Posted by JPiper on January 03, 1999 at 13:25:44:
You gotta love this one!!
Anytime the government involves itself in an activity of this type it turns out this way. Shoddy construction at prices 20% above market?? Why doesn’t this surprise me? This wouldn’t have happened in a “for-profit” situation.
The city council and the Board of Realtors are stumped?? There’s a laugh! The blind leading the blind.
Here’s what I would recommend. Have someone inspect the houses to see what it will cost to correct this “shoddy construction”. People won’t buy shoddy construction at virtually any price. Next, have a market analysis done. The properties need to be priced according to their market value…NOT their cost! One would hope the Realtors know this…but maybe not.
I would not expect the city council to approve a plan of this type…but one thing for sure, it will not be a “for-profit” activity. You might point out that the houses will ultimately deteriorate if left unsold and vacant long enough…and then they’ll be worth even less.
It’s not “location, location, location”. It’s “price, price, price”. “It’s the price, stupid”. Perhaps some flyers or bumper stickers would get the issue across to the city council…“It’s the price, stupid”.