Thomas Goebel International Real Estate Consultant

Thomas Goebel International Real Estate Consultant

One thing about real estate is that it is always “local” so what might be true in Seatle, was not the same in Detroit. Houses crashed 33% and condos went down from 2006 to 2012 by 50%, with Kathleen and JP taking advantage of those condos and you, Bob and Dan taking advantage of the houses.
I have been saying that in Windsor (more so than SE Mich) prices have been over-inflated. I expect an immediate and sudden flip from under-supply to oversupply and a significant drop in real estate values.
Have seen two transactions die these last 2 weeks. JP’s lease in San Francisco and Al Miller’s waterfront lot sale in Florida panhandle. Both likely from the crash in the stock market and uncertainty about our future. Imagine if you had $300,000 in the Wall Street markets and you were a buyer or tenant as in JP’s case. They took a financial hit of $100,000 is 33% and now have $200,000 in the markets. So they cancelled their real estate transactions which is likely happening nationwide at the time.
My crystal ball says get a hold of your investors and prep them for a big recession opportunity to buy real estate low. Get hold of your sellers and tell them this is NOT a good time to sell. If they need to sell be prepared to discount.

Tom

This Post Has 2 Comments

  1. Kathy Goebel

    Wow amazing, for I listed my condo for rent with Tom and within one day I had 3 takers. Grosse Ile is place to be ! Solve that rental issue quickly! Thank you!

  2. K. Goebel

    Wow, that was great , for just listed my condo for rent with Tom and we had 3 takers the first day! It leased for full price . Rentals are a hot commodity on Grosse Ile, Mi.

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