These Home Prices Are Killing Me!

I’m doing a quick look-through of the lastest home listings in LaVergne and … these prices are killing me!  One home that has over 2000 square feet, four bedrooms, three baths, partial brick just hit the market two days ago for $94,800.  Seriously?  It’s a bank-owned property and these banks – in their efforts to get rid of foreclosures – are pulling down home prices for us.

Another home with over 1800 square feet, three bedroom, two bath, formal dining room, partial brick, two-car garage … bank owned (again!) … $89,900.

1620 square feet, built in 2005, three bedrooms, two baths, one car garage … $84,900.

The problem is then we see a home with 1200 square feet listed at $98,500 or another new listing with 1847 square feet for $149,000.  Which home would you want to buy?  The 1800 square foot home for $89,900 or the one for $149,000?

When banks come in and sell at these horribly low prices, all prices in the area drop.  Is there anything we can do?  Short of contacting your Senator or Congressman (and I doubt they’d help), there’s not much.  You *could* buy it yourself and try to place good renters (with fair and equal housing laws observed, of course) or tell your co-workers, friends, or family about the houses if they’re in the market.  I’m just shaking my head, though.  Dang.

6 comments for “These Home Prices Are Killing Me!

  1. michaelinLV
    February 9, 2010 at 9:23 pm

    No need to contact your congressman or senator, just your local alderman. This is not a federal problem, it's a local problem. The problem is people don't want to buy property in La Vergne, more specifically Lake Forest, because it is considered a bad area. People talk about crime, pet pigs, cars covering the lawn, and so many other things that make you want to buy your biggest investment somewhere else. Until this city can address the problems in LFE and other areas, people won't be willing to pay the same thing to live here as they pay in Smyrna, and people won't be willing to pay half as much to live here as they will pay to live in Williamson county.

    I would be interested to know Kathy if you can tell us is Smyrna experiencing the same phenomenon? I wouldn't think it's as bad there because they don't have the same reputation as La Vergne. I also have to say part of the issue is home values were way to high at the peak of the housing market. No one should have been paying $130k for a 1200 sq ft home with a single car garage on a postage stamp lot. Still, I would think that the minimum a 2000 sq ft home might go for would be $160k.

  2. February 10, 2010 at 8:21 am

    yes, I paid $115,000 for my less than 1/2 acre 1289 sq ft home here, but it's not in lake forest. Sadly though, I think more people would buy the cheaper home with more square footage before they'd look at the higher priced home.

  3. February 10, 2010 at 9:09 am

    There are 14 homes in Smyrna listed below $100,000. The one with most square footage (1525 sf) is a HUD house on Chevy Chase Trail that needs some work (looks like paint and floors but could be more).

    There are 50 homes in LaVergne listed below $100,000. Two have over 2000 square feet and (ironically) 14 have over 1500 sf.

    I remain dumbfounded that LFE grew like it did with so little oversight and control … sadly the same developer still has LARGE tracks of land ready for more dense housing to go in. It's not over yet, people. Just drive down Hollandale Road and you'll see where LFE is now stretching into and touching what used to be pristine farm'like land. Think of all the tree areas around the three-way stop at Fergus, Bill Stewart, and Hollandale… zoning has already been challenged for that area but neighbors came to the meetings vocally speaking against it. It'll pass one of these days when residents get distracted too long.

  4. Cee Dee
    February 10, 2010 at 9:54 am

    I agree, Kathy. We need the residents to stay active in these re-zoning issues. Enough is enough!!!! Call your mayor & aldermen & let them know your thoughts b/4 the votes.

  5. Don'tUKnow
    February 19, 2010 at 1:51 pm

    Kathy,I have known some people who bought HUD houses thinking they saved 25,000 who had to spend most of that to get the home in order.Many of the subdivision developers use the worst central heat/air units along with average at best amenities.You and readers here can probably know someone who did not do their homework 'so to speak' and may have not received the great deal they thought they were getting.
    I must wonder since realistically many homes in LaVergne have lost 10 to 20% of their peak value when will the houses be reappraised for property tax purposes?I will not hold my breath waiting for that to take place.

  6. Deana
    March 11, 2010 at 9:24 am

    Yes I bought my Lake Forest home in 2006…1250 sq foot 3 beds 2 baths, 2 car garage for 139,900. So IF my home would sell for 100k, I've already lost well over 1/3 the value in 4 years. It makes me want to cry.

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