Quote:
Originally Posted by huge-pigeons
False! I have friends that have tried to buy a new lot and/or a new home in Eastport and have lost out up to 7 times so far due to the lottery system they have in place.
Maybe in some of the areas in Eastport you can go up and buy a home, probably not in the most desirable areas, but on the golf course, pond, marsh land views, you have a lottery. If you happen to win a lottery, then I think you have 2 hours to decide if you want it.
Some golf courses are terrible and that’s why they are shut down and will be down for months. Most are in very good condition.
1 more item to set straight:
Prices are staying steady or I should say at prices that are in the range they should be at.
I know a lot of homes near us want to make $200-$300k on their house in a little over a year, maybe 2 years. I have a friend that just purchased a 1 year old house that was $150k more than what the original owner paid for it without a dime of improvements.
So if somebody buys a home for $700k that the original owner had posted for $750k and the owner bought it for $500k the year before, without any improvements, I wouldn’t say the sky is falling, the owners still made a healthy profit. The days of doubling your home value in a year or 2 are gone for now for a few reasons. But I also have friends building in Eastport for over $1M. The friends that I know that have moved around in the villages, they have never lost money, not even close, and some have made quite a bit on each sale. I have 2 friends that are on their 6th and 7th house here, and 1 soon to be on their 8th. They don’t do this to lose money.
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It is not the sellers who plan to make $100,000+ profit on their home who will suffer. It is the BUYERS who purchase these homes.When that buyer wants to move, they may have a difficult time because they will be WAY OVERPRICED than similar homes on the market.
Many residents want to cash-in on their homes. That buyer will be competing with sellers who bought from the Developer and did not pay a former seller an exorbitant amount of money. At the same time, the Developer will also have an identical model at the lowest price.
Buyer beware! This is now happening to many who bought during the Covid boom. They are taking a loss.