Too Good To Be True?

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

Otherwise reasonable people often get unreasonable ideas about Florida real estate market. I am not sure whether they could buy a parking space for $50K in New York, but they call and ask for a 2-bdr/2-bath condo on the ocean and expect it to be for under 50K.

Isn’t $50K too good to be true in the first place? Shouldn’t there be a reason why a condo on the beach is only $50K? That it might be small, noisy, high maintenance, etc?

Fountain Beach Resort Daytona

Yesterday we showed a direct oceanfront studio in the Fountain Beach Resort to a visitor from New York. Besides the asking price, which is $69K, he wanted to know what the taxes were, so we pulled the information from the County Appraiser website and showed him that first time in several years the proposed tax for 2012 was over $5K higher than for 2011. Before, every year after peaking at $132K in 2006, taxable value was going down.

We showed him that the market started going up. The New Yorker called me today and said that he did not want to waste his time, and told me to call the Seller and ask him what the lowest price that the seller would accept was.

Fountain Beach Resort Daytona

No, he would not give an offer. He said the asking price was an insult. He said that everybody knew that the market in Florida was bad and was going worse, that it is not worth more than half, that it was a small 343 sf studio, that he could buy a house on the beachside for a few thousand more… It was all very loud, very fast… he was selling me on the idea that it was not worth anything and him, coming with lowball offer, was the best thing that could happen.

He insisted that knew the market… The seller would be stupid to reject a cash lowball offer, and that I would be stupid to refuse to call the Seller and make easy money.

Oh, well… No easy money for me.

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Rainmaker
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William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

"He said"

That and $5.00 won't get you a capachino.

Bill

Sep 02, 2012 02:18 PM #1
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I know this guy, Jon.  I think he may have came here after he finished in Daytona! :-)

Sep 02, 2012 10:28 PM #2
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Jon Zolsky, Daytona Beach, FL

Buy Daytona condos for heavenly good prices
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