Housing Market

I was taking a drive through North Hudson, yes I still do take drives for pleasures despite the price of gasoline, and drove past a sign that said an auction was going to take place to sell a house that had been for sale ever since it was built. I asked someone who lived in the neighborhood about how long that duration was. I was told its construction started in 2003 but finished in 2004.

So I would guess that would be around 2 years that the house was on the market. To the right of the auction sign was a little display telling some of the features of the house including it’s price. It was for sale for $289,000 dollars. I was confused as to the taxes which said $222 dollars. Was that per month? They couldn’t be that low.
Other homes for sale at around $275,000 dollars have taxes are around $ 322 dollars a month. It looks like a fine home, so I wonder why it never sold. I checked with an online MLS service and it showed me that there were over 400 listings in the 54016 zip code. The average seemed to be around the $239,000 dollar range. I know not all 400 properties have occupants, as probably 3-5% are new construction but what about those homes that are for sale and empty. How can someone afford making payments while not living in the home. There must be a lot of people going broke. I don’t know what the bankruptcy figures are but I did get to find out a little on the foreclosures.

I was in the City Hall in downtown Hudson last week and paging through the foreclosure postings. There were almost 25 of them hanging inside the door. Real Estate valuations have been growing quite fast here in Hudson and I am afraid to say, either the prices and taxes were too high for these individuals to keep up the payments, or they lost their job, or both. Has the market been saturated? Are people afraid of the high taxes here in Wisconsin? Is the growth finally peaked and is now leveling off? There are alot of questions that can be raised by the facts surrounding the houseing market here in Hudson and I think any talk of building $83 million dollars worth of schools will need an honest and close examination. I would look forward to anyone who knows more about the real estate market to chime in here and educate us.

One last thing. Even with the facts I presented up above, there was someone who built and listed a house directly across the street from the house that has not sold in 2 years. Only this house is going for $394,000 dollars! Any of the pictures in this post can be clicked to enlarge.

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