You know, there was sh*tloads of money to be made on the way up, and now there's sh*tloads of money to be made on the way down.And you know the realtors, mortgage brokers, failed flippers and guys like this are gonna try to figure out a way to do it.
This being South Florida, some are figuring out how to profit from the downturn.
Mark Zilbert, a real estate agent, recently started CondoSuperCenter.com, a clearinghouse for people willing to resell preconstruction units at their original price. He said he expected to collect thousands of listings.
"I ask if they'd be willing to sell at their 2003 price and walk away with their deposit back," Zilbert said. "A lot of people are saying, 'Yes, please, yes, please, yes, please."'
In Miami-Dade County alone, 8,000 new condo units will be completed this year and nearly 12,000 more in 2008.
10 comments:
From 2005
MIAMI - If Miami has become one of the hot centers of America’s real estate gold rush, Mark Zilbert is its latest cowboy.
A nationally recognized authority on residential real estate, Zilbert has just launched CondoFlip.com — a Web site that makes it easy for anyone, anywhere to get into the hot business of “flipping” condominium units, many of them sight unseen (flipping refers to the practice of buying a property and immediately reselling it on a rising market.)
And even as many in Miami concede that the boom may not go on forever, those expecting to strike gold in real estate, like Mark Zilbert, say the real estate market still has a long way to go.
“My prediction is we’re going to have the flavor of a Chicago waterfront residential city with the excitement of Las Vegas,” Zilbert said. “We don’t have gambling, but downtown Miami will become an all-night city.”
http://www.msnbc.msn.com/id/8345285/
Condo Flip Launches to Turn the Real Estate Bubble into a Real Estate Boom; Revolutionary Marketplace Allows Pre-Construction Condo Buyers to 'Flip' Properties Easily, Cost-Effectively
Business Wire, June 21, 2005
MIAMI BEACH, Fla. -- Mark Zilbert, a nationally recognized authority on residential real estate, today announced the launch of Condo Flip(TM) - http://www.CondoFlip.com, a revolutionary online marketplace where buyers, sellers, brokers, real estate agents and developers can meet to "flip" pre-construction condominiums. Flipping refers to the resale of a pre-construction condo before the original buyer takes possession of the unit.
The debut of Condo Flip(TM) comes at a time when many analysts are worried about a growing over-supply of pre-construction real estate, most notably in markets like South Florida and Las Vegas. Miami has an estimated 65,000 new condo units in various stages of development, with 80% of those buyers likely being investors or speculators. Zilbert developed Condo Flip(TM) to allow flippers to get a head start - sometimes by a few years - on the resale of their condos, rather than wait until the "last minute" where panicked selling is more likely. Condo Flip(TM) also opens up the pre-construction condo market to millions of buyers worldwide, thus increasing the number of possible buyers.
"Condo Flip(TM) could become the most significant advancement in real estate technology since the Multiple Listing Service (MLS) concept was introduced for residential resales," Zilbert said. "Condo Flip(TM) is exclusively used for buying and selling pre-construction condos, but it is not a replacement for a typical MLS system."
http://findarticles.com/p/articles/mi_m0EIN/is_2005_June_21/ai_n13824345
ENOUGH OF THESE TWO-BIT SHUCKSTERS!
GIVE US "TONI THE MORETGAGE BROKER HOTIE"!
(sorry, I had to give her a tribute with the foul spellin')
I'm a regular contributor, but posting this as anon. This is an actual email from a realtor who lives in one of the trendiest buildings in Arlington, VA adjacent to our nation's capital. He's clever:
That listing is facing foreclosure, therefore he is trying to dump it.
If that listing sells on the MLS, don't expect a fast recovery. It
could take many months before another 2 bedroom sells. The appraiser
will see this sale and nothing will appraise. If it forecloses (sell
on the county steps on the 23rd of July), it will NOT be listed on the
MLS, and that will help appraisals.
While it might be a good deal for a buyer (a good deal is only a
function of what the next guy sells theirs for), it will surely screw
all the current owners, including yours truly.
Wait till the next Hurricane's
So Mark's going to buy their condo's at 2003 prices? What's he gonna do when he can only sell them for 2001 prices?
One big factor everyone forgets is that Miami does not have the capacity to absorb these units. Even at 2003 prices.
The jobs are not there and the success of previo9us years was based on speculation by New York investors.
But at least this settles it...back to 2003 prices...or less.
Expect A LOT of 'undisclosed cashback at close' going to the SELLER this time around.
You heard it right TO the seller.
If they can collude to get the bank to agree to a short sale (way way way short) then its worth it to the buyer to pay 20k cash to the seller. hehe. I hope this takes off. This will help the snowball rolling.
This is one reason banks sit on short sales, also like the guy says the foreclosre at the court house doesnt wreck mls as much. whata mess! WTF happend to us?
I think that the 2003 prices seem pretty high myself.
This was really helpful information on condos... I found that this site http://www.condocompare.com had interesting information as well. Thank you.
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