Photo from Daily Progress
see local newspaper : Daily Progress
Things are getting tough for some in Charlottesville and one such example is the above mentioned local builder. With "more than 20 properties worth a total of at least $3.5 million" going into foreclosure.... this is a sign of the times.
It seems that this builder was left holding the bag after the housing boom.
I know for a lot of areas in the country this seems like small potatoes but I can tell you that this builder was one of the local builders who's homes were very desirable.
I wish them and thier subs all the best.
NOTE: Charlottesville Real Estate is still in high demand. Seems the high inventories are hurting builders more than anyone. This helps my buyers as they have so many choices!
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As your Buyers Agent/Broker in Charlottesville and Albemarle County, you are my priority. Call me anytime at 434-981-1585.
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Have you thought about getting in contact with builder and listing these properties for short sale?
It's a buying opportunity for renters who were previously locked out of home ownership by too-high prices.
Charles
I flashback to the 80's on all of this. I knew a builder then that had 50+ homes stting when he cashed it in and took bankruptcy. I think agents need and have a responsibility to let their builders know the whole truth and nothing but the truth right now. It could save a few builders butts if they will listen.
Michelle - good idea, this builder has an in house agent
Richard - exactly!!!!!
Trey - - good point!
Charles - this kind of thing is happening here too, and some of the houses are not yet finished. Now the bank/lender has to decide to finish the homes or sell as is. ~Rita
This housing situation has really caught some builders in a bad spot. I know some builders I worked with that I warned of a slow down, but some didn't listen. We have one builder who has a whole neighborhood of homes going into foreclosure. The worst part is I showed the houses a month ago and they are sitting there with water leaks and other isses and no one seems to care. I feel really bad for the two home owners who have bought homes and are surrounded by these homes.
Charles - we are all in the same boat with the market playing roller coaster!