There are unbelievable deals in Miami and Miami Beach real estate right now.  A two bedroom condo in a nice neighborhood for only $19,000. A tri-plex near downtown with an asking price of only $45,000. From single family homes to entire apartment buildings the prices are once in a lifetime crazy low right now!  I've seen asking prices discounted by OVER 90 percent from the prices of just a few years ago. Throughout history the visionaries and tycoons  of the world have waited until markets bottomed out. Until "blood was running in the streets" to swoop in and buy up everything at ten cents on the dollar for cash. It's how fortunes are made. Tell me why again it is that you are not participating in this opportunity?

China, India and other swiftly developing countries are rapidly starting to consume their fair share of the worlds basic resources like concrete, steel and copper. Property that can be purchased today for under $50 a square foot might easily cost $300, $400 or even $500 or more per square foot to construct just a few years down the road. Five years ago people were fighting for the right to pay hundreds of dollars per square foot for these properties and now they're selling out at the bottom. Which group do you want to belong to? When the current inventory is absorbed and the real estate market recovers you might be sitting on real estate with a cost basis of only 10 percent of what a comparable unit costs to construct next door. J. Paul Getty was quoted as saying  "Buy when everyone else is selling and hold until everyone else is buying." It's the same old "buy low sell high" maxim that everyone quotes but so few have the guts to actually implement. Be smart. Don't be part of the herd.

The very best deals are usually all cash deals and are often foreclosures or short sales. They often get snapped up within the first few days of being offered. There are also some very good deals that are not foreclosures or short sales, but they are not quite as common. It is also possible to pick up some good deals using financing but financing is tough to get right now especially on condos so it's best to have any financing arranged ahead of time.

In the current market the stronger, more popular buildings might have condos listed for 50% less than the market top in 2005-2007. In some less desirable buildings you may find some listed as much as 70% to 80%  off the highs of a few years ago. Quality always seems to hold its value better in tough times. In some buildings where the condo association may be having some cash flow and/or maintenance issues you can sometimes pick up units that are up to 90% off their highs. If you can get deals for much less than what it costs to build, or if you can find deals where you can get a positive cash flow by renting it out it's hard to understand why everybody isn't buying everything they can get their hands on. In my opinion, the smart people are buying now. We can always discuss your options in more detail after I get a better sense of your goals. Feel free to contact me when you're ready to talk!


2010-Buyers

The sub-prime mortgage fiasco is providing what is probably a once in a lifetime opportunity for buyers! The market is flush with foreclosed properties right now. They may also be called bank owned properties, REO's (real estate owned) or corporate owned properties. The important thing for you to know is that these properties are usually heavily discounted to encourage a quick sale. Banks are not in the business of owning real estate. As long as they own the property they must continue to pay the taxes and the expensive insurance to protect the property. A vacant property may continue to deteriorate by neglect or vandalism. They want to get rid of this property quickly so that they can get back to the business of being bankers. They'll often sell it cheap to make a quick sale, and their loss can be your gain!

 There is another type of opportunity out there called a short sale. A short sale is when the owner needs to sell his property but real estate prices have fallen and now he owes more on his mortgage than the property is worth. He offers his property for sale at a price that is lower (sometimes much lower) than the amount he owes on his mortgage. In this type of deal a buyer may be able to purchase the property for this discounted price as long as the bank agrees to accept the discounted price. The bank may write off the loss or may require the original owner to be liable for the loss. Either way, you may walk away with a great bargain!

 Large numbers of foreclosed and short sale properties being offered at deeply discounted prices have put a lot of downward pressure on the rest of the real estate market. This pressure has forced the rest of the market to lower their prices in order to compete for a sale. Many properties are being offered at a 30% or even a 40% discount to the prices that they may have been offered at as recently as two years ago. There are short sales and foreclosures that may be had for 60%, 70% or sometimes even 80% less than they sold for just a couple of years ago! The best deals are often snapped up by bargain hunters within days of being listed, so when you find the deal of your dreams don't hesitate to make an offer!


2010-Sellers

The last couple of years have seen significant declines in real estate prices especially in places like California, Nevada and Florida. Tightening credit conditions that are a result of the sub-prime mortgage fiasco have added to the downward pressure on real estate prices. Property owners are no longer able put their property up for sale and automatically expect to make a quick sale at a good price.

I can not over emphasize the importance of making a good initial impression when showing your home to prospective buyers. Think of it as a first date, or as an initial job interview because it is that important. Most of "the sale" will be made in that first 20 minutes, so make sure that you put your home's best foot forward. When prospective buyers first enter a home they should get a good, warm, cheerful feeling. For many people, buying a home is as much an emotional decision as a logical one. They should feel comfortable and begin to imagine what it would be like to live there. They should already be taking mental ownership of the property. Welcome them in and make them feel good. People are more likely to buy a home from people that they like and are more likely to pay a fair price. Giving them a bad feeling or a negative impression in that first 20 minutes will be hard to overcome and may cost you plenty in the long run.

In this market a property must be made to appear as attractive as possible when compared side by side with other competing properties. The home should be clean and uncluttered inside and out, and have a fresh coat of paint. Special attention should be paid to kitchens and bathrooms. I have seen people walk out of a home because of dirty caulking and grout in the bathroom. Remember, this is as much about feelings and emotion as it is about logic. When the home is being shown to prospective buyers it should be be well lit and bright. All of the curtains and blinds should be open. The landscaping should be well maintained and the lawn should be neatly cut. Invest in a few trays of flowers to plant in the front yard, especially leading up to the front door where the prospective buyers will enter the home. I can not stress enough the importance of making a good first impression. If you are able to make that good first impression then all of the work that you have invested to make your home attractive should pay for itself many times over.

Now more than ever, the help and services of a good Realtor should more than pay for any commission that he may earn on the sale of your property. He should be able to sell your property more quickly and for a higher price than you would be able to sell it for on your own. He will save you countless hours of work, aggravation and complicated paperwork. He should have the ability to properly market your property based on his understanding of the nuances of the local market. His should have a deep understanding of human nature, and of what peoples needs, wants and desires are when going into a real estate transaction. He should be able to skillfully negotiate any real estate transaction based on his experience and understanding in all of these things.