I Want To Buy A "Steal" - Updated 2018

Posted by Eric Miller on Wednesday, November 4th, 2009 at 1:37pm.

Fort Lauderdale Realtor Originally Published this Article in 2009

I want to buy a "steal"...

This is a line that many Fort Lauderdale Realtors will tell you they hear almost everyday in this new real estate market. Personally I take solace in the fact that we are all hearing it everyday. I am not sure I fully understand the definition of a “steal”, but I find comfort in knowing there are so many potential buyers out there interested in South Florida all looking for one, in Fort Lauderdale Real Estate. With this in mind a link directly to the Fort Lauderdale MLS is called for.

I have asked many clients to help me define a steal. Sometimes it leads to the word foreclosure. So just maybe a “steal” is a property that has been on the market, nobody else has wanted it, and now a bank owns it. A steal is any Fort Lauderdale Foreclosure ?The bank is willing to sell it at a lower number and because a bank owns it, it is a Steal. For many reasons this concept simply doesn’t work for me, certainly if a great property went into foreclosure I would call all my hunting clients, looking to buy property in Fort Lauderdale, but just because a property is in foreclosure doesn’t make it great deal !

Its post dinner now, at Fort Lauderdale’s  “most famous waterfront restaurant” Shooters and the bar conversation was about buying real estate and finding a “steal”, and still no definitive answer as what a “steal” is. The good news is many locals at Shooters are looking for one as well. Many more Fort Lauderdale Real Estate buyer always speaks well for the local Fort Lauderdale Real Estate market.

I have asked another client about this word a “steal”, and I was told clearly that they want $100,000 off the asking price. Now I feel like I’m getting somewhere, if I find a $2,000,000 Fort Lauderdale Waterfront Homes willing to sell for $1,900,000 I have a steal. If I find a $150,000 apartment willing to sell for $50,000 I have a steal. Even though the asking price of the $2,000,000 home has risen 100% in 5 years, and the $150,000 home has risen 10%, their both a steal. My concern here is, however, that I always find sellers willing to ask too much for their properties. Doesn’t a realistic seller deserve a little consideration, when they have priced their home correctly to sell? I know in my heart that asking price has never been a test of the true value for a piece of real estate. How could I possibly use asking price, or how much they are willing to give off of it to define the value of a piece of property, or this elusive word “steal”.

Then there is the client, who said, “I WANT A STEAL”, “I’m not buying until I can smell the blood of the seller”. For a moment I thought a steal had something to do with finding a crime scene. Simply the metaphor of “blood” bothered me. The client and I spoke at length and his definition of a steal was a client who came to the table owing money, a seller who had to write a check to sell. Not long ago sellers in this condition were easy to find, but simply I could not understand how a seller who bought at the peak of the market, and now needed to sell, indicated anything about value. Today rising prices have brought most potential short sellers into a sitaution where they have equity in their Fort Lauderdale Home for Sale.

It is a wonderful time to buy real estate in South Florida and there are great deals to be had, if you careful and buy right.  I try very hard to remind buyers that our market has returned to normalcy and we need to be careful to pay attention to the things that truly value real estate. The first is no secret, Location, Location, Location. The others are cost of ownership, quality of construction, and the laws of supply and demand. If you’re buying a home in South Florida work with a realtor who knows the ins and outs of every neighborhood. Find the neighborhood or building you wish to live in, and then find the most motivated seller. I assure you by buying well in the neighborhood which is right for you, someday it will feel like you found that illusive steal.

Thank for taking the time to read my blog, and remember we are always here to help you find a "steal", or simply a great home in Fort Lauderdale.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

1 Response to "I Want To Buy A "Steal" - Updated 2018"

Fort Laudedale New Luxury Condos - Disappear in 2011 wrote: [...] Fort Lauderdale Real Estate Bottom
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[...] Posted on Wednesday, January 5th, 2011 at 6:47pm.

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