Florida Homes and Condos for Sale

The Fallout From The Real Estate Explosion (and Implosion)

Several years ago it seemed as if real estate prices were going up overnight. People jumped in the real estate market for fear of being priced out of the market in the near future while others jumped in based on pure speculation (and hope for easy profits).

Then the market slowed and reversed itself. The reality now is quite different.
While walking this past week I noticed several vacant houses in my neighborhood. They have been vacant for some time.

 

  • There is the one that is currently a bank owned property listed for 65K. I remember talking with the former owner when he was considering selling several years ago when it would have sold for $200K.
  • Nearby is the foreclosure that has been vacant for a couple of years now. The investors got into the rehab and I guess ran out of money.
  • There is the foreclosure where the former owner just walked away. It is not on the market yet but when it goes on the market the buyer will certainly pay a lot less than the $220+ the previous owner paid back a few years ago.

 

This is just some (not all) of the examples of a real estate market explosion that are close to home for me.  I am sure you can find similar cases in any community throughout the USA.  These are just evidence of the real estate explosion and subsequent implosion.

The reality is:

 

  • Real estate is cyclical. When you are riding the up bubble things are good.
  • When things are down, things can be good - for the new buyers!

 

If you are in the market for a house or condo in Viera, Suntree or Rockledge, Florida, call me to discuss how I can assist you. If you are considering selling, perhaps as a short sale, drop me an email for a no obligation market analysis. 

 

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!

Read my blog Florida Homes for Sale,  Moving to Brevard County, Florida, and  Brevard County Florida Real Estate Information.


9 comments • Gary L Waters PLLC-Realtor Viera Suntree Melbourne Rockledge Brevard County FL • May 31 2010 11:16AM

Those with capital, vision and guts can make money in this real estate market.

Those with the capital, vision and guts can make money in this real estate market.  Unfortunately many have two of the three components!  In my case, it is the capital.

Today's real estate market in Brevard County, Florida offers excellent opportunities in the re-sale, foreclosure and short sale markets for single family homes and condominiums.  Not all the deals fall into the "distressed property" category.

I had an inquiry a few days ago asking what "distressed properties" really included.  My response (edited, etc)...

"Basically there are two types of distressed sales in this market - short sale and foreclosure.  Foreclosure is sometimes called bank owned or REO (real estate owned).  A short sale is a situation where the probable sale price will be less than the mortgages(s)....Depending on the property, some foreclosures have been "stripped" by the owner before the foreclosure takes place. I have seen appliances, vanities, cabinets, garage door opener, AC units ...you name it removed!  Some foreclosures really are only shells.....Most short sales are still owner occupied.  Short sellers try to maintain the property in good condition because hey want the best price so the lender will sign off on the contract.  This process can take months..... One important thing to keep in mind is that although they are distressed sales - they are not going to give them away.  But they will sell for a discount!

I am not a fortune teller but I do know real estate is cyclical. It will go back up.  And when it does it will be those who had the capital, vision and guts who will likely reap the rewards.

If you are interested in short sales, foreclosures, and other good deals on real estate in Brevard County, Florida, let me know.

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!

Read my blog Florida Homes for Sale,  Moving to Brevard County, Florida, and  Brevard County Florida Real Estate Information.


4 comments • Gary L Waters PLLC-Realtor Viera Suntree Melbourne Rockledge Brevard County FL • April 12 2010 10:33AM

In a declining market prices decline....don't tell the banks!

I posted the below excerpt on my other blog Florida Homes for Sale yesterday about a most timely topic - short sales. 

I stated.....

"I guess the more appropriate question is...do banks care if that short sale offer goes through to closing?

In a declining market prices decline....don't tell the banks!

They still think Washington will provide a golden egg!"

 Banks must not care about making money because they delay decisions on short sales until the selling price in the neighborhoods are lower than the offer they are supposed to be considering.

 


Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!

Read my blog Florida Homes for Sale,  Moving to Brevard County, Florida, and  Brevard County Florida Real Estate Information.


8 comments • Gary L Waters PLLC-Realtor Viera Suntree Melbourne Rockledge Brevard County FL • October 02 2009 08:54AM