Mike’s Real Estate Show

 I heard Bob Brinker, nationally syndicated radio talk show host of “Money Talk”, state to millions on the air Sunday, “Asking price is now irrelevant!!” He cited a national builder who had reduced all of their new home communities by 25% across the board for a special national open house. That being said, what then is an offering price? This is espeically true if one is considering a “flip” though for the life of me I can’t see how this word can even be uttered today!! I remember speaking to a lawyer who specialized in writing large bond offerings for cities considering redevelopment issues. He did this throughout the world. He was working in Tokoyo many, many years ago and told me investor’s where buying property there for pennies on the dollar. In the same breath he looked at me over his glasses and uttered, “you’d be surprised how fast you can be ruined by property for pennies on the dollar!!” I think investor’s with cash in this market can make some great purchases but I’d be buying in areas where “Short-Sales” and NOD’s are NOT rampant as this type of neighborhood over the long haul may NOT be a good investor market. Think long and hard about this one!