Relax, It’s Not the End of the World! – Part Two
I guess the first thing for you to do before reading this article is to take a quick peek at the article I wrote on March the 24th 2020 on this website with the original article; “Relax it’s not the End of the World“
I don’t do humble, not at all, and so I say to my partner Damon, who predicted an apocalypse as we slowly climbed out from the reaches of this horrific disease that has befallen most of the world, eat my pants!
I don’t need or want to repeat anything that I wrote in that original March the 24th article because most of it has proven correct in the last few weeks.
As we head into the dreaded election season of which the last one seems to have just ended, common sense tells us this is going to have a significant effect on the medium- and long-term resurgence and resurrection of the economy post-Covid-19.
But my job here is not to be a financial or political commentator. Believe me, you really wouldn’t want to hear my outpourings! But you do need to listen to my opinion based on previous journeys through troubled times and how I see the Florida property market. Particularly the Florida County Foreclosure Auctions behaving over the immediate short term.
Let’s talk firstly about the general Florida Real Estate market where there is still a shortage of good quality housing at all levels, more so in individual counties than others.
Therefore, there will always be an underpinning thermostat to keep prices both to buy and rent between certain defined levels, it’s all about supply and demand, and all that.
I am reasonably confident that the Coastal Cities are going to flourish, especially in the luxury end of the market.
The reason for this is that people from the northern states are not forgetting that Chicago and California are looking to Florida as a bolt-hole to retreat for both economic and lately health safety reasons.
Most city-dwellers feel trapped by the sheer density of their surroundings both in buildings and people and see Florida as a wide-open Sunshine State, which is, for the most part.
This factor alone will drive demand for properties that match the pocketbooks of the fleeing city folk and their families.
Ok, I admit I am a little overdramatic, but I am trying to paint a situation I see developing,
of course, this could get a little (or a lot) skewed by what happens in November, but for this possible caveat, this is the trend I see developing well into summer 2022, whatever the state of the economy.
I have a slight inside track here to the South Florida luxury market as my daughter, Danielle, operates with her partner Matthew, a very successful luxury real estate company dealing with Real Estate from Palm Beach to Boca Raton. They told me only yesterday that they’ve never been this busy since they first started in business two years ago, so there you go folks, this is a snapshot of that market, right now!
It has been reported over the past week airlines getting ‘booked out’ on specific routes, cruise companies taking record reservations over the 2019 season, hotels coming back online, and selling rooms faster than the corresponding period in 2019 the stock market going gangbusters. However, Damon says that’s because the government is buying bonds in individual companies, but he would say that, wouldn’t he?
However, on the flip side, commercial retail space is dying a pretty predictable death, really, commercial office space is stagnant, and you can hear the industrial boys crying from their offices down the corridor, here in my office.
I also suspect we are heading towards a long-term recession and rampant inflation with normal interest rates, just a couple of years out on the horizon.
Concerning the Florida County Foreclosure Auctions, I am sure you are aware that there has been a moratorium on evictions and foreclosures here in Florida until July the 1st 2020, where I think it will be lifted. However, contrary to what I have just written, it would not surprise me to see it carried over for another month, any longer than that, I don’t see.
I advise you to go to PropertyOnion.com’s education section to brush-up on your county foreclosure auction knowledge. Find deals that meet your criteria (over 62,000 to choose from), and do the research to line them up and be ready to bid! Hopefully, next month the stay will be lifted and auctions flowing again, it’s going to get crazy because of the enforced hiatus, so there’s a backlog, be ready!
In the meantime, don’t worry, there are still plenty of Tax Deed Sales & Wholesale deals available, so there will be no shortage of action if you want to participate right now, just got to PropertyOnion.com to chase down a deal.
Damon and I haven’t had much interaction since we both aired our contrasting views in March, no doubt when he reads this article, and he will have more than an adequate reply, I am sure.
I believe the majority of our members, well those that will take the time to read this article, will share my short- to medium-term views, because who wants to live through unending miserable times with no good-time breaks unless your name is Damon!