I have a ground floor unit at the new Seagrove Highlands 3/2, 1126 sq. ft. that I need to unload for $519,000. Beautiful unit!
I think a key question is how many properties were built as investments to sell with no intention of living/vacationing there. If you can separate the volume into true buyers vs investors building to resell, that would be instructive. I was in Starbucks the other day and noticed a guy sharing the table with me that was on the phone, quite animated, for quite a while. Turns out, he has about 10 houses going up from Destin down to San Blas, even had a couple in Orlando area. He had a separate file for each one, bursting with papers. Each one was a spec he was hoping to resell prior to closing. In a word, he is screwed and he knows it. Told me he is just trying to get out with his skin at this point. He was not a prof builder, had a day job, which is lucky for him. You never want to be the last guy in....
They will get a nice write-off and the next owner benefits by the reduced price. Not an end-of-world scenario. Same thing happens daily regarding credit card chargeoffs and bad installment loans.Thanks for sharing that-very interesting.
Until speculators like the one you saw in Starbucks capitulate, the market will not have bottomed.
What will happen to all the lending institutions when they get all these properties back that are now worth less than the mortgage?
Thanks for sharing that-very interesting.
Until speculators like the one you saw in Starbucks capitulate, the market will not have bottomed.
What will happen to all the lending institutions when they get all these properties back that are now worth less than the mortgage?
I think a key question is how many properties were built as investments to sell with no intention of living/vacationing there. ....
68 Pine Needle Way in Watercolor, on the block for quite a while...listed for sale at $1.7M, then at $1.4M, then went to auction this past weekend. A single bidder...SOLD! for $860K. (Whah..whaw...whaw)
68 Pine Needle Way in Watercolor, on the block for quite a while...listed for sale at $1.7M, then at $1.4M, then went to auction this past weekend. A single bidder...SOLD! for $860K. (Whah..whaw...whaw)