Bobby J's Top Picks

Yes my brother and sister both got 550k lots from 2005 for under 60k. they can hold 10 yrs and make 4 baggers, but once all this cheap invetory is gone real estate will be much tougher. i'm already seen some flipping going on. go look at redfigh village. 4-5 sold in the 150's to 180's theres been a few $300k sales lately. thats insane. who would pat 100% premium on condo's over 5-6 months

Ray,
I believe originally the Redfish units sold too high and then when they flushed them out in the 150-180 range they probably and apparently sold too low. The market is still trying to figure out where true values are. They change by the mile and fortunately as we clean up inventory we are learning where things will sell at. Remember, there are always buyers in the market place. Buyers never leave. Value leaves. Find the right price and the buyer will come. If you are not selling right now, you are not at the right price. The buyers do not see value (yet). Plug in the correct price and a buyer sees value.

love the website and blog.
we need a surf report over there in the weather blog...

ok. Lets do this...

http://www.sowalhomes.com/blog/

Picks updated. Check out that lot for $199,000. Went under contract the next day! Great buy! I saw that thing go live and got real busy but was beat to the offer.

Hey Bobby, can you tell us where this lot is? The link doesn't show it.

http://www.sowalhomes.com/blog/

Picks updated. Check out that lot for $199,000. Went under contract the next day! Great buy! I saw that thing go live and got real busy but was beat to the offer.

It was on Sandy Shore. It pended really quick.

Link below:

http://ecarmls.com/EmeraldReports/ListitLib/show_report.aspx?ID=4531790013

bobby my brother was about to make an offer on that lot and bamm it was gone. next to paradise by the sea for 199k. i bet he can flip in a few months for 100k. seeing some flipping the last few months

bobby my brother was about to make an offer on that lot and bamm it was gone. next to paradise by the sea for 199k. i bet he can flip in a few months for 100k. seeing some flipping the last few months

Yep! You gotta be ready to pounce if the price is right.

http://www.sowalhomes.com/blog/

Picks updated. Check out that lot for $199,000. Went under contract the next day! Great buy! I saw that thing go live and got real busy but was beat to the offer.

When a property is listed one day and goes under contract the next, what does that mean in terms of closing price? There was another article on the real estate forum that suggested there are multiple bids now on underpriced bank properties -- the example given was:

Earlier this year, he had one property that the bank underpriced based on their appraisal. The home was originally listed for $140,000, but the bank received 32 offers on it and the house sold for $250,000.

If something goes under contract the same day it's listed, that seems to indicate the market is likely willing to pay more than the listing. Do you have a feel for (or any statistics) on how often that happens now?

Typically, on a bank owned property that hits the market under priced there will be multiple bids. The listing agent will then contact the selling agents and tell them we are in a multiple offer situation and advise all parties to present their highest and best offer. This is where you will then see the prices go higher then the listed price. I will look later and see if I can get you a comp on bank owned listed to sold prices.

Looking back and taking a quick snap shop of REO home solds South Walton East (area 18) since 01/01/2011 there have been 22 sales. Of those 22 the list price to sold price shows the average sale is within 1% of the list price. So on average, you might get 1% off asking. Of course there is the story of things that have sold for way over asking but the average shows us there is also the story of things going for under asking. At the end of the analysis plan on paying close to asking for an REO. More if you really want it.

Picks are updated. Sorry for the delay. Big changes are coming!!!!!!

http://www.sowalhomes.com/blog/category/bobby-js-top-picks/