Wednesday, June 17, 2009

Are "Give-Away" Prices for Real?

Depends on what “give-away” price range you are talking about. If it is $150K and up than the bargains are real…As you approach properties under $150K, there are more challenges in condition, ability to purchase through financing, and multiple offers on the nicer properties.

Especially, if you are dreaming about properties, under $50,000 than “Buyer Beware” is meant for you. Disneyland, is fantasy, not reality. Most of these properties will be condos.

Think about it.

If 2 years ago the condo’s were selling for in the $200’s and now they are giving them away for $25,000, ask your self WHY? Answer is: Because no one wants to buy them. Banks will not finance them because there are too many renters, too many foreclosures causing values to decrease. Other challenges are owners have stopped paying their maintenance fees so the association is broke, condition of community not maintained, the place is deserted and the vandals have just trashed the inside and stolen the A/C unit.

Just because something is cheap does not make it a bargain. So, stop looking at the old pictures on the internet…If you want the straight story on a community, best places to buy for your money, call me.

Eve Alexander, Broker