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Old 03-25-2010, 08:01 AM
 
5,453 posts, read 8,190,253 times
Reputation: 2141

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THAT'S THE place I had my photoshoot at, LOLOLOL............. here's the photos, so you can see just how small they are.....:
http://www.lalexandragiamanco.com/SignaturePlaceCondos
I DON'T KNOW why it won't just leave the link...............sorry.....




Quote:
Originally Posted by Tampasteve View Post
With all of the hype and all of the opportunities for real estate deals, I have recently been on a personal mission to find a piece of investment real estate. As a result, I have spend a lot of time researching properties to find a "good deal"

My two recent attempts to get a deal made me think that maybe there are better deals in the foreclosure and short sale market, more so than an auction.

Here is what I experienced:

I recently attended the Signature building in downtown St. Petersburg auction, where it was advertised and promoted that you could get 50% off the previously advertised prices. Signature is a very impressive downtown condo project that offers a unique design and incredible views. We had set our bidding limit for a high unit with South facing Tampa Bay waterfront views at $310K, vs a minimum bid of $220K for a two bedroom. Auction day came and we watched the frenzy as hundreds of bidders quickly passed our minimum bid within minutes. The worst part was that we researched each unit extensively to see which were the best units. The amazing part was that some of the worse units went for more than some of the best because people got caught up in the frenzy. After that experience, we we contacted to buy at the Auction prices,,,.

Our second attempt at a deal was a beach front condo in the other side of Florida on Auction.com where we bid up to a certain point and also researched the property. The bids came in and quickly surpassed the price that unit had sold for the previous year.

Bottom line is make sure you research the properties that you interested in. Make sure you evaluate the purchase history to see if you really are getting a good deal. Short sales and foreclosures may take longer, but may be a better way to get a great investment real estate deal.

Anyone else seen great deals from some of these Auctions?

Last edited by algia; 03-25-2010 at 09:13 AM..
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Old 03-25-2010, 09:03 AM
 
2,727 posts, read 4,623,590 times
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Quote:
Originally Posted by algia View Post
THAT'S THE place I had my photoshoot at, LOLOLOL............. here's the photos, so you can see just how small they are.....:
Alexandra Giamanco Commercial Photographer in Tampa, Florida Specializing in Architecture, Products, Lifestyle, Luxury Real Estate (http://www.lalexandragiamanco.com/SignaturePlaceCondos/ - broken link)

I DON'T KNOW why it won't just leave the link...............sorry.....
Is this an adevertisment?
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Old 03-25-2010, 09:08 AM
 
5,453 posts, read 8,190,253 times
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NOOOOOOOOOOOOOOOO, IT's Not, BUT for some reason it won't post the LINK, it changes the text and I don't know how to put in just the link........and have it SHOW just the link to the photos.........

I was trying to enforce the original poster with photos so that if people really want to see, they can see just how small those were and overpriced if you ask me!

Imagine THIS, that place will be 1000 square feet after you buy it too.......but instead of paying say $120k (judging by the size) you end up paying $500k! That would suck at many levels!

No advertising here....I don't advertise anymore......I just have no clue why it's keeps changing the link name, it did the same for the yahoo article earlier..........if anyone knows how to stop that I'm all ears.....
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Old 03-25-2010, 09:14 AM
 
5,453 posts, read 8,190,253 times
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OK, someone pointed out how to fix that. THANK YOU....it shows just the link to the photos, now you just have to copy and paste...
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Old 03-25-2010, 11:36 AM
 
26,798 posts, read 41,515,520 times
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Quote:
Originally Posted by TampaKaren View Post
^^ I would never nor have I ever done this (but I know who does). I do like donuts, though . One additional thought about this tactic is that should the lender accept the contract price, the sale will lower the comps for the rest of the neighborhood. Nothing good about this at all IMO.
No offense to all donut loving realtors ....

I have seen short sale offers for homes that were below 50% of the latest closed prices which clearly would be an unrealistic short sale prize and for a buyer who makes an offer it would mean they are waiting for nothing...
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Old 03-25-2010, 12:25 PM
 
1,106 posts, read 2,048,988 times
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Quote:
Originally Posted by bentlebee View Post
No offense to all donut loving realtors ....

I have seen short sale offers for homes that were below 50% of the latest closed prices which clearly would be an unrealistic short sale prize and for a buyer who makes an offer it would mean they are waiting for nothing...
I've seen short sale offers at 50% below the last sale price that were actually accepted, so I'm not sure what your point is.

[disclaimer: not a realtor]
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Old 03-25-2010, 12:36 PM
 
2,727 posts, read 4,623,590 times
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Quote:
Originally Posted by chi_tino View Post
I've seen short sale offers at 50% below the last sale price that were actually accepted, so I'm not sure what your point is.

[disclaimer: not a realtor]
Last sale price, when? In 2005?
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Old 03-25-2010, 01:05 PM
 
5,453 posts, read 8,190,253 times
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what's a "donut loving realtor"???
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Old 03-25-2010, 01:27 PM
 
1,106 posts, read 2,048,988 times
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Quote:
Originally Posted by MeInDenudinFL View Post
Last sale price, when? In 2005?
There are condo communities in Pinellas where 1 BR units are now selling for $20-30k, down from $50-60k a few months ago, which is down from the mid-100's in 2006/2007.

Some of these communities are not bad places to live (I've owned units there, but sold several years ago); it's just that they have so many owners not paying the fees that no one will give you a mortgage. Deals require cash and the ability to stomach paying the monthly fees of all your deadbeat neighbors.
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Old 03-26-2010, 07:48 AM
 
26,798 posts, read 41,515,520 times
Reputation: 14979
Quote:
Originally Posted by chi_tino View Post
I've seen short sale offers at 50% below the last sale price that were actually accepted, so I'm not sure what your point is.

[disclaimer: not a realtor]
I'm talking about recent sales prices and realtors listing homes for half of what recent prices have been sold for...That is ridiculous...

You can't compare a sales price of 2005 and 2010...seriously...I'm talking about recent short sales and foreclosures which have closed and the new listing is 50% lower!
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