July 14th-
It’s been a long while since I last wrote. There are several reasons why, but one main reason is that I was discouraged by the lack of activity in the Folly Beach market. I will write an activity report summarizing the first half of the year int he next few days. Another reason is that I have been very busy transforming a couple of my properties for a vacation rental program. One of the properties sat vacant when the real estate market was hot. Now, in an effort to reign in my monthly outflow of cash, the property has been remodeled and furnished to produce income.
There are more people looking at real estate than there were 6 months ago. However, there is no urgency to purchase. Some fear that things may take another turn for the worse and others don’t see it getting better in the short term. Even if prices are close to the bottom, there is no urgency to purchase until prices start firming up.
Most sales so far this year have occurred when the price of the property was significantly less than comparable properties and/or the buyer found the perfect (unique) property for their needs and desires.
For the most part, investors are on the side lines and the few buyers out there are buying for personal use. Ironically, it’s that kind of environment that can create excellent investment opportunities. This brings to mind a phrase that I have heard all too often lately: If only I had money….
