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Listing Agents In La-La Land...
Maybe it's because my father had a PhD in Economics, and made statistics and reading patterns rendered by numbers into a game I enjoyed playing as a kid, maybe it's intuitive deduction; whatever the reason, numbers speak to me and always have.
In 2004 and 2005, I understood that supply and demand created unnaturally high pricing on our oceanfront condos, and I was among the first ones to service a long stream of "flippers", as I called them, investors who bought low and sold high. I've made them amazing returns. What a feast that was...
In 2006 I recognized a new pattern I call "the Paralysis" period. During this period, you will find lots of listings and few, or no sales. This paralysis period can last months, or even years, but one thing is for sure: immediately following this paralysis period comes "The Big Plummet", sales consummated at unbelievably low prices, prices well below the established comps. Case in point: take Baywatch for example, a three tower condo project of more than 500 units on the beautiful oceanfront of North Myrtle Beach. Between January 1, 2004 and December 31, 2005, there were 267 units sold at Baywatch. During all of 2006, ... more
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