yes sir
As someone who does not yet own on 30-A this is music to my ears. I searched hard last year to work a short sale in Watercolor that did not pan out. That home has been unoccupied without electricity since May and the bank still has not finished the foreclosure proceedings. I cannot imaging the amount of mold that has accumulated on the inside, but it gave me very little confidence that the banks have a clue about dealing with the problem. There are going to be alot of sweet deals out there for the upper middle class with steady incomes that were previously reserved for the uber-wealthy.
I think you may be damn near correct on that. I am feelin it. Something else that I've read a few weeks ago - banks have "shadow" properties they aren't disclosing/advertising that are or may be in the future short sale or near foreclosure status. Banks are allowing or processing around 25-30% of the short sale/foreclosure properties currently on their books, the rest are shadowed. Couple this with putrid economic conditions with the perspective that the remaining 60-70% are not even on the market and
YOU, my man, may get Watercolor minus some fungi. Imagine Watercolor at $250-300 sqft. Paradise lost and found. Just a thought. I remember realtors telling me that short sales in Watercolor would be a rarity at best. Not from what I am seeing. I've been through a short sale right before the worldwide collapse. They are a
b-^@^%. Patience and don't get your heart set on anything. Value is really transitory and is at best, hard to define. Get a group of some brilliant economists together to overcome a problem and you know what you get- 20 different theories and a request for a few weeks to work on the details.
Hang in there, you may have some competition from some wealthy out-of- staters, but when it comes down to it, they are only homes, right? People are realizing that. They are not assets until paid off. They don't pay you back. They are, (especially in today's climate), highly illiquid debt obligations whose values were toyed with childish greed and lack of potential consequences that in turn vacillated wildly. Now alot of people's lives are ruined over this gov-backed real estate pinball machine. Nobody in the golden days seemed to realize mortgages are obligations to borrow money; it is not money that you have. Value involves the agreement of two parties. Remember, nationwide appreciation of real estate has historically been slighty above our rate of inflation. This area is more of a guessin' poker faced quagmire as far as potential value and appreciation . You know what Warren Buffett said when marital obligations forced him to buy his first house. " I am going to name it Buffett's Folly." He paid in cash of course, but lamented over the amount of money invested in the home and its potential return versus the market. Bubbles happen all the time, but rarely twice within the same item of displacement. Good luck brother, let me know how things work out. I like this area. I am sad to see what happened to it. I hope for the best.