The 13 Riskiest Housing Markets
By Dave Lindorff
If your hometown is on this list, the value of your house may be in jeopardy.
The real estate bug bit Karen Brodie a few years ago. She left her desk job as an accountant with Fidelity Investments in 2001 and teamed up with a cousin to buy a single-family house in the Boston suburb of Dorchester for $98,000. After spending $50,000 to upgrade the house, the pair sold it a year later for $278,000. Now Brodie and her cousin have expanded their operation to include two pricier three-unit buildings in Dorchester and two three-family units in Rhode Island. With the Dorchester properties now up for sale, the pair could turn a profit of between $500,000 and $800,000 in little more than a year.
Across the country, thousands of people like Karen Brodie are chucking their day jobs to become real estate investors. And why not? The nation is experiencing a boom in property values that has seen the median price of an existing home rise 10% in the past year; 37 areas saw prices jump by at least 15%. Thanks to leverage, which lets you buy a property for a fraction of its cost, you can double your money in a flash. More
Monday, July 25, 2005
Monday, July 18, 2005
The Housing Bubble 2: They Are Buying Swampland In Florida Again
The Housing Bubble 2: They Are Buying Swampland In Florida Again
Some Floridians have commented that todays RE fervor exceeds the mania of the 1920's. This story bears that out. "More than 100 people who have sunk tens of thousands of dollars into northern Palm Beach County swampland may never realize their investment because building on the land is nearly impossible, according to a county report."
"In February, Rebecca Gordon of Wellington bought 2-plus acres of northern Palm Beach County swampland for $88,000. But lately, Gordon's had second thoughts: 'Now it's causing me some concern.' Gordon knew the land was under water, but she thought roads would be paved and drainage added. However, there are no plans in place for either, and many doubt there ever will be."
"The Army Corps of Engineers in January responded to a county inquiry about the land purchases, writing that approval of building permits would be 'highly controversial.' Even if permits were issued, the sensitive nature of the land would require buyers to go through wetland mitigation, which means buying another parcel of wetlands in another area for preservation. That could cost a landowner up to $72,000, according to the county."
"Over the past year, more than 120 people have spent tens of thousands of dollars an acre on Palm Beach County's Pal-Mar land. Robert Berman, who has bought and sold Pal-Mar property on behalf of both the coalition and himself, admits he's 'made a killing' by pocketing between $2 million and $3 million selling about 60 parcels over the last year."
"'It was clearly a very selfish motivation,' Berman said. 'I wanted to keep property values up. I was doing it for spite to begin with, but it's turned into an investment.'"
posted by Ben Jones http://www.thehousingbubble2.blogspot.com
Some Floridians have commented that todays RE fervor exceeds the mania of the 1920's. This story bears that out. "More than 100 people who have sunk tens of thousands of dollars into northern Palm Beach County swampland may never realize their investment because building on the land is nearly impossible, according to a county report."
"In February, Rebecca Gordon of Wellington bought 2-plus acres of northern Palm Beach County swampland for $88,000. But lately, Gordon's had second thoughts: 'Now it's causing me some concern.' Gordon knew the land was under water, but she thought roads would be paved and drainage added. However, there are no plans in place for either, and many doubt there ever will be."
"The Army Corps of Engineers in January responded to a county inquiry about the land purchases, writing that approval of building permits would be 'highly controversial.' Even if permits were issued, the sensitive nature of the land would require buyers to go through wetland mitigation, which means buying another parcel of wetlands in another area for preservation. That could cost a landowner up to $72,000, according to the county."
"Over the past year, more than 120 people have spent tens of thousands of dollars an acre on Palm Beach County's Pal-Mar land. Robert Berman, who has bought and sold Pal-Mar property on behalf of both the coalition and himself, admits he's 'made a killing' by pocketing between $2 million and $3 million selling about 60 parcels over the last year."
"'It was clearly a very selfish motivation,' Berman said. 'I wanted to keep property values up. I was doing it for spite to begin with, but it's turned into an investment.'"
posted by Ben Jones http://www.thehousingbubble2.blogspot.com
Saturday, July 9, 2005
Craze for Myrtle Beach Condos Expands to Little River and Intracoastal Waterway
(PRWEB) - Myrtle Beach, SC (PRWEB) July 6, 2005 -- With water-front land for investment condos and real estate in North Myrtle Beach becoming less available, developers are expanding into nearby Little River and its scenic waterway properties to take advantage of the moderate pricing and lower property taxes.
Developers have announced a new luxury condo project at the Coquina Harbour Marina. The 113 slip marina is bordered by the popular Lightkeeper"s Village on the southern side, and Harbourview Resort on the north. The newest Coquina Harbour Resort will be located in a once in a lifetime position to not only see the marina , harbor and yacht basin -- but this will be one of the only resorts on the Grand Strand to also view the Intracoastal Waterway, as well as the ocean, from the higher floors.
There will be one to four bedroom units available starting in the $200K range, and they will boast all the luxury amenities, including granite countertops, tiled floors, stainless kitchen packages, jacuzzi tubs, and high speed internet access. Boat slips are available through the marina for those interested.
This popular marina is the nicest landing in Little River, with easy ocean access and beautiful landscaping, from the harbor to the marshland as it continues out towards the ocean. Preconstruction purchases are now available, and will sell out very quickly.
Those interested in these fantastic Myrtle Beach condos for sale, and other preconstruction real estate investment properties can contact the MB Condo Store from the website, or call any of the numbers below for more information.
The Myrtle Beach Condo Store is the Number One source for the condos in the Carolinas, and can also advise and help with 1031 tax exchange properties.
Contact:
The Myrtle Beach Condo Store
5307 North Kings Hwy
Myrtle Beach, SC 29577
843-839-0005 or 877-839-0005 Tollfree
www.myrtlebeachcondostore.com
See other press releases at
Myrtle Beach Condos
Myrtle Beach Preconstruction
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