Smiling JOe
SoWal Expert
maybe $300K. Send them to me.
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Need to dump your property?
- Thread starter Smiling JOe
- Start date
ecopal
Beach Fanatic
Does this suggest that the market is at or near the bottom?
What portion of all the many current listings could be considered real steals and deals?
Does it mean that it is time for all those hovering ?vulture? bargain hunters to dive in for the best deals and steals before they are "gobbled" up?
What portion of all the many current listings could be considered real steals and deals?
Does it mean that it is time for all those hovering ?vulture? bargain hunters to dive in for the best deals and steals before they are "gobbled" up?
Cork On the Ocean
directionally challenged
Ecopal, I want to 
everytime I see that avatar 
everytime I see that avatar I believe that it is just the beginning.
Vulture Capitalists play book:
phase 1: widespread change of seller sentiment
come in with some token seed money in cash ($50M in this case) and buy up all of the distressed seller property at, say, 2002 pricing. this huge reduction in pricing will be widely reported, and sellers will come to fear that this is the new normal, and adjust their pricing downward ... other paniced owners will put their property on the market (trying to cut their losses), so even with the price reduction, there will still be a huge unsold inventory.
phase 2: continue to drive prices down
repeat phase 1 until you have reached a pricing level that buyers start to come back into the market and inventory starts to go down (2001 prices? 2000? ....). how many times this can be repeated is dependent on the economy. at that point, bring your big money to the table and buy whatever is left that you want.
phase 3: move on to San Diego and do it again
Last edited:
Bobby J
Beach Fanatic
SJ,
You are about to get slammed. Seems alot of folks "want" out but are not really ready to let go of the price....
Smiling JOe
SoWal Expert
They are interested in only blood, so unless you are bleeding, or know of someone who is bleeding, hold off on the pm's.
InletBchDweller
SoWal Insider
so they are vampire vulture capitalists!!!!
Walton Native
Beach Lover
Smiling Joe this is good news for the market in my opinion. The folks that are bleeding and have to sell must be taken out of the market before we can find a bottom. I am not saying that one buyer will help us set a bottom, however it has to start somewhere. If this "long term investor" is able to buy $50M worth of property in SoWal from sellers that are bleeding and have to sell right now, then I believe he/she will look extremely intelligent in 10-20 years and even smarter longer term. Think of the condo buyers that bought when noone else would in Destin in the 1980's. Keep up the good work and let us know how it is progressing.
Bob
SoWal Insider
BDC63, what's the latest definition of "kharma"?