Then the market slowed and reversed itself. The reality now is quite different.
While walking this morning I noticed several vacant houses in my neighborhood. They have been vacant for some time.
- There is the one that is currently a bank owned property listed for 65K. I remember talking with the former owner when he was considering selling several years ago when it would have sold for $200K.
- Nearby is the foreclosure that has been vacant for a couple of years now. The investors got into the rehab and I guess ran out of money.
- There is the foreclosure where the former owner just walked away. It is not on the market yet but when it goes on the market the buyer will certainly pay a lot less than the $220+ the previous owner paid back a few years ago.
The reality is:
- Real estate is cyclical. When you are riding the up bubble things are good.
- When things are down, things can be good - for the new buyers!
Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida