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Sarasota Real Estate Blog on the Markets |
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Jim Cramer Blog Real Estate Deals Return By Jim Cramer RealMoney.com Columnist 11/28/2006 10:38 AM EST Time to talk about what's out there in real estate. As I've mentioned previously, my wife and I have a substantial partnership in real estate that we have moved almost entirely to Mexico. We had invested primarily in New Jersey and Pennsylvania since 2001, when the onerous rules for stock ownership for us took hold. It grew harder, however, to make a profit by buying places, refurbishing them and flipping them, after selling the land to the state to preserve the acreage from development -- and we were continually outbid by Toll (TOL) and Pulte (PHM) and Hovnanian (HOV) . We even sold our shore properties, which were insanely overvalued. Our little bit of knowledge of and love for Mexico made the choice to shift pretty easy. Yesterday we were showed a property that would have traded at $1 million two years ago -- a very nice farmhouse, five acres, a swimming hole, very private. The property has a gorgeous creek running through it, and no development is allowed nearby. The seller needs cash and is tired of waiting for the buyers who never come. It's ours for $450,000. One million dollars to $450,000. Rates are so low we can inventory the place. So we are buying. It's the first piece of property we've bought here since 2004. That's what is out there now. Economic buys. That's what we are being shown. Can we wait for lower prices? Why bother? Time to start buying. The bargains are just too great to ignore. Maybe the place trades at $400,000. But maybe, and this is how bottoms are formed, we miss it, and we will kick ourselves. Welcome to the tail end of the housing crisis. |
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