Lauderdale Insights?

There's a fascinating phenomenon in Ft Lauderdale these days; inventory
is growing, yet asking prices continue to rise as if demand was greater
than the supply. Mostly investors selling new construction, so I guess
they don't need the cash that badly. Any parallels in other areas that
might add some insight as to how long it might last before prices come
crashing down? Or will investors hold out for years waiting for demand
to catch up? Is there some mindset in SoFL that prices rise 15% every
year even if nothing is selling at the old price? Its very strange
indeed.

For example there are 9 units exactly alike for sale in the same
building for months, one sells, and then everyone else raises their
asking price. Its pretty nutty.

Steve

Re: Lauderdale Insights?

"Steve" <> wrote in message
news:
> There's a fascinating phenomenon in Ft Lauderdale these days; inventory
> is growing, yet asking prices continue to rise as if demand was greater
> than the supply. Mostly investors selling new construction, so I guess
> they don't need the cash that badly. Any parallels in other areas that
> might add some insight as to how long it might last before prices come
> crashing down? Or will investors hold out for years waiting for demand
> to catch up? Is there some mindset in SoFL that prices rise 15% every
> year even if nothing is selling at the old price? Its very strange
> indeed.

Look at what happenned in San Diego, Las Vegas, Sacramento etc you will see
that at some point investors bail out. Usually this happens when supply
creeps up and demand slows down and number of days to sell a property
increases while sales volume decreases and the price rises at a slower rate.
How does this compare to your market. If it is close, then its near.

www.AmericanWest.biz

>
> For example there are 9 units exactly alike for sale in the same
> building for months, one sells, and then everyone else raises their
> asking price. Its pretty nutty.
>
> Steve
>

Re: Lauderdale Insights?

On 31-Dec-2005, "CalNeva" <> wrote:

> > There's a fascinating phenomenon in Ft Lauderdale these days; inventory
> > is growing, yet asking prices continue to rise as if demand was greater
> > than the supply. Mostly investors selling new construction, so I guess
> > they don't need the cash that badly. Any parallels in other areas that
> > might add some insight as to how long it might last before prices come
> > crashing down? Or will investors hold out for years waiting for demand
> > to catch up? Is there some mindset in SoFL that prices rise 15% every
> > year even if nothing is selling at the old price? Its very strange
> > indeed.
>
> Look at what happenned in San Diego, Las Vegas, Sacramento etc you will
> see
> that at some point investors bail out. Usually this happens when supply
> creeps up and demand slows down and number of days to sell a property
> increases while sales volume decreases and the price rises at a slower
> rate.
> How does this compare to your market. If it is close, then its near.

Fort Lauderdale/Miami has other factors to consider. Like the immigration of
wealthy South Americans and Europeans. And we're pretty much built out other
than high end condos. And for your info, the prices are NOT rising anymore.
Investors I know are being forced to lower their prices.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

"Steve Horrillo" <> wrote in message
news:%lHtf.6007$
>
> On 31-Dec-2005, "CalNeva" <> wrote:
>
>> > There's a fascinating phenomenon in Ft Lauderdale these days; inventory
>> > is growing, yet asking prices continue to rise as if demand was greater
>> > than the supply. Mostly investors selling new construction, so I guess
>> > they don't need the cash that badly. Any parallels in other areas that
>> > might add some insight as to how long it might last before prices come
>> > crashing down? Or will investors hold out for years waiting for demand
>> > to catch up? Is there some mindset in SoFL that prices rise 15% every
>> > year even if nothing is selling at the old price? Its very strange
>> > indeed.
>>
>> Look at what happenned in San Diego, Las Vegas, Sacramento etc you will
>> see
>> that at some point investors bail out. Usually this happens when supply
>> creeps up and demand slows down and number of days to sell a property
>> increases while sales volume decreases and the price rises at a slower
>> rate.
>> How does this compare to your market. If it is close, then its near.
>
> Fort Lauderdale/Miami has other factors to consider. Like the immigration
> of
> wealthy South Americans and Europeans. And we're pretty much built out
> other
> than high end condos. And for your info, the prices are NOT rising
> anymore.
> Investors I know are being forced to lower their prices.

If most of the other conditions are met and the prices are decreasing as you
stated, it is possible that the market decline has started.

>
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht. =^..^=
>

Re: Lauderdale Insights?

