Who controls the condo market?

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by on July 11, 2011  •  Permalink
Posted in Housing
Posted by Nancy Oates on July 11, 2011

http://chapelhillwatch.com/2011/07/11/who-controls-the-condo-market/

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5 Comments

  1. George Entenman

     /  July 11, 2011

    So, who are these people? Did the council do anything? Why does Perry need a special use permit?

  2. Scott Maitland

     /  July 11, 2011

    Listen to the market …..that’s heresy Nancy šŸ˜‰

  3. Ph. Johnson-Sledge

     /  July 12, 2011

    Listen. Period. To anyone. That’s heresy to CH Council.

  4. Robin Cutson

     /  July 14, 2011

    You just donā€™t get it, do you Nancy? Condo sales are suffering across America from South Florida to Raleigh, NC. Read the article below explaining how developers are having to auction off condos in Raleigh at cheap prices and how another condo development in downtown Raleigh was seized by foreclosure after no units sold. http://www.creditwritedowns.com/2010/11/not-south-florida-but-condo-problems-in-raleigh-nc-too.html

    Chapel Hill is full of unsold condos. The banks arenā€™t thrilled with lending for condo developments because when developers default on the loans it hurts the banks and all of us as well. The free market has spoken—and it has said condos are NOT popular with the public.

    And once again for the cheap seats in the back—-residential development costs more in taxes than it generates in revenue. Commercial development generates revenue—we need more commercial development to keep taxes low and to pay for services and infrastructure. Mixed used developments with condos in areas zoned for commercial only eat up valuable and scarce space that should be used for commercial development putting us deeper into an economic hole. High density condo development in areas zoned for low density residential also puts us more in an economic hole—which means increased taxes and fees and cuts in services and infrastructure.

    I truly do not understand how you keep arguing for things that fiscally make no sense and will only hurt every citizen in Chapel Hill—especially the middle class and working poor.

    BTW, are you the Nancy Oats who attended a tax revolt meeting in 2009 and was quoted in the Durham Herald Sun complaining about property revaluations and how high the valuation of your single family house (not condo) was? If so, then your support of more high cost condos and high density residential development which will only increase property valuations and taxes seems rather ironic. Why would you support making a problem you said you were ā€œoutragedā€ about even worse?

  5. Nancy Oates

     /  July 14, 2011

    Robin, it is the valuation set higher than the value that has me outraged. High property values are a good thing — it means my investment is appreciating. But when my property value decreases, that is, the amount that someone would pay to buy it from me goes down, but the county revaluates my property to say it is worth significantly more than what I could sell it for, that outrages me.