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going down
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06-05-2008, 02:32 AM
at yesterday's tax auction three acre parcels in hawaiian acres were going for $15 to $20k, one went for $11k, this is considerbly cheaper than the previous auction where the bidding was nuts, looks like we're on the downward trend
06-05-2008, 04:54 AM
Yeah, it seemed like they were going for about 3/4 (or more) of what a similar property listed online at one of the Realtor's sites would be.
It still didn't seem like a great deal, though. There is a one year time period for the previous owners to come "redeem" the property (you at least get 12% interest if they do) so you can't build anything on the property for a year since the improvements wouldn't have to be paid for if the previous owner redeems it. Also, considering that many of the properties listed online by Realtors are selling at 20% (or more) below their asking price it would seem you would be able to buy a property from a Realtor at about the same price as one of the tax auction lots and be able to have clear title immediately. If the buyers had been following the property sales curves, they might have delayed buying until we were further along the downward trend. We've still got a couple years to fall since these trends usually don't change direction quickly. Also an impetus towards a downward curve is coming from the general economic depression which doesn't seem like it is going to get better soon, either. Kurt Wilson
06-05-2008, 05:52 AM
quote:That's not true, you get a tax deed right away, but as Catz mentioned, you can't really do anything with the parcel for a year. Tax sales can be lucrative, I have bought properties there before and made lots of money (%) on them. (Of course that was before the "craze" and I remember there were some tax sales when properties were actually selling for MORE than comparable properties listed in MLS!) Aloha, John S. Rabi ABR,CM,CRB,FHS,PB,RB 808.989.1314 http://www.JohnRabi.com Typically Tropical Properties "The Next Level of Service!" |
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