Sooner or later it had to happen. Florida foreclosures have been lurking in the shadows of lenders' back rooms for the past two years with little in the way of transparency. But a new conference set for next February in Orlando will put the spotlight on the foreclosure industry and give the Average Joe a better understanding of what's available and how to buy it. The impetus for the Expo is described on the event website, "Up until now there hasn't been anywhere for the public to go and see real property and to speak with the actual seller to enable them to make an informed decision. The foreclosure industry has been more like a private club where the public could not attain a membership and that has all changed due to the Foreclosure Expo." So, much like Caddy Day at the pool in Caddyshack, the private club throws the doors wide open on February 7th in Orlando. Entry fee is only $10. Please, no Baby Ruths. Convincing Florida Sellers to Lower Prices Just Like "Pullin' Teeth"
Median home prices in Florida are back down to 2003-04 levels, but according to some realtors, they should and would go further if homeowners would ever get realistic on pricing. A recent survey of Coldwell Banker agents found that 75% say their clients suffer from UILP or Unrealistic Initial Listing Pricing. John Cicero of Valrico bought a stucco home for $380,000 in 2004, put in $80,000 in upgrades and listed it ealier this year for $525,000. No offers. He finally sold the house two weeks ago for $380,000. Cicero said, “You think you have this wonderful home and people will want to buy it...but you’re wrong.” Duke behavioral economics professor Dan Ariely explains the root cause of UILP..."We feel that we’re better than other people. We’re unique. We’re special. It stands to reason that our houses are also special.” Guess what...they're not. Bank Takes Over High-Profile Sunrise Condo
During the boom, some people bought Florida condos with water views...others wanted urban living...still others wanted to be right on the golf course. But how about owning a unit perched above a 2.3 million square foot shopping mall, the 2nd largest in Florida and the 6th largest in the country. Buyers at Tao Condos paid anywhere from $350,000 to $800,000 for units adjacent to Sawgrass Mills. According to the South Florida Business Journal, "In one of the largest bank seizures of a completed condo in South Florida this year, Corus Bank has taken over the 396-unit Tao in Sunrise from developer Weitzer/Kislak Sawgrass. Corus hired Miami-based Hyperion Development Partners to finish development and close the units. Hyperion successfully closed out its mortgage with Corus on its Marina Blue condo in Miami." 
0 comments:
Post a Comment