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Posts Tagged ‘real estate’

New wave of foreclosures threatens market

March 12th, 2010 No comments

WASHINGTON – The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.

About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners.

Read more via New wave of foreclosures threatens market – Washington Post- msnbc.com.

Kingsport, TN continues to buy up property in a recession

September 25th, 2009 1 comment

Since the City of Kingsport, Tennessee is buying up real estate, I have included a sample classified ad that could be used by the city.  You can see a list of properties that the city owns by clicking here.  Copy the following in bold, kingsport city of and paste into the Owner Name on the Real Estate Assessment Data form.

Hint:  If you are serious about selling property to the city, then it would be a good idea to become a political ally first with the City of Kingsport elected leaders.

Merriam-Websterally

Meaning: someone associated with another to give assistance or moral support <in trying to convince his parents to send him to soccer camp, Toby had a real ally in his coach>

Synonyms abettor (also abetter), backer, confederate, supporter, sympathizer

Related Words well-wisher; accessory, accomplice, collaborationist, collaborator; adjunct, assistant, coadjutor, helper; associate, cohort, colleague, fellow, partner; buddy, chum, companion, comrade, confidant, crony, familiar, friend, intimate, mate, pal

Will Buy Real Estate
We Buy Commercial and Residential Real Estate – Fast CASH!!!
Any Condition.
Will Pay More $$$$$$ than It Is Worth.
Have Taxpayer Money to Waste Invest.
Relocation $$$$$$$ is available.

Call Mayor Dennis Phillips
or
Vice Mayor Mallicote
City of Kingsport, Tennessee
(423) 229-9447

Famous Quotes from the Kingsport Board of Mayor and Aldermen

Mayor Dennis Phillips – ‘We need MeadowView to keep from reducing fire, police protection, and reducing trash pick-up to every two weeks.” October 21, 2008

Mayor Dennis Phillips –“We need to annex so we don’t have to raise taxes”  February 5, 2008

Alderman Munsey – “We need to do the MeadowView expansion to keep from raising taxes” September 15, 2008

Alderman Munsey – Debt is neither good or bad,”   June 3, 2008

Vice Mayor Mallicote – “I do not believe all of the doom and gloom about the economy”.  June 3, 2008

Mayor Dennis Phillips – “If the taxpayers wanted the city to cut the spending, then we could collect garbage every other week”  June 3, 2008

Mayor Dennis Phillips – “If there were no money to spend, then you would not need politicians”  October, 2007

Best places to live for affordable homes – Top 25

July 13th, 2009 No comments
CNNMoney.com in their “Best Places to Live” has information on places where there are affordable homes.  Click on the city links below to get more detail information for a city.
Affordable homes
Residents who buy real estate in these towns from the Best Places database see their incomes go the furthest.
RankCityMedian home sale price 2008
1Duncanville, TX$99,648
2New Haven, IN$89,152
3Oak Ridge, TN$102,950
4Holland, MI$94,018
5Sterling Heights, MI$137,850
6Deer Park, TX$138,135
7Brownsburg, IN$131,000
8Findlay, OH$100,000
9Lake Jackson, TX$143,125
10Noblesville, IN$150,000
11Little Chute, WI$118,000
12Kentwood, MI$117,000
13Arlington, TX$122,549
14Papillion, NE$155,500
15Fremont, NE$95,000
16Davenport, IA$99,312
17Jenison, MI$128,250
18La Vergne, TN$120,000
19Derby, KS$143,871
20Wooster, OH$104,500
21Norwalk, OH$95,500
22Fond du Lac, WI$110,000
23New Baltimore, MI$160,000
24Plainfield, IN$126,000
25Merrillville, IN$122,309

Read more via Best Places to Live 2009 – Top 25: Affordable homes – from MONEY Magazine.

Gov. Bredesen – works to attract investments for West TN, but plant flowers in East TN

July 1st, 2009 No comments

Tennessee Governor Phil Bredesen recently visited Switzerland, Germany and Poland, where he said he was working to attract investments for a West Tennessee megasite near Brownsville, TN.

It is amazing that a little city and county had the foresight to build a megasite and also was able to get the governor as their top salesman to pitch for them.  It appears that that the only thing that Sullivan County can get the governor to do is to plant flowers at the I-81 rest stop in Bristol, TN.

