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Foreclosure Alley, Better Than A Wal-Mart Special

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Real Estate Agent with The Flamingo Group sl3027965

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By: Erica Muller
www.MySunnyHolidayVilla.com

Come one come all to the most overgrown, abandoned street in Summerport.  I like to call it Foreclosure Alley and it's an investors smorgasbord.  On Foreclosure Alley you will find homes by the dozens that are going into foreclosure.  If you take a drive down the street you will see all the yards that are overgrown and the homes that are abandoned.  Many of them were the victims of the runaway landlord I previously blogged about and many of the homes are from different individual investors that just couldn't wait it out. 

Now is the time to pick these babies up! Many of these homes are on the golf course with beautiful views and boast almost 3,000 sq. ft. of living area if not more. Most of these homes will not have a real estate sign out front though there are a few that do.  You have to drive by and view the homes individually to see which ones are foreclosing.  I've never been one to cause hype or sing some sleazy sales pitch but this neighborhood is the deal of the year.  I really believe that.  With a Windermere address and a community in such a hot location these homes are a steal if you can snag them under 200K.

You know what they say. . . Finders Keepers!

 

Jason Romrell
Business Attorney and Success Advisor - Los Angeles, CA

Is there any concern over inviting "investors" to purchase...since that was at least a factor that contributed to the current market conditions?  Is this not a good residential area, or do you see a quick bounce to a lived-in neighborhood soon?  I love the area and I've done business there, but it seems like people are leary of investor-heavy neighborhoods.  What do you think?

Sep 17, 2008 10:00 AM
Erica Muller
The Flamingo Group - Davenport, FL

I think that the investors that are purchasing in this market aren't looking for a quick buck like the ones that purchased 3 years ago that caused this foreclosure feast. The investors I am working with are looking to hold properties for the long term and wait for prices to go back up. Many of the investors who purchased back in the boom had to take out Option Arm mortgages just to be able to afford these homes and when the prices plummeted and the rates went up they found themselves in a very hairy situation.  Most of the bank that were lending those types of loans are now either going under as well or no longer lending those loans.  So I think that will have a huge effect on the type of investors that will buy.

Summerport is an excellent neighborhood to own a rental property in however I think if the average home buyer that wants to find a good deal can get financing for any of these homes than I say pick them up! They are a deal for anyone, investors and home buyers alike

Sep 17, 2008 10:16 AM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I agree with you Erica, the investors I work with are looking for long term purchases too.

Sep 27, 2008 02:09 AM