High Foreclosures in the Condos of Watkins Place?

Question

There is a new development of condo/townhomes in Upper Marlboro, MD called Watkins Place. These homes have a very high number of foreclosures (every month a new home forecloses). I am curious as to why so many homes in this neighborhood are being foreclosed. Any answers?

Answer 1

not familiar with the area..

but based on www.realty.com

i would say..you could buy a house for the same price as a condo..

i would prefer the house at $199,000 on 1/4 acre to a condo that is 20 years old..(starting prices of condo and houses were $179,000)

(personal opinion)

you should phone a local realtor and ask them..find a realtor advertising that building and ask..if your not a "serious buyer" the "realtor" may not tell you anything............a "foreclosure" is buying as is with existing problems.........

Answer 2

Usually its the snowball effect. You get a foreclosure in a complex, it runs the price down. People now want to get out, but they are over their head in with to high mortgages, much higher then what they get for their place.

Banks find out, they don't renew mortgages and so on.

If you are interested, go into the local tax assessor files, where you can look up peoples taxes and mortgages. Compare the mortgages to the selling price, never mind the asking price.

Answer 3

The complex is struggling.  People bought the first units at high prices.  Now that the market has crashed, they don't have any reason to hold on and hope for better times. They are mailing the keys back to the bank.  Also, the first buyers got extremely low monthly payments for the first 6 or 12 months.  When that time is up, the payments double.  Don't do that if you buy one.