What are our local elected officials in North East Tennessee doing to bring jobs to Sullivan County, TN?  Maybe our local state elected officials should have spent less time trying to pass all of those gun bills and instead doing things to help the economy.

It is clear to me that the economic development efforts in Kingsport/Sullivan County is not working.  Its time for change and a new game plan.

Haywood County site certified as a Megasite

Brownsville, TN – Haywood County announced in July that a 1,700+-acre site in the county has been certified by McCallum Sweeney Consulting (MSC) of Greenville, S.C., as a “megasite,” or large industrial property suitable for a major automotive manufacturing facility or related industry.

The Haywood County site, known as the I-40 Advantage Auto Park, is located north of Interstate 40, 20 minutes east of the Memphis, Tennessee, suburbs. The site is easily accessible from Memphis, Bartlett, Collierville, Germantown, Jackson and other West Tennessee cities. The site is bounded on the north by U. S. Highway 70/79 and CSX Railroad and on the south by Interstate 40.

“Haywood County thanks the landowners and the many local, state and regional entities that have been part of our community’s diligent work for almost three years as we have strived toward this milestone goal of MSC megasite certification,” said Haywood County Mayor Franklin Smith. “The reality of this certification is that it will increase our potential to attract an industry with high-paying jobs to benefit current citizens and future generations.”

Based on its expertise as a site selection consultant for the automotive industry, MSC was commissioned by the Tennessee Valley Authority (TVA) as an independent source to evaluate community submitted sites in TVA’s service area. MSC established stringent certification criteria and a detailed process to evaluate potential properties.

“Today’s companies, especially in the automotive industry, are under enormous pressures to make better site selection decisions,” said MSC Senior Principal Ed McCallum. “The certification of the I-40 Advantage Auto Park site in Haywood County is a great addition to the region’s catalog of sites that are ready to meet the stringent demands of an automotive assembly plant.”

The I-40 Advantage Auto Park site meets the MSC criteria required for certification, including land availability that has sufficient contiguous and developable acres, infrastructure, utilities, and labor capacity.

Brownsville, Haywood County is a Tennessee Three Star Community where industry, business, agriculture, education, and government work in harmony.

General Statistics for Brownsville-Haywood County

City/County Taxes
There is no state tax on real estate property in Tennessee. The following property tax rates per $100 of assessed value prevail in Brownsville-Haywood County:

  • City General Fund: $1.50
  • County General Fund: $2.39
  • Total – $3.89

    Population

  • 2000 Census – 19,797
  • 2007 Projection – 22,500

    Housing

  • Median Property Value – $85,000
  • Average Rent (House) – $500
  • Average Rent (Apartment) – $450

    Households

  • 2005 Estimate – 7,500

    Cost of Living (Based on the U. S. Average – 100 percent)

  • Groceries – 97.1
  • Utilities – 87.4
  • Healthcare – 90.1
  • Housing – 96.1
  • Misc. – 98.1
  • Composite – 96.6

    Sales Tax

  • State – 7.75%
  • Local – 2.00%
  • Total – 9.75%
  • Two Real Estate Firms Fined for Lead Paint Disclosure Violations in Four New England States

    June 21st, 2009 No comments

    The corporate owners of numerous Coldwell Banker real estate brokerage offices in southern Connecticut, Massachusetts, New Hampshire, and Rhode Island will pay $66,700 for violations of lead paint disclosure rules.

    The two real estate corporations are NRT New England LLC and Coldwell Banker Real Estate Services, Inc., both doing business as Coldwell Banker Real Estate Brokerage.

    EPA inspections and review of submitted information indicated that Coldwell Banker Real Estate Brokerage offices in North Haven and Fairfield, Conn.; Lincoln and Somerville, Mass.; Dover and Manchester, N.H.; and East Providence, R.I. together allegedly committed numerous violations of the Lead Disclosure Rule during multiple real estate transactions between 2005 and 2007. The companies have since certified that they are currently in full compliance with the Disclosure Rule.

    Federal law requires that landlords and property owners or their agents disclose to prospective tenants or purchasers about the potential for lead paint hazards in residential properties built before 1978. Disclosure of potential lead hazards in housing to prospective tenants helps parents protect young children from lead poisoning.

