A silver lining?

[peter d]

We all know about the bad news with regard to the housing market. Around here, foreclosures are piling up at an alarming rate.

However, the surge in foreclosures has now opened up a new market for first time home buyers like myself who got shut out of the insanity of the housing boom. There are literally hundreds of houses I can afford on the market now, where as a few years ago there were none.

In the "big city" here (Providence, RI), houses are going for as little as $30,000. (stripped of all copper wiring and plumbing and many have had fires.) They are selling them for less than the value of the land. There is a big market now for people to buy those, knock them down, and build new houses.

Some may see this as bad, but I see a lot of opportunity right now. Does anyone else?

 

[chris kennedy]

Some may see this as bad, but I see a lot of opportunity right now. Does anyone else?

I'm waiting for my charming wife to get layed off. 19 years with the same developer as an accountant. We will move to Georgia and there is no lack of work for me there. Take a hit on my house here but easily left with enough equity to buy a hose out right there.

Yes Peter I see this as an opportunity.

 

[BryanMD]

In the "big city" here (Providence, RI), houses are going for as little as $30,000. (stripped of all copper wiring and plumbing and many have had fires.) They are selling them for less than the value of the land. There is a big market now for people to buy those, knock them down, and build new houses.

But when you're done you're still in Providence.

I'm contemplating some moves in that direction, but the numbers here haven't gotten to the levels you describe because we weren't hit as hard as some places to begin with either. Good luck to you though.

 

[peter d]

But when you're done you're still in Providence.

True.

Great deals can be found in the suburbs too, but not for those prices.

 

[jdsmith]

Some may see this as bad, but I see a lot of opportunity right now. Does anyone else?

Absolutely. I'm graduating from school in a couple months and this makes a decent house affordable. The best time to buy anything is when everyone else is selling, as long as you're buying it as a place to live at a good price. If we start to worry about how much the value will go up as the market changes we just play into the whole problem again. I just put an offer in on a place this morning actually:smile:. If I get it I'll need to find a friendly residential electrician to do a nice pretty service change to replace the SE cable and half tube of caulk.

 

[satcom]

In the "big city" here (Providence, RI), houses are going for as little as $30,000. (stripped of all copper wiring and plumbing and many have had fires.) They are selling them for less than the value of the land. There is a big market now for people to buy those, knock them down, and build new houses.

Some may see this as bad, but I see a lot of opportunity right now. Does anyone else?

Go for it, Providence is a really nice city, as a kid I can remember looking out the back window at night, it was facing the bridge, and I could see the city lights.

 

[electricmanscott]

Some may see this as bad, but I see a lot of opportunity right now. Does anyone else?

There are many people that are going to get stinking rich when this turns around. Bargains to be had everywhere. The guys with the deep pockets are going to do very well.

They are not the only ones who will benefit. Fisrt time buyers like Pete will buy homes, the economy WILL turn around, they will have loads of equity and use that to add on and remodel and we will all be burried with work again. An then the bottom will fall out again.

 

[brantmacga]

I'm waiting for my charming wife to get layed off. 19 years with the same developer as an accountant. We will move to Georgia and there is no lack of work for me there. Take a hit on my house here but easily left with enough equity to buy a hose out right there.

Yes Peter I see this as an opportunity.

which part of the state are you thinking about moving to? just curious.