With all of the hype and all of the opportunities for real estate deals, I have recently been on a personal mission to find a piece of investment real estate. As a result, I have spend a lot of time researching properties to find a "good deal"
My two recent attempts to get a deal made me think that maybe there are better deals in the foreclosure and short sale market, more so than an auction.
Here is what I experienced:
I recently attended the Signature building in downtown St. Petersburg auction, where it was advertised and promoted that you could get 50% off the previously advertised prices. Signature is a very impressive downtown condo project that offers a unique design and incredible views. We had set our bidding limit for a high unit with South facing Tampa Bay waterfront views at $310K, vs a minimum bid of $220K for a two bedroom. Auction day came and we watched the frenzy as hundreds of bidders quickly passed our minimum bid within minutes. The worst part was that we researched each unit extensively to see which were the best units. The amazing part was that some of the worse units went for more than some of the best because people got caught up in the frenzy. After that experience, we we contacted to buy at the Auction prices,,,.
Our second attempt at a deal was a beach front condo in the other side of Florida where we bid up to a certain point and also researched the property. The bids came in and quickly surpassed the price that unit had sold for the previous year.
Bottom line is make sure you research the properties that you interested in. Make sure you evaluate the purchase history to see if you really are getting a good deal. Short sales and foreclosures may take longer, but may be a better way to get a great investment real estate deal.
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Tuesday, March 23, 2010
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