Fort Lauderdale Real Estate Deal Of The Week!
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Fort Lauderdale Real Estate Deal Of The Week!
Do you remember the Amazing Kreskin? Or perhaps the Great Carnac from the Johnny Carson Show? Well, if you aren’t familiar with these guys, they were characters that could read minds or predict the future. Well, I think I’m going to step into the role of fortune teller and go out on a limb here.
I think this week’s Deal of the Week will sell in a matter of hours! This one is a gem and based upon its location, asking price and current condition, I wouldn’t be surprised if it’s not gone by the end of the day. Seriously, that’s no sales hype. Take a look at this property and I’d love to hear from you. And if you want to make an offer, you may want to act right away! Read more
It Definitely Is A Buyer’s Market In The Fort Lauderdale Area
Yes, it’s a Buyer’s Market down here in Fort Lauderdale. Looking for a new home or an investment property, check out this video for more information.
I’d love to show you some of the amazing homes and investment properties on the market right now.
I recorded this short video over the weekend. It’s really informative and it explains why we are so enthusiastic about the state of the real estate market here in the Greater Fort Lauderdale area.
We have been telling all of our clients that this is the best real estate market ever and I think this video will help explain why we feel that way.
I hope you find it both entertaining and informative. I have to say that I am really enjoying the video making we are doing here at the Fort Lauderdale Real Estate Blog. I like it and my team is enjoying the videomaking process as well. So please take a moment as I explain how the Fort Lauderdale real estate market is really great for buyers!
Transcript of video to follow: Hey it’s Robin and I was just talking to a few clients about the Fort Lauderdale real estate market.They had read one of my stories on the blog where I said that this was the best real estate market ever and they wanted to know why I felt that way.Well..long story short, this is when you have the most opportunity to create wealth in real estate.
Contrary to popular opinion the boom times are not the times for buyers to make out. Seller’s made out like bandits but not buyers.
You see those sellers only capitalized because of rapid appreciation. Something we really hadn’t seen before, that was unsustainable, and may never see again.
Real wealth is made by buying smart. Being a buyer when sellers are desperate is a great position to be in.
John D. Rockefeller once said that the “time to buy is when blood is running in the streets”. Well here in South florida the streets in many areas are bright red and there is tremendous financial opportunity.
I just ran some numbers and over 60% of homes sold in South Florida are foreclosures. Let’s take a look at those numbers.
To get a good picture on how great of a market this is for buyers let’s look at a few snapshots of data.
First we’ll do a two year quarterly comparison of sales. As our basis point we are going to look at the first quarter of 2008 and the first quarter of this year which is the months of January, February and March. We’ll compare the numbers from the first quarter of this year with the first quarter of last year.
Now let’s look at the absorption rate in the area. The absorption rate is how long it will take to sell, or absorb all of the homes on the market, given the current inventory levels and current rate of sale.
A “normal” real estate market usually has an absorption rate of 6 months and neither the Seller nor the Buyer is thought to have the advantage. A Seller’s market usually has an absorption rate of less than 6 months, and a Buyer’s market normally is thought to have an absorption rate of more than 6 months.
The 6 month number in this definition means it would take about 6 months to sell the entire amount of available inventory in the market if this were a so-called normal real estate market.
To put things in perspective, currently in the Single family home market in the Metropolitan Fort Lauderdale area, the absorption rate exceeds 22 this confirms and underscores the fact that we are in a Buyer’s market right now and will remain in a Buyer’s market for the foreseeable future.
I think you’d have to agree…That was some pretty compelling data. So what do all of these numbers really mean? Well this data tells us that we are in undoubtedly a Buyer’s market, but more importantly we are in a Buyer’s market that will be sustained for a good deal longer.
More foreclosures are on the way and with more foreclosures comes more inventory. There are over 8,000 homes slated to be auctioned off at the Broward County courthouse over the next 90 days and that means a deluge of additional inventory is on the way. As inventory increases the immutable laws of supply and demand influence the marketplace.
We are going to see a continued trend in the market wherein the predominance of sales will be foreclosures and distressed properties.
This information is great for Buyers because there is less emotion and attachment to properties when they are being liquidated.
All of this presents quite the dilemma for the real estate industry in this area. You see, you have a market that requires agents to be skilled liquidators and knowledgeable about foreclosures and short sales and a large number of agents who have no idea as to how to make their way in this niche.
If you are looking to take advantage of the wealth of opportunities in this market, please feel free to call me or email me. My team specializes in foreclosures and short sales and we love the challenge that this market provides.
Give me a call and let’s liquidate some property and find you that perfect home to live in or investment property at a great price!
Thanks for watching and I’ll talk to you soon!