On 31-Dec-2005, "CalNeva" <> wrote:

> > Fort Lauderdale/Miami has other factors to consider. Like the
> > immigration
> > of
> > wealthy South Americans and Europeans. And we're pretty much built out
> > other
> > than high end condos. And for your info, the prices are NOT rising
> > anymore.
> > Investors I know are being forced to lower their prices.
>
> If most of the other conditions are met and the prices are decreasing as
> you
> stated, it is possible that the market decline has started.

I'm presently training realtors, investors, etc. and that's the complaints
I'm hearing. It could just be that the public is in a wait and see mode. A
little more time will tell.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

"Steve Horrillo" <> wrote in message
news:zfItf.85760$
>
> On 31-Dec-2005, "CalNeva" <> wrote:
>
>> > Fort Lauderdale/Miami has other factors to consider. Like the
>> > immigration
>> > of
>> > wealthy South Americans and Europeans. And we're pretty much built out
>> > other
>> > than high end condos. And for your info, the prices are NOT rising
>> > anymore.
>> > Investors I know are being forced to lower their prices.
>>
>> If most of the other conditions are met and the prices are decreasing as
>> you
>> stated, it is possible that the market decline has started.
>
> I'm presently training realtors, investors, etc. and that's the complaints
> I'm hearing. It could just be that the public is in a wait and see mode. A
> little more time will tell.

I agree that it takes time to see a clear trend.



>
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht. =^..^=
>

Re: Lauderdale Insights?

Steve Horrillo wrote:
> On 31-Dec-2005, "CalNeva" <> wrote:
>
> > > There's a fascinating phenomenon in Ft Lauderdale these days; inventory
> > > is growing, yet asking prices continue to rise as if demand was greater
> > > than the supply. Mostly investors selling new construction, so I guess
> > > they don't need the cash that badly. Any parallels in other areas that
> > > might add some insight as to how long it might last before prices come
> > > crashing down? Or will investors hold out for years waiting for demand
> > > to catch up? Is there some mindset in SoFL that prices rise 15% every
> > > year even if nothing is selling at the old price? Its very strange
> > > indeed.
> >
> > Look at what happenned in San Diego, Las Vegas, Sacramento etc you will
> > see
> > that at some point investors bail out. Usually this happens when supply
> > creeps up and demand slows down and number of days to sell a property
> > increases while sales volume decreases and the price rises at a slower
> > rate.
> > How does this compare to your market. If it is close, then its near.
>
> Fort Lauderdale/Miami has other factors to consider. Like the immigration of
> wealthy South Americans and Europeans. And we're pretty much built out other
> than high end condos. And for your info, the prices are NOT rising anymore.
> Investors I know are being forced to lower their prices.

Great, "lower their prices" from the outlandishly high to ridiculously
high. So they're now trying to get 20% over market price instead of
35%. Great analysis there, Steve.

A couple of high profile examples:

Jackson Tower: 32 units for sale or rent. In the past year, no
~2000sqft unit under the 30th floor has sold for more than 1.05M.
Typical asking prices, 1.2-1.3M

Riverhouse: 47 units for sale under 1.5M asking price. Developer prices
are a good indicator here, as there are still some available. The
building is half empty and clearly not moving. Columbus Unit 2605 went
for 1M in October. Developer asking price for 2705, 1.2M. Developer has
continued to increase prices even though they can't sell anything.

of all of the buildings I'm tracking, with 100s of units available,
I've seen 2 units lower their asking price, and 1 was a unique
penthouse unit that is difficult to price because there are no real
comps to it. Clearly the market is soft, but asking prices continue to
rise. That was the point of my point.

Re: Lauderdale Insights?

Given that RE agents in your area are the most incompetent morons I've
ever encountered, I wouldn't brag about training them, Steve.

Re: Lauderdale Insights?

