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Mayne Island Nightmare: Selling rec property in a collapsing market.
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02-26-2015, 01:48 PM,
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RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
(02-25-2015, 09:57 PM)alexcanuck2.0 Wrote: Remember a lot of those old properties are mortgage-free, so they can be sold at the market clearing price without distress. Many will be must-sell as the property doesn't meet the needs of the owners anymore (either facing-reality owners or the heirs, power-of-attorney relatives and executors). Alex - as you seem to know a lot about this stuff, do you mind if I ask a few more questions, e.g. - it sounds as if it's smart to be targeting un-reno'd, relatively old properties; would that be right? - when you talk about specuvestors, do you have any way of spotting when a specuvestor is trying to sell? What's their mindset? - when you say specuvestors will not remain solvent, are you basing that on a slow (or rapid) decline in values against the mortgages they took to buy the properties in the first place? I'd be grateful for your thoughts. And I'm always game for a cook-off. But right now I'm in TO, won't arrive on the islands til 2016. But I consider the gauntlet duly thrown down... |
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