I specialize in Luxury and Foreclosed Properties in the Fort Lauderdale Pompano Beach & surrounding areas. There is a tremendous inventory of properties on the market right now, however, there are good buys and then there are great buys.<\/p>\n
When I look at a property that sold for say $500,000 two years ago and the Foreclosure price now is $175,000 what\u00a0do you\u00a0think ?\u00a0 Well, I think that’s a great buy considering the condition of the property. If the property is in immaculate condition like a lot of the Foreclosures and you can buy it for 30 cents to 40 cent on the dollar from yesterday’s prices you are making a sensational purchase. The reality is that someone didn’t buy that property because\u00a0a gun was put to their head. The market probably was overinflated but how much was it worth ?\u00a0 Maybe 400,000 or 300,000 ?\u00a0If you are buying a property for 30 to 40 cents on the dollar you are buying that property well below market.\u00a0Florida had a stagnant Real Estate Market for years and was very undervalued compared to the rest of the country.<\/p>\n
The problem with today’s general perception is that prices will continue to go down. The majority of people have an investor mentality instead of thinking about buying a great home at a price they can afford. The majority of people that buy a home are not buying to sell it, but,\u00a0to have a place to live. \u00a0True investors buy income producing properties, multi-unit buildings, commercial properties and so on.\u00a0They buy and sell in short time periods considering the market. Real Estate is not like day trading securities !<\/p>\n
I realize that most people are suffering financially but there\u00a0are a group of people that have the cash or can get financing even though the credit criteria has tightened. That group should really take a hard look at the incredibly low prices that this market has to offer.<\/p>\n
When you see a property that sold for double or triple the value of what you can purchase it now and you can afford it – DON’T PROCRASTINATE! Many people\u00a0LOSE GREAT OPPORTUNITIES because they don’t move quickly enough to make an offer.\u00a0Contrary to popular belief the\u00a0GREAT BUYS HAVE MULTIPLE OFFERS\u00a0 AND THOSE PROPERTIES ARE SELLING.\u00a0I repeat !\u00a0THOSE PROPERTIES ARE SELLING\u00a0! Smart people know\u00a0a good deal when they see it but they need to move quickly and not over think the market.<\/p>\n