We all know that Real Estate is local. We all know that it is one thing in California and it is another thing in Florida.

The 3,000 SF villa for $200K is not an indication of a good or bad price. It would be different if it  is in Hawaii, or in Alabama.

Our office is in a mid-rise oceanfront condo-hotel, and I remember a couple walking in after seeing the marquee sign. They were laughing. They told us that we are having the sign all wrong, and there was something missing. So, i walked outside and read it: "Condo studios from $32K". Everything was OK. Come back tell them it is OK. There is a burst of laughter. Then they tel us that the sign says "from $32K. You missed a zero".

No, we didn't. It is $32K, no zeros missing. Their jaws dropped. Silence. "What do you mean?" We did not mean anything.

Turns out they just flew in from California, and in California, according to them, a place on the Ocean, even a small one would be the same... with a zero. No, not in Daytona Beach.

I spoke once to the guy who bought 7 condo-hotel units for $50K each, paid cash. He kept saying it would have cost him all the money spent to buy only one in California. that would have been such a deal... i California. But it was not a great deal in Daytona Beach. And he eventually lost all his units.

I received a call from a past client. She is looking for multi-family units.  She is from California, and they have a rental there, but they are looking for the best deal. They are smart people, they know how to use the Internet. They do not like our deals, as they do not want to pay $35K-$40K a door. They are finding much better deals around the country. So, what are they finding? Or, two fourplex building and they are getting them for $8K a door. Isn't that's a deal?

I do not know. It is in Texas, and I am not sure that $8K in that location is any better than $35k in Daytona Beach. I just do not now that. Do they work with the agent? Yeah, they deal with the Listing agent and he told them this is a deal of the century. They would need to put some money to update it, but then you get tired shoveling the money. They will give one tenant a break and he will be their eyes and ears... They figured everything.

Now, a year later I asked how it is  going with their killer property in Texas... and they do not look happy. They spent some money, and then their eyes and ears rented it all to a bunch of crakheads, and they destroye the property, and the landlords could not get them out, needed to flfy there... they finally w alked away. So much about the great deal for $8K a door.

When people call me to brag what they just found on the Internet, and are asking my opinion, I am not trying to reason with them. I simply say that I am a complete idiot regarding any real estate values besides my narrow beachside, which is not the county, and not even the  area. It is just a 300 - 600-yard wide strip of land along the ocean. That's where I have some experience and where I have the 6th sense.

I simply ask them to call  me in a year and tell me how happy they are. Guess I still have to wait for the call.

Cause Real Estate is local, dude! And Internet is a lousy agent...