A Charleston home buyer thinks some homes are overpriced
You're going to love this story. The names have been kept anonymous to protect the innocent (and guilty).
Anyway, "Qualified Buyer" (name provided) was searching the Charleston MLS and used the request more info tab to rant about how overpriced a home was.
“What fool would pay over $200,000 for a dumpy 1000 square foot apartment. Even if it is on Daniel Island it is still worth LESS than half of that asking price. Personally, you could not give me the deed to some of these overpriced regime racket headaches for free. As a qualified buyer, I am insulted by the ridiculous values associated with living on Daniel Island and Mount Pleasant. These sellers can keep on dreaming all the way to a forclosure [sic] hearing.”
It sounds like an angry young man.
So let's analyze his perception and the reality of Charleston home prices.
As to fools paying $200,000 for an apartment (that may or may not be dumpy), some people don't want to live in single family homes and might prefer the no maintenance aspect of condo living and 1000 square feet might be just the size they need or want.
This particular home is located on Daniel Island and yes, the cost to live on Daniel Island is higher than other places in Charleston but that doesn't mean it's overpriced. The same home in one part of Charleston could cost less in another part of Charleston but part of what you are paying for is location. Some locations cost more, others less. It does not mean that a home is overpriced and certainly doesn't mean it is worth LESS than half the asking price.
They are not going to give you the deed, you actually have to buy a home to get the deed.
And regarding regime racket headaches, that goes back to a low maintenance lifestyle. If you would prefer to not pay a regime, that's fine but realize that if you buy a home, there are costs associated with home ownership and maintenance and basically, it isn't free to insure or maintain a home, the neighborhood and the amenities provided.
Oh, and it also costs a little more to live in Mount Pleasant too than other locations around Charleston.
Yep, you spelled the word foreclosure incorrectly and why do you wish for the sellers to face that situation anyway. Not very nice of you, if you don't want to buy it, that's fine but you certainly shouldn't want to see anyone get foreclosed, after all, one day it could happen to you.
As to the sellers dreaming, I looked up the listing and actually the home was the least expensive property available and while it might be a little high, it's certainly not an unreasonable asking price.
So my advice to "Qualified Buyer" is to not buy a home or condo until you feel that prices are in line with your perception of value. If and when that time comes, enjoy your new home. And stop being angry, it won't make prices come down.
Great photo of "angry mean face" courtesy of Flickr by chexed