In October 2001, I started selling real estate in Palm Coast, Florida.  In October 2005, I jokingly asked my husband if he would like to take off and travel around the world.  Much to my surprise…he said yes. (Check out blog posts from our trip…coming soon)

Between October 2001 & October of 2005 I had assisted hundreds of people purchase and sell property.  During that time, the DH and I had also dabbled in pre-construction mania, bought and sold vacant land and continued to buy, rehab and manage rental properties.  When I asked my DH if we could go travel around the world…I was only partially kidding.  I never thought he would say OK. 

Many of my customers that had made significant amounts of money by buying and then selling pre-construction condos and developments were asking me about the next easy deal.  By the first part of 2005…I began telling my customers that the easy money was no longer to be made in Palm Coast and it may be time to sell. During that time, DH and I began selling out of all of our questionable assets…mainly condos and vacant land.

By the middle of 2005, just when most home buyers were getting themselves into crazy exotic mortgages, buying into pre-construction products that the builders would never complete and begging to get in on the next great money making property development…I quit selling real estate and focused on enjoying life for awhile.  You see, I know that when the taxi driver in New York is talking about making money buying and selling real estate in Florida…it was time to get-get-get-out-out-out!!!!

The actual start of the real estate crash began in Palm Coast about the middle of 2005.  The writing on the wall would not become evident to most until the middle of 2006…nearly a year later. I feel very bad for people who got caught up in the greed, the lure of exotic mortgages and the promise of a quick buck. But, I am comfortable in knowing that I did not participate in the frenzy…even though I had customers calling me to ask my opinion on developments like “Tidelands”, “The Palm Coast Resort”, “The Conservatory” as well as the new condos being built in “Grand Haven”  & “Hammock Dunes”.  I would not sell those properties…I had a gut feeling it would be a huge mistake to purchase in those projects and I cost myself alot of money in sales commissions….but I am happy that I did not get anyone in over their heads. 

Some of my customers did not heed my advice and chose to buy into those developments anyway through other agents…they are now becoming statistics. I had made a vow to myself when I began selling real estate that I never wanted to sell a piece of property and then worry about having to duck and cover if I saw my customer in the local grocery store…that mind-set has served me well in this business. 

It may come as a surprise to many people that a REALTOR would be telling them “Now may not be the time to buy”.  But that is exactly what I am saying “Now may not be time to buy”. 

Stay tuned and I will tell you why…..