    Infants and young children are especially vulnerable to lead paint hazards, which can cause harmful effects to intelligence, reading and learning disabilities, impaired hearing, reduced attention span, hyperactivity and behavior problems. Women of child-bearing age with high lead levels can suffer difficulties during pregnancy. Adults with high levels of lead can experience high blood pressure, nerve disorders, memory problems and muscle and joint pain.

    More information:
    -Lead paint health hazards (epa.gov/ne/eco/ne_lead/index.html)
    -Lead-based paint disclosure rule (epa.gov/ne/enforcement/leadpaint/index.html)

    via Two Real Estate Firms Fined for Lead Paint Disclosure Violations in Four New England States.

    Mortgages – Beware of Neighbor’s Home Foreclosure

    June 14th, 2009 No comments

    WHEN it comes to selling your house or planning your next home equity line of credit, being a nosey neighbor could very well pay off.

    Read more via Mortgages – Beware of Neighbor’s Home Foreclosure – NYTimes.com.

    How to Figure Your Property Tax Bill in Tennessee

    June 8th, 2009 No comments

    Many folks have asked questions concerning the property taxes in Tennessee. Below is information on how to calculate your tax bill for the county/city that you live in. You can see the rates for the different areas by going to 2008 Tennessee Property Tax Rates. The 2009 property tax rates are not available so far from the state.


    Property taxes in Tennessee are calculated utilizing the following four components:
    1. APPRAISED VALUE
    2. ASSESSMENT RATIO
    3. ASSESSED VALUE
    4. TAX RATE

    The APPRAISED VALUE for each taxable property in a county is determined by the county property assessor. The ASSESSMENT RATIO for the different classes of property is established by state law (residential and farm @ 25% of appraised value, commercial/industrial @ 40% of appraised value). The ASSESSED VALUE is calculated by multiplying the appraised value by the assessment ratio. The TAX RATE for each county is set by the county commission based on the amount of monies budgeted to fund the provided services. These tax rates vary depending on the level of services provided and the total value of the county’s tax base. To calculate the tax on your property, assume you have a house with an APPRAISED VALUE of $100,000. The ASSESSED VALUE is $25,000 (25% of $100,000), and the TAX RATE has been set by your county commission at $3.20 per hundred of assessed value. To figure the tax simply multiply the assessed value ($25,000) by the tax rate (3.20 per hundred dollars assessed).

    $25,000 / 100 = 250 x $3.20 = $800.00
    or
    ($25,000 x .03200 = $800.00)
    for a tax bill of $800.00

    You can get the property taxes for various city/county areas in Tennessee by going to the the following link: 2008 Tennessee Property Tax Rates. In this link you will find the tax rates for all the Counties and Cities for the State of Tennessee.
    To figure the property tax bill, use the last column on the right as your tax rate to use in the above formula. In the table below, if you are going to live in Anderson County, then use the $2.82 tax rate in the above formula. Use the $3.54 if you are going to live in Clinton in Anderson County.
    You can also check out the tax information for a given property by going to Tennessee Real Estate Assessment Data link. Use the ASSESSED value from this link in the above formula. Also, keep in mind that the sale price may raise the future appraisal value.

    Kingsport, TN area has one of the largest 1st quarter 2009 loss for House Price Appreciation in the U.S.

    June 5th, 2009 No comments

    The real estate house prices in the Kingsport area appears to have stopped its rising trend.

    Kingsport area had one of the largest 1st quarter 2009 house price decrease of all of the cities in United States that are listed in the Federal Housing Finance Agency’s House Price Index (HPI report.

    Kingsport’s first quarter house prices were down –2.9 percent.  This gave Kingsport a rank of 288 out of 294 MSA’s ranked on the Federal Housing Finance Agency’s House Price Index (HPI report. There were six other MSA’s that had a lower 2009 first quarter than Kingsport and they are:

    Monroe, LA  -3.08%Reno-Sparks, NV  -3.72%
    Decatur, AL  -3.09%Miami-Miami Beach-Kendall,  FL  -4.97%
    Montgomery, AL  -3.49%Port St Lucie, FL  -6.3%

    Much has been said about the housing values in the Kingsport area. It seem that Kingsport is not doing as well despite what the local politicians have stated.  While it is true that Kingsport did beat other Tennessee areas with its one year growth of 1.27 percent, but, one needs also to look at what has happened in the first quarter of 2009 and also look at the 5-year growth.

