My last blog post focused on some of the issues we are facing in our current real estate market. This year it seems that many of our incoming calls are asking about short sales, foreclosures, and overall "good deals." And after talking to other waterfront agents around the country, I found this was not an anomaly, but quite common in their real estate markets as well.
But while it is a great time for financially strong buyers to purchase lake properties -- or any home -- it is a very difficult time for those who need to sell. And although lakeshore owners were somewhat insulated from these problems not too long ago, it is now spreading to higher-priced homes and lakeshore properties along with all others.
With that in mind, I wanted to do a much better job for both lakeshore buyers and sellers by getting my CDPE designation (Certified Distressed Property Expert), and launching Lakeshort.com. The site provides a vast amount of information relating to these complicated situations for sellers in financial stress, and some guidance to help in the day to day decisions that tend to become overwhelming during these difficult days.
The CDPE designation gives agents an in depth knowledge of the many issues relating to our current real estate market, and a thorough understanding of how to work with banks to achieve a much higher success rate in these transactions. In fact, although the national average for getting a short sale put together and closed is only 24%, CDPEs are successful 80-90% of the time due to their training. And when sellers don't have a lot of time on their side, it is critically important to get it right the first time around!
Whether you have questions about buying or selling distressed properties, I hope that my specialized knowledge in waterfront real estate will provide a better basis for me to assist you with your needs.
Dan Anderson
Broker / CDPE
Monday, October 25, 2010
Tuesday, October 19, 2010
Distressed Lake Properties
Each day we are bombarded by news from a wide array of sources, so certain stories seem to come at us over and over -- on television, the newspaper, radio, or the Internet. One of the hottest stories today is focused on distressed real estate, and the growing number of foreclosures and short sales. Most likely, that is going to be a big story for some time yet.
Lakefront foreclosures and short sales have been a little slower in coming because many owners have still been able to afford them, but even that is changing as a large number of professionals and small business owners have been affected by job loss or lack of business. That trend will certainly bring many more waterfront properties to the market that look like great values, but just be careful to think about your main reasons for purchasing on water before you jump in. And be aware that there are also a lot of very good values on the market that are not distressed, so keep an eye open for all the available properties that fit your needs.
Not too many years ago we saw prices escalating at such a high level that most people felt the waterfront market would get away from them if they didn't find something quickly. Nearly any lakeshore property was attractive to someone, no matter the type of lake or shoreline. Even novice developers could make a quick buck by purchasing chunks of land on some of the most marginal lakes, and then turning them it into somewhat affordable lake lots. People obviously weren't thinking clearly!
Throughout my time in the waterfront real estate business, I have always done my best to help my clients find lake properties that had the best chance of appreciation, based on the wish lists of thousands of buyers I had worked with over the years. If 80% of the buyers want clean lakes with full recreational opportunities, along with fairly level lots and hard-bottom shoreline, then it only makes sense that those types of properties should have the best staying power when it comes to value. Unfortunately for sellers, because of the economic downfall we've happened upon, even those lake homes and cabins have had heavy hits on their prices, and there are incredible values available on those types of properties as well.
But in time things will turn around. And when prices begin to inch upward again, it will still be the lakeshore real estate with the most highly desireable characteristics that attract the greatest numbers of buyers. If we still believe in supply and demand, it only makes sense that the prices on those properties will shoot up the fastest when that market re-entry begins.
So during this time of foreclosures, short sales and overall real estate prices at some of the best levels in many years, make sure you think about that as you go about your search. Perhaps a lot of the most distressed lake properties today started off looking like bargains several years ago, but they may also be the ones that have a hard time gaining much value in the future.
Lakefront foreclosures and short sales have been a little slower in coming because many owners have still been able to afford them, but even that is changing as a large number of professionals and small business owners have been affected by job loss or lack of business. That trend will certainly bring many more waterfront properties to the market that look like great values, but just be careful to think about your main reasons for purchasing on water before you jump in. And be aware that there are also a lot of very good values on the market that are not distressed, so keep an eye open for all the available properties that fit your needs.
