The Latest "Hot Item" in the Real Estate Market

The latest economic downturn has created an expanded market of dispossessed home owners.  Many people with otherwise good credit can no longer afford owning a home.  As a consequence, affordable rental options such as apartments and condos are in short supply.  Overly cautious developers are slowly starting to "smell the coffee" and nibble at available land zoned for multi-unit housing.  Lenders are, also, gradually loosening the purse stings on construction loans for apartment/condo development.  Prices being offered seem to range between $10,000 and $15,000 per unit, depending on infrastructure and utilities available.  For instance, we are offering a wooded site zoned for 16 units in Somers, WI where the owners have reduced their price to $13,000 per unit. It is located on a quiet cul-de-sac with 5 other apartment buildings. Based on the increasing demand for modern apartments, it shouldn't last long.



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I watch the “My Featured Properties” panel on my website many times with a sense of pride for my beautiful Listings.  Soon “pride” gives way to an awesome feeling of “responsibility.”  Every one of these pictures represents people who have put their trust in me and Shorewest REALTORS  to successfully market their properties—to get them the best possible price in the shortest period of time.  Am I doing everything within my power to achieve this goal?  Emails, flyers, signage, word of mouth, open houses, suggestions as to what sellers can do to improve marketability—this last item gives one pause.  I very much like all of my clients and want them to like me.  I, therefor, often find it difficult to say:  “Mr. Seller, you should paint the trim around the front door, get a different landscaper and, by the way, the price we are asking is about $15,000 over market.”  If I truly want to help them, this is exactly what I am morally and ethically obligated to do.   I must explain how peeling paint, carpet stains, offensive odors and clutter are costing them far more than the expense of minor improvements.  In the current market it is easier than ever to establish the correct asking price:  After 1 week of no showings-- reduce price 10%.  If there are several showings, but no offers—reduce price 5%.  Remember, we as experienced Realtors can only GUESS the correct asking price... the market DICTATES it!

Investment Condos

This is a great entry-level opportunity for investors.  Easy to manage...plentiful tenant pool and most exterior maintenance is provided for you and included in the monthly assessment.  Often, amenities, such as clubhouse, pool and tennis courts are included.