On Council candidates' stance on the city's economic situation

Posted on March 31 at 1:35 p.m. ( Suggest removal )

“The city could invest in the homes, purchase them at sheriff's sales and sell them on land contract back to former property owners at 30 to 50 cents on the dollar at a 5 percent fixed rate on a 30-year amortization, with the first payment due in six months. The monthly payment would exceed the city loan costs but drop the payment by the occupant.”
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Someone needs to check their math. Assuming the city pays $100K for a property and sells it back the owner at $50K for 30 years at 5%, the city is only paid back $96,627, a deficit of $3,373. Selling back to the owner at $30K, the city is only paid back about $58,000, a deficit of $42,000.
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Buying something and selling for 30-50% of your costs is never a good business plan or maybe the city can buy the house I want and sell it to me for half the cost they paid for it?

On Edgerton development struggles to fill space

Posted on December 31 at 11:36 a.m. ( Suggest removal )

Did I read this story correctly? The condo prices went DOWN?
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Nine months ago Carrier said prices were going to go UP.
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"I just feel bad for those who are going to wait two years, and the prices are going to go up, and the rates are going to go up," she said. "They're going to be unhappy."
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http://gazettextra.com/news/2009/mar/01/...
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Yes, I'm sure buyers would be unhappy that waiting nine months appears to have saved them $40K, as an earlier newstory put the price of the cheapest condos at $112K.
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On Edgerton development struggles to fill space

Posted on December 31 at 11:30 a.m. ( Suggest removal )

"Schuetz plans to market the condos from Janesville to Madison, she said."
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“This could be a good fit for a Madison condo dweller who maybe can’t afford a Madison condo,” she said."
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This was already done - for not too much more money you can buy a condo in Madison and save yourself the $200 plus per month commuting cost. Again, "buyers from Madison are going to save us" or "snowbirds are going to save us."
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The <100K units all appear to be one bedroom - you can rent a 1br appartment in Madison for less than the $685 - $740/month it would cost to buy the 1 br AND not have the $200+ wear and tear on the vehicle.
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"Five potential buyers have submitted written offers for condos, but none could get the necessary financing, said Paula Carrier of Best Realty."
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Okay, the condo price was too high or the persons did not have enough of a downpayment. I guess the tax credit isn't working.
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On Rock county homes sales are up

Posted on November 28 at 8:33 p.m. ( Suggest removal )

Home sales may be UP, but the number of active listings remains almost the same month to month.
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That would seem to indicate more houses are coming on the market than are selling.
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I wouldn't get too excited - first time buyers are still able to use the tax credit (AKA other people's money) so I consider this statistic to be an outlier.
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Was it really necessary for the Gazette to chop this article into three stories the same two week period, two within the same week:
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http://gazettextra.com/news/2009/nov/10/...
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http://gazettextra.com/news/2009/nov/23/...
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http://gazettextra.com/news/2009/nov/11/...

On Condos take up residence in downtown Janesville

Posted on October 15 at 9:06 p.m. ( Suggest removal )

"It's a heckuva opportunity for young professionals who want to live downtown, build up some equity and not piddle money away on rent."
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I can't believe this actually came out of someone's mouth when when almost every house currently selling in Janesville is selling for LESS THAN what sellers paid for the house even five years ago..
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Let's see....100K mortgage, less 20%, is 80K, which as 6% for 30 years is $480 monthly payment, plus $200 for taxes, plus another $100 for condo fees. Can you rent something like that for less than $800 and get garage parking?
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Also, you can buy houses just as large as these condos, with attached garages, for the same money or less and not have to pay the monthly condo fees in addition to mortgage and taxes.

On Property values decrease in Rock County

Posted on August 18 at 8:45 p.m. ( Suggest removal )

JohnWayne-Your friends may be able to get what the house is worth, but what the house is worth may not be as much as they would like. Sadly, there there are 123 homes in that price range(95K to 125K), many with attached garage, 3 br and more than one bath, and a larger lot.
Also, they may have made many improvements, but the improvements I saw on the listing were things that are necessities and I would expect to find in any house.

On Downtown Edgerton development faces uncertain future

Posted on March 1 at 8:50 p.m. ( Suggest removal )

"I just feel bad for those who are going to wait two years, and the prices are going to go up, and the rates are going to go up," she [Carrier?] said. "They're going to be unhappy."

Uh....no....rates influence affordability....when rates go up prices WILL come down and be in line with income and rent. The days of easy loans are over. The 80's were very different, as interest rates were high and could be brought down.
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Today, we are at all time home price highs and low interest rates.

On Downtown Edgerton development faces uncertain future

Posted on March 1 at 8:39 p.m. ( Suggest removal )

Shocking....just shocking....no one could have seen this coming...
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I thought snowbirds were going to buy the condos?
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May 12, 2008
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http://gazettextra.com/news/2008/may/12/...
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No one has bought a condo yet, but Carrier and Sweeney have heard plenty of interest, especially from “snowbirds” who spend summers in Wisconsin and winters down South, they said.

On Developer: Fulton Square project will go forward

Posted on August 2 at 2:41 p.m. ( Suggest removal )

WOW....just wow....
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Whatever happened to the snowbirds saving the Edgerton Condo market, as was mentioned
http://gazettextra.com/news/2008/may/12/...

On Local housing market doesn’t seem to have troubles of national trends

Posted on May 27 at 3:08 p.m. ( Suggest removal )

werpknarly,

I wasn't ranting about you.
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What I find amazing is you can look at the listing and look at the price and almost automatically know who the agent is.
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There have been a couple of times I've looked at the listing and been interested in the house and then saw who the agent is and said "forget it." Not worth my aggravation, as they bought the listing.