Real estate “shark” says Central Valley housing rebounding better than nation
NEW YORK CITY, N.Y.
October 27, 2013
• Barbara Corcoran says investors being displaced by owner-occupied sales
• “Totally flipped the other way”
Real estate guru Barbara Corcoran, familiar to TV viewers as one of the “sharks” on the ABC show “Shark Tank,” says the housing recovery is well under way in the Central Valley.
“Your prices have been going up steadily, month in and month out,” Ms. Corcoran says. “Two percent last month, 2 percent the month before. Add those 2 percents and what do you think is going to happen a year from now?”
She says buyers are getting caught in bidding wars in some areas of the Valley, especially with the overhanging inventory of foreclosed homes shrinking.
Just a few years ago the epicenter of the nation’s housing meltdown, the Central Valley now “has totally flipped the other way,” she says.
She says the train has already left the station for investors because prices have moved up enough that they cannot make money taking a home and flipping it. “His greatest competitor is the average homeowner who wants an actual place to live, she says.
(Barbara Corcoran offers detailed observations about the Central Valley housing market’s comeback in today’s exclusive CVBT Audio Interview. Please click on the link below to listen now or to download the MP3 audio file for later listening.)
Barbara Corcoran is founder of the Corcoran Group and now works in concert with the website Homes.com. As one of the “sharks” on the TV show “Shark Tank,” Ms. Corcoran has put up her own money and invested in more than a dozen businesses. Her newest book, “Shark Tales,” takes a behind the scenes look at her life and business and her “seen on TV” venture capitalism.