Diana Olick has a funny (sad-funny, not funny-funny) report from the scene of the Great-Hovnanian-Going-Out-of-Business-Sale, on a screwed Hovnanian homedebtor who not only lost $100,000+ by making the mistake of buying a Hovnanian home, but tells Diana to look around at who's living in his neighborhood's homes.Soccer moms and future Harvard grads? Wine and cheese parties? You know, like the brochure?
Nope.
Communes of people pooled together with subprime loans. And you just know there's some grow houses in the 'hood too...
Ouch. That's gotta suck.
Hovnanian Homes: From Upscale To Communal Living?
These are all pretty big homes, out here in the middle of strip-mall nowhere land, and they boast many levels with many rooms. The houses are all in about the $400,000 range, so no jumbo loans necessary. Gregg seemed very upset about the "element" of people that are now filling these homes, especially since he says Hovnanian described this as an "upscale" community. He says that because the homes are so big, there are multiple families living in each home, which by the way is against the zoning laws here.
I looked around the driveways, and I have to say, there were an awful lot of cars in many of them for just one family. He claims very low-income families are pooling their money, much of which came, he believes, from subprime loans, and living communally.
36 comments:
On the flipside...The NYTimes ran an article during the late stages of the bubble that were advocating Tenants in Common purchases to get your foot in the door.
Anyone who wants to know the future of america would do well to go to moscow and checkout the rows and rows of multi-storey multi-unit socialist dwellings - it'll illustrate what these new mega-monster multi-plext structures are: a step towards totalitarianism. People are paying big money to buy into corrosive codependency.
I remember someone predicting a couple of years ago that these places would become the slums of the future. Guess what, the future is now.
The worst part of that news report was hearing the houses being described as luxery homes.
No they're not, luxery isn't just about apperance it's also about quality. In 20 years it will make more sence to demolish those shabby wooden constructions that to try and maintain them.
Aloha and welcome to Hawai'i.
OwenF said...
Anyone who wants to know the future of america would do well to go to moscow and checkout the rows and rows of multi-storey multi-unit socialist dwellings
----------------------------------
No- You don't need to go to Moscow. If you want to see the future of America, you would be better served by going to Tijuana. There you will see the height of communal living, drug houses just like in the article, and best of all, an imported ghetto culture that's becoming more mainstream by the day.
Its the rooming houses of today. Back in the 1930's you saw the rise of rooming houses--people took people in to pay the mortgage. Its the start of 21st century rooming/boarding houses.
Interesting. In many US cities, in what used to be the upscale suburbs in the 19th century, you now find old Victorian homes parsed out into multi-family dwellings. Is that the future of the McMansion?
in Hoodbridge, VA, it's not likely communal "hippies" living together. that would be cheeky and cute. no, Hoodbridge, VA is an illegal alien's wet dream. that place is a lil' El Salvador. lots of MS-13 for everyone!
It's five Mexican families in one house thats the problem
Welcome to Mexifornia. The sight of multiple cars is a common sight in Calif., especially if they are parked on the lawn, play loud salsa music and barbeque carne asada outside on the week-ends. The real tell tale sign is the 12 kids per house and the increase in crime.
The worst ghettos in Detroit today were once the "upscale" neighborhoods of the 1920s. When the USD crashes we will see a huge increase in foreign ownership of RE. The new owners will manage their properties to maximize profits. Local governments will change zoning to accommodate the new realities.
The poster above who mentioned Tijuana as the future is not far off the mark.
I'm not sure if it's against the law if everyone is related. I used to live above a 3 bdrm apt inhabited by a hispanic couple, the woman's parents, the husband's brother and several kids. Not against zoning laws - thank goodness they didn't live above me - but loud parties every Saturday with 30 of their closest friends and family members. Also NYT did a report a few months back about a hispanic family living in a $1 million + house in Easthampton, NY. The neighbors were all b*tching and complaining about illegals and all the cars parked there and trying to get them in trouble - but turned out they were legal residents and all related - they all chipped in.
G R O W H O U S E S !!!!!
