Need to dump your property?

[Bob]

I don't know Earl, but I suspect that it is similar to what it was when Realtors were telling people that "real estate only goes up", and "they aren't making any more water front property" and "I'd go for the no money down, no doc, adjustable rate mortgage to get into that bigger place with the granite counters ... it will appreciate faster"

Hey now, That's Ralph to you! Just don't rationalize the Gordon Gecko approach because you didn't buy before '04. There will be all you can handle coming up in '07.....

 

[ecopal]

I believe that it is just the beginning.



Vulture Capitalists play book:

phase 1: widespread change of seller sentiment

come in with some token seed money in cash ($50M in this case) and buy up all of the distressed seller property at, say, 2002 pricing. this huge reduction in pricing will be widely reported, and sellers will come to fear that this is the new normal, and adjust their pricing downward ... other paniced owners will put their property on the market (trying to cut their losses), so even with the price reduction, there will still be a huge unsold inventory.

phase 2: continue to drive prices down

repeat phase 1 until you have reached a pricing level that buyers start to come back into the market and inventory starts to go down (2001 prices? 2000? ....). how many times this can be repeated is dependent on the economy. at that point, bring your big money to the table and buy whatever is left that you want.

phase 3: move on to San Diego and do it again

Yikes, but thanks anyways.

Are you suggesting that when this market bottoms properties may be able to be bought at 2002 prices?

This would mean a property such as a 2 bedroom condo directly on the Gulf in Seagrove Beach on 30A could be bought for around $250k-$350k(the going price in 2002)?

Or a Gulf view lot in Seagrove Beach for about $150,000?

Or a custom 1500 sq ft house within a quarter mile of the beach for less than $300k?

WOW!

 

[Bobby J]

Yikes, but thanks anyways.

Are you suggesting that when this market bottoms properties may be able to be bought at 2002 prices?

This would mean a property such as a 2 bedroom condo directly on the Gulf in Seagrove Beach on 30A could be bought for around $250k-$350k(the going price in 2002)?

Or a Gulf view lot in Seagrove Beach for about $150,000?

Or a custom 1500 sq ft house within a quarter mile of the beach for less than $300k?

WOW!

Wishful thinking.... Even in todays market those prices will never hit the streets. Please call if they do.... 850-865-7798. I know a buyer

 

[Franny]

Wishful thinking.... Even in todays market those prices will never hit the streets. Please call if they do.... 850-865-7798. I know a buyer

Ditto!

 

[BlueMtnBeachVagrant]

Ingenious ! :roll:

Someone 'fess up. Whose website is this?

Come on ecopal... admit it!

http://www.bargainbeachproperties.com

 

[spinDrAtl]

Yikes, but thanks anyways.

Are you suggesting that when this market bottoms properties may be able to be bought at 2002 prices?

This would mean a property such as a 2 bedroom condo directly on the Gulf in Seagrove Beach on 30A could be bought for around $250k-$350k(the going price in 2002)?

Or a Gulf view lot in Seagrove Beach for about $150,000?

Or a custom 1500 sq ft house within a quarter mile of the beach for less than $300k?

WOW!

I'll add my .02 worth. Not gonna happen.

 

[ecopal]

Wishful thinking.... Even in todays market those prices will never hit the streets. Please call if they do.... 850-865-7798. I know a buyer

We can all speculate about the bottom, but what would be very interesting right now is what price level Smiling Joe?s current "mega buyer" is actually willing to purchase at. i.e. is the buyer looking at prices at the 2001, 2002, 2003, 2004, or 2005 levels?

 

[destinsm]

Wishful thinking.... Even in todays market those prices will never hit the streets. Please call if they do.... 850-865-7798. I know a buyer

Do you think that people in 2000-2001 thought that the NASDAQ was going to revert back to 1995-1996 levels at its bottom???

It is amazing how quickly and how deeply mass phycology has started to rule our markets...

Take for instance Rocky who is trying to sell at $800k or rent for $1600/month... I bet if you take a cash flow look of that property ($1600/month * 120 ~ $200k) we would be right at those dreadfully low 2002 even 2000-2001 values you are speaking of...

When house prices are no longer going up there is no longer a justification to pay 3 to 4 times its income potential for the buyer/investor... Keep in mind there will be a physcology change on the downside as there was on the upside of this boom... People will start to say how houses are a waste of money to buy right now, and they will be looked at very negatively as an investement vehicle just as the stock market was after the 2000-2001 stock market crash...

All just my humble opinion...

 

[Bobby J]

Do you think that people in 2000-2001 thought that the NASDAQ was going to revert back to 1995-1996 levels at its bottom???

It is amazing how quickly and how deeply mass phycology has started to rule our markets...

Take for instance Rocky who is trying to sell at $800k or rent for $1600/month... I bet if you take a cash flow look of that property ($1600/month * 120 ~ $200k) we would be right at those dreadfully low 2002 even 2000-2001 values you are speaking of...

When house prices are no longer going up there is no longer a justification to pay 3 to 4 times its income potential for the buyer/investor... Keep in mind there will be a physcology change on the downside as there was on the upside of this boom... People will start to say how houses are a waste of money to buy right now, and they will be looked at very negatively as an investement vehicle just as the stock market was after the 2000-2001 stock market crash...

All just my humble opinion...

I still state my case. Please call when you see those "2001" prices. Also, you can not live in or on the NASDAQ.

 

[Mango]

I still state my case. Please call when you see those "2001" prices. Also, you can not live in or on the NASDAQ.

:clap_1: