Our office is in the oceanfront condo-hotel, and we are used to people coming to us to get the feel of the market, chat about real estate and life in general...

It often evokes nostalgic accounts of the times when they could buy homes for only that, and condos for only this...It is always a story how they nearly bought a property, but someone did not let them do it; somebody else bought and then sold for so much more and made a lot of money. They were so close.... They were so right, so smart, and should it happen again, they wouldn't let that someone stop them from buying a piece of Real Estate at low prices right before the market explodes.

Haven't you notice that you are in that yesterday's market? That yesterday's market, where you can buy at those legendary prices, which allow you later resell at such astounding profits?

So, why is that you did not see it before, and you do not see it again? Why is that you thought then that the market would stay slow, and that cost you a lot of money, that you otherwise could make? And now you again allow yourself to think that the market will never recover?

Why is that every time the night comes, you start worrying that the sun is not coming back? How can I assure you that it sure does? Even if "before" it was for less than now, you would sell it for way more than "before".

So, stop looking back and worrying about the coming day. Get off the fence and let us work together on what can help you retire earlier, or move to a place you thought you would not be able to afford, or get yourself a boat and start doing what you always wanted... And it does not matter whether you have millions, or you have $25K.

The only thing you get by sitting on the fence too long is a hole in your pants.

So, does sitting on the fence cost you money? I bet it does. And big time...

Just one example. A real listing just popped up on MLS.

$633,900 for this Flagler Beach DIRECT OCEANFRONT home. This is a phenomenal price for a direct oceanfront.  4 bdr/3 baths 3033 sf under air, 4,534 total. Yes, it needs some work. This is REO, hence this incredible price. The house sits on a large lot (111'x250'). The adjacent lot, which is the same size, is for sale for $1,299,000 (Listing #149478 in Flagler County MLS). Just the land. And you can get same size lot with a large home for less than half the price. This is soon a $2 Mil+ property. Do you get that much money for sitting on the fence?

 Below are the remarks from the MLS (shown here with permission of the listing broker).

Oceanfront house  
Remarks: Direct ocean front home sitting high on the dunes. Spacious tri level with views from almost every room. Large rear deck with walkway to the sand. Third floor Master and guest bedroom have awesome views of the ocean and river. Second floor offers large living, dining and kitchen. 1st floor offers a guest room or a playroom with full bath.

View of the OceanHome is being sold “As is” and needs some TLC, but is an excellent value. All offers to be presented on a FAR/BAR "As is" contract with Countrywide Pre approval letter or proof of funds. Square footage taken from tax roll. All information recorded in the MLS is intended to be accurate but cannot be guaranteed.

Wake up and take action. If you are lucky in this market and can afford buying, you just can't afford missing on extraordinary opportunities like these. Call me at 386-405-4408

FunCoast Realty
Jon Zolsky, your Daytona Beach connection

 
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6 Comments on Sitting On The Fence. How Much Does It Cost?

SEP
06
2008
146,997 Points 4 Featured Posts Outside Blog

Good advice, Jon.  The time is now.

Finding the next Microsoft or Google in the stock market is tricky and requires some luck.  Finding a very good buy in real estate is easier - and can be accomplished with the help of a Realtor.  Buyers are coming back into the Florida Markets.  A great time to buy is when there are good values available in property that meet your criteria and financing rates are reasonable.  Sounds like now to me.

 

6:21am • #1
377,223 Points 18 Featured Posts Localism Sponsor Outside Blog

Ted -  It is beyond my understanding, why every slow cycle people tend to dramatize it to the extend that they start believing that it is not going to end. They are more concerned with that than with the real condition of the market.

"Oh, this time it would take many years to recover". Last time it was the same phrase. "But this time the circumstances are different". But last time you were saying exactly that. Circumstances are always different, presidents are different, and VPs are different, but slow market is always followed by a hot market. Sarah Palin can make huge waves on the political scene, but this wuld not change the market. Hillary getting or not getting what she wants will not really change the market.

It is still the same old "Buy low, hold and sell high". This is low.

8:37am • #2
SEP
07
2008
226,804 Points 22 Featured Posts Localism Sponsor Outside Blog

Wow, Jon that's an incredible price for direct oceanfront.  Wow.  That's one of those you should buy and hold for a few years.  What would this sell for in a stable market?

7:06pm • #3
377,223 Points 18 Featured Posts Localism Sponsor Outside Blog

Jesse - Price is always important in relation to the market. $633,900 is a terrific price because it is half of the price of the next vacant lot. County assessment is just under $900K for 2007. Of course, no seller could do it, it is REO, and with REO the agents put it at half price, sell fast, and move to the next property. Their commission on REOs is small, they have to pay for accessing the computerized system, they have to pay all expenses and then wait 90 days to get it back, and they are charged even for submitting the invoice over the Internet, so there is not love between the asset manager and the agent. Hence those phenomenal prices.

In hot market of 2004-2005 homes there were anything between $1.9 Mil and $4.5 Mil. Oceanfront lots of half acre were over $2 Mil, but it all depends where, and how they are done. I have not been in this house, but drove by many times, and it is quite a house. But it still would make sense even for the land value only, as it would be anywhere from $1.2 to $2.9 Mil depending how the market reacts.

My take on that (and I might be wrong) is that this is the last break we have before we get into the category, when there will be nothing on the ocean for less than a million. No matter how small.

I have to be hard pressed to believe that it happened in California, but for whatever reason would not happen in Florida.

I am sure you heard those stories of California properties by the water, that people could buy for $25K50 years ago, and now aything you touch is way over a million, and often one million is not enough to get you into anything decent.

7:41pm • #4
SEP
08
2008
330,041 Points Outside Blog

Hi Jon

This is a great time to buy; we have motivated sellers and available inventory. Waiting can be very costly.

Good luck and success

Lou Ludwig

6:46pm • #5
377,223 Points 18 Featured Posts Localism Sponsor Outside Blog

Lou - Sometimes I feel like I am in the business dealing with people who missed the train, and now can never figure that this was not the only train to prosperity.

Thanks for the comment

11:07pm • #6

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Jon Zolsky, your Daytona Beach, Florida connection

Daytona Beach, FL

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Jon Zolsky (FunCoast Realty LLC)

Address: 313 S Atlantic Ave., Suite A, Daytona Beach, FL, 32118

Office Phone: (386) 255-5355

Cell Phone: (386) 405-4408

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