palm beach: Beware of Bank Owned Properties (Foreclosures/REOs)... A Risky Game.
- 12/29/09 03:34 AM
As the inventory of REOs (aka Bank Owned or Foreclosures) increases, so do the perceived opportunities for new and seasoned investors. Experienced investors know the risks and cover their bases by doing their homework prior to placing a bid. If you are new to this game, play carefully or you may get burned. Here are some pitfalls of REOs: - Inspect and assume the worse. The banks are selling as-is. They never occupied, never even visited, and have no disclosures to make to you. So make sure you thoroughly inspect the property and assume the worse when it comes to repair and replacement costs. Many … (2 comments)
palm beach: Sign or no sign ? Rider or no Rider ?
- 11/26/09 04:19 AM
In the high end market many sellers are cautious and specifically ask that no "For Sale" sign be placed on the property. Their concerns primarily include: - security: some people see a for sale sign as an open invitation to trespass and walk around the property, especially if the property appears unoccupied - privacy: they don't want the neighbors and passers-by to know and fuel speculations as to the motivations for selling Beyond the sign itself, a rider may be inappropriate. Such as: - "Price Reduced": sends the message that the seller and the agent overpriced the property and the price may still … (3 comments)
palm beach: Palm Beach offers the ultimate address for the uber-wealthy waterfront buyer.
- 10/17/09 03:49 AM
Palm Beach is a small beachside town located in Palm Beach County. Historically the playground of the wealthiest Americans with such recognizable landmarks as the Breakers Resort and Golf, glitzy Worth Avenue, and Trump's Mar-A-lago Estate. For the wealthy buyer, this offers the opportunity to buy a unique Oceanfront or Intracoastal Estate or build your own. Typical prices for Oceanfront Estates start at $10,000,000. Direct frontage on the Intracoastal allows docking larger Yachts (up to 150' for some Estates). Intracoastal Estates typically start at $6,000,000. Other communities offering Oceanfront and Intracoastal Estates include Manalapan, Delray Beach, Highland Beach, Hillsboro Beach (Hillsboro Mile), Fort Lauderdale, and … (1 comments)
palm beach: Are there any deals for buyers in South Florida?
- 10/09/09 02:13 AM
The specific market I cover spans the coastal area between Palm Beach to the north, to South Beach to the south. What we have seen is a general uptick in showing activity and more agressive buyers trying to get a deal prior to our winter season. Many are looking for those elusive short sales and scarce foreclosures. Most of the properties are still overpriced. Getting a deal in this market means working with an agent who knows how to "sniff a deal" out of the pile of overpriced ones. Visit my website for the past 12 months list of sales city … (0 comments)
palm beach: The waterfront is doing well in South Florida. Thanks for asking.
- 08/13/09 05:47 AM
Good news! We are finally seeing a reversal of the waterfront market with increased demand and limited supply. The interesting thing to note is that unlike the crazy peak market days, the pent up demand is from buyers looking for good values. I guess everyone learned their lessons. Don't get me wrong, the MLS will show excess supply if you do a search, however these are overpriced properties listed by agents who take listings at any cost to control the inventory. Surprisingly enough and against what most real estate trainers say about taking overpriced listings, these are the seasoned agents who are making the … (0 comments)
As the inventory of REOs (aka Bank Owned or Foreclosures) increases, so do the perceived opportunities for new and seasoned investors. Experienced investors know the risks and cover their bases by doing their homework prior to placing a bid. If you are new to this game, play carefully or you may get burned. Here are some pitfalls of REOs:
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