Need to dump your property?

[Smiling JOe]

SJ,

What's the smallest they'll l look at what percentage equity are they looking at'? I might have a couple.

thanks Cork

maybe $300K. Send them to me.

 

[ecopal]

Does this suggest that the market is at or near the bottom?

What portion of all the many current listings could be considered real steals and deals?

Does it mean that it is time for all those hovering ?vulture? bargain hunters to dive in for the best deals and steals before they are "gobbled" up?

 

[Cork On the Ocean]

Ecopal, I want to everytime I see that avatar

 

[bdc63]

Does this suggest that the market is at or near the bottom?

I believe that it is just the beginning.

Does it mean that it is time for all those hovering ?vulture? bargain hunters to dive in for the best deals and steals before they are "gobbled" up?

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

 

[Bobby J]

If anyone knows of or has the need to dump a property, or development project, please let me know. You may pm me the info. Other agents welcome. Bring me your hip pocket if it is priced right. Willing to spend up to 50M, cash, quick closings. Doesn't have to be one big property. Gulf Front is acceptable. Price should be reflective of "needing to dump."

Thanks
sj

SJ,

You are about to get slammed. Seems alot of folks "want" out but are not really ready to let go of the price....

 

[Smiling JOe]

SJ,

You are about to get slammed. Seems alot of folks "want" out but are not really ready to let go of the price....

They are interested in only blood, so unless you are bleeding, or know of someone who is bleeding, hold off on the pm's.

 

[InletBchDweller]

so they are vampire vulture capitalists!!!!

 

[bdc63]

this must be the guy ... he still has blood on his beak

 

[Walton Native]

Smiling Joe this is good news for the market in my opinion. The folks that are bleeding and have to sell must be taken out of the market before we can find a bottom. I am not saying that one buyer will help us set a bottom, however it has to start somewhere. If this "long term investor" is able to buy $50M worth of property in SoWal from sellers that are bleeding and have to sell right now, then I believe he/she will look extremely intelligent in 10-20 years and even smarter longer term. Think of the condo buyers that bought when noone else would in Destin in the 1980's. Keep up the good work and let us know how it is progressing.

 

[Bob]

Sounds like SJ is keeping company with some vulture capitalists these days.

Good luck. That should help bring down the prices in the area for the rest of us "buyers in the wings" waiting for "needing to dump" pricing with something less than $50M cash to spend.

BDC63, what's the latest definition of "kharma"?