Premier Auction - March 10, 2007

Auctions must be the way to go. Yesterday, a plane buzzed the beach at Grayton with a 'propertyfiresale.com' banner in tow:floor:

Apparently the guy hasn't read the Survey of Emerging Market Conditions put out by the UF Bergstrom Center for Real Estate Studies.


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from propertyfiresale.com -- "The Mission of this site is to allow sellers an avenue to market their real estate for a loss in exchange for a swift and smooth real estate closing." They state that they won't have any listings until summer 07. It is also apparent that they may start charging people to see their listings. From their site, "
Active Real Estate Offerings coming in the Summer of 2007. Register now (while it's free) to be alerted regarding future opportunities!"

:floor:

What I don't understand is the criteria that the owner take a loss on a property. It seems to me that someone who bought for $1.2 million in 2005 might qualify as a fire sale if they listed at $1.1, but the guy with a similar house next door couldn't list the house he bought in 2000 for$700,000, even though it would be more of a "fire sale". Is there some advantage to selling property for a loss from the realtor/broker perspective?

What I don't understand is the criteria that the owner take a loss on a property. It seems to me that someone who bought for $1.2 million in 2005 might qualify as a fire sale if they listed at $1.1, but the guy with a similar house next door couldn't list the house he bought in 2000 for$700,000, even though it would be more of a "fire sale". Is there some advantage to selling property for a loss from the realtor/broker perspective?

Why do you need this? Just lower your price, it will show up as a lower price in MLS, you may take a loss or you may not take a loss. What does it matter? It is all about the market, what someone is willing to pay for your property. Just my $.02.:idontno:

This Real Estate site was created after being part of a substantial real estate loss. In 2005 I partnered with two others on a vacant lot in Destin, Florida with intentions of building a "spec" home. After closing and some delays we decided to sell our vacant land for $100,000 less than our original purchase price. That capital loss was then added to broker fees,
interest paid, and closing cost for a total of approximately $170,000.

Why do you need this? Just lower your price, it will show up as a lower price in MLS, you may take a loss or you may not take a loss. What does it matter? It is all about the market, what someone is willing to pay for your property. Just my $.02.:idontno:

This Real Estate site was created after being part of a substantial real estate loss. In 2005 I partnered with two others on a vacant lot in Destin, Florida with intentions of building a "spec" home. After closing and some delays we decided to sell our vacant land for $100,000 less than our original purchase price. That capital loss was then added to broker fees,
interest paid, and closing cost for a total of approximately $170,000.

maybe it is a FSBO site, with no/minimum commissions and fees :idontno:

maybe it is a FSBO site, with no/minimum commissions and fees :idontno:

It is difficult to tell because they don't list the brokerage name beside the contact (Realtor) name and number on each page of their site (which I am fairly certain is a violation of law), but I believe that White Sands Realty does charge for their listings.

One other thing of which is a concern to me regarding this particular marketing technique is that it shows the motivation of the seller. I sure hope they are not taking the listings as a Single Agent or Transaction Brokerage. If so, they may also be breaking the Realtors Code of Ethics.

I think that before they spent money on flying a banner around, they should have read up on some basic rules and laws.

One other thing of which is a concern to me regarding this particular marketing technique is that it shows the motivation of the seller. I sure hope they are not taking the listings as a Single Agent or Transaction Brokerage. If so, they may also be breaking the Realtors Code of Ethics.

I think that it might be an interesting marketing technique. I gotta tell ya, as a potential buyer if I could sort the MLS by "sellers that HAVE to sell, and will consider ANY offer", I would love it.

And as for the Realtors Code of Ethics, I suspect there was some 'bending' of the code during the orgy known as the real estate boom, and I suspect there will be some 'bending' as the bust continues to unfold.

I see the comment about the crickets and no buyers. Any information on the number of houses under contract along 30-A? I've heard rumor that Watercolor has seen a spike in activity. Can anyone confirm?

There has been an increase in activity in Watercolor with several homes under contract. If you want the exact numbers PM me with your email address.

There has been an increase in activity in Watercolor with several homes under contract. If you want the exact numbers PM me with your email address.

There has been a definite increase in activity in home sales in Watercolor, especially compared to 2006. Good news for the market. I have also noticed a bit of an uptick in Rosemary, but not much activity in Watersound or Alys. Anyone know whats going on in Cypress Dunes, The Preserve and property outside the major developments? How about land and condo sales?

I believe Watercolor also fared better than the other communities in 2006--although better than the others wasn't saying much. I have always thought Watercolor had the broadest appeal and would do better than the other areas in downturns or upturns.

It will be interesting to see what prices these homes are going for and to see how the actual closings in Walton County in Feb, March and April will actually compare to 2006 and 2005 when the Real Trend reports are issued.

There has been a definite increase in activity in home sales in Watercolor, especially compared to 2006. Good news for the market. I have also noticed a bit of an uptick in Rosemary, but not much activity in Watersound or Alys. Anyone know whats going on in Cypress Dunes, The Preserve and property outside the major developments? ....

Lots have recently sold for around $200k in the Preserve at Grayton Beach.
Kelly Hamilton at Coldwell Banker 850.622.1074 (CELL: 850.225.7337)
did a great job of helping a friend of mine find a good deal on a lot there.

There has been an increase in activity in Watercolor with several homes under contract. If you want the exact numbers PM me with your email address.

Any time several homes is a "spike" you know it ain't pretty. There are a few deals to be had however, and some sellers realize this isn't going to end tomorrow.