The frenzy over market meltdowns has created this notion that buyers should focus on short sales and foreclosures. Aside from wading through all the many poor investments that were made by these sellers, the buyer of a foreclosure condo\u00a0may be investing in a building that is on the brink of bankruptcy, when other owners are defaulting on their maintenance fees and the condo association is forced to cut back on services and\/or raise assessments on unit owners.\u00a0 After all, these distressed properties often reflect poor investments in over-priced units to begin with. Of course, I’m not talking about those unfortunates that are on the brink of losing their homes, but rather the glut of overbuilt beach condos.<\/p>\n
Buyers should not overlook all the amazing opportunities in stable buildings, where prices are extremely attractive and you don’t have to worry whether\u00a0financial institutions will provide credit. Whenever someone asks me if I’m busy in this market, and I tell them how many sales I’ve done, the reaction is usually, Oh, you’re doing a lot of short sales ?\u00a0 And the answer is No, my last 9 sales (in the last few months) were all well-priced beach condos to savvy buyers, both local and foreign. They may not have bought at the very bottom, but they’ve invested in excellent stable buildings, in Aventura, Hallandale and Hollywood, where many opportunities are available.<\/p>\n
I’ll be blogging about those opportunities:so stay tuned.<\/p>\n","protected":false},"excerpt":{"rendered":"
The frenzy over market meltdowns has created this notion that buyers should focus on short sales and foreclosures. Aside from wading through all the many poor investments that were made by these sellers, the buyer of a foreclosure condo\u00a0may be investing in a building that is on the brink of bankruptcy, when other owners are<\/p>\n