Bank Owned Homes in Daniels Preserve
On a recent visit to Daniels Preserve I noticed that there are several homes that are obviously in foreclosure. I had reported in previous posts that the rate of bank owned homes in Daniels Preserve coming to the market had slowed considerably and that remains valid. While it has slowed it has not ended. The obvious signs (weeds three feet high, brown grass, weeds growing out of the pavers, etc.) point to the fact that slowing is not stopping. Look now to see if there are any bank owned homes in Daniels Preserve right now. When a community has one here and one there they do not really effect values but when there are many appraisers cannot ignore the impact they have and values plummet. This is precisely the reason why bank owned homes in Daniels Preserve are such a value for those who are buying with the intention of living in the home for 3 to 5 years.
For anyone who anticipates living in the home for a shorter time you will not be hurt but it may be hard to profit until the distressed sales come to an end. When you move into a new home you spend money. It is just the way it is. New carpet drapes, landscaping, it all goes with the process. All of these things add value to the home and you expect to recover those investments when you move and I would expect that will but the above average profits that I anticipate will require that the majority of bank owned homes in Daniels Preserve be bought and renovated.
Once the flow is reduced to only an occasional home here or there values will rise to current market values. We work in many neighborhoods and what we find is that values are higher in older neighborhoods. This is due to the fact that the majority of these homes were purchased before values spiraled out of control thus current values do not have nearly as dramatic of an effect as in neighborhoods that were selling in 2006 and 2007. This is absolutely the reverse of what it should be. Once things go back to equilibrium the values in Daniels Preserve will rise more than in neighborhoods that have not been impacted so severely. Here is one more opportunity to take a look and see if there are any bank owned homes in Daniels Preserve right now. Give us a call at the Dohack Group and allow us to help you get in on this once in a lifetime opportunity.