Myrtle Beach Real Estate

BUY REAL ESTATE NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Burger King did it, and so did many others.   It seems like a good strategy:  watch what the big boys are doing and just copy them to ensure success.

Just what are the big boys doing right now?  I don't know about your clients, but my Investors are gobbling up properties like they are going out of style. 

I know that my market is different; I mean, God does not create any more Beach, but I think this Investor MO applies across the board.  Here is the point of view of one of our biggest players, R. Donohue Peebles, the head of the Peebles Corporation, a Coral Gables, FL based real estate investment and development firm with a $4 billion portfolio.  His latest book is "The Peebles Path to Real Estate Wealth: "How to Make Money in Any Market" (John Wiley & Sons: 2008).   This interview was featured on the first page of the Real Estate section of the Wall Street Journal today.  To read the entire article, please go to:  http://online.wsj.com/article/SB122183189764556723.html

Q: How will the financial upheavals of the past week affect the market?  Does it still make sense for the average investor to buy residential real estate?

 A: It's a tremendous buying opportunity. Unless you need liquidity, real estate is the best long-term investment. I like the great leverage it gives you. You can live in it. And at some price, you can always rent it out.

Q: Under the current scenario, should you liquidate stocks to invest in real estate? 

A: I have no money in the stock market. It's too volatile, and it hasn't had a leveling. If you have patient money, real estate gives you the ability to ride out bad times.

Q: How long do you think the current downturn in real estate will last?

A: I think it will bottom out in 2009 or 2010. There will be more job losses and increased inventory that will further depress home prices.

Q: What's the best way to negotiate a price?

A: Start out 10% to 15% below what you want to pay. That way, you'll be able to negotiate for two or three rounds without going over your limit. Don't let your emotions rule you. If you don't have a deal, walk away.

Q: What's the best way to ensure that you don't overpay?

A: You've got to look at what's selling, what other [properties] have listed for, who are the sellers. For instance, in Las Vegas, the sales volume is up, but they are short sales and foreclosures, so you know sellers will make a deal...[in general] if you can buy at what the price was in 2001 or 2002, that's a safe place to be.

Q: What's the biggest mistake buyers can make in this market?

A: Becoming too focused on being victims, rather than being opportunistic. There will be a lot of people making a lot of money during this downturn. You need to think: Why not me?