The San Antonio Express reports that Developers now putting “transfer fees” into deed restrictions on property they develop. Basically, they’re imposing a fee (typically 1% of sales price) that is automatically paid to them every single time the property is sold. It’s like a perpetual money machine.
States are looking into ways to ban this practice but, like most things the government does, it’s slow and probably won’t work when they’re done with it.
Developers aim to attach transfer fee to homes
I’m really sick of the major media outlets harping on the “recession” and going on and on about how the end of the world is just around the corner.
Then I have to listen to those no-nothing talk-show pundits repeat that garbage as if it were the gospel. It must be true; it was on the news ™. And for what they’re lacking in accuracy, they’re more than making up for with repetition and increased volume.
Personally, we’ve had our best year ever in real estate (thanks friends and clients!) and we’re looking forward to having a great 2010 as well. So, when I stumbled across this article, it was pretty much a big fat DUH. At least somebody bothered to note that things aren’t really that bad (unless you live in CA, FL, MI or NY in which case you’re totally screwed). Bonus: 6 of the 10 cities are in Texas!
Yahoo: 10 housing markets where prices have gone UP!.