| Where Bottom Feeders Are Finding The Best Pickins’ | May 4th, 2008 |
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With prices falling in many parts of the country and the number of foreclosures rising, a small yet growing number of bargain-hunting buyers are seeing an upside to the real estate market. Here are three categories of buyers who see silver linings in all these thick clouds of foreclosures. First Time Buyers - Beyond the Bay Area and California’s borders there are happy stories about first-time homebuyers who used to be frustrated by the pricey market of yesteryear. Today, they are among those most attracted to real estate today. In November 2007, 39 percent of buyers nationwide were first-timers, up from 36 percent in 2006, according to NAR. In San Francisco, first-timers on a budget head to neighborhoods in what we call “District 10″ — places like the Bayview, Portola and Silver Terrace neighborhoods. (See my sale in the Bayview for an example of the kind of deal you can get in these neighborhoods today). Within San Francisco, these neighborhoods have the highest foreclosure rates (although they are not nearly as bad as other parts of the country). International buyers are also jumping into the market. In San Francisco, we hear all the time about Pacific Rim buyers snapping up the high-end units in luxury buildings like the Infinity or the Millennium. Foreign investors also looking at opportunities in the U.S. real estate market because their Euro goes so much further– declines in the value of the dollar against other currencies and lower prices translate into a discount of up to 30 percent for some foreign buyers. Investors also cross state borders, seeking bargains in those markets hardest hit by the real estate downturn. Some even buying properties sight-unseen for conversion to rentals until the market heats up again – a risky proposition, according to some observers. You can read the full story in USA Today– Leave a Reply |
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