Cococa Beach don't look now!

Cocoa Beach, Don’t look now!

Recession? I believe we are already there. As the talking heads are discussing if we are heading into a recession, it doesn’t take much to figure out that we were into it a month ago. People are struggling to make good on their existing obligations, there are over 4000 short sales in Brevard County, foreclosure’s are at an all time high. Credit card companies are going to take a big hit when people decide what to pay and what to skip.

Opportunities

As strange as it may sound the opportunities are endless as they always are in the down turns. When the average American finds themselves paying 2 mortgage payments and the carrying costs that go with it then something has to give. 2 to 3 year’s ago the investor bought a property in hopes of turning it over in a short time and bank the proceeds. This worked for over a 2 year period. As sad as it is to say there were some agents who couldn’t stop saying “This is a no lose opportunity” we saw the market changing about 2 ½ year’s ago, at that time we would advise all our clients not to enter into a transaction with the intent on flipping in a short term manner. The lives changed for the worst due to bad advice is staggering. If you can’t afford to lose the investment then you shouldn’t invest the money.

At the bottom

Everyone comments that they are waiting for the market to bottom out. The smart buyers are determining what the bottom is with their offers. A lot of these offers are being accepted and the buyer is well on their way to building equity. I have been through several down markets and I have yet to see the sign that tells us “We are at the bottom”.

Good buy!!!

This is a sweet home with state of the art pool, 2 docks, over 120 ft on the canal. This home has had a new roof, stucco and paint, recessed lighting and on and on and all improvements made in 2007. Bought 12/06 for $640,000 and $60,000 put into the home. It is now listed for $599,000, now this could be the bottom.