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Thumb of Michigan | Location, location, location.....
Identical houses in Michigan can vary by many thousands of $ depending on - you guessed it - location.
And, "overpriced" is all extremely relative. Compared to what?
I was looking at real estate to invest in in Florida a couple of years ago. I could easily find condo's in the Keys selling for 1 third of what they sold for 3 years previous. As expected, that market is recovering first as far as Florida goes. There are still places in retirement places that you might get paid to take title to the trailer and assume the lot rent. Found a lot of nice waterfront condo's for sale inb the Keys with everything from strong associations to associations that were broke. Usually they were priced accordingly. I found nothing I could make cash flow, even with the depressed prices. Sort of like the 40 across the road from everyone on this site it seems. Only the potential for an increase in value in the Keys may be greater relative to current farm values. I have a foggy crystal ball, so I won't make any predictions concerning that.
Theres another shoe to fall yet in the repo market on homes. Lots of inventory held back to keep it all from happening at once. No clue when it will happen and how many will show up nationwide when it does happen. Thats all going to hinge on - you guessed it- location. As well as when the Fed decides to stop buying mortgages again.
Edited by pat-michigan 11/13/2012 15:17
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Buying Real Estate