Not too many years ago we saw prices escalating at such a high level that most people felt the waterfront market would get away from them if they didn't find something quickly. Nearly any lakeshore property was attractive to someone, no matter the type of lake or shoreline. Even novice developers could make a quick buck by purchasing chunks of land on some of the most marginal lakes, and then turning them it into somewhat affordable lake lots. People obviously weren't thinking clearly!
Throughout my time in the waterfront real estate business, I have always done my best to help my clients find lake properties that had the best chance of appreciation, based on the wish lists of thousands of buyers I had worked with over the years. If 80% of the buyers want clean lakes with full recreational opportunities, along with fairly level lots and hard-bottom shoreline, then it only makes sense that those types of properties should have the best staying power when it comes to value. Unfortunately for sellers, because of the economic downfall we've happened upon, even those lake homes and cabins have had heavy hits on their prices, and there are incredible values available on those types of properties as well.
But in time things will turn around. And when prices begin to inch upward again, it will still be the lakeshore real estate with the most highly desireable characteristics that attract the greatest numbers of buyers. If we still believe in supply and demand, it only makes sense that the prices on those properties will shoot up the fastest when that market re-entry begins.
So during this time of foreclosures, short sales and overall real estate prices at some of the best levels in many years, make sure you think about that as you go about your search. Perhaps a lot of the most distressed lake properties today started off looking like bargains several years ago, but they may also be the ones that have a hard time gaining much value in the future.
Thursday, October 7, 2010
Lakeshore Buyers - and Sellers - Experiment
In this age of social networking, viral marketing, and unlimited information at our fingertips, it seems we are also drowing in technological clutter, creating a tough time for those of us in the fifty plus range. As much as we know we should keep up with the latest trends in marketing and online interaction, our brains seem to have a steeper learning curve as we pile more things on top of our life-long educations already stored there. But many of us are trying hard to catch on by becoming friends -- with as many people who want us as friends (not our kids of course) -- on Facebook.
In general, people who have spent a good number of years at the "College of Hard Knocks" believed that the expertise they were learning there, in their chosen profession, was enough to carry them through. After all, our parents seemed to do OK with that specialized knowledge during their careers...didn't they? But as one colleague put it, "We seem to have to keep reinventing ourselves continuously now."
The real estate industry is a prime example of this. It seems that most real estate agents and brokers have now been left in a vast quagmire of uncertainty, not knowing how to find qualified buyers for their listings. The days of sitting in the local real estate office waiting for walk-ins or sign calls are long gone. And if you can't stick a big, bright stop sign out on the information highway -- or at least a yellow flashing light -- most buyers are going to zip right past you.
We at Lakehomes.com Realty are no different than the rest. Although we have been fortunate enough to have a specialized niche that many others don't, and a very strong Internet presence for many years, we also have to change with the times...or the times will change us. Even with more than two decades experience as waterfront specialists ourselves, many highly skilled agents in our company, and some of the largest waterfront websites online, we still have to keep our business fresh by exploring new marketing ideas.
With the the vast amount of information available out there, I'm sure that a lot of waterfront buyers might stop by our website for a cup of coffee, only to go get their donut at another website -- or maybe four or five donuts on multiple sites, until they become confused as to where the best bakery is. And I'm sure the same thing happens to us in reverse, just because no one wants to take a chance on missing out on the "best donuts" available.
I do the same thing when I'm shopping for products online, because it is just TOO easy! But then I realize I just wasted two hours, and maybe saved seven dollars...before shipping. That's about when I wish there was someone online with a stop sign and a road map that had sent me to that best deal without all that surfing -- or told me that they were all pretty good deals. Kind of a whack on the side of the head to wake me up a bit and remind me how valuable my time is!
Like all real estate brokers, we'd like to think we have both the best coffee and the best donuts, and that waterfront buyers and sellers will know that once they get to our site, avoiding more taste tests further on down the virtual highway. But sometimes we may just have to work on our recipe a little to make sure.
