The front page of the Miami Herald announces that the Real Estate Market as truly reached its bottom and the buyers have begun a FEEDING FRENZY of purchases.
As a Realtor, I can tell you.. that is the case. I closed escrow yesterday on an incredibly beautiful Ocean Front residence in Sunny Isles Beach, The Riviera of America. It had a bank value on it in 2007 for 1.25 million. It sold with THREE back up offers,, ALL CASH for $650,000 WOW. THAT is a bargain.. And those types of bargains are being snatched up by the savy investors. They realize that the market forces in play right now are stabilizing real estate in South Florida. The very best deals will be gone within 9 to 12 months and less desirable properties will be what is left. A deal for sure, but NOT the incredible properties that are being sold at 2002-3 levels right now.
The inventory is shrinking quickly. DONT COMPLAIN that you missed the bubble if you dont do what is necessary to get in right now. MONEY IS MADE on the DOWN CYCLE friends,, NOT on the up cycle. UNDERSTAND that and get it in your head. If you jump on a band wagon.. you will be playing second fiddle......always.....
Smart investors LEAD the pack both in selling and in buying. If you are running with the mob, you have already lost the best opportunities.
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