Regulate Real Estate Investment Purchases

RECEIVED Tue., Oct. 24, 2006

Dear Editor,
    As a new home sales representative, I encounter the endless flux of investors wishing to buy new homes for investment properties (and thus, turn them down). Some investors are having such a difficult time finding new properties to buy that they will intentionally lie to agents. What I feared hit harder to (my intended) home. I attended the Skyline Austin opening reception on October 19 after placing a reservation deposit. I would have loved to live in a condo/loft that was green-friendly, Downtown, and had all the bells-and-whistles like concierge services, workout facility, and pool. I attended energized, and left sorely disappointed. As I browsed the room, I tried to seek out potential neighbors only to find investors (many of them from California) wishing to own their own piece of the downtown pie. My fiancé and I do not want to live where we have an endless stream of new neighbors as leases expire and windows constantly display “For Rent” signs. Nor do we want to purchase where prices are overinflated. The solution? Keep housing affordable for Texans by limiting the number of investment purchases in new condo projects/new home developments. (Ten percent is reasonable.) Whether this happens on a state level or city level, it’s long overdue.
Nicole Acosta
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