Besides Lakehomes.com, we own multiple other waterfont websites like LakehomesUSA.com, and we have incredible abilities to get the word out to tens of thousands of water-related buyers and sellers with the touch of a button. As we look at how Facebook, Twitter and other social networking sites have changed how people communicate and do business, even those of us who have been a little slower to embrace these new methods of immediate interaction need to get on the bandwagon.
So here is my experiment that anyone who wants to can take part in...buyers or sellers. And please let me know if you think this is a good or bad recipe so I can change the ingredients if necessary. You can even let us know if you like the idea on our new Lakehomes.com Facebook Page, or just leave a comment on this blog.
We want to give you a personal roadmap based on your needs. As a waterfront buyer, you most likely have a wish list that combines many factors, including size of home or cabin, price range, lot size, lake quality and size, and many other features you might not have even thought about yet. As a seller, you know the best qualities of your propery better than anyone, and why someone else would want those same things. And some of you sellers get a little ticked off when real estate agents don't try to get those points across to potential buyers. We think it's time to try a little harder to match the right buyers and sellers...beyond just doing the same old thing.
With up to 50,000 views or more each day on Lakehomes.com -- and many more than that on LakehomesUSA -- there is no doubt that we attract a lot of highly targeted buyers in search of just the right waterfront home, cabin or lot. The problem is, if you're one of those buyers, no one really knows about you or how to help you the best (although some of you want it that way). But when you think about it, you're driving all over this virtual highway wasting gas and countless hours of your time, when you could have someone giving you a highly detailed road map to point out a much more exact destination.
I can't even begin to tell you how many lake homes that buyers choose to look at from the Internet that are entirely disappointments once they get there. Most buyers don't realize that Realtors have much more detailed information available on the actual MLS than what is displayed publicly, so they can generally knock out a lot of marginal properties rather quickly. And it always seems like the photos look a little better online than the property does in real life...with that bright blue house only 25 feet away. I wonder why the camera didn't pick that up?
So we think it's a great time to see how powerful this whole networking thing has become, by not only creatively advertising listings -- but advertising the buyers' needs as well. You could probably try to do the same thing yourself, but I think the real strength is in the combination of our highly targeted sites combined with this new wave of exponential communication growth.
Even though marketing has gotten much more complicated in how you go about it, the basic premise hasn't changed. It is still a matter of exposing your product to the most qualified prospects. And whether you are a potential waterfront buyer or seller, those prospects are already on our sites looking for just the right property...or looking at comparable properties in an effort to price theirs accordingly. Why not get to them first, and in a multitude of ways that your competition can't?
If you want to take part in this experiment, as either a buyer or seller, just fill out our contact form and let us know your needs so that we can create your personal roadmap. And since everyone's situation will require a different recipe for success, the more ingredients you can provide, the better.
Like any good experiment, it is important to publish the results. Please stay tuned on Facebook for those updates.
In general, people who have spent a good number of years at the "College of Hard Knocks" believed that the expertise they were learning there, in their chosen profession, was enough to carry them through. After all, our parents seemed to do OK with that specialized knowledge during their careers...didn't they? But as one colleague put it, "We seem to have to keep reinventing ourselves continuously now."
The real estate industry is a prime example of this. It seems that most real estate agents and brokers have now been left in a vast quagmire of uncertainty, not knowing how to find qualified buyers for their listings. The days of sitting in the local real estate office waiting for walk-ins or sign calls are long gone. And if you can't stick a big, bright stop sign out on the information highway -- or at least a yellow flashing light -- most buyers are going to zip right past you.
We at Lakehomes.com Realty are no different than the rest. Although we have been fortunate enough to have a specialized niche that many others don't, and a very strong Internet presence for many years, we also have to change with the times...or the times will change us. Even with more than two decades experience as waterfront specialists ourselves, many highly skilled agents in our company, and some of the largest waterfront websites online, we still have to keep our business fresh by exploring new marketing ideas.
