Cash is the name, short sale is the game! Finally we get infused with good real estate news. Today’s Wall Street Journal’s front page story focused on the increase of buyers snapping up homes in all-cash deals, betting that prices are at or near rock bottom prices and breathing life into Florida’s housing markets, one of the worst in the nation.
Oppenheim Law’s Short Sale and Foreclosure Workshop, scheduled for Wednesday, February 9th at 6:00 pm, focuses on the latest breaks in the real estate market which turned the short sale corner over the past month with cash buyers stepping up to the plate. For example, cash buyers represented more than half of all transactions in Miami-Fort Lauderdale area last year compared to just 13% in 2006. More good news: Canyon Ranch in Miami Beach sold 35 units since mid-October with most being from the U.S. People are finally coming forward and realizing that this is the time to seize the moment, shifting investments from the places like the art market back to the real estate market in order to scoop up the short sales; or what the banks term as selling for less than what is owed on the home.
The Wall Street Journal asked: Is it a good time to invest in residential real estate? Oppenheim Law and Weston Title will answer this question and more at the monthly webcast designed with the homeowner in mind.