Thursday, February 14, 2008

My condo development has been blacklisted by WAMU!


The mortgage meltdown is so bad that banks are now refusing to lend money to certain condo developments that they feel are high risk.

If you click Michigan on the Wamu blacklist you will see a list of all the condo developments which have been blacklisted and mine is one of them.

I guess soon you will need to have the full purchase price in cash if you want to purchase a condo which will only drive condo prices down even further.

What a disaster!

4 comments:

Russ DoGG said...

Man, Chris

What were you smoking when you bought in that complex? That aint oakland county but is closer to Flint, MI

Flint- of hte "Roger and ME" fame

I know michael moore is a bi of a deuche but didn't you consider all the tales of other people moving out and away from Flint?

So given the low prices they are asking- can you rent the place out and be cash flow positive?

Chris said...

I can rent the place out and be cash flow positive. You are correct that it was a bad move to buy a condo period, much less in a suburb of Flint.

One thing I learned from all this is that I will never buy a condo ever again for a residence, unless it is a second vacation home somewhere.

Anonymous said...

well then that isn't exactly financial ruin

Matthew said...

Let me guess Eton Street Station ll? Yes I also bought a nightmare townhouse with promesed expectations from the builkdedr and also the city. Sorry I am in the same boat. Crosswinds is doing fine..... Beware I herd our water is soon to be disconnected.
Matt


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