If it Feels so Good, Could it be so Bad?
Yesterday was Black Friday. Except I didn't go shopping, I went fishing. My brother Bill took my two grandsons, Adi and Jacob, my son in law Thatcher, and I out on his deck boat; Just the guys. You have to understand that for my brother Bill, everything in life is an adventure, no story worth telling is not worth embellishing, and the anticipation of the event, in most cases exceeds the event. In fact, it is ALL part of "the event"
Bill and I have been "talking up" fishing trips every since we heard them from our dad. "Boy, this is gonna be the best trip ever!" "We are going to catch more fish than we ever caught. "
"The place where we are fishing has the biggest fish I have ever seen!" "I sure hope we brought enough coolers to carry them home in!" These build ups are normally followed by heavily seasoned historical fiction of past fishing trips.
The two youngest were getting excited. The anticipation was palpable; heck, it was easy to get excited. They even started telling each other stories. (Can you say family legacy?).
Here was the plan: we were going to go up Whiskey Creek and cast for mullet. Bill had already been there last weekend and pulled in enough mullet to fill the smoker for Thanksgiving. The morning was crisp, sunny, and not a cloud in the sky. It was hard to believe we were in Fort Myers surrounded by thousands of houses. The mangroves kept us in peace and apparent solitude. The sun was not really high enough to spot the mullet easily; so we slowly made it all the way to the end of the creek and started heading back. The two kids were the appointed spotters. A few casts were made, a few small mullet thrown back, Bill offered $1.00 to the first kid to spot an Orangutan (Yes there is one in a back yard cage, but he must have been inside someplace warm, because Bill kept his dollar).
We made it back to the mouth of the creek with only one keeper mullet, Bill needed to make one more cast : A perfect throw, and then, and we will never know if this was for future story telling, or an accident, Bill slipped and followed the net into the creek. The boys loved it.
Let's see, only one fish, no Orangutan, and an uncle in the creek with all his clothes on a chilly day.
Oh, and when we got home, the boys helped Uncle Bill clean, smoke, and eat the mullet. There is nothing like eating the fruits of your own labor.
Ok, Gregg, what the heck does this have to do with real estate? Folks, this is Florida. It's about fishing the day after Thanksgiving, it's about water, golf, fun in the sun, and doing it year 'round. I didn't read the Wall Street Journal and hear news about bailouts and downturns. What I did do is vow to look at the homes for sale along Whiskey Creek. What we didn't do is talk about unemployment or the poor economy. Bill and I did look at one home on the creek that was for sale.
If you want to know why Fort Myers and the rest of Southwest Florida will recover first and fast, you need only spend some quality time here. Bill and I are fond of saying to each other - "you know, People pay good money for what we take for granted'"
Later that day I went in to the office, responded to my emails, and met with a client looking at an investment property downtown ($169,000 for a corner property on Fowler), sent in a counter offer on a property we had listed, and took a few phone calls on signs. Yes, some folks are waiting to pull the trigger on some purchases, but many are buying.
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Lat week, a good friend of mine, Nora Price, ask me to help her market her home. Nora is one of Southwest Florida's premier decorators and her home is a testament to her art. Her river view home with gardens is off McGregor in the much in demand historic district. If you want old world charm, river breezes, and a grand home, call us for a preview.
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Many of you know that Gail and I recently moved "to the other side" that is, the other side of the river - directly across from down town. The river views from here are amazing. Over here we just listed a house in Buttonwood Estates; this home is in a gated community on the river and comes with a boat slip. The home is prices for a quick sale and is only one of there available in the community. IF you never considered North Fort Myers, I am here to tell you need to. We love it!
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Low Prices are short lived, but quality endures. Why not get both on the river off McGregor? One of my favorite homes is on Valencia. Gail and I call it Bighouse/Small House because it has a main house that has the master bedroom suite overlooking the water (so close you will fell like you are on a ship) and then the guest house with three more bedrooms. The home is only a few years old. High ceilings and all the storm protection. I think it is one of the best buys on the river.
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While you are looking on the river, be sure to check out 2730 Shriver Drive, Recently drastically reduced, the owner has already moved into his new home and says sell. This home has panoramic views of the river, nestled on a private road. Priced now at $1,580,000 it will not last.
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Most of the REO houses we get are sold with in a week. If you are looking for a bargain in the Cape of Fort Myers, we need to sit down and go over your wish list. Then be prepared to move quickly. We require a buyer representation agreement and proof of funds. Call us for details.
Investments in Commercial Property - A good time for Patient Money.
I am advising my commercial investors to look at underperforming assets and holding.
What is an underperforming asset? Normally, it is a property that is not fully rented or is vacant. These properties are today selling well below their replacement costs. I normally suggest building in to the budget the cost of holding for a year or more. The exit strategy is simple: But at way below market rates and as the market returns, be able to rent at rates that are the lowest in the market. Turn an underperforming asset in to a performing one, stabilize the rent, and then sell. We have a few warehoused that fit this criteria now. Call me for details.
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