Homeland financial security

[Stick]

For the first time in my lifetime I can now say that I've seen everything.
Around two years ago they started to build the Palm Branch Development here in Fayetteville. They are nice two story homes, each sitting on well over an acre of land with about 70 homes already built. The houses are finished with all utilities, four bedroom, three bathrooms, finished basements, and attached garages. There aren't any two homes in the development that have the same floor plan.
"BUT" (there's that word again) starting today, all of the homes will be sold at 1/2 off listed price.
The houses were originally listed between $165K to $210,000 and I was able to watch the building of most of them. That would have a great price for this area just 20 miles south of Atlanta. There weren't any shortcuts made and it looked like they were being well built with not a bit of prefabrication.

"Half Price Sale on your New Home"
SAY WHAT???

Whatever happened to the day that you went out and bought a home for an investment?
Whatever happened to the day that you knew that as long as you maintained your house you would be able to sell it in 20 years for more than you paid for it?

[reconeil]

Stick,
Please tell us why there's a: "Half Price Sale" on brand new houses down there?
Such truly seems strange to me.
Also, don't the suburb areas or vicinities around Atlanta have pretty-damn-affluent buyers?

Neil

[Stick]

Atlanta, just like a lot of cities in America is experiencing huge unemployment figures Neil, and the County Treasuries have shrinking actual receipts due to diminished housing values and property tax returns have shrunk due to those values.

In 1997 when I was transferred to Atlanta, Ford bought my home in Cleveland so I didn't have to delay my move and also guaranteed $150,000 of the mortgage on this house, which was $157,000 and, at the time we thought was a great deal.

In 2001 Ford closed its plant here and today this home tax appraised value is less than $100,000. The house is in far better condition today than it was in 1997 so the depreciation isn't because of the age of the house without upkeep. We have slightly less than 3 acres, 4 bedrooms, 2 1/2 baths and an in ground pool with a new liner and Fayetteville is an upper class suburb.

In 1997 unemployment in Atlanta was 2.3% and today it's over 6%.

George Wingo, the Tax Commissioner of Fayette County has seen property tax levels go down 14% since he took office in 2006. I know this from actually personally talking with George who became a friend of mine when I spent 3 1/2 months in Fayette County Hospital in a comma due to encephalitis. George filed our personal city, state, and federal taxes that year because the taxes had to be filed late due to the fact that I couldn't file them when they were due.

Half off on a new house? I'd be willing to bet that the contractor is selling them for as close to his cost as he can but I'd also guess that he's looking for cheaper employees that just might speak Spanish or at least drive a Subaru or a Kia.

What was known as Henry Ford Blvd. in Hapeville where the Ford Atlanta Assembly plant was in 1997 is Porsche Blvd. today. Porsche bought the property that the Ford plant was on and every dime profit that the Porsche plant is responsible for earning will go directly across the Atlantic, tax free.

In Fayetteville in 2005 the Fayette Pavilion Shopping Center was built with Wal-Mart being the anchor of that shopping center BUT (there's that word again) Wal-Mart did NOT pay a dime for the property that the store was built on. Being the primary store in the new shopping center drew many other retailers to the pavilion and Wal-Mart was given its property by Fayette County so that the county could draw sales taxes off the stores sales but (there it is again) since the land was free to Wal-Mart the store pays not a penny in property tax. All of the other stores in the pavilion pay both property and sales taxes to the State and County while 45% of all family owned small businesses in the county have gone out of business since 2008. Go into what was "downtown Fayetteville" today and you'll see storefront after storefront with a FOR SALE sign in the front window.