I feel bad for people like that. Yeah they are FBs and all. But the zoning laws are being ignored and he is being hurt financially because of it. One more exammple of corrupt government.
VIVA MEXICO DEL NORTE!!
its funny............all of these builders are about the same. they all use the same methods and they all use the same materials.......
they use illegal wetback mexicans to build these houses. they try to use the cheapest materials available to build them. some are called ordinary tract homes and some are called upscale.....but they are all the same......the cabinents are all pressed wood types. very little solid wood old style custom work is done. most of the materials can be bought at home depot and the light fixtures all come from china....etc, etc....
this guy hovnanian looks like some putz that sells used cars somewhere.
by the way, what is the latest on the hovnanian fire sale?
This doesn't have to involve McMansions or Hovnanian. Or even Mexicans, though my experience included them.
Across the street from me we had a Mexican family buy in late 04--very nice people--but soon there must have been 3-4 families living there. They obviously were having trouble with the mortgage.
Many many many cars; probably 12 different people coming in and out, and 3/4 of them had vehicles (the remaining 2 or 3 were infants and not yet of car-bearing age). And my neighborhood is 1000-1500 sq ft 1950s homes: nice, but nothing even remotely spectacular.
Fast forward to a month ago: the house is empty--they just walked, in the middle of the night (no one saw them go). Their 20 year old son left, as a going away present, an absolute POS car in the driveway, with old tools and McDonald's wrappers in it.
I feel sorry for the former owners--the parents were nice, respectful people--but they obviously bit off more than they could chew and left the neighborhood worse off for the wear.
Everyone wants to live in Tijuana. This country will become the next Brazil. The population will be 5% wealthy, 10% government workers, 85% living in the slums eating from garbage bins. Stick a fork in the USA
"Hoodbridge, VA"
beautiful
many of my coworkers live there, mcmansion central. 1+ hour to dc during 'rush' hour. there's a really old crappy outlet mall and an ikea and every single chain imaginable. real craphole. and yes 3-400k townhome neighborhoods full of illegals.
A 6-bedroom McMansion can house 6 illegal immigrant families. That comes out to 60 people and 12 El Caminos, Surburbans and pick-up trucks. A few of them will be on the lawn sitting on cinder blocks.
I can't wait to see Toll McMansions covered in gang grafitti. I wonder how those DINK dopes who paid $1 million will feel living next to a house filled with dozens of people who can out-vote them. Thankyou housing ponzi scheme for destroying lives, neighborhoods, banks, cities, countries and the world's financial system. The MBA's and PhD's from Harvard and MIT were outsmarted by bartenders and strippers
1. Where ARE FB's supposed to go when they become renters again???
2. I have read that many of the mansions built during the 1920's boom went this way.
3. For those of you who believe in market-based solutions ::: HERE IT IS.
4. Growhouses are popping up everywhere.
5. Growhouses make excellent neighbors - quiet, low traffic, no disturbances, etc.
6. For those of you who make a big deal of median family income not keeping up with median home price - the obvious solution is to redefine "family".
7. The American nuclear family living in a seperate house is an historical anomaly produced by high living standards. Most of the world lives with several generations under the same roof - time for America to regress to the mean.
I have to give credit to dailyreckoning.com - an article there, by Bill Bonner or William Rees-Mogg, both real old fogies, introduced this possibility to me almost 9 months ago. And it jived because I remember so well the big Victorian houses converted to dingy flats and bed-sits on Princes Drive in Liverpool 8(L 8 is(was?) synonymous with South-Central Los Angeles ) - From PRINCES drive to South Central in 1 1/2 generations !
-K
This is hillarious news but deserving punishment for the IMBECILES who thought in the short term and created conditions for mass illegal immigration, hyper inflation, and devaluation of the dollar.
I hope 4 families with incomes below the poverty line team up and buy McMansions suited for a single family with an around $100K per year income. The quality of life will crumble in the boondocks as will the quality of the schools. Although this is against the deed restrictions, local bylawys, and the homeowners association they will do it anyway. Remember how entering and living in the US is supposed to be illegal but 30 million people did it anyway; same thing!
HAHAHAHAHAHAHAHAHA
Wait . . . what's wrong with grow houses?!
