After complimentary coffee and introductions Saturday morning, the area's first official "foreclosure tour" headed on its way.
Roughly 25 people - the bulk of them investors - attended the tour on a small chartered bus that made stops in east Manatee County. Neighborhoods on the tour included University Park, Fairway Lakes, Harbourage on Bradenton River and The Inlets at Riverdale.
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The first of eight houses visited during the tour was a three-bedroom, two-bath home in University Park being offered by the bank for $249,000. The home sold for exactly $100,000 more two years ago, according to Manatee County property records.
Another 2,749-square-foot home on a freshwater canal in the Inlets at Riverdale off State Road 64 East, the most expensive on the tour, was selling for $439,900 - $265,000 down from what it sold for just two years ago.
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Dan Delzer of Lakewood Ranch took the roughly four-hour tour Saturday in order to work on what he calls his "10-year-plan." That plan involves becoming wealthy through investing in real estate.
"I have a goal of 10 years, being financially free, and it doesn't come from bringing home a paycheck," Delzer said. "I think anyone in Sarasota or Bradenton, you have to get in right now. I don't think we're going to see prices this low again. Anybody that's waiting, I don't know what they're waiting on."
This housing market is, at best, going to remain in neutral for 4-5 years. After that prices may start to rise, though in keeping with historical trends unlikely to rise faster than inflation. And houses require a lot of care and maintenance to keep current. Longer term, local demographic factors may drive increases in regional markets.
Though who knows, maybe I'm the stupid one who should be scooping up properties in Florida.