This is a question that we ask, have been asked and still want to know the answer to.
WE have been dealing with this for a couple of years now...(thinking of 2005 and the Boom that happened here on our Island)
WE had folks buying up lots on Oak Island for $225,000 and now their worth is only about $35,000. I am finding it difficult to tell a buyer that they can only get $35,000 for a lot that they paid $225,000. And still we do not know if the market has hit the bottom here.
I tell these sellers of these expensive lots that if they price it right...it will sell. There is a price for which every property will sell...If it is priced right.
In some instances, I think that it is almost better for them to give it back to the bank...but that is one of the reasons that we are in the position that we are in now..
How you you feel about this?
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