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What's new on the Island in REAL ESTATE?
Sunday, November 2, 2008
Economic conditions are difficult. The media has done a wonderful job of innundating us with the fact that Real Estate, on the whole, has taken quite a hit.
I can't help but point out that Avalon and Stone Harbor, while of course also having experienced an effect, remain strong in comparison to the rest of the country, and many of the other options, as far as what you can do with your money.
Values are, in fact, generally 10-20% off their highest water mark, in say 2005-early 06.
However, these values had tripled or quadruled over a short period of time from 1999 to 2005.
If a home was worth $1,000,000 in 2005, and is now worth $800,000 to $900,000, and that owner had bought in , say 1985 for $200,000 - well my friends, they are still in a pretty good position. Many folks have been caught in the middle, buying at the highest point, but those who can afford to wait a bit should suffer less pain, in my opinion.
Conversely, what a great time for a qualified Buyer! Demand is, of course, lower. Supply is, of course, higher. Interest rates are still very low, and we just had another Federal interest rate cut last week. It appears that more stability in the lending market is near. There are many opportunities for folks who felt they were unable to purchase prior to this "recession". This island remains a very special place, and I think it always will.
Many people, unfortunately saw their savings that were in stocks decrease drastically lately. The real estate vacation market usually doesn't change as drastically, nearly as quickly. In fact, with Seller resisitance, it doesn't even change as drastically as many other areas of our country over longer periods of time.
If anyone would like to have a comprehensive conversation, even just for 2-3 minutes, I think this amount of time talking to me might change your life. I can give you several referrals where 2-3 minutes have led to quite wonderful changes in peoples' lives.
Remember, everything in these articles is my personal and professional opinion. I am a Real Estate Broker, and am qualified to speak as such. I am not, nor do I claim to be an investment advisor of any type. That being said, intelligence, and common sense, as well as looking contrarily, can make you a lot of money IN MY OPINION. Ask my clients. Talk to some of my references (just request)
Email me at Mark@mmavalon.com
Callme TOLL FREE at 1 888 MM IN AVA or at 609 967 3099.
Mark Marroletti 11/2/08