    There are other areas of Tennessee that did not experience the loss that Kingsport had in the first quarter of 2009 and the other areas have an equal or better 5-year growth.

    Metropolitan Statistical Area ++Rank

    1-Yr**

    1-Yr.Rank 1st Qtr 091st-Qtr. 2009Rank

    5-Yr

    5-Yr.
    Kingsport-Bristol, TN-VA441.27%288-2.99%9128.68%
    Nashville-Murfreesboro-Franklin, TN890.00%227-0.79%8729.32%
    Knoxville, TN90-0.03%1270.35%8018.50%
    Chattanooga, TN-GA921.34%381.94%12122.83%
    Memphis, TN-MS-AR125-0.82%491.46%20413.90%

    The table below show other Tennessee areas that are not ranked in the home price index report.

    Unranked Metropolitan Statistical Areas

    1-Yr.5-Yr.
    Morristown, TN-1.35%31.87%
    Cleveland, TN-1.36%24.95%
    Clarksville, TN-KY1.05%28.16%
    Jackson, TN0.09%13.52%
    Johnson City, TN-0.04%28.57%

    (Estimates above use all-transactions HPI which includes purchase and refinance mortgages)

    **Note: Rankings based on annual percentage change, for all MSAs containing at least 15,000 transactions over the last 10 years.

    The graph below shows the last nine quarters for the Kingsport-Bristol, TN-VA MSA.

    Data below is used for above graph.

    1st Qtr 07 -1.67%4th Qtr 07 2.14%3rd Qtr 08 0.69%
    2nd Qtr 07 1.40%1st Qtr 08 0.62%4th Qtr 08 4.02%
    3rd Qtr 07 1.42%2nd Qtr 08 1.51%1st qtr 09 -2.99%

    ++ 28700 Kingsport-Bristol-Bristol, TN-VA Metropolitan Statistical Area
    Principal Cities: Kingsport, TN; Bristol, TN; Bristol, VA
    Hawkins County, TN; Sullivan County, TN; Scott County, VA; Washington County, VA; Bristol city, VA

    U.S. Cities with the Biggest Home Price Reductions: Where the deep cuts are

    May 17th, 2009 No comments

    Where the deep cuts are

    Real estate prices have been dropping for more than a year now, even in formerly strong areas like Manhattan and San Francisco. But where some cities have seen more of their inventory lower their prices, other cities have seen deeper price reductions. For example, Scottsdale, Ariz., leads the nation in terms of having the most discounted homes on the market, but Detroit has the dubious honor of having the deepest price reductions. How bad? The average asking price in the motor city, not including foreclosures, has dropped 23%. For anyone in the market to buy, that’s good news. To find out which other cities have experienced the greatest price drops, read on.

    Read more via U.S. Cities with the Biggest Home Price Reductions: Where the deep cuts are – BusinessWeek.

    Kingsport’s Controversial Aquatic Pool Delayed by Election

    May 7th, 2009 No comments

    It is election time in Kingsport and the controversial Aquatic Center has been delayed until the election is over.

    It has been voted on that the pool will be in the MeadowView area. However, the mayor has run into some difficulty after finding out that the citizens objected to the location and the spending of taxpayers money for the Aquatic Center.

    Since the city has run into difficulty getting citizens buy in on the MeadowView location, they will be undertaking a massive public relations effort to change citizens minds about the Aquatic Center and the MeadowView location.  See the Times-News article below.

    Also, note that there is to be information on the city website concerning  the Aquatic Center.  Why is the web site not available for pubic input?  I do believe John Campbell stated that construction could begin in August on the Aquatic Center.

    Alderwoman Valerie Joh who is running for re-election has stated that this is her “pet project” and the MeadowView location is is the center of the population for all kids in Kingsport. Simply put, Valerie Joh wants the Aquatic Center located at Meadowview!!

    One also needs to understand that Valerie Joh owns Blue Ridge Properties, a real estate firm with many office locations in the Kingsport area.  The MeadowView location would make it more accessible for tourists and the City of Kingsport has made it known that they want to go after the tourist business.

    Colette George, who is Valerie Joh’s daughter is chairman of the Executive Committee for Kingsport Convention and Visitors Bureau and also is connected with Blue Ridge properties.  Colette George is also on the Kingsport Planning Commission.  Colette George husband, Ron George is also a member on the Kingsport Board of Education.  Also, Alderman Larry Munsey is the BMA Liaison to the Kingsport Convention and Visitors Bureau.