Las Olas Wine And Food Festival
Aaaaahhhhhh…wine, food, music….the South Florida weather…it doesn’t get any better than this! The Las Olas Wine and Food Festival is a special event in Fort Lauderdale that is held to benefit the American Lung Association.
The event will be two days this year – Friday, May 1st & Saturday, May 2nd. On Friday, May 1st there will be Wine Dinners at Private Homes & Restaurants with celebrity food network chefs. Saturday, May 2nd will be Wine Seminars at the Riverside Hotel. Read more
What Is A Short Sale?
What Is A Short Sale? A Short Sale is a settlement with a bank to take less than what they’re owed to stop foreclosure and sell the property. Learn more.
While simply explained, the process is much more detailed. We’ll explain it to you so the you will have no problem understanding the Short Sale Process
Do you know how to do a Short Sale? Do you even know what a Short Sale is? Are you in foreclosure and need some advice about how a Short Sale may help you out of a bad situation? Well you are not alone.
I get dozens of emails and calls every week from homeowners who would just like the straight scoop on just what is a short sale. So I decided to record a brief video to help you understand the Short Sale Process. I hope that you find it useful and informative.
There are over a million real estate agents walking the planet and if you ask 10 of them what is a short sale and how do you successfully execute one you’d probably get 10 different answers. Then if you ask another question, that being, how many of them have actually successfully completed one you’d be very surprised.
Most real estate agents only found out about Short Sales in the last 18 months after they became the “in” thing in real estate. Then many agents found out that if they weren’t proficient that they actually can end up in trouble for their blunders and many simply do not have any desire to work in the Short Sale arena.
I’ve been doing Short Sales for a long time. Even BEFORE they became cool. In that time I have learned quite a bit and one of the biggest things that I learned was to surround myself with a good, competent and experienced team of professionals who work together to effect a successful experience for my clients.
Short Sales aren’t tough at all…if you know what you’re doing. We have a very specific system that we have implemented and have been using with great success.
Please take a moment and review the video below and find out for yourself how we approach the Short Sale Process.
If you are in foreclosure or know someone in foreclosure and you would like me to review your situation, I would be happy to take a look at your case and let you know if I feel that you qualify for a Short Sale. I specialize in foreclosures and Short Sales and I am very picky as to who I represent in a Short Sale case. I want to work with people who are committed to the Short Sale Process.
If you’d like to learn more about what is involved in a short sale or how to do a short sale then clicl on the banner below:
If you think that you are willing to do what it takes to participate in a successful Short Sale, please do not hesitate to email me or call me at 954-709-7461.
Fort Lauderdale Real Estate Deal Of The Week!
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Fort Lauderdale Real Estate Deal Of The Week!
This is the second installment of our new feature on the Fort Lauderdale Real Estate Blog. Each week we are going to feature a home that we feel is a great deal, an absolute bargain…maybe even a steal! We’ll run the numbers, show you some pictures and maybe add in a little video. We’ll even have a few real estate experts give you their opinion of value and on the deal itself.
Then all you have to do is decide if you like it. But don’t wait…these homes will sell fast. Last week’s DOW was viewed by thousands of our readers and resulted in two Buyers making offers. Here’s this week’s deal of the week!
The Return Of The Foreclosure Machine!
Sounds like a good title for a horror flick doesn’t it? However it’s a reality show!
The Wall Street Journal reported today that the major banks are revving up the big foreclosure machine again. The brief respite wasn’t due to any change in market fundamentals or because the banks were simply being nice but rather because of an “agreement” …a moratorium if you will on pursuing foreclosures. It seems that the big banks wanted to see what the big plan Obama had for cleaning up this mess…obviously they have lost faith. They’re not alone!
Fort Lauderdale Real Estate Deal Of The Week!
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Fort Lauderdale Real Estate Deal Of The Week!
Today we kick off a new feature on the Fort Lauderdale Real Estate Blog. Each week we are going to feature a home that we feel is a great deal, an absolute bargain…maybe even a steal! We’ll run the numbers, show you some pictures and maybe add in a little video. We’ll even have a few real estate experts give you their opinion of value and on the deal itself. Then all you have to do is decide if you like it. But don’t wait…these homes will sell fast. Here’s this week’s deal of the week!
Read more
Loan Modifications Only Prolong The Inevitable
What was hailed as the saving grace for those in foreclosure has turned out to be more hype than reality. For the overwhelming majority, loan modifications don’t work.
With urging from the Obama administration and pleading from community activist groups like ACORN, banks and mortgage lenders sought to quell the rising tide of foreclosures by increasing their attempts to modify troublesome mortgages. Yet less than 50% of all loans modified resulted in payments being lowered by more than 10% and many borrowers re-defaulting on those modifications. Read more