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gated community > new ghetto - 3/31/2010 10:39:52 PM

Vendaval

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This story in Sunday's L.A. Times illustrates the current state of gated communities that are now ghettos because of the housing crash. A frequent criticism of these type of housing projects is that they are too far away from areas of employment and that money would be better spent revitalizing areas inside city limits. Thoughts? Comments? Examples?

From bucolic bliss to 'gated ghetto'
Hemet's Willowalk tract was family-friendly. Then the recession hit.

By Alana Semuels
March 30, 2010

"When the development opened in 2006, buyers were drawn to the area by advertising describing it as a "gated lakeshore community." Now, many in Hemet call Willowalk the "gated ghetto," said John Occhi, a local real estate agent.

There are dozens of places like Willowalk, and they are turning into America's newest slums, says Christopher Leinberger, a visiting fellow at the Brookings Institution. With home values at a fraction of their peak, he said, it no longer makes sense to live so far from the commercial centers where jobs are concentrated.

"We built too much of the wrong product in the wrong locations," Leinberger said.

Thanks to overbuilding, demographic changes and shifts in preferences, by 2030 there could be 25 million more suburban homes on large lots than are needed, said Arthur C. Nelson of the University of Utah. Nelson believes that as baby boomers age and as younger generations buy real estate, the population will abandon remote McMansions for smaller homes closer to shops, jobs and the other necessities of life.

Whatever their number, the presence of unwanted or abandoned homes stands to be a burden on local governments for years to come, as cash-strapped cities and counties have to spend precious resources to patrol the neighborhoods and clean unkempt yards and abandoned houses.

"There are cities saying to us, 'I used to have eight code enforcement officers, and now I have one,' " said Bill Higgins, a staff attorney for the League of California Cities."

http://www.latimes.com/business/la-fi-hemet30-2010mar30,0,7301923.story

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RE: gated community > new ghetto - 3/31/2010 10:52:48 PM

Marini

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V, I see a lot of that in this area also, especially in Maryland.
It is not a good time to sell "most" older homes in Maryland,
when you have so many brand new homes sitting empty.

I love to look at homes when I am out and about, I have seen a definate
increase in the number of for sale signs, homes that are boarded up, and possible foreclosure
situations.
I have never seen anything like this housing situation in my lifetime.

Many people can't wait 5-10 years for things to "turn around" to sell their homes.
It is a sad situation, many of the homes are well kept and on great lots.
I wonder who is going to buy them?

< Message edited by Marini -- 3/31/2010 10:55:00 PM >

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RE: gated community > new ghetto - 4/1/2010 12:25:37 AM

Vendaval

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In most situations the homes go back to the banks and then to speculators. Not a good situation for any community.

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RE: gated community > new ghetto - 4/1/2010 2:05:42 AM

rulemylife

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quote:

ORIGINAL: Vendaval

In most situations the homes go back to the banks and then to speculators. Not a good situation for any community.

What I'm seeing is the banks sitting on a lot of these foreclosures hoping the market rebounds.

I've tried to make bids on a couple in my area that have been sitting vacant but was told they were not being offered.

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RE: gated community > new ghetto - 4/1/2010 7:55:15 AM

Termyn8or

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"banks sitting on a lot of these foreclosures hoping the market rebounds"

Almost as if it was plaaned that way eh ? I read of someone who was in foreclosure and actually came up with the money - all of it. The whole note balance plus back arrears in full. The bank flat out refused and in court said flat out "We'll make more money keeping the property".

What a wonderfully crafted scam. How much of that bailout money you suppose goes to these altruistic methods ? Remember these are the same people who wrecked the place in the first place, and got bonuses for it. At the very least, the bailout should serve to enable them to hold on to these properties so that in the end, if the market doesn't rebound quickly enough they won't suffer too much loss, while at the same time can hope to realize quite a bit of profit.

Technically if they sell now they will lose, but will hope to recover that from a deficit sale proceeding. You would think that by the same token if they sell it for more than is owed a large part of the proceeds should go to the origial borrower - NOT. In the former case - selling now, with the economy the way it is they have little chance of ever recovering that deficit money. In the latter case, holding on to the properties they probably figure some of these people will fade away or something. That's even if this is in the original contract, which I doubt. Also, people will move around and who's to tell them that their old house just got sold for alot more than they owed on it ? They will have to keep an eye out for themselves and probably sue for it. So out of all these people some will die, some will relocate, some will wind up in jail and many will not keep a close eye to see if the house they had eight years ago got sold yet. You couldn't ask for a better situation.

Distance is also a factor. People have to eventually get tired of driving an hour to work. Between traffic jams and idiots causing wrecks I refuse. My job is 7.6 miles away and you couldn't GIVE me a house thirty miles away. You could even through in a free car and fuel forever, that's not the point, it is my time. The answer is no.

T

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RE: gated community > new ghetto - 4/1/2010 8:30:51 AM

pahunkboy