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Preston Ware's Blog

By Preston Ware | Mortgage Broker
or Lender in West Palm Beach, FL

Private Equity Funds are Biuying Up Florida Real Estate?

I see a lot of piggy-backing on this site. There are some who put an effort into writing good content and there are some who just comment on everybody else’s material and then just leave their name and number. Hopefully, I do not fall in the second category, but I would like to recommend a great blog that I recently read. The blogs of my business associate Marc Jablon who is a very good realtor and also a very good writer. I enjoy reading every body’s blog but he seems to pick it up a notch with some really excellent content, insight, and not just posting a listing.

The reason I say this is because of what I read tonight!

 I am in the business as a mortgage banker and thought I had a good handle of what is going on out there in Real Estate land but tonight I learned something different. I learned how I need to write a little better and also learned a little something about what is going on with supply and demand for homes. I am sure what is going on in Boca is going on everywhere.

Recently when I was reading my colleagues blog “Where have all the Boca Raton Homes Gone?”, I learned something about the state of our real estate market. Before reading the article, I was completely aware that we have a shortage of homes because I deal with that every day as a mortgage banker. Quite often, I get my borrowers pre-qualified and tell them to go find a house and then there is nothing to buy in the popular price ranges. Or what is happening is that my borrowers have limited funds but they are not in a position to pay a premium for a home in a bidding war. Many excellent homes are selling at a $5000 to $20,000 dollar premium!

 Up until this blog,  I thought this epidemic was due to the incredible low rates that we are offering and government stimulus and amazing mortgage people like me. Evidently it is more about big business stepping in and good ole capitalism at work. In Marc’s blog I learned more about the forces at work being super big business moving in and doing the bottom feeding. Or now, maybe we should call it the main stream feeding.Please read this and pass it on.

Please listen to my video for a little more insight or go read his blog!

Preston Ware



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