Home Buying in Parkland>Question Details

Arby, Home Buyer in Boca Raton, FL

I have found a house in parkland that is currently listed at about $600,000. By a little due diligence I've

Asked by Arby, Boca Raton, FL Thu May 8, 2008

found that the owner bought the house for the low 200's in the early 90's. there are more than 30 listing in this area of parkland that have been there for more than 6 months and sources have said that prices will continue to drop between 20 - 30% in the next year!.. This particular property has been listed for quite some time. Is it reasonable for me to make a serious/firm offer at $415,000. I'm looking for a place that my family and I can live in for the rest of our lives and beleive this could be it.

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After further research I have found that our friend Arby is shopping in Parkland Fl. Which is not far from Boca Raton. Boca Raton is where Arby lives currently. Not sure how we got this question but it was meant for our peers in the South Florida market.

On that note Arby please forget what I said about the market stability. You should grab an agent and write that offer up. You never know how far someone will move under pressure.....
1 vote Thank Flag Link Thu May 8, 2008
Hello Arby,

Out of sheer curiosity I looked over the properties available in the Parkland area in that price range. They are few and far between. As a general rule houses in this community don't generally sell that high. Unless of course they have some special feature, size or some unforeseen intrinsic value. The couple of properties that I did see in this area at that price were either value related because of the size of the land or their possible commercial values. Here is the reality of the deal and I hope you will appreciate the candor. On a national front prices are definitely not at the bottom. But we are not and I reiterate not going to see a dramatic decline in prices in the greater Seattle area. We may see some continued fall off in outlying areas. This is not just my opinion or speculation. This market as seen by most conscious analysts and investors in stable. It is considered by many to be the most stable market in the US. I only say this because many who are deal hungry would like to insight this behavior of bargain shopping here. Although there are occasional deals to be found here, it is unlikely that there will be many people lining up to take a beating on there investments here in this market either now or in the near future. I cheer you on to look for a good value, borrow cheap money and lock it up here for the long haul. There is definitely profit to be found in that kind of thinking. Look for properties with conversion capability. Ones that can be subdivided later but serve your purposes now or ones that have commercial potential. This market is still very promising.


Danny Altizer
Windermere RE South Inc
33405 6th Ave S
Federal Way, WA 98003
253.250.6474
1 vote Thank Flag Link Thu May 8, 2008
Anybody notice it sais home buyer in BOCA RATON?? AND THAT THERE IS A PARKLAND,FLORIDA??THIS PERSON IS NOT ASKING QUESTIONS ABOUT PARKLAND,WASHINGTON YOU GUYS!!!!
0 votes Thank Flag Link Sun May 25, 2008
Hi, Arby,

There is a "Parkland" area just south of Seattle, so you should be careful to find a Realtor that is licensed in Florida where your prospective property is located. Don't be afraid to negotiate, but do have a market analyisis made, first!

Good luck on a successful purchase,

Jean Bradford
Associate Broker, ABR, GRI, CRS, CRB
John L. Scott Real Estate,
Silverdale, WA 98383
1-800-482-4398
0 votes Thank Flag Link Thu May 8, 2008
A comparative market analysis would be the first step needed to determine the market conditions in the specific neighborhood that you are shopping in. There are many buyers submitting low offers right now in the hope of getting an unbelievable deal however, sellers are also being encouraged to counter offers that seem to low rather than rejecting them all together.

Keep in mind that if the owner bought the home back in the 90's in the low 200's chances of them feeling pressured by a mortgage that is out of thier league is slim which lessens the chances of your offer being accpeted. If you love this home I would recommend getting a realtor in your area =)
0 votes Thank Flag Link Thu May 8, 2008
It doesn't cost anything to write an offer! You never know what a seller is willing to take until you make a move. Contact me and we will get this done!
thanx,
Jami Robson
jamirobson@kw.com
0 votes Thank Flag Link Thu May 8, 2008
Treat this like you would buying a used car. You would take the car to a trusted mechanic before making a serious offer. Have a qualified home inspector perform a thorough inspection. It may sound like a good deal, but you won't know until you've had someone you trust look under the hood.

Good Luck!

Trey Bowden
(405) 340-3277
0 votes Thank Flag Link Thu May 8, 2008
Great question! Despite all of the market hype and forecasts and predictions, it is important to note that the seller is operating on their own set of plans and predictions.

The great thing about real estate is that EVERYTHING is negotiable. If you feel that $415,000 is a reasonable offer, or at last where you want to start, your agent should be prepared to argue the case for yo. He/she should be armed with the offer, but also, recent comparables and other market points and statisitics that will help plead the case for the seller to accept less.

You must however be willing to negotiate with the seller if he/she can porvide evidence supporting their asking price. In the end, if both you you are willing to give as much as you take, you sound end up with an agreeable purchase price that all will be happy with.

Feel free to email me directly if you want more tips and pointers, or to dicuss how my staff and I can help you purchase this home.

Michael
0 votes Thank Flag Link Thu May 8, 2008
A generic yes/no answer cannot be given to this question. More information is needed regarding the specifics of the house, etc. The market has definitely changed, but each situation should be reviewed on a case by case situation. There is a vast time space between the early 90's and 2008 and many things have probably occured. Unknowns are what the owner has done to improve the property, how much in debt they are in, etc.

I would be happy to do the specific property and market research on this property to give you an educated answer to your question. Feel feel to contact me directly if you wish to pursue the information needed to make an informed decision. http://www.debi.rice@comcast.net or (253) 307-6303.

Have a great day in Florida!!

Debi
0 votes Thank Flag Link Thu May 8, 2008
The best way to make any offer to do a Comparative Market Analysis. Are you working with a Realtor? A Realtor will be able to tell you how much similar homes have sold for duing the last few months and based on these figures you can make an offer that is fair to both you and the seller.
0 votes Thank Flag Link Thu May 8, 2008
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