    My point to the above Valerie Joh connections is a lot of the decisions and planning are hard-wired before it even gets to the public.

    Kingsport Times-News

    Kingsport does plan to keep Legion Pool open for a year or two after the aquatic center opens to gauge usage at the old facility.

    Chris McCartt, assistant to the city manager, gave a project update to the Board of Mayor and Aldermen on Monday. The BMA is slated to vote Tuesday night to employ the engineering and planning firms and allocate $360,000 for phase one of the project.

    Phase one of the project will take about five months to complete and consist of programming (the types of features found at the facility), schematic design and design development, McCartt said.

    “We know we want an indoor lap pool, some kind of indoor recreation component, and some form of therapeutic/warm water pool. Outside we want to have water park features,” McCartt said. “What that consists of, the design team, aquatics specialists and the public will come in and offer their suggestions.

    “The elements are somewhat set in stone. What’s comprised of those elements are what we’re going to be working on over the next five months.”

    McCartt said the city is not replicating Legion Pool at the new site. The new facility will have multiple pools for multiple uses, along with numerous features for families and children.

    Kingsport plans to solicit input from the public through the city’s Web site, Channel 16 and public meetings. The Web site will also be updated periodically with updates and notices of meetings.

    “Folks will be able to come to the public meetings and look at the possibilities and what the indoor and outdoor components are going to be,” McCartt said. “We take all that stuff, cook it down and find what will work for Kingsport.”

    Mayor insults citizens

    February 15th, 2009

    It is an election year in Kingsport, Tennessee for members of the Board of Mayor and Alderman.  Mayor Dennis Phillips is running for re-election and has managed to insult the voters in his bull-headed attempt to put the aquatic center in an area where he wants it, but the citizens do not.

    The mayor recently made the statement below as reported by the Kingsport Times-News.

    “We have got to do a better job of getting this whole thing down to the eighth-grade level to where we can all understand it. I think that we need to get the word out of who we’re building the pool for,” Phillips said.

    The above statement by the mayor should tell the citizens what the mayor thinks about their intelligence.  Clearly, this is an insult..

    Mayor Phillips is attempting to resell the concept of putting the aquatic center in the Meadowview area.  He has managed to get very strong vocal opposition to it being placed in the Meadowview area and opposition to it being built in this economy.

    This issue has been hard wired from the very beginning.  First, it was the committee appointed by the mayor to make recommendations where to place the pool.  It came out in the February 3, 2009 BMA meeting that the findings of the committee were flawed because of the very narrow marching orders given to the committee.  Also, who do you think made presentations to the committee?  Apparently, the committee believed the data presented by the city and we have seen in the past that the city is capable of not telling the full story sometimes.

    The demographic analysis stated that the Meadowview area was the “closest proximity to home owners” is also flawed.  I guess the city thought the citizens would believe that statement when in fact there is no way it can be true.  I have reported many times concerning the city twisting the truth to get the effect they wanted.

    The mayor states. “At the same time, we will maintain some type of city water feature at Legion Pool for the foreseeable future. We’re not going to abandon those children.”  The city talks about keeping the Legion Pool open for one to two years after the aquatic center opens.  Well, Mr. Mayor, when you close the Legion Pool after one or two years, then you are in fact abandoning the children.

    Phillips said the city would somehow make the aquatic center available to people who can’t afford the fees and find a way to help some people get to the new facility.  Nothing has been said about the fees that would be charged.  Mayor Phillips statement makes be believe that the fees will be higher than the Legion Pool.

    “This aquatic center is an investment in our city, and you have to invest in your city to get people to come,” Phillips said.  Apparently the mayor is willing to invest money to get tourists to come to Kingsport, but not willing to invest to help lower the high unemployment rate in Kingsport.

    Clearly, the mayor and city manager are on a public relations blitz to keep this project going.

    I encourage you to read the entire Kingsport Times-News article (including comments) and also see post,   Kingsport’s aquatic center in deep water

    Comments are welcome.

    Kingsport aquatic center aims to make a big splash » Comments

    Joh seeks re-election to Kingsport BMA » Comments

    BMA approves contract for aquatic center » Comments

    Kingsport set to pick planner, engineer for aquatic center » Comments