As seen on Zillow, Unit 1 in Building 19 is for sale after having been foreclosed. I suspect that there may be some extra assessment costs associated with the property for unpaid maintenance fees, as well as future assessments for impending refurbishment work.
Does anyone remember two years ago when the Board and most residents thought that the home prices at TAJ would reach $300,000? It sure seemed like a good idea for the BOD to buy the under-priced homes and try to "flip" them at that time. Now it seems like it would be a financial disaster.
But who will buy this property and others here in TAJ? Does anyone want to share what they know about TAJ home sales? Let us know.
7 comments:
No one is going to buy in our community until the entire market has turned around...for any price. Its likely that we will never see the type of market forces that caused our home values, at least mine, to increase at the ridiculous rates that they did over an 8 year period. Anyone who bought, or refinanced their home in the last 5 years, before the market crashed, likely will be upside down in their mortgage for years to come.
What percentage of TAJ owners would walk away from their home if they could break even financially and not adversely affect their credit?
Aside from the precipitous drop in home values, our property has been mis-managed for years. So a better question would be: Knowing what we know now, if you could go back in time, would you buy your home in TAJ again? Honestly, I wouldn't. And I couldn't look another person in the eye and recommend they buy in here, unless they were planning on holding that home for years. Even then, I'd have to assume the management would be better, which it has not gotten any better in the years I have lived here.
I have a family member who has been in real estate down here for almost 40 years, including currently owning their own real estate business. I was told that in a bull market, because the housing inventory is tight, our homes would enjoy higher than average equity gains because of their square footage. However, in a severe bear market like there is today, and because of the age and condition of the community as a whole, that our values would decline more than the average home in the surrounding area. And this is exactly what has come to fruition.
I was tempted to sell 3 Summers ago when the market was at its height. I didn't, and I will never see that equity again in my home.
And to add to my previous lengthy post, there is absolutely no way I would buy a unit in here that has not been refurbished yet. You'd be staring at a likely $30k or more assessment on top of your mortgage.
"Welcome to our community Mr & Mrs New Unit owner. Here is your assessment fr $30,000 t fix up your building. have a nice day!"
Great comments. Will you tell us your name?
There are currently 15 for sale at TAJ, 10 of which are either short sales or bank owned.
So, what's the good news? The fact that ONLY 15 are for sale considering TAJ has 340 units!
BTW, I'm not the author of the first two comments above, nor do I live/own at TAJ.
For the readers' information: I was contacted by the first commenter and he his identity is being withheld upon request. I do not know who made the comment directly above this, and therefore have no idea how accurate the information is.
The info is accurate. I got it off the MLS.
Contact me via email with your identity to confirm your credibility.
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