CalNeva wrote:
> "Steve" <> wrote in message
> news:
> >
> > Great, "lower their prices" from the outlandishly high to ridiculously
> > high. So they're now trying to get 20% over market price instead of
> > 35%. Great analysis there, Steve.
> >
> > A couple of high profile examples:
> >
> > Jackson Tower: 32 units for sale or rent. In the past year, no
> > ~2000sqft unit under the 30th floor has sold for more than 1.05M.
> > Typical asking prices, 1.2-1.3M
> >
> > Riverhouse: 47 units for sale under 1.5M asking price. Developer prices
> > are a good indicator here, as there are still some available. The
> > building is half empty and clearly not moving. Columbus Unit 2605 went
> > for 1M in October. Developer asking price for 2705, 1.2M. Developer has
> > continued to increase prices even though they can't sell anything.
> >
> > of all of the buildings I'm tracking, with 100s of units available,
> > I've seen 2 units lower their asking price, and 1 was a unique
> > penthouse unit that is difficult to price because there are no real
> > comps to it. Clearly the market is soft, but asking prices continue to
> > rise. That was the point of my point.
>
> Towards the peak of a bubble, supply increases and prices go up at a slower
> pace. The market does not make sense here and aftera while it declines. Is
> this close to what you are seeing?

Yes, that appears to be the case in Lauderdale.

Steve, being you seem to have good contacts in the area, how is the
market softness affecting investor's willingness to buy into
pre-construction, such as the Las Olas Icon? From re-sales data it
appears that 350 Las Olas is a big investment flop, as is the
Riverhouse. It looks like people that bought 5 years ago did ok, but
those who purchased within a year of occupancy are taking a bath. Too
much too soon for the area?

Re: Lauderdale Insights?

"Steve" <> wrote in message
news:
> Given that RE agents in your area are the most incompetent morons I've
> ever encountered, I wouldn't brag about training them, Steve.

Are all the agents in the Fort Lauderdale area "incompetent morons"? I know
it has been a while since I visited friends in Pompano Beach but when I was
down there, I found agents like anywhere else. There are many competent,
some that are average and some that need improvements but this is also true
of many professions. Not all people in every profession are on top or on
the bottom.




>
>

Re: Lauderdale Insights?

"CalNeva" <> wrote in message
news:T4uuf.6069$

> Are all the agents in the Fort Lauderdale area "incompetent morons"? I
> know it has been a while since I visited friends in Pompano Beach but when
> I was down there, I found agents like anywhere else. There are many
> competent, some that are average and some that need improvements but this
> is also true of many professions. Not all people in every profession are
> on top or on the bottom.

So true. But at the same time people in all professions like to pretend that
their own profession is squeaky clean. Probably the ones who try the hardest
to sell their own profession as being above reproach are the ones "on the
bottom," as you put it.

Re: Lauderdale Insights?

Don wrote:
> "CalNeva" <> wrote in message
> news:T4uuf.6069$
>
> > Are all the agents in the Fort Lauderdale area "incompetent morons"? I
> > know it has been a while since I visited friends in Pompano Beach but when
> > I was down there, I found agents like anywhere else. There are many
> > competent, some that are average and some that need improvements but this
> > is also true of many professions. Not all people in every profession are
> > on top or on the bottom.
>
> So true. But at the same time people in all professions like to pretend that
> their own profession is squeaky clean. Probably the ones who try the hardest
> to sell their own profession as being above reproach are the ones "on the
> bottom," as you put it.

The key phrase is "when I was down there". What I meant by
"incompetent" may not be webster's definition. There doesn't seem to be
one that knows anything about marketing in an environment where a
majority of purchasers don't live in the area. Frankly I don't know
how any of these agents get listings. Out of date websites, no pictures
that show unique features of the properties or homes, vague
descriptions. And like our buddy Steve H on here, none of them seem to
have a grip on the market.They're so used to there being so much more
demand than supply they've never developed any skills. I can't be
flying down every time a unit becomes available. I have to make a
decision remotely, as do many others. An agent that can make that a
reality would have a huge advantage, and none of them know how to do
it.

Maybe its Steve's fault? After all, he's the one who claims to be
training them?

Steve

Re: Lauderdale Insights?

"Steve" <> wrote in message
news:

> The key phrase is "when I was down there". What I meant by
> "incompetent" may not be webster's definition. There doesn't seem to be
> one that knows anything about marketing in an environment where a
> majority of purchasers don't live in the area. Frankly I don't know
> how any of these agents get listings. Out of date websites, no pictures
> that show unique features of the properties or homes, vague
> descriptions. And like our buddy Steve H on here, none of them seem to
> have a grip on the market.They're so used to there being so much more
> demand than supply they've never developed any skills. I can't be
> flying down every time a unit becomes available. I have to make a
> decision remotely, as do many others. An agent that can make that a
> reality would have a huge advantage, and none of them know how to do
> it.

