You would think they were by the conversations I sometimes have with investors coming from other countries to buy a condo in the Brickell area. There is just such a misconception out there regarding the condo market in Brickell. Having been actively working the foreclosure market in the area I can tell you that yes prices have dropped dramatically -specially with foreclosures. Yes, there are great deals out there, I actually sold a 1 bedroom condo for $114K a couple of months back. Granted the building had numerous foreclosures and the Association was running almost with no reserves, yet this was the same unit that back in 2005 was sold for over $275K. So is this an amazing deal? Yes I think so.....so then why would investors think that it would be possible to buy a similar unit for $50K???? Can someone please help me out here--I can't understand it.
After a long explanation of how banks price property to sell in foreclosure the buyer still insist on making an offer for 50% of what the bank is listing the property for....amazing!! Well it obviously ended in the buyer not getting this or any other condo and myself very politely telling him I was not going to be able to find him anything in Brickell that met his criteria.
I think is truly important to educate your buyer's and provide them with all the information they need to make reasonable offers. If the buyer refuses to listen and you truly believe he is making a serious mistake sometimes it's just better to part ways because in the long run you will be frustrated and the buyer will think you did not help in the purchase of the property because you were not a good Realtor!
Trust me just let them go....
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