The lure of a beach vacation retreat as a second home or investment property has always been a top interest of families once their primary residences were established and their careers were stable. While 2004 and 2005 saw a meteoric rise in coastal property prices and a similar rise in the number of units being built, the economic collapse of 2008 and 2009 has driven those prices to record lows and given the savvy buyer an almost unlimited choice of properties to choose from for their dream place at the beach.
One example is a 3000 square foot mansion with granite, hardwood floors, elevator and beach access. In 2005 it sold for $800,000. Now it is going into foreclosure at $449,000. A Realtor who is a good negotiator can get this for you in a short sale for even less. How about a 2nd row, 16 bedroom rental beauty with pool that was offered at the peak of the market for $3 million but is now yours for under $900,000?
Perhaps boating and fishing are your dreams. How about an older soundside home on the central NC coast with 2 buildable lots and 4 deepwater docks on the intracoastal waterway close to the Beaufort Inlet and Big Rock fishing grounds that can be had for under $500,000?
Name your heart's desire and a good Realtor who knows the market can find you deals that make foreclosures look expensive. Short sales are the rule and a buyer with money to put down can twist the arm of desperate sellers and lenders to walk away with valuable properties at bargain basement prices.
Lenders are tough on money for second homes. Be prepared to put down anywhere from 20-30% for a good interest rate and have an excellent credit score. If you qualify, the real estate market is your playground so take to the field and enjoy!
Wednesday, December 30, 2009
Wednesday, November 11, 2009
Real Estate Market Stabilizes and Gives Best Opportunity to Buy
Over the past few months my inclination was to advise clients not to buy and not to sell unless they had a significant reason why they had to make a real estate change. Prices were very low and sinking so selling was a bad idea and buying meant that in a few months your property would have lost value. With foreclosures hitting the market daily I could not see an end to the rapid down spiral in the local real estate market.
Today my tune has gotten slightly more optimistic. Due in part to extensive lender efforts to forestall foreclosure though loan modification, refinance offers and lease-back options, the foreclosure glut appears to be slowing. Sellers who wanted too much for their homes have pulled them off the market to wait for a better day. What remains is a market with homes that sellers will make a deal on and interest rates that remain enticingly low. Government tax incentives sweeten the deal. It is the perfect meeting in heaven of low property prices, tax credits and low interest rates. It's time to buy baby, buy.
The future hold the potential of rising prices due to govenment tax incentives, the expiration of tax incentives and interest rates rising in an inflationary market. If you are going to move up, downsize or get that second home my crystal ball says go for it!
Today my tune has gotten slightly more optimistic. Due in part to extensive lender efforts to forestall foreclosure though loan modification, refinance offers and lease-back options, the foreclosure glut appears to be slowing. Sellers who wanted too much for their homes have pulled them off the market to wait for a better day. What remains is a market with homes that sellers will make a deal on and interest rates that remain enticingly low. Government tax incentives sweeten the deal. It is the perfect meeting in heaven of low property prices, tax credits and low interest rates. It's time to buy baby, buy.
The future hold the potential of rising prices due to govenment tax incentives, the expiration of tax incentives and interest rates rising in an inflationary market. If you are going to move up, downsize or get that second home my crystal ball says go for it!
Tuesday, November 10, 2009
Applebees Invites Veterans to Eat Free
Veterans can enjoy a meal of gratitude courtesy of Applebees on Veteran's Day, Wednesday November 11. http://applebees.com/vetsday/
Happy Birthday Marines! Semper Fi
Today our nation celebrates the 234th birthday of the United States Marine Corps. Take time today to thank a Marine for their service to our country and listen to a rendition of the Marine Corps Hymn as presented by the Commandant's Own.
Semper Fi
Lieutenant Colonel Barbara F. Johnson, USMCR
Semper Fi
Lieutenant Colonel Barbara F. Johnson, USMCR
Return on Investment - Home Improvements that Sell Houses
The annual list of home improvement costs and how much they add to the resale value of your home has just been released: http://rismedia.com/2009-11-09/home-sellers-top-5-home-improvement-projects-based-on-cost-and-return-on-investment/
Friday, November 6, 2009
Bank-Owned ICW Waterfront Lots are a Deal
When practically an entire waterfront subdivision goes into foreclosure and is bank owned, there are some good deals to be had by saavy investors. Cannonsgate in Newport, NC is located on the intra-coastal waterway and has a lovely marina and clubhouse..that is ALL it has. Touted as a premier community and marketed in large east coast urban areas, buyers bought sight unseen and paid outrageous prices to scamming marketers. Today a large number of the lots have been foreclosed on and the list prices offer real value to an investor who can sit on the land until better times. Allow me to be your negotiating pit bull.
If you are interested in more information about Cannonsgate contact me for my Deal of the Day!
If you are interested in more information about Cannonsgate contact me for my Deal of the Day!
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