real estate market: Market Hype and Market Blues
- 06/23/12 04:10 PM
I think it was 2005, when The Devlin Group announced their next development - Ocean Sands condominium in Daytona, an absolutely gorgeous 19-story modern luxury building. Ocean Villas Condominium was under construction, all units were pre-sold, and prices started from $1 Mil and up. It was a huge success, and the next building was promising to be an even bigger success. My client wanted to reserve the unit in Ocean Sands, and I showed up at the sales office of the developer, where the party was about to start, and the reservation list was supposed to be filled fast. I was … (10 comments)
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real estate market: Real Estate Market. No Artificial Flavors
- 05/06/10 12:00 PM
I love that sentiment that a few years ago the market was artificial. As if some MSG was added, and now it is without MSG, sort of normal.
I do not really get it. For me it is the same as 'right' price or 'wrong' price. And then, if the market is cyclical (that's the latest I heard), then it is 'normal' only short periods of time...I think that this is BS.
Was a gallon of gas at 10 cents a gallon 50 years ago more normal than $3 per gallon today? Or is a $125K price for a luxury riverfront … (3 comments)
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real estate market: If I Find It, I would Buy It Myself
- 06/05/09 05:54 PM
We submitted an offer for a condo. Short sale. Asking price was $150K, my client wrote the offer for $136K, the Lender came back with $5K more than asking. The whole thing made my clients very uneasy, they thought that it was deceptive, wanted the answer in writing, thought that everyone was avoiding a paper trail.
The lender would not give this in writing, and as not the party to the transaction, they are not obligated (at least for now), they wanted that the Listing agent does it in writing, and, of course, the listing agent had no trouble to do it … (8 comments)
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real estate market: Crocodile Tears
- 12/06/08 05:02 AM
Thom Abbott posted a blog THIS is EXACTLY Why The Mess We are In WILL Continue! Stop The Madness!
It is another touching story about the loan payment. Life changes, less income, and a lot of mortgage. This was an investor property, now owner occupied. He has first and second, and calls the servicer for the second to see what they can do. the answer - "Nothing".
Somehow the tone of discussion on AR shifted from "People made their choices, now they face the consequences" to "Lenders, you gotta make their life easy". Shifted from the notion of personal responsibility to the notion … (9 comments)
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real estate market: Is Patience a Virtue... Or Just Missed Opportunity?
- 10/15/08 05:35 AM
I was watching TV the other day, and Geraldo had Mort Zuccerman and Mark Cuban in the studio. They were talking about economy, and I was surprised by what Mark Cuban said.
It was about the economy and something about the notion that if you have stocks, you have to weather bad times and they would come back. Mark was asked what his advice would be for people out there. He suggested that they sell the stocks and put money in CDs at 3.5% and be happy. He insisted that it did not matter whether you lose, and whether you lose a lot. … (52 comments)
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real estate market: Why Do We Love Idiots So Much?
- 09/27/08 07:13 AM
I was wathching TV the other day about this Great Bailout, and was stunned by a definition, that there are Innovators, Imitators and Idiots.
How darn right!
Innovators are those who follow the basic rule of Real Estate "buy when the prices are low, hold to it, and sell when everybody is buying" attributed to John Paul Getty. Innovators base their decisions strictly on the values, and are not swayed by presidential elections or the media.
Time to buy is when price is low. They know that the market will warm up and then even get hot. Innovators make the most money.
Imitators … (7 comments)
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real estate market: Are you losing your shirt?
- 10/15/07 06:22 PM
There is a lot of discussion about the bad market, and, surprisingly, about the need to keep of the negativity, and be positive, and all that. No, there is nothing wrong with being positive, it is just the connotation is strange.
This is just the naming game. There is no such thing as good or bad market. If your client buys when the market is low, and sells when the market is high, he is doing terrific. If, however, he bought at the peak and has to sell when it is so low, he is not doing great. In every market there … (7 comments)
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real estate market: Making a lot of money in Real Estate today? You bet you can...
- 09/22/07 06:44 AM
John Paul Getty, a self made billionaire, was quoted that the way to become rich is to buy when everyone is selling, hold on to it, and sell when everyone is buying.
People, who follow his advice, do extremely well. The majority of us do the opposite. We wouldn't buy until every newpaper and every broadcast screams about the hot market, where everyone is making money. So, that's when we buy. However, it is too late, we paid too much, the market collapses... Now all newspapers and the news are full of apocaliptic predictions, we are scared, so we are selling. We are doing exactly the opposite … (1 comments)
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I think it was 2005, when The Devlin Group announced their next development - Ocean Sands condominium in Daytona, an absolutely gorgeous 19-story modern luxury building. Ocean Villas Condominium was under construction, all units were pre-sold, and prices started from $1 Mil and up. It was a huge success, and the next building was promising to be an even bigger success. My client wanted to reserve the unit in Ocean Sands, and I showed up at the sales office of the developer, where the party was about to start, and the reservation list was supposed to be filled fast. I was … (10 comments)
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