Our family, : me, the grandmother,
my son, his two sons, one son's girl
all live together in the 'burbs.
I have retired and can no longer afford Portland, which has yet to
implode, but undoubtedly will, or
maybe not, since it's been communal
increasingly, with the rise in housing prices. We all chip in. We
are not on food stamps, nor do we
receive any subsidies (I earned my
SS)..
But individually, we would all be
living on the cusp, borderline
hungry, and living lives of desperation...together, there is
always someone home to tend my
grandson, cook, feed the pets..
We have multiple skills which we
use to solve the problems of daily
life...
Think about it; except maybe for
the last 50-60 years, weren't we
always a multigenerational lodging
culture to some extent? I think
it was a blip and Americans took it
for the norm..
PKK
This guy was dumb for believing a homebuilder and now he's now stuck in what has or will become a slum.
The good part about renting is I can move anytime if the landlord lets 3 illegal families move in next door. I'll say bye-bye and be gone the next day. If and when I buy a home, I'll buy the surrounding acreage so I know the area won't turn into a slum.
Anyone who wants to know the future of america would do well to go to moscow and checkout the rows and rows of multi-storey multi-unit socialist dwellings
Except that in America the are called view condominiums, currently blanketing Miami, Las Vegas and downtowns and suburbs everywhere.
And instead of the government giving them to people, the foolish exchange them for millions of dollars of debt.
You dont just see this in the big Hovnanian Hoods either, its happening everywhere, I mean HOA's if existent need to tighten homeowners subletting, townhouse and single family homes because some people dont know when to stop, places that allocate 2 spaces have these people that hog the visitors spaces and whatever else...they have constant traffic in and out...yes slums have moved to townhouse and single family neighborhoods because a single family can no longer afford to pay the mortgage, so to delay or put off foreclosure they rent out every room in the house that they can to pay the mortgage which needs to be stopped.
"A 6-bedroom McMansion can house 6 illegal immigrant families. That comes out to 60 people and 12 El Caminos, Surburbans and pick-up trucks. A few of them will be on the lawn sitting on cinder blocks."
This is a very good point. Wow, never would I have dreamed the illegals who built these homes were intended to live in them in the long term. Of course, all of this will be taxpayer subsidized in the form of social services and aid to the illegals.
Actually, I am rooting for illegals to team up and move in with e/o like this so they leave the slum apartments that are located in areas that were developed in the 60s and 70s. Poor business in these slums will mean they might actually shut down and be demolished. My home is located in an area devloped in the late 50s. Within a 2 mile radius is it all nice and orderly with single famliy homes and light retail. Outside of this bubble is the barrio/ghetto. If this scheme of illegals living in McMansions with a multi-family setup takes off I will volunteer to go post fliers in the apartments with directions on how get it done. Realators, builders, and banks....I will do this work for you for free on Sundays!
Bwahahahaha...the Americans are becoming Mexicans. How sad but glad to see that the American "superpower" lie is finally reaching the corrupt MSM.
No- You don't need to go to Moscow. If you want to see the future of America, you would be better served by going to Tijuana.
Why bother to go abroad even, since that concept has been going on in Miami for decades. The Cubans invented that and they keep arriving in makeshift boats everyday, under the noses of the Coast Guard. So much for homeland security, when anyone can get into a ding or just walk across the border and arrive in the US inconspicuously. Nice job GOP!
Wow, never would I have dreamed the illegals who built these homes were intended to live in them in the long term. Of course, all of this will be taxpayer subsidized in the form of social services and aid to the illegals.
What makes you think that only illegals are doing that? The article refers to AMERICANS who are becoming Mexicans. Again, you naive people think that Americans have any money.
"Although this is against the deed restrictions, local bylawys, and the homeowners association they will do it anyway. Remember how entering and living in the US is supposed to be illegal but 30 million people did it anyway; same thing!
HAHAHAHAHAHAHAHAHA"
indeed
Sounds like "family values" to me. Not only will these communes of illegal immigrants be taxpayer subsidized through social programs, hell, Congress is talking about giving them the house, too.
Post a Comment