Appreciate the Market You Have, Perrysburg!
July 28th, 2008 . by Jon ModeneI just returned from a week away from Perrysburg. In Orlando.
And if you spend enough time there – at conferences, conventions, and meetings (and at Disney and Universal when the kids are growing up) you ALMOST feel as if you are a part time resident.
Well my wife and I now feel that way.
But we have always resisted the urge to buy real estate there. Always.
And we are now very, very glad that we did.
40,000+ homes went under the gavel in the month of June alone in Florida. That is 1 out of every 200 houses in just one month in Florida.
And my “Realtor trained eyeballs” told me that there are a lot of problems in Orange County. Talking to some Orlando based Realtors at the 2 conferences I was at confirmed it. (you can check out the Case Shiller raw numbers yourself here at the S&P site: http://www2.standardandpoors.com
What did I learn?
That we should not in any way complain about the terrible real estate market we are experiencing in Northwest Ohio. Are problems are nothing compared to the problems that Orlando is just beginning to face.
House after house is for sale.
And worse than that . . . are the “zombie properties” that the banks will not even foreclose on or take back. These properties are so unsellable and so overvalued that the banks let the upside down sellers stay in them waiting for 12 to 24 months for a future day of financial reckoning.
There is no good news in Orlando if you own real estate. If you don’t? Well call me and I will refer you to a great buyer’s agent who will – in about 12 months – help you to invest in property at about 50% off of what it is “worth” today. That’s when I will be buying.
But Perrysburg? We will see nothing and have seen nothing like this.
Our banks are stronger. Our homes are worth more – and they never were bid into the stratosphere. Our economy is much more diversified.
It was good to come home.
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