Fort Lauderdale Real Estate Prices Drop Even Further
Here’s some information that I bet you won’t find on any other real estate blog, or real estate agent’s website anywhere in the Fort Lauderdale real estate market. Heck, I doubt you’d see any agent in South Florida coming anywhere near this information. That’s because it terrifies them.However, on the other hand, it makes me smile. It should make you grin quite a bit as well.
Excuse me for a moment, I am going to go don my flak jacket and hard hat. What I am about to tell you is really going to tick off a lot of real estate agents in the Greater Metropolitan Fort Lauderdale real estate area.
The latest Standard & Poor’s/Case-Shiller price index report came out  today and the numbers say that home prices dropped over 20% from the same time last year here in the Fort Lauderdale real estate market. Prices are down 28% in Miami.
(courtesy Sun-Sentinel)
This is great news! Well if you are trying to sell a home it may not seem all that good. It seems you had better make sure your home is priced correctly and that you and your agent aren’t living a pipedream. However, if you have been thinking about buying a home or investment property, this is the kind of news that should have you salivating.
My investor clients called me today and asked what my recommendation was. I told them that this was “go for the jugular” time here in the Fort Lauderdale real estate market. Sellers and bank asset managers are absolutely in a desperate situation. Now is the time to strike and leave no prisoners. Make it as bloody as you need to.
Don’t be afraid to make that offer at the price YOU want to buy at. Disregard any and all list prices. Give me a call and I’ll do a complete workup for you to see what your offer range should be.
I was watching some Extreme Fighting this weekend on television. My husband really cracks up because I am into this sport in a big way. I have a bloodlust that really makes me sit up and enjoy extreme fighting. This weekend I watched a couple of women go at it. All I can say is WOW!
What does this have to do with real estate? Well, right now I would be making offers and trying to buy properties and putting the seller and their helpless agent into a submission hold. Hurt them bad and make them tap out! Seriously, there’s nothing wrong with being ruthless in business. Now is not the time to for frivolities. My clients know that I have a take no prisoners attitude when it comes to protecting their investment or in getting them the best deal possible. It’s not being mean…it’s being direct and realistic.
When I see reports like the Standard & Poor’s/Case-Shiller price index it excites me. It makes me want to call every client I know and make buy recommendations. I understand these numbers. I know what they mean and I teach my clients what they mean.
These reports mean cash flow. There’s nothing my “buy and hold” investors like more than cash flow. Cash flow is king. Right now utilizing the information in today’s report I can get sellers and banks to understand that not only do they need to lower their price, but I need it lowered even further to account for further regression. I speak their language. It’s amazing what you can accomplish with pressure applied in just the right spot.
So while some will be scurrying to their hiding places avoiding the calls from their frantic sellers, I am advising buyers to get ready. Get your hard money in place, check with the Section 8 office, do whatever you need to do to take advantage of this unbelievable opportunity.
The new housing bill will be signed by President Bush and many real estate agents and the NAR will herald the singing of the bill as the Nirvana for real estate. In reality it is the equivalent of urinating on a wildfire. The key indicator of the state of the market is the level of vacant homes. No one wants to talk about that.
Vacant homes usually means desperate sellers. Desperate sellers usually means there is a profit to be made by investors and a good deal to be had by end user home buyers and European / Foreign buyers seeking to capitalize on the exchange rate.
Remember, experienced and savvy investors know you make your money when you buy. So make sure that you buy right.
I am available to help you find the properties in the Fort Lauderdale real estate market that make sense for you.
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