Hi Annette, Joe is of course correct in his comments about builders' financing,
especially as it pertained to first time buyers. We Realtors have watched with
alarm as whole streets in predominantly first time buyer neighborhoods fell
into disrepair and neglect due to large numbers of foreclosures. Royal Run,
however, has a great many homes that were geared to second or third time buyers. By my count,
in 2006, 5 homes were in short sale or the foreclosure process when they sold. In 2007, 3 homes
were in short sale or foreclosure process when they sold. In 2008, 5 homes were in foreclosure when
they sold. In 2009, there are 5 homes in preforeclosure, or short sale status and 1 bank owned. I think
it is a good looking neighborhood with great schools, great location, play areas for children and some great deals to be had. The foreclosures there seem to me to be more reflective of the times than the use of subprime instruments, though I do not doubt some of the builders there used them.
Every neighborhood has some areas less desirable than others, however, and Royal Run is no different.
I would not suggest buying a home close to 65. The homes within earshot of 65 sit on the market longer
than other areas of the neighborhood.
My advice: 1. Choose a Realtor. 2. Make a list of those qualities you desire in a home. 3. Have your
Realtor send you all the homes that have those qualities. 4. Go out together and look at the homes.
Take notes of the things you like/don't like about those homes and the neighborhoods. Choose your
favorite homes, so your Realtor can help you do your due diligence. Stay away from neighborhoods
that are falling apart. I would like to help you.
Century 21 Realty Group