Calling all Real Estate guys * girls

[Cat Man Du]

Well guys .... what do you think ??

Are you still buying?? :huh2:

AP
Dec 10, 2009 6:40 pm US/Eastern
Report: S. Florida Home Prices To Drop 30% In 2010

While the number of foreclosures may be starting to drop both locally and nationally, a new report says 2010 will bring another large drop in property value, especially in South Florida. Combining that with the likelihood many mortgages will become upside down as a result; and it looks like the foreclosure crisis may be far from over.

Moody's Economy.com chief economist Mark Zandi told CNNmoney.com home prices will fall between 5 and 10 percent more in some areas like Miami where Zandi expects home prices to plummet 30 percent in 2010.

Zandi estimated that 2.4 million homes will end up in foreclosure in 2010, according to CNN. As a result, banks will put those properties on the market aggressively in 2010 which will then result in a flood of inventory and a precipitous drop in prices.

In addition, Zandi said two other factors could drive prices down over the next year. Zandi pointed to high unemployment and the possibility of Congress deciding to pull their support from the market prematurely.

The area with one of the largest potential for decline is South Florida. Miami's market is expected to drop 33 percent in 2010, according to Zandi.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
CBS4

 

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[MJ DeMarco]

Probably likely here in AZ too ... as well as Vegas.

 

[Dhappy]

I'm in florida and will be buying in all of 2010 and on. The deals I bought in 2009 where at 50% of current value. I will do the same in 2010. I have enough rentals to pay my bills,so I will only be buying quick flips. I'm looking forward and hope he right about the price drops

 

[kwerner]

I heard that a BIG investor here locally is buying up bunches of waterfront property in Florida and I imagine he will continue throughout 2010, maybe longer.

Since you're in Florida CatManDu are YOU going to be buying?

 

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[Cat Man Du]

I heard that a BIG investor here locally is buying up bunches of waterfront property in Florida and I imagine he will continue throughout 2010, maybe longer.

Since you're in Florida CatManDu are YOU going to be buying?

It's all in the timing --- Do I wait a couple of months? or go for one now! 30% drop is alot. If I buy now!:smx4:

 

[Cat Man Du]

I'm in florida and will be buying in all of 2010 and on. The deals I bought in 2009 where at 50% of current value. I will do the same in 2010. I have enough rentals to pay my bills,so I will only be buying quick flips. I'm looking forward and hope he right about the price drops

Where abouts in Fl. are you. I am in the same position as you, but am still worried about being caught.

 

[maximus20895]

It's all in the timing --- Do I wait a couple of months? or go for one now! 30% drop is alot. If I buy now!:smx4:

Whatever you do, don't pass up this oppurtunity. It's fine if you wait a little longer if you think the prices are going to drop some more, but take action and don't less this slip away! :banana:

 

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[Dhappy]

I'm in the tampa bay area. Don't let people scare you. This is the best time to buy. You will look back in a few years and wish you had bought more.

You can't get hurt if you buy real cheap and then sell cheap. I get in and out fast. Its a mind thing and who you believe. There is a lot of talking heads out there talking garbage. They have been saying flipping is dead for a few years now. Its funny I don't listen and keep on doing what they say I can't. I'm in one of the worse markets around and still make money. You have to know what you are doing and know your market like the back of your hand.

 

[hatterasguy]

So what? Buy them at 30%-50% of FMV now and you will be ok. Beat the freaken sellers over their heads with that 30% figure, make them think the sky is falling and get their property cheap.

All a future price drop means is that you need to get stuff cheaper now to compensate. Although it really depends on what your doing with it. Renting and holding doesn't really matter because in a few years you will make out either way. Doing what I do, IE speculating on land and spec homes it matters quite a bit.


Its always a good time to buy real estate as far as I'm concerned. Every day I wake up is a good day to make a deal.

 

[StreetsofSilver]

I've been studying the S. Florida market for a few months now getting ready to make my move. The next wave of ARM's are set to expire in 2010. :smxF:

I already got my financing lined up and I'm trying to get familiar with the market. This will be my first out of state / vacation rental property. (My others are close to my home and are not vacation rentals).

The problem that I am running into is that I can't seem to find a good RE agent to work with. They all seem to promise the world, but don't deliver. I have spoke to 3 and not one of them has even sent me one property to look at. I just don't get it. Maybe the reason is that the agents there are so used to dealing with properties $500K+ that they don't want to deal with the cheap foreclosures. :shruggie:

I'm licensed in PA & considered taking the FL exam & just getting licensed there. However, I don't feel that I'm familiar enough with the areas and don't know where the best vacation spots are so I'd rather use an agent there.

 

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[Cat Man Du]

I'm in the tampa bay area. Don't let people scare you. This is the best time to buy. You will look back in a few years and wish you had bought more.

You can't get hurt if you buy real cheap and then sell cheap. I get in and out fast. Its a mind thing and who you believe. There is a lot of talking heads out there talking garbage. They have been saying flipping is dead for a few years now. Its funny I don't listen and keep on doing what they say I can't. I'm in one of the worse markets around and still make money. You have to know what you are doing and know your market like the back of your hand.

What price property do you flip?

 

[randallg99]

the ARMS resetting have not been a problem since the rates have been kept super low by the Fed.

buying today at 30%-50% off FMV is a powerful strategy and one that I am employing currently. I have several properties under radar, dozens of offers out there and 1 closing scheduled for next week. All in NJ.

Can the rents offset the carrying costs?

 

[Cat Man Du]

the ARMS resetting have not been a problem since the rates have been kept super low by the Fed.

buying today at 30%-50% off FMV is a powerful strategy and one that I am employing currently. I have several properties under radar, dozens of offers out there and 1 closing scheduled for next week. All in NJ.

Can the rents offset the carrying costs?

Yep! At these prices, but you could get caught for a flip.:coffee:

 

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[Dhappy]

I flip houses under 100k.

 

[Cat Man Du]

I flip houses under 100k.

ME TOO ! Small world. OK .. I'm making an offer for a $30,000 REO FMV---$50,000. Thanks Guys. It helps to have encouragement...:fastlane:

 

[Cat Man Du]

the ARMS resetting have not been a problem since the rates have been kept super low by the Fed.

buying today at 30%-50% off FMV is a powerful strategy and one that I am employing currently. I have several properties under radar, dozens of offers out there and 1 closing scheduled for next week. All in NJ.

Can the rents offset the carrying costs?

What price property in NJ?:huh2:

 

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[randallg99]

these properties are less than 100k. They were mostly being sold and/or refinanced for approx ridiculous price levels of 200k btwn 2-4 years ago.

The area I am buying also has seen an increase in activity which gives me hope that the properties should go a little quicker than what we're accustomed to.... maybe several months.

I don't know if it pent up demand is driving home sales now, but the one main factor concerning me is the unemployment rate can affect number of qualified buyers.

Also more hopeful that I'll make an additional 180k instead of 120k as I originally figured in my conservative estimates within the next year as a result of pent up demand.

 

[Cat Man Du]

What price property in NJ?:huh2:

How many do you do a year??