1/4/10
Condos are selling in Savannah, Georgia in 2009 and will CONTINUE to sell in 2010!
 | By Ron Melander; GRI, CLHMS Read more of Ron's posts |
Contrary to the word on the street, selling a condo in today’s real estate environment is still possible, although it is not always as easy as it used to be. I am constantly surprised to hear from neighbors and even some real estate professionals that “banks will not finance condos anymore”. That is just not true! Not to toot my own horn too much but last month was a great month for my clients and me, as we successfully closed three transactions and of those three, two were condos. One was at the gardens on Jones (pictured below) and my buyer got a good deal at an even $300K. She is planning on retiring here and decided the time was right to buy and rent it for a couple of years until she can make her much anticipated move to Savannah from New York City, where she works for The New York City Library.
I have blogged this project before and this sale marks another turn around for this project which has always been a favorite of mine but had hit another slow patch recently as it had when I blogged it before. When we wrote our contract there had only been one sale (in July) the entire past year at a price that was quite a bit higher. One other closed in late November for $312,500 making for a total of three sales the entire year. The Auction which had just taken place at News Press Place helped justify our attitude about its value. A big thanks goes to Chris Vogler and the team of Michael Caputo at Bank of America Home Loans here in Savannah who helped make this sale go very smoothly. The key to successfully buying property in today’s market is to ALWAYS use a good real estate agent and get a GOOD local lender who understands condo financing like Chris does! I have one out-of-town lender horror story I will be glad to share with you, just ask me.
More about the recent condo sale at 302 Lorch Street and Savannah Area 2009 sales coming in my next blog! One of my new year’s resolutions? To blog more frequently!
Until Next Time
Ron Melander
Keller Williams Realty Coastal Area Partners
If you enjoyed this post, make sure you subscribe to my RSS feed!
[…] http://savannah.locale.com/blog/2010/01/04/condos-are-selling-in-savannah-georgia-in-2009-and-will-continue-to-sell-in-2010/Savannah real estate blog featuring the latest real estate & property news on Savannah Georgia. … One was at the gardens on Jones (pictured below) and my buyer got a good deal at an even $300K. She is planning on retiring here and decided the time was right to buy and rent it for a couple of years until she can make her much anticipated move to Savannah from New York City, where she works for The New York City Library. 329 West Charlton Street Sold! … […]
[…] http://savannah.locale.com/blog/2010/01/04/condos-are-selling-in-savannah-georgia-in-2009-and-will-continue-to-sell-in-2010/Savannah real estate blog featuring the latest real estate & property news on Savannah Georgia. … One was at the gardens on Jones (pictured below) and my buyer got a good deal at an even $300K. She is planning on retiring here and decided the time was right to buy and rent it for a couple of years until she can make her much anticipated move to Savannah from New York City, where she works for The New York City Library. 329 West Charlton Street Sold! … […]
Condos are the new heat? The new source of money?
It’s good to have other options of investments
[…] Read the rest here: Locale | Savannah Real Estate Blog » Condos are selling in … […]
Highly disagree. I believe you are selling this info under false pretenses. Real Estate agents like you are what’s wrong with the current market. Facilitating whatever statistics that suit your cause to sell homes to buyers that can't afford them. I hope you fail and start working at Carey Hilliards. You have no business or credentials to garner investment advice. Business degree? Banking experience? Investment Broker? I thought not.
Hi Mike,
Where do you live? Are you in Savannah?
Yes the condo market is glutted but here in Savannah we are working though our inventory and certain projects are slowly selling. Other projects have serious problems but all of that information about the financial stability of any particular condo community can be disclosed either in advance of an offer or during the due diligence period.
Don't be so negative! And yes it is true, I am just a lowly real estate agent. My credentials are for the most part “learn by doing” and I make no secrets about that. I welcome the opportunity to discuss this further.
Kind Regards,
“Learn by doing” is the mantra of the unqualified. You made my point. Negative is not my thing. I'm just tired of agents not being honest with the public. Many agents have blogs and input into the current market climate, I singled yours out by happenstance. Cheers to your effort. I hope you make a million dollars in 2010.
Dear Mike,
All Real Estate agents are licensed. We are qualified to sell real estate by nature of obtaining and maintaining that license. Experience is the only way agents (or anyone else can) become knowledgeable about the market that they choose to work in. Luckily for me, my market is Savannah, Georgia, a vibrant appealing community which I believe is poised for an amazing future which was built upon the hard work of many generations of Savannians, original inhabitants, and the gifts of Nature and God. As far as statistics - I always share accurate relevant information and am willing to go as deeply into the numbers as anyone I work with is interested in spending the time researching. I care tremendously about each and every individual I come into contact with. It has given me pain knowing what has happened to some of the property values of some of the properties I sold to people I worked with in the beginning of my career (2005-2007) in what turned out to be the peak years prior to the downturn. But few people saw this coming. I am still in touch with many of those people and most are doing OK and none of my clients used tricky funding options to buy something they could not afford. Most were 10-20% down 30 year fixed type of people.
You singled me out Mike, because I pay a company a certain amount of $s per year to be featured on this web site, a site that, back in the day, had many, many other agents on it. At the moment I am the sole participant, survivor. The only thing that I find unfair about this exchange is that we do not know anything about who you are to be making these statements. And if you have some specific opinions, or predictions about the future of the market, I welcome some constructive comments from you, and please give us a little bit of background about yourself and how you came to believe what you do and feel the way you do.
Kind Regards,