Kim's mom is in real estate in the Memphis area. Last time I spoke with her she had 16 or 20 listings & no buyers. Selling a couple forclosures for a local bank but that's about it.
Businesses succumb to economy
- Thread starter Dancin Dave
- Start date
Kim's mom is in real estate in the Memphis area. Last time I spoke with her she had 16 or 20 listings & no buyers. Selling a couple forclosures for a local bank but that's about it.
Dancin Dave
Active Member
I've been driving to and fro to the south for years, usually on the holiday weekends. And every year I dread the New Jersey stretch of 95 between exits 1 through 8 because I normally sit in traffic for at least 3 hours moving along like a snail. I came through last sunday about 2 pm, at 70 mph. Not a bit of a slowdown. Where are all the cars. Not traveling.
IMHO - A Friday or Saturday night would not be the best time to judge, look at how much it has slowed down the rest of the week. Plus what I've heard from some of the servers/owners is that people are not ordering as many drinks/appetizers/desert and quit a few are just ordering one entree and just waters to drink.
Sea Gull
Well-Known Member
A local restaurant has been trying to drum up business on slow weekday nights. They now offer a take out dinner for 4 including salad, rolls, pasta and entree for $20. As if this is not enough of an indicator - last Tuesday night a woman pulled up in front of the restaurant in a Jag and walked in wearing a mink coat. Hope she enjoyed her $5 meal.
I hear you, I'm telling my sellers unless they really have to sell don't even list it at this time.
Don't even get me started on foreclosures. I'm working on one now for over 3 months and it still has not closed. We offered a full list price(It had been reduced), As-Is, 30 day closing, it took over a month just to get a binding agreement. IMHO - Since most of the banks are just servicing the loans (loan has already been sold in secondary market) they have no reason to sell it. They are getting $100 -$200 a month to service it, (not a whole lot, but when you multiply it by the number of foreclosures in the county we are talking some serious money) the minute it is sold the bank no longer gets their monthly servicing fees :huh:
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Well we had almost a 60% increase in February sales. We had 11 sales in the county!
Scottzzzy
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- Jun 15, 2008
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Things are slowing and I am getting a lot of foreclosure rehab calls lately rather than straight remodels. Seems the pricing is so out of whack you have licensed experienced guys bidding against 1 man shows who were execs or DIY guys yesterday! I am just glad the phone still rings and to see emails every morning. We are just trying to keep things paid and hang on until the confidence comes back.
billandamy
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- Oct 22, 2007
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Whoa, really? That sucks. I havent been there in a couple of months, but loved the food and ambiance. I guess I should have gone more often?
That was in the final 2 choices for our wedding. In a way Im glad we didnt choose it now though.
About the recession, it isnt hitting us yet. We are having a banner year so far, actually.
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