In a hot market, anybody and his brother can act as an agent, but if and
when the bubble bursts or things cool down, there is a big decrease in the
number of agents advertising their services, while the reliable and honest
ones are still around. It works the same way in other financial areas; for
example, where I live you find throngs of people calling themselves
"financial advisors" when the stock market is booming, but after a downturn
in the market, many of these people who offer to look out for your financial
well being seem to disappear.

Re: Lauderdale Insights?

On 3-Jan-2006, "CalNeva" <> wrote:

> "Steve" <> wrote in message
> news:
> > Given that RE agents in your area are the most incompetent morons I've
> > ever encountered, I wouldn't brag about training them, Steve.
>
> Are all the agents in the Fort Lauderdale area "incompetent morons"? I
> know
> it has been a while since I visited friends in Pompano Beach but when I
> was
> down there, I found agents like anywhere else. There are many competent,
> some that are average and some that need improvements but this is also
> true
> of many professions. Not all people in every profession are on top or on
> the bottom.

The one's that are willing to pay top dollar for private training aren't the
morons. Most are top producers. A few from Miami Beach have been named top
in the country. It's the one's that reply, "why should I pay you when I can
take courses at the Board for free?" When I look them up in the MLS, hose
are the one's who've had 1-2 listings in the past two years.

The main problem I see in S Florida is most are doing it part time so they
have other obligations.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

On 3-Jan-2006, "Don" <> wrote:

> > Are all the agents in the Fort Lauderdale area "incompetent morons"? I
> > know it has been a while since I visited friends in Pompano Beach but
> > when
> > I was down there, I found agents like anywhere else. There are many
> > competent, some that are average and some that need improvements but
> > this
> > is also true of many professions. Not all people in every profession
> > are
> > on top or on the bottom.
>
> So true. But at the same time people in all professions like to pretend
> that
> their own profession is squeaky clean. Probably the ones who try the
> hardest
> to sell their own profession as being above reproach are the ones "on the
> bottom," as you put it.

Most of the Realtors I talk to are well aware of the incompetance. I spend a
good portion of the session showing them how to find improperly entered
listings.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

On 1-Jan-2006, "CalNeva" <> wrote:

> > of all of the buildings I'm tracking, with 100s of units available,
> > I've seen 2 units lower their asking price, and 1 was a unique
> > penthouse unit that is difficult to price because there are no real
> > comps to it. Clearly the market is soft, but asking prices continue to
> > rise. That was the point of my point.
>
> Towards the peak of a bubble, supply increases and prices go up at a
> slower
> pace. The market does not make sense here and aftera while it declines.
> Is
> this close to what you are seeing?
>
>

He's talking about new construction not the typical market. New construction
has become a substitute for the stock market. IMO, they're trying to sucker
the S. Americans who are coming in with cash. They're just tying up the
property with a small deposit then market to the cash rich foreigners.
There's no way the lender's going to finance a property 30% over appraisal
unless there's a hefty down payment. The typical home buyer these days wants
to get into the home with as little cash as possible. Appraisers have been
stretching it maybe 10% but no one I know has the guts to go beyond that.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

On 2-Jan-2006, "Steve" <> wrote:

> Steve, being you seem to have good contacts in the area, how is the
> market softness affecting investor's willingness to buy into
> pre-construction, such as the Las Olas Icon? From re-sales data it
> appears that 350 Las Olas is a big investment flop, as is the
> Riverhouse. It looks like people that bought 5 years ago did ok, but
> those who purchased within a year of occupancy are taking a bath. Too
> much too soon for the area?

