Monday, June 06, 2005

Real Estate Deal Falls Through

Well, I'm sad to report that the real estate deal that we had been working on has fallen through. The building simply needs too much work and the lenders are, quite understandably, not willing to take the risk. Really, I think the lady selling the building needs a bit of a reality check as to just how much her property is worth. I guess only time will tell but I certainly hope that no one pays full price for the building as it simply is not worth more than 65% of the asking price (which has already been lowered by $70,000).

These things happen but I don't mind; as my real estate agent says, "Properties are like trains, another will be along in 20 minutes."

Although the market is currently "peaking" I believe that there are still a few good deals to be found.