I have talked to most of the lending institutions on Hilton Head the last couple of days and the outcome is that they have deleted there lot loan program or they want between 20-25% down. The interest rate will be higher as well. The banks are nervous about the lot loan programs unless you have a set of plans in your back seat and you are ready to build. This would be a great time for owner financing and even the developer holding some paper for the buyer. Let's talk and figure something out.
Gas today on Hilton Head is about $2.79
Tuesday, October 21, 2008
Wednesday, October 15, 2008
I think we are at the bottom.
Real Estate prices should be at the bottom for the Hilton Head area. We now have home sites with lagoon views for only $100,000 and villas in Palmetto Dunes for under $200,000 that short term rent for $14,000 - $16,000 gross yearly. What a great time to buy around here. Pull some of that money out of your roller coaster retirement accounts and invest in some local real estate. I don't think this is a short term investment , but you will appreciate it in a couple of years. The smart money is buying now!
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