I don't know why you're even looking at condos. Don't follow the hype.
"Bread and butter" homes are much more appropriate for investment.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

Don wrote:
> "Steve" <> wrote in message
> news:
>
> > The key phrase is "when I was down there". What I meant by
> > "incompetent" may not be webster's definition. There doesn't seem to be
> > one that knows anything about marketing in an environment where a
> > majority of purchasers don't live in the area. Frankly I don't know
> > how any of these agents get listings. Out of date websites, no pictures
> > that show unique features of the properties or homes, vague
> > descriptions. And like our buddy Steve H on here, none of them seem to
> > have a grip on the market.They're so used to there being so much more
> > demand than supply they've never developed any skills. I can't be
> > flying down every time a unit becomes available. I have to make a
> > decision remotely, as do many others. An agent that can make that a
> > reality would have a huge advantage, and none of them know how to do
> > it.
>
> In a hot market, anybody and his brother can act as an agent, but if and
> when the bubble bursts or things cool down, there is a big decrease in the
> number of agents advertising their services, while the reliable and honest
> ones are still around. It works the same way in other financial areas; for
> example, where I live you find throngs of people calling themselves
> "financial advisors" when the stock market is booming, but after a downturn
> in the market, many of these people who offer to look out for your financial
> well being seem to disappear.

I haven't questioned the "reliability" or "honesty" of anyone. Only
their skills in being able to help someone fine a good match without
having to show them 50 places.

Is there some ban on the use of digital cameras in Lauderdale or
something? How do you market a property without pictures? Its downright
stupid.

Re: Lauderdale Insights?

Being a "top producer" means you're better than the rest (perhaps), but
its also a function of there being lots of inventory and lots of buyers
and lots of high-priced units; not necessarilty that you have top
skills. Getting listings and marketing the properties are separate
skill issues. Those agressive in getting listings are "top producers".

I recently dealt with a "top producer" in So FL and I wouldn't deal
with him again. His attitude was "here are my listings, if you want to
buy something let me know". He had no interest in answering questions
or finding me something that fit my needs. That seems rather typical.
While when I purchased in the NY area the agent spent time showing me
what was available in different neighborhoods, different price ranges
and helped me decide which neighborhoods were right for my
requirements. It was night and day. The difference, which steve H will
argue with, was that I felt obligated to the NY agent and if I saw
something in the paper I'd call her and have her show it; while the FL
guy wouldn't get such a call. In fact I'm now using a different agent
even to show me his listings. Loyalty comes with service.

Steve

Re: Lauderdale Insights?

Your theory that rich people are stupid shows that you're not one of
them, Steve. The market is what people will pay. If the market is
slowing, what is your theory? That rich south americans are poorer or
fiscally responsible all of a sudden. Here are the owners of a randomly
selected floor in the Riverhouse:

spadaccini, birnbaum, universal river inc, cesar, tepedino, weiss,
rooks, kantrowitz, o'neill

sounds like a bunch of rich south americans to me!

As usual you have no grasp on the market even in your own area.

Steve

Re: Lauderdale Insights?

uh, condos are appreciating faster, some of us like to live in our
"investments" and condos are easier to determine the actual cost of
ownership (and they won't get blown down in a hurricane).

And lets face it, most freestanding homes in Florida are built like
crap. i wouldn't touch one of them.

Steve

Re: Lauderdale Insights?

"Steve" <> wrote in message
news:

> uh, condos are appreciating faster, some of us like to live in our
> "investments" and condos are easier to determine the actual cost of
> ownership (and they won't get blown down in a hurricane).

A novel by John McDonald, entitled "Condominium", written around 1975,
described how Florida high rise condos disintegrating in a hurricane and
lots of people swept out to sea.

Re: Lauderdale Insights?

On 4-Jan-2006, "Steve" <> wrote:

> I recently dealt with a "top producer" in So FL and I wouldn't deal
> with him again. His attitude was "here are my listings, if you want to
> buy something let me know". He had no interest in answering questions
> or finding me something that fit my needs. That seems rather typical.
> While when I purchased in the NY area the agent spent time showing me
> what was available in different neighborhoods, different price ranges
> and helped me decide which neighborhoods were right for my
> requirements. It was night and day. The difference, which steve H will
> argue with, was that I felt obligated to the NY agent and if I saw
> something in the paper I'd call her and have her show it; while the FL
> guy wouldn't get such a call. In fact I'm now using a different agent
> even to show me his listings. Loyalty comes with service.

Loyalty is a two way street. People seem to be different up north. Here
agents have been burned so many times they become jaded. Being that there's
no contract, you can jump ship at any time and buy a FSBO. They pre-qualify
the hell out of potential clients. But with your attitude toward Florida
Realtors is it any wonder you can't get the time of day? Anyone experienced
in dealing with the public gets a gut feeling of who they're dealing with. I
wouldn't let you in my car either.

