My favorite generation

Sorry for my absence in the blogging world. In addition to the financial crisis that we are facing, we also experienced the passing of my mother who was just short of her 88th birthday. She was a fabulous lady and will be greatly missed.

Being a 60’s child I hate to see the generation of my parents leaving us. I personally think they are the greatest generation of all. As we endure this financial debacle it makes me ponder on the trials and tribulations of that generation. I feel our pain pales in comparison. Being a Real Estate small business owner, of course I follow the ups and downs of the market. I don’t see a quick fix coming to us.

The good news is the real estate market is picking up for the buyers and for the motivated sellers. There are actually some investors back in the game.

I recently had to write a letter to a major bank and tell them what my thoughts were on the decline of the market because of a short sale we are trying to help some nice folks get off their plate. The subject property is a small condo conversion that is around 600 sq ft, totally renovated and was purchased in 2006 for $123,000. When I researched the market, I found that there were 9 sales of this type condo during the 1st quarter of 2006 in a 3 block radius that averaged $123,222 per unit. In the same period of 2008 there were 6 sales in the same area with similar features, the average sale price was $56,328 per unit. This unfortunately for the seller is where the market is today. I feel that it will be a buyer’s market for another 2-3 years, good for many and bad for many.

The picture shown is a new listing we have in Titusville. Being a history buff, I was enthralled with this property. Tax rolls show it built in 1939 but it was actually built in 1891. .81 acre on the Indian river with original hardwood floors, if you are interested in seeing I can send you the visual tour or pics.

There are so many good buys out there I haven’t had time to prioritize but will do so in the middle of next week.

Hang in there and don’t despair!

Jim Bagwell