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
Showing posts with label Foreclosures. Show all posts
Showing posts with label Foreclosures. Show all posts
Tuesday, March 23, 2010
Friday, January 1, 2010
2010 More Great Buying Opportunities in Tampa Bay!
As 2010 rolls in, many of us are looking for opportunities for in real estate for investments, homes, offices and vacation homes.
On a positive note for buyers, prices have dropped in the Tampa Bay area further than other major metropolitan area according to the Case Shiller Index.
Case Shiller shocker: Tampa Bay is biggest monthly home price loser
Sellers will continue to struggle with the challenge of foreclosures and short sales consuming the market.
When buying property, always be aware that there are challenges when working with a Short Sale or REO (Real Estate Owned) property. It is in your best interest to work with experience representation, mortgage bankers, and title companies in the Short Sale or REO arenas. Short Sales and Foreclosures can be frustrating but also can be profitable!
Happy 2010!
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
On a positive note for buyers, prices have dropped in the Tampa Bay area further than other major metropolitan area according to the Case Shiller Index.
Case Shiller shocker: Tampa Bay is biggest monthly home price loser
Sellers will continue to struggle with the challenge of foreclosures and short sales consuming the market.
When buying property, always be aware that there are challenges when working with a Short Sale or REO (Real Estate Owned) property. It is in your best interest to work with experience representation, mortgage bankers, and title companies in the Short Sale or REO arenas. Short Sales and Foreclosures can be frustrating but also can be profitable!
Happy 2010!
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
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