If you want to get the most out of a Realtor down here you need to act like
the typical vanilla home buyer. If you come across in person as you are
coming across here it's no wonder you're being pegged as a waste of their
time. Change you attitude, or brush up on your acting skills, or join the
Realtors Association and do it all yourself. Knowing what you know, what do
you need a realtor for anyway?

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

On 4-Jan-2006, "Steve" <> wrote:

> uh, condos are appreciating faster, some of us like to live in our
> "investments" and condos are easier to determine the actual cost of
> ownership (and they won't get blown down in a hurricane).
>
> And lets face it, most freestanding homes in Florida are built like
> crap. i wouldn't touch one of them.

Condos will not blow down but many here on the ocean sure got gutted this
past hurricane. Some of the penthouse apartments lost their roof which of
course caused water damage on lower floors. Even the ones with shutters had
their interior walls blown out if they were next to a unit that didn't have
storm shutters. The hallway interior walls were all blown out on the South
side. Our clubhouse/pool tables/ card room was completely gutted. Now all
the owners are facing a hefty hurricane accessment. In the past few years
we've been accessed 12k for concrete restoration because the balconies are
deteriorating, my friend in another condo was accessed 15k per unit to
change from the old balcony rails to glass ones. There's even talk of
installing a sprinkler system which will cost each unit 50k. Then there's
the associations and the condo commandos.

BTW, free standing homes built post Hurricane Andrew are very strong.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

On 4-Jan-2006, "Steve" <> wrote:

> Your theory that rich people are stupid shows that you're not one of
> them, Steve. The market is what people will pay. If the market is
> slowing, what is your theory? That rich south americans are poorer or
> fiscally responsible all of a sudden. Here are the owners of a randomly
> selected floor in the Riverhouse:

They're not stupid. They just don't understand the way the system works
here. They've been raised to look at borrowing money as a bad thing.
Something out of the question. They just don't understand the concept of
leverage or decreasing their liability in litigious society. I'm frequently
asked by them "why do we need to establish credit when we have cash?" "Why
do car dealers and realtors expect us to finance part of these purchases?"
"Why can't I get a credit card when I have plenty of cash in the bank?"

When someone finances a home with 10% down the appraiser and the bank are
there to protect them from over paying. Paying cash or a large down payment
circumvents the system of checks and balances.

BTW, I am dirt poor. If you can detect otherwise please let me know.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

On 4-Jan-2006, "Don" <> wrote:

> > uh, condos are appreciating faster, some of us like to live in our
> > "investments" and condos are easier to determine the actual cost of
> > ownership (and they won't get blown down in a hurricane).
>
> A novel by John McDonald, entitled "Condominium", written around 1975,
> described how Florida high rise condos disintegrating in a hurricane and
> lots of people swept out to sea.

High rise condos on the ocean are built into the reef/bedrock that is
beneath the sand. They'll never disintegrate or fall over, but because the
walls are gypsum and poster board, they will get gutted leaving only the
frame.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

On 2-Jan-2006, "Steve" <> wrote:

> Steve, being you seem to have good contacts in the area, how is the
> market softness affecting investor's willingness to buy into
> pre-construction, such as the Las Olas Icon? From re-sales data it
> appears that 350 Las Olas is a big investment flop, as is the
> Riverhouse. It looks like people that bought 5 years ago did ok, but
> those who purchased within a year of occupancy are taking a bath. Too
> much too soon for the area?

The investors I know won't touch new construction. Only Realtors ask me
about new construction. Investors are now focusing on pre-foreclosure,
forclosures and easy flips. No more holding.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

On 4-Jan-2006, "Steve" <> wrote:

> Is there some ban on the use of digital cameras in Lauderdale or
> something? How do you market a property without pictures? Its downright
> stupid.

Especially being that our MLS program (MLXchange) can be set up so clients
are automatically sent properties as they come on the market. Prospects are
emailed those new listings within 15 minutes of it being entered in the MLS.
If you wait for the MLS people to take the photo it will be too late. The
prospect will probably delete the listing on the spot.

You're right, it's sad that so many in this business have bought cameras yet
don't even know how to get their images off their digital camera and onto
the MLS. They don't even know how to right click on someone else's photo
from an old listing, save it to their hard drive, and post it to their
listing so at least there's an exterior photo. These days many buyer's
agents won't even show a house if they see no photo's in the listing. In
some areas a photo is required or the system won't let them create an ML#.
Which is the way it should be. But not in S Florida.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht. =^..^=

Re: Lauderdale Insights?

