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It has been an interesting year to say the least. If you are and end user looking for the home to retire or first time home buyer, then there has never been a better opportunity to purchase a property at a deal and sometimes a steal. The Under $150k Market has the best pricing for square footage I have seen in ten years. You can purchase for $70- $95 heated square foot. I know of a 1600 sq. ft 2 story with a 2 car garage foreclosure that started off at $119k and now is down to $109k asking, and will close at around a $100k. That is $62.00 per foot. And there are more around. So, again if you are looking to get a primary residence in this price range, you may never again see this opportunity. It cost more than $75 a square foot to build new and buy the lot.
Now the higher end market is also at some incredible pricing, but most are still available because that market is just not moving. Banks are not loaning the money and there isn’t that much cash moving in to purchase these homes at this price point. The $275k to $450k market, you can buy in the $100 -$120 a square foot . I know of a foreclosure east of 17 with 4800 sq. feet, all brick, new construction asking $479k. You can purchase it in the low fours. Again I don’t think we will see this bottom ever again. So if this is your price point you need to let us @ Select Realty locate that perfect home for you.
Now the commercial market is nonexistent. It is great for the renter of commercial space because they are getting some great deals on leased space. I know this landlord would rather take less rent per month then see his units stay empty. There was a steal on a 13,700+ square foot building with frontage and concrete parking lot for $300k. So there are some deals out there if you want to be in the multi tenant business. It will be a couple more years before you see an upward trend, so you still have time to find that good cash flow purchase. Let us know if you are interested in having Patrick locate you a play. This is his expertise, so don’t hesitate to call or e-mail.
Well good luck in all your real estate ventures and don’t hesitate to call if you have any questions concerning the current market conditions.
Disclaimer
The information in this newsletter is an opinion of the writer. Select Realty provides this newsletter for general information purposes only and as such should not be relied upon. Information contained in this newsletter is believed to be correct but accuracy is not guaranteed and no representation or warranties are made in this regard. All investments involve different degrees of risk. You should be aware of your risk tolerance level and financial situations at all times. As you know, a recommendation, which you are free to accept or reject, is not a guarantee for the successful performance of an investment and we are expressly prohibited from guaranteeing accounts against losses arising from market conditions.
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