Market News from the Friday before Labor Day
Posted on | August 29, 2008 | No Comments
I had a closing on the new construction home in Hollywood today. The buyers are really happy and they were great to work with. I hope they really enjoy their new home. I feel that they got a great deal.
I have Midtown tomorrow, and it’s looking like the weather will be nice, so I hope we have a lot of traffic. We are working on some cross-promotional advertising, and are also getting 189 A st. Philip designed and furnished, which I know I have mentioned in previous posts.
Activity is steady in the Coleman Blvd. Carolina One office, and I continue to notice that the lower priced homes are the most quickly moving sector. I have one investor client who is interested in purchasing homes that need work to flip, and I am trying to tell him that he would be much better off getting something with the plan of holding it for at least 5 years. A better plan would be to purchase rental properties and hold them for a while. I personally would not consider purchasing something right now with the plan of selling it within the year. My general rule of thumb is to not suggest anything that I would not personally do. Granted, different people have different risk thresholds, and mine is relatively low. But I still won’t give someone bad advice that would get them into trouble down the line.
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