You really are an idiot, Steve. And obviously quite poor. The appraiser
protects the bank, not the buyer. And the bank is only interested in
protecting itself. Jumber mortgages require higher down payments
because higher end properties tend to be more volatile in a down
market. Try to get at least a tiny clue about the business you are in.

You don't get protected from overpaying with a smaller down payment.
You get smaller down payments because 1) you can't afford a larger down
payment or 2) because you have better use for your money that returns
more than the mortgage rate or (maybe) 3) you want to spread the money
you have (again a "being poor issue") among more investments.
Properties cost MORE when you "leverage" them, because you have to pay
interest that exceeds your return rate on the cash. If you just have
cash earning 4.5% in a CD (or you're not comfortable with the stock
market), then paying a 6% mortgage is a loss. So the less you put down
the more the property costs, relatively. If your marginal costs are
$10K more per year because you put 10% instead of 50% down, you have to
include that in the basis to get the real cost and return of the
investment.

And you seem to have missed the point that its not "rich south
americans" that are buying these units. Do you care to insult rich New
York Jews too?

Are you sure you're not a women, Steve? Because you keep believing that
you understand everything and keep making it obvious that you haven't a
clue about anything.

Re: Lauderdale Insights?

so why do you compare pre hurricane Andrew condos to post hurricane
free standing homes? Spinning a bit to make a twisted point?

Re: Lauderdale Insights?

So how do you explain the 1000 units downtown that are owned by
investors? Just not running in your crowd?

You seem to have this tunnelvision view of investors, as if they are
just people who are looking for a quick flip. Try to understand the
term.

Re: Lauderdale Insights?

that would be Jumbo of course :)

Re: Lauderdale Insights?

Steve Horrillo wrote:
> On 4-Jan-2006, "Steve" <> wrote:
>
> > I recently dealt with a "top producer" in So FL and I wouldn't deal
> > with him again. His attitude was "here are my listings, if you want to
> > buy something let me know". He had no interest in answering questions
> > or finding me something that fit my needs. That seems rather typical.
> > While when I purchased in the NY area the agent spent time showing me
> > what was available in different neighborhoods, different price ranges
> > and helped me decide which neighborhoods were right for my
> > requirements. It was night and day. The difference, which steve H will
> > argue with, was that I felt obligated to the NY agent and if I saw
> > something in the paper I'd call her and have her show it; while the FL
> > guy wouldn't get such a call. In fact I'm now using a different agent
> > even to show me his listings. Loyalty comes with service.
>
> Loyalty is a two way street. People seem to be different up north. Here
> agents have been burned so many times they become jaded. Being that there's
> no contract, you can jump ship at any time and buy a FSBO. They pre-qualify
> the hell out of potential clients. But with your attitude toward Florida
> Realtors is it any wonder you can't get the time of day? Anyone experienced
> in dealing with the public gets a gut feeling of who they're dealing with. I
> wouldn't let you in my car either.
>
> If you want to get the most out of a Realtor down here you need to act like
> the typical vanilla home buyer. If you come across in person as you are
> coming across here it's no wonder you're being pegged as a waste of their
> time. Change you attitude, or brush up on your acting skills, or join the
> Realtors Association and do it all yourself. Knowing what you know, what do
> you need a realtor for anyway?

I don't need acting skills. All agents have access to the same
properties. So if one agent is an asshole, I go to another. Its YOU who
need to cater to the buyer you dumbass. No agent has anything unique to
offer except their time. Agents are a dime a dozen, and none are worth
extra effort.

Your "top producer" is going to lose a 3% commission on whatever I end
up buying, so figure 30K. How many questions can you answer for 30K to
make it worth your while?

Re: Lauderdale Insights?

Which solidifies my point that they are idiots, because you'd think a
"top producer" could hire a kid to post photos of his million$ listings
if they really wanted to.

I think guys like Dangelo don't post pictures on purpose, so people
have to call him for specifics on his listings. His listings are
puposely vague.

Re: Lauderdale Insights?

