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VIEW FROM THE TRENCHESNews and notes from the neatest li'l corner of the Central Florida universe. Make this blog a frequent stop for information and opportunities that rarely make it to the mainstream.NOTE: When exiting from an MLS-based hot link, click the BACK button on your browser TWICE to return to my blog. 
Thursday, May 03, 2007
As the ol' clock on the wall indicates, it's been a long day. The buyers are starting to dip their toes into the quagmire of our residential inventory pool. Now if we could just keep sellers from dunking the buyer's head under water when they get up the nerve to make an offer.
Came across a few tasty vacant land deals today, and can't for the life of me find a buyer to fit the acreage. Rates are actually holding steady while this market attempts to manage its tailspin. Here's hoping the FL legislature makes the necessary adjustments to our property tax setup to insure that the tap of baby boomers heading south stays securely in the "one" position. But, hey... when was the last time we saw a politician do something for their constituents? Nighty nite... er... good morning. Posted by: Paul @ 12:38 AM NOTE: When exiting from an MLS-based hot link, click the BACK button on your browser TWICE to return to my blog.
Tuesday, May 01, 2007
I have no idea whether today was successful or not. Four contracts for purchase were generated, and one was accepted. There are two others that are in limbo, and one which was met with a cool "no thank you." It's alright, as those who continue to insist upon last year's value for their property will have until next year to realize what has actually happened.
I am going to have to make the dreaded phone calls tomorrow... to ALL of my clients. The jist of the conversation will be to become realistic with their pricing, or sign an extension on our agreement to at least double the length of time we've originally agreed to list the property. There are owners going belly-up as we speak, and builders who've decided to walk away from the projects of all sizes. It's alarming, actually. To all ships at sea: if you're buying, don't dip a toe.... JUMP IN NOW! Rates are great, and deals are plentiful. Case in point, the dated but quite livable FOUR bedroom, 2 bath block home overlooking a lake in Deltona that we've contracted for significantly less than the $155k asking price. At less than $100 per square foot, this first-time homebuyer/single mom will not comprehend the magnitude of her purchase until she gets her mortgage coupon book and sees that her monthly payment is less than the price of renting the home! No matter the size or frequency of the big transactions I've been fortunate enough to close, it's the thrill of helping a first-time homeowner that still geeks me! Gotta go hang with the wife. Until tomorrow. Posted by: Paul @ 11:13 PM NOTE: When exiting from an MLS-based hot link, click the BACK button on your browser TWICE to return to my blog.
There never seems to be enough time in the day to sit and congeal all the real estate "happenings" into a coherent screed. I am going to rededicate myself to this starting................. NOW!
Yes, the bottom is rapidly approaching. Yes, investors who bought in late are now scrambling for parachutes. Yes, the banks who lent sub-prime money are about to take a rather vigorous hosing. And, yes... real estate is still the most sound investment one can make. A rather astute client has hammered this mantra into my dense cranium; "you don't make money in a good real estate market. You make it in a BAD real estate market." So there. With over one hundred homes available in my neighborhood, it pains me to admit that this is a bad market. But those industrious enough to ferret out the deals will be building a portfolio that can't help but increase its value over the next 18-24 months. That's the hold period, boys and girls, 1.5-2 years. After that, it'll be Thunderdome again. I'll jump back on later today. Right now, that same astute client wants to make some insulting offers to sellers who, at this juncture, don't mind being insulted. Posted by: Paul @ 10:11 AM
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