JIMD
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Post by JIMD on Sept 28, 2006 22:35:22 GMT -5
I have heard that as well, however if those owners had sold last year they would have made double what they will now. That goes for the rest of the island as well. I think you will see many motels stay because its not the same money. Put it this way. The High Lili sold last year for 4.8mil. This year they would be lucky to get half that. We talked to the developer whos is building the Kona Kai condos. He told us he wouldnt even offer half what he gave the inlaws bc now the condos wont sell for what they did the past few years. I can assure you that the market has not dropped by 50%. A lot of the more affordable motels with good locations are now gone, that is the reason the building has slowed. If condos aren't selling them why haven't we seen drastic (or in this case) any price cuts ? In addition to that I thought there were different zoning laws for hotels that didn't bother to get grandfathered.
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Post by Captain Phil on Sept 29, 2006 6:01:57 GMT -5
I have heard that as well, however if those owners had sold last year they would have made double what they will now. That goes for the rest of the island as well. I think you will see many motels stay because its not the same money. Put it this way. The High Lili sold last year for 4.8mil. This year they would be lucky to get half that. We talked to the developer whos is building the Kona Kai condos. He told us he wouldnt even offer half what he gave the inlaws bc now the condos wont sell for what they did the past few years. I can assure you that the market has not dropped by 50%. A lot of the more affordable motels with good locations are now gone, that is the reason the building has slowed. If condos aren't selling them why haven't we seen drastic (or in this case) any price cuts ? In addition to that I thought there were different zoning laws for hotels that didn't bother to get grandfathered. New condos that were selling for $650.000, are now selling in the mid 3's and low 4's. There is too many of them. If you drive around, you will notice signs for new construction that have droped the prices on the signs by almost half.
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JIMD
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Posts: 221
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Post by JIMD on Sept 29, 2006 16:31:55 GMT -5
When did this all happen ? I was in WW in late July and I sure didn't see any signs of it.
A quick trip through Realtor.com shows 412 Townhouses in Wildwood (Crest and NWW) selling for over 600K. Are you telling me all these 600k TH's were over a million 6 months ago ?
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Post by Captain Phil on Sept 29, 2006 17:28:56 GMT -5
When did this all happen ? I was in WW in late July and I sure didn't see any signs of it. A quick trip through Realtor.com shows 412 Townhouses in Wildwood (Crest and NWW) selling for over 600K. Are you telling me all these 600k TH's were over a million 6 months ago ? Are they for sale for 600k or sold for that much?
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JIMD
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Post by JIMD on Sept 29, 2006 17:51:32 GMT -5
Selling for 600K plus. They may not get what they are asking but I highly doubt they are going to drop 200K on the price. Many aren't even built yet.
I toured the Island in late July looking for a townhome and I sure didn't see any of the fire sales you speak of. Can you give specific addresses of properties that were 600K and have dropped to 350K ? I'd be interested in buying one.
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Post by hulk007 on Sept 29, 2006 17:53:37 GMT -5
That doesn't surprise me. The way they were putting up condos at a record pace you had to figure there would be a major cool down period. Have any places been forclosed by the bank?
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Post by Captain Phil on Sept 29, 2006 18:03:19 GMT -5
A few forclosers have popped up the past month or so. JIMD, if you can find a property that is being forclosed, you can get a real deal.
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Post by wildwood6 on Sept 29, 2006 18:04:14 GMT -5
Selling for 600K plus. They may not get what they are asking but I highly doubt they are going to drop 200K on the price. Many aren't even built yet. I toured the Island in late July looking for a townhome and I sure didn't see any of the fire sales you speak of. Can you give specific addresses of properties that were 600K and have dropped to 350K ? I'd be interested in buying one. I too would like a few of these addresses. I drove around the island on Tuesday and did not see any properties reduced that much. The market is slow everywhere and prices have been reduced somewhat or have at least leveled off. I would love to buy a few of the properties that you are speaking of. In a year or two prices will skyrocket and the market will recover like it always does especially in shore communities.
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Post by writhinganacondo on Sept 29, 2006 18:11:38 GMT -5
There are auction banners up all over the place now, many on newer condos (like the old 24th St. Motel site). I was in 2 of the larger realty outfits for a good amount of time recently (newly built I might add) and no phones were ringing, only one associate was present, no one came in and you could hear a pin drop. Just an observation.
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JIMD
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Post by JIMD on Sept 29, 2006 18:21:58 GMT -5
Where are these auction banners located ? addresses ?
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JIMD
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Posts: 221
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Post by JIMD on Sept 29, 2006 18:25:58 GMT -5
A few forclosers have popped up the past month or so. JIMD, if you can find a property that is being forclosed, you can get a real deal. Not in this market. The bank will keep it and try to resell. The only time you get real good deals on foreclosures is in a bad market when the banks are up the their elbows in foreclosures and the real estate market is real slow. The last time this happened was from 1993-1997. it's also very time consuming. Lawyers are so expensive you have to do title searches for any possible leans yourself, even if you know what your doing it's risky and take forever especially in cities that don't cooperate well.
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