Yeah, cool, did you see the movie "The day after yesterday"? Wasn't it
cool the way those people could outrun the creeping freeze? I think the
Dallas Cowboys signed them up after the shooting.

Re: Lauderdale Insights?

"Steve" <> wrote in message
news:
> Which solidifies my point that they are idiots, because you'd think a
> "top producer" could hire a kid to post photos of his million$ listings
> if they really wanted to.
>
> I think guys like Dangelo don't post pictures on purpose, so people
> have to call him for specifics on his listings. His listings are
> puposely vague.

In all my years of calling agents, not one has ever answered the phone the
first time I called. A secretary always says: "Give me your name and number,
and he/she will get back to you." I have always suspected they want your
phone number on record so they can solicit in the future. Getting the
information from a web site certainly is more efficient. But the web sites
that are vague are probably not the properties I want to look at anyway.

Re: Lauderdale Insights?

On 4 Jan 2006 06:44:49 -0800, "Steve" <> wrote:

>I recently dealt with a "top producer" in So FL and I wouldn't deal
>with him again. His attitude was "here are my listings, if you want to
>buy something let me know". He had no interest in answering questions
>or finding me something that fit my needs. That seems rather typical.

Sounds like the 'top producer' is a LISTER, where he gets listings and
lets other agents sell them. That way he is guaranteed a commission,
and doesn't have to deal with buyers.

Re: Lauderdale Insights?

On 5-Jan-2006, "Steve" <> wrote:

> Which solidifies my point that they are idiots, because you'd think a
> "top producer" could hire a kid to post photos of his million$ listings
> if they really wanted to.
>
> I think guys like Dangelo don't post pictures on purpose, so people
> have to call him for specifics on his listings. His listings are
> puposely vague.

Ah, Deangelo. Now I know who you are. Too bad you found a new ISP. I thought
they booted you for good. You best watch your mouth or you'll get shut don't
again. How's the Dodge?

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

On 5-Jan-2006, "Don" <> wrote:

> In all my years of calling agents, not one has ever answered the phone the
>
> first time I called. A secretary always says: "Give me your name and
> number,
> and he/she will get back to you." I have always suspected they want your
> phone number on record so they can solicit in the future. Getting the
> information from a web site certainly is more efficient. But the web
> sites
> that are vague are probably not the properties I want to look at anyway.

For me it's a matter of time management. You have to decide who truly needs
help versus who has an obcessive-compulsive personality or is just bored and
wants to shoot the breeze. There's only so much time in the day so it's not
fair to serious customers time by wasting time talking people who just like
to hear themselves talk. Email is a great time saver.

BTW, If the secretary is smart she'll ask your email address too.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

On 5-Jan-2006, "Steve" <> wrote:

> Yeah, cool, did you see the movie "The day after yesterday"? Wasn't it
> cool the way those people could outrun the creeping freeze? I think the
> Dallas Cowboys signed them up after the shooting.

Learn to quote Steve, if indeed that is you real name.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

On 5-Jan-2006, wrote:

> >I recently dealt with a "top producer" in So FL and I wouldn't deal
> >with him again. His attitude was "here are my listings, if you want to
> >buy something let me know". He had no interest in answering questions
> >or finding me something that fit my needs. That seems rather typical.
>
> Sounds like the 'top producer' is a LISTER, where he gets listings and
> lets other agents sell them. That way he is guaranteed a commission,
> and doesn't have to deal with buyers.

All top producers are listers. You can't serve two masters.

--
Warmest regards,

Steve Horrillo, Realtor / C.Ht.

Re: Lauderdale Insights?

Steve Horrillo wrote:
> On 5-Jan-2006, "Steve" <> wrote:
>
> > Yeah, cool, did you see the movie "The day after yesterday"? Wasn't it
> > cool the way those people could outrun the creeping freeze? I think the
> > Dallas Cowboys signed them up after the shooting.
>
> Learn to quote Steve, if indeed that is you real name.
>
> --
> Warmest regards,
>
> Steve Horrillo, Realtor / C.Ht.
>

complain to google groups and their fancy javascript programmers, which
only allow quoting on your first reply..

Re: Lauderdale Insights?

Wrong again (as with everything else). All I know of him is whenever I
see an MLS listing says nothing more than "spectacular views" and has
several useless pictures of the outside of a building, it turns out to
be his. (note the no quotes here?)