Bottom Feeders

By
Real Estate Agent with RE/MAX Lake Country

Bottom Feeders - reference to fish that dwell only at the bottom of a body of water and feed off the vegetation found there, the low lying sort.

Also reference to the current source of purchasers in the Michigan Real Estate Market. For the majority of transactions that are taking place, it is the bottom feeders doing the purchasing, grabbing up foreclosures and desperation sales, and leaving the rest untouched. And so far the rest of the "species" is not biting on the remainder of the market. The overall market for my area is recreational/2nd homes, and these sellers are not "effected" by the current economic troubles. There is a large inventory of these homes on our large lakes, but there is not a market within these that the bottom feeders are even looking at.

This market I am speaking of is Indian River Michigan area. What are you seeing in your respective market places if you don't mind my asking? Your comments and insight are appreciated.

 

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Rainer
4,825
James D'Amato
Better Homes and Gardens Rand Realty - Yonkers, NY
GRI, QSC

Hey Matt, my market area is just outside of NYC.  I have just over 9 years in selling RE so I have been through the best of times.  I do however think my market area is still strong with houses selling for realistic values (500K is average)  The overpriced listings are not moving at all these days but with some price reductions they will move.

Jul 07, 2008 12:08 PM #1
Rainmaker
570,044
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Southwest Florida here.  Resort destination/2nd homes.  Plenty of bottom feeders here also.  Todays buyers are just as ruthless as the sellers were 2-3 years ago !

Jul 07, 2008 12:12 PM #2
Anonymous
Anonymous
Wayne Edwards

Hey Matt,

Yep, the bottom feeders and flakes are out in full force.  I live in San Diego and have a second home in Palm Springs, CA.  It's been on the market for 9mos and it is attacting plenty of lookers.  I've had three offers come to the table but the last minute they get cold feet and back out.  It is obvious these people are either not qualified or do not have the money and are simply running around wasting everyones time trying to make themselve feel important.  Furtunately, I do not have to sell.  Once the market picks up these people will crawl back under their rocks.   

Aug 01, 2008 02:09 PM #3
Rainer
12,048
Matt Stahl
RE/MAX Lake Country - Indian River, MI

Wayne

Sounds like it is pretty widespread! the news coming out of Michigan just keeps getting worse. General Motors just anounced their 3rd largest quartley loss ever, and are going to be laying off even more workers. What a mess.

Aug 02, 2008 12:48 PM #4
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Rainer
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Matt Stahl

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