Opportunity still out there

Posted Apr 11, 2007 @ 7:59 pm, Viewed by 504 Visitors, Read 505 Times.
In Palm Beach, Martin and St Lucie Counties in Florida there are quite a few investors who bought homes just to flip them.  They planned to sell them without ever taking delivery of the home.  This was a good tactic for a time, but there became too many using the same tactic and too many homes were built.  As these homes came on the market and the investors realized they were in trouble, the situation became very turbulent.  As much as 40 % of some developments were investors.  The builders did not realize the magnitude of the problem because many of the investors were first time flippers and only bought one home.
 
As the market slowed, the builders started building on speculation to keep theri crews busy.  When the market became saturated they had homes in various stages of completion and could not sell them. Right now in Palm Beach, Martin and St Lucie Counties there are numerous homes on the market with some below original cost. If you are a long term real estate investor, now is the time to be buying. You will most likely have to make up a deficit each month between the rent and the payment, but in a few short years the market will be roaring again and the homes will sell for a lot more than you bought them for.
 
The time to make a profit on real estate is when you buy it. You can hardly ever make up for paying too much for a property. This is masked to a degree when prices are going up like a rocket, but it is always true. 
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Jim Jacobs

Jim Jacobs I am a Real Estate Broker in Florida. I had been a broker in Alaska for a number of years. My wife Ruth and I had our own brokerage there for over 20 years. Read More

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