This morning the Washington Post has an article about the foreclosure problem in luxury home sales, titled Luxury Foreclosures: Growing Number of Affluent Homeowners Can No Longer Afford Their Mortgages. One of the investors in the story purchased multiple million dollar homes with adjustable rate mortgages that started with a 1% interest rate. A 1% interest rate! If you are a bank that is offering a mortgage program with a 1% interest rate to investors you deserve to have the home foreclosed on. Offering a 1% interest rate to an investor is like leaving a chocolate cake at a Weight Watchers meeting. "I trust all of you to be responsible with this chocolate cake and only take as much as you need. Even though you have a history of over indulgence, and by definition need to be part of a governing organization due to your lack of control with desserts, I'm going to give you the benefit of the doubt". That cake will be eaten immediately!
Greg Tindale
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Hyattsville Life
- Hi my name is Greg Tindale and I work as a Realtor in Hyattsville, MD and the Washington Metro area. I enjoy writing about the real estate market in Hyattsville and the surrounding areas plus travel, comedy, the arts, etc. If you like what you read, let me know. It overwhelms me with joy every time I get a referral of a buyer or seller from a reader. Thank you in advance for your trust in me as your local Realtor!
You are interested to do real estate business.
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Posted by: Flower | June 03, 2008 at 07:29 AM
Luxury foreclosures are a benefit in this market for those that can afford it. There are also plenty of good deals out there that are not in foreclosure.
Posted by: Daniels Team | July 02, 2008 at 06:57 PM
I think the owners of the luxury homes are getting good time and making the investors more of concern to the estate. I think this is a good effort to get some good benefit by giving some relaxations to the investors.
Posted by: Property in Brazil | August 22, 2008 at 02:08 AM
I think the owners of the luxury homes are getting good time and making the investors more of concern to the estate. I think this is a good effort to get some good benefit by giving some relaxations to the investors.
Posted by: Property in Brazil | August 22, 2008 at 02:10 AM
Refreshing to read a post like this from a Realtor. Thanks.
Posted by: asl | December 31, 2008 at 12:14 PM
Seems like now is the time to buy a Luxury home, provided you can afford it. Though I'd still be careful of falling into the same trap the original owners did.
Posted by: Mathew Bossert | March 14, 2009 at 02:09 PM