More signs of the times. This development in Delmar, Maryland has hit rock bottom and tomorrow Doug Marshall will be selling off whatever they can to move this project forward, if at all possible. With the economy in the dumps, this would seem to be a difficult task but we'll see what happens.
Joe,
Thank you for investigating Heron Ponds.. We will be selling, via foreclosure, all 301 lots and homes as one package. This is actually not a bad thing because the bank has asked us to help re-evaluate this subdivision and subsequently the sale thereof. The good thing is that this gets rid of another “out of town” investment company that was not familiar with the Eastern Shore and out TRUE demographics. There are too many $300k - $499k homes in the area and as one of your viewers wrote in not that long ago… “The economy is fighting back.” In my opinion, that was a great quote and it is so very true.
Too many out of town investment corps have left their mark and the local realtors, auctioneers and developers are paying the price.
Hope you are well!!
Doug Marshall
Marshallauctions.com
Doug Marshall will be selling off whatever they can to move this project forward, if at all possible.
ReplyDeleteJoe:
I think Doug will sell this for exactly what the property is worth in today's market. He is a good auctioneer.
The only way it will not sell is if there are no bidders, which ain't gonna happen or the Trustee can't deal with reality.
If the Trustee cannot live with getting 100% of the present cash market value against the inflated amount they loaned on the property, its their problem.
Right now an auction is the best way to buy or sell property.
The biggest problem with auctions right now are not the auctioneers, its sellers who are in denial and think they can "wait out the market" for prices to come back up.
People I used to think were smart or intelligent have told me they are going to "wait for the market to come back to where it was..."
People don't realize that for the market to stabilize, property values need to stop their free fall.
When the free fall in value stops, right now its about 40% to 60% below the bubble peak of 2005, then the values will stay wherever they stop for a few years.
After a few years of property values being relatively flat or now growth, then they will start to climb back up 2% to 4% per year as they do in a normal market.
People who bought at the peak of the bubble or think their values are anywhere near bubble peak will have to wait 15 to 30-years for the prices to get back to where they were in 2005.
Unless there is rampant inflation from the government printing money, then it will only be a year or two but the value of the dollar will be much less.
If you want to buy for present cash market value go to this or any auction.
The same if you want to sell and not have "property listing anniversaries" or birthdays of being on the market while losing 4% to 6% per month in value.
Yep I am an auctioneer too but one that called the bubble what it was in September of 2005 and advised my sellers to get out.
There are about 2-million foreclosed homes that have never been listed getting ready to hit the market over the next 6 months.
Anyone who is thinking of selling better call the auctioneer today.
They need to just hang on! Obama and Geithner are FIXING our economy as we speak. They are going to give some very smart, and very rich people some more of my grand-daughter's money and then, the smart rich people are going to invest it in business' which all of us poor people want! Me and all of my friends are going to borrow some more money, and buy all of the gadgets the smart rich people make for us in China. Once we do, a lot more people are going to be needed at Walmart to ring the cash register! Once those happy people get a couple hundred paychecks under their belt, they will also buy some of the gadgets using their new PNC mastercards. Eventually, we will all be flipping houses again and the party will be at Brew River. Just hang on a little bit longer folks.
ReplyDeleteHow is that auctioneers are "paying the price"? I wouldn't mind having the commission off of 301 lots.
ReplyDeleteMeanwhile, Wicomico County is close to paying $10,000 per acre for some land for a park. Duhhh.
ReplyDeleteThe auctioneers fees are regulated by the State. $500.00 for foreclosures according to State Legislation..
ReplyDeleteAuctioneers are paying the price by working our tails off to deliver cash...
ReplyDeleteThen the lender or seller thinks they are "smarter than the market" and turn down the high bid auction cash as being too low.
There has not been one time in the past 7-years when a greedy seller or stupid lender who turned down the cash we delivered has sold the property for more, not once.
Yet these sellers are making auctioneers pay the price because they are either stupid, greedy or both and they turn down the cash.
It's the market folks are not going to pay more than something is worth anymore!
lets all get a deal
ReplyDelete