Here's an excerpt from a post exactly one year ago. The sentiment expressed persists.
"I had an interesting conversation with a prospective buyer last week. Among his criteria was "being able to take advantage of the poor market conditions in the area in terms of significant below market pricing and leveraging the fact that he'd be paying cash". "Poor market conditions"? The current market would be better described as en fuego (see the previous post). "Significant below market pricing"? I'm not aware of any sales happening at significantly-below market prices. Buyers are standing by ready to purchase good properties when they're priced at current levels with over half of them paying cash. I suspect this particular buyer is going to be looking for a very long time unless he modifies his expectations."
The song remains the same. Buyers with specific criteria are having to search for months in many cases for the right property. Those with popular criteria like direct ocean condo above the ground floor sub-$300K (5 available today) or canalfront home under $350K (3 available today) can expect competition when a good unit hits the market. Buyers, be patient and ready to move quickly when a desirable property surfaces. Even though we have moved off the bottom, prices have not run away. Deals exist for the persistent. Those seeking a mortgage would be advised to start the process before starting the search. A note about search criteria. Don't trust descriptions in the MLS to be accurate. I searched for oceanfront condos above the ground floor with a front door facing west asking less than $300,000. The results included two Conquistador units in the building across the street from the ocean and seven others with balconies facing either north or south. Some actually had doors facing west with balconies facing south but some others were just incorrectly described. Maybe inadvertently. Maybe not. The internet is great for buyers doing their own searches from afar but nothing beats boots on the ground here and local knowledge. If you need those boots and knowledge, contact me. My motto; No BS.
Denver this morning is at zero degrees with an expected high of 16. We are forecast to reach 77 under clear blue skies with a light SE breeze. Offshore fishermen are catching sailfish in decent numbers and some pompano are being caught in the surf. Conditions are ideal for both at the moment.
The photos are of Tuesday's launch of the Space X Falcon 9 in it's first mission to deliver a commercial satellite to geostationary orbit. The new kid in town makes a big statement with this mission.
"I always tell people, the first $500,000 is the easy part of the deal. The deal will come apart over nickels and dimes." ____Mike Jaquish