With the the vast amount of information available out there, I'm sure that a lot of waterfront buyers might stop by our website for a cup of coffee, only to go get their donut at another website -- or maybe four or five donuts on multiple sites, until they become confused as to where the best bakery is. And I'm sure the same thing happens to us in reverse, just because no one wants to take a chance on missing out on the "best donuts" available.
I do the same thing when I'm shopping for products online, because it is just TOO easy! But then I realize I just wasted two hours, and maybe saved seven dollars...before shipping. That's about when I wish there was someone online with a stop sign and a road map that had sent me to that best deal without all that surfing -- or told me that they were all pretty good deals. Kind of a whack on the side of the head to wake me up a bit and remind me how valuable my time is!
Like all real estate brokers, we'd like to think we have both the best coffee and the best donuts, and that waterfront buyers and sellers will know that once they get to our site, avoiding more taste tests further on down the virtual highway. But sometimes we may just have to work on our recipe a little to make sure.
Besides Lakehomes.com, we own multiple other waterfont websites like LakehomesUSA.com, and we have incredible abilities to get the word out to tens of thousands of water-related buyers and sellers with the touch of a button. As we look at how Facebook, Twitter and other social networking sites have changed how people communicate and do business, even those of us who have been a little slower to embrace these new methods of immediate interaction need to get on the bandwagon.
So here is my experiment that anyone who wants to can take part in...buyers or sellers. And please let me know if you think this is a good or bad recipe so I can change the ingredients if necessary. You can even let us know if you like the idea on our new Lakehomes.com Facebook Page, or just leave a comment on this blog.
We want to give you a personal roadmap based on your needs. As a waterfront buyer, you most likely have a wish list that combines many factors, including size of home or cabin, price range, lot size, lake quality and size, and many other features you might not have even thought about yet. As a seller, you know the best qualities of your propery better than anyone, and why someone else would want those same things. And some of you sellers get a little ticked off when real estate agents don't try to get those points across to potential buyers. We think it's time to try a little harder to match the right buyers and sellers...beyond just doing the same old thing.
With up to 50,000 views or more each day on Lakehomes.com -- and many more than that on LakehomesUSA -- there is no doubt that we attract a lot of highly targeted buyers in search of just the right waterfront home, cabin or lot. The problem is, if you're one of those buyers, no one really knows about you or how to help you the best (although some of you want it that way). But when you think about it, you're driving all over this virtual highway wasting gas and countless hours of your time, when you could have someone giving you a highly detailed road map to point out a much more exact destination.
I can't even begin to tell you how many lake homes that buyers choose to look at from the Internet that are entirely disappointments once they get there. Most buyers don't realize that Realtors have much more detailed information available on the actual MLS than what is displayed publicly, so they can generally knock out a lot of marginal properties rather quickly. And it always seems like the photos look a little better online than the property does in real life...with that bright blue house only 25 feet away. I wonder why the camera didn't pick that up?
So we think it's a great time to see how powerful this whole networking thing has become, by not only creatively advertising listings -- but advertising the buyers' needs as well. You could probably try to do the same thing yourself, but I think the real strength is in the combination of our highly targeted sites combined with this new wave of exponential communication growth.
Even though marketing has gotten much more complicated in how you go about it, the basic premise hasn't changed. It is still a matter of exposing your product to the most qualified prospects. And whether you are a potential waterfront buyer or seller, those prospects are already on our sites looking for just the right property...or looking at comparable properties in an effort to price theirs accordingly. Why not get to them first, and in a multitude of ways that your competition can't?
If you want to take part in this experiment, as either a buyer or seller, just fill out our contact form and let us know your needs so that we can create your personal roadmap. And since everyone's situation will require a different recipe for success, the more ingredients you can provide, the better.
Like any good experiment, it is important to publish the results. Please stay tuned on Facebook for those updates.
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