by Marlene Graham, Downing-Frye Realty, Naples, Florida, 34102 239-821-9046
So the other day I was at Campiello's Restaurant on 3rd Street South having some lunch when a gentleman in his 60s I would guess, or late 50s, who was sitting with another gentleman started a semi-conversation with me. When he found out I was a real estate agent, he indicated that he lived in Olde Naples. Generally men who live in prestigious areas mention those areas as a frame of reference indicating they might have some means. And not that he was necessarily trying to up his estimation in my eyes, in a place like Campiello's prestige is bandied around by men since there are many singles that hang out there.
But then he said something that I am finding is being injected into more and more conversations these days: "But I don't know how long."
I furrowed my brow not sure what he was meaning.
"I have it as a short sale right now, but I stopped making my payments in February, so if it doesn't sell I don't know how much longer I will be in there. But you know, I really don't care. I'm okay with that."
Wow! Bet he wouldn't have been caught dead saying that to a stranger just a couple of years ago.
And the frustrating part of all this is that the folks caught in that situation are usually the previously great credit crowd. Now, as many people have suddenly seen things spinning wildly out of their control, they've come to terms with the fact that they can't take advantage of the (temporary) bargains their homes have become; they know someone else will; and as embarrassing as such a scenario once was, it is acceptable conversation for even the elite. If ever there was an illustration of the real estate cycle, this is it, and those who luck out to have cash when it hits the bottom ... well ... it's like a license to print money.
