Florida real estate agents Mike and Wendy McCarty of the McCarty Group at Keller Williams Realty say that bank owned luxury real estate in the exclusive waterfront community has brought prices down to bargain levels.
Marco Island, FL – Florida real estate agents Mike and Wendy McCarty of the McCarty Group at Keller Williams Realty say that bank owned luxury real estate in the exclusive waterfront community has brought prices down to bargain levels.
While national economic woes have weighed on the prices of Marco Island homes, like everywhere else, the benefit for those who are in a position to buy is that exclusive properties that once fetched millions of dollars have been put on sale at half price in some cases.
“Banks are really wanting to get some of these bad loans on higher end properties off their books, so they are making some incredible deals. They are just not in a position to hold these assets to wait until prices come back.”
Mike McCarty says bank reserve requirements are playing a big part in the move to slash asking prices on luxury homes.
“It’s all about the balance sheet. When the bank has a multi-million dollar bad loan, it is dead money that can’t be loaned out. When that bad loan gets taken off the liability column, it frees up capital reserves to make new loans.”
He says that banks have been known to make even better deals when the new loan is made through them.
“When a buyer makes an offer on a bank-owned Marco Island FL condo, for instance, and includes a pre-approval letter from the same bank, the chances of being able to negotiate a great price are increased dramatically.”
Wendy McCarty says that’s because the bank is not only getting rid of a negative item on their balance, they are adding a positive one with the new loan.
“Banks have lost a lot of money in the financial crisis, but they know they will lose more unless they cut their asking price below market value and get their inventory sold. Many Florida home buyers are taking advantage of this historic opportunity.”
For more information on purchasing bank owned Marco Island real estate at steep discounts contact:
Mike & Wendy McCarty
The McCarty Group
Keller Williams Realty
713 Bald Eagle Dr
Marco Island, FL 34145
Press release courtesy of Online PR Media: http://bit.ly/h01uTr