Tuesday, October 30, 2007

The Housing Market has created such fear, people can't even sell Cash flow Positive Properties in Auburn Hills, Michigan anymore.

This is really getting interesting now.

This property is a 2 Bedroom, 2 bath LOFT condo in Auburn hills within walking distance to Oakland University. Granite counter tops, Hardwood floors, View of a pond, 1,150 Sq foot. or $82.50 per sq ft.

In 2004 this place sold for about $120,000 and is now being discounted to about $95,000. Housing Fear has taken hold to the point where people will not even touch this cash flow positive property.

This place can easily be rented out by simply placing a flier on the bulletin boards in OU just a block away. I think it could be rented out for $850 a month no problem, because this is what these units went for before the condo conversion took place a few years ago and there was always a waiting list.

At $95,000 dollars you have to figure your total housing expense even with taxes and association fee's will only be about $725 a month tops.

This is a $125 a month cash flow positive property, and now cost less to own than equivalent rent in the area but people are still afraid to buy.

Warren buffet said when people get greedy... be afraid, and when people are afraid... be greedy.

Housing Fear is creating some great buying opportunities in Oakland County Michigan. To bad no one can get a loan!

I just wanted to add I really feel bad for this guy, the picture has snow, and this place has been on the market a long time with many price drops and no takers. He is probably listing it at a price where he is losing money just to unload it and still can't do it.

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