They tweak stats so severely that few people in the know believe anything they say anymore. It is their purpose to paint a rosy picture for housing.
The CEO's of the big building firms have mostly been the most honest guys out there, especially Toll Bros.
its the NAR that keeps saying we've hit bottom. They are a RE lobby which pretends to be unbiased in their assessments. They tweak stats so severely that few people in the know believe anything they say anymore. It is their purpose to paint a rosy picture for housing.
I agree with you that the NAR are lying bastards.
But Robert Toll has now called at least 4 'bottoms', while he and other Toll insiders sold off huge chunks of stock last year.
Check out the SEC filings for yourself.
Robert Toll has been anything BUT honest.
So if the records show you paid 325k, won't your property taxes be higher than if you paid 200k? If so, I would refuse the rebate and just offer 200k.
Also, would you happen to know if the rebate is tax free?
Taxes would definitely be based on closing price. I have no doubt about that.
Whether the rebate is taxed or not, I do not know.