Lazy Agents

I always find it surprising that some agents work really hard, and others just fumble around.  I have been in the market to buy recently, and it is amazing how many agents just don't return calls or emails, and don't follow up.  I feel sorry for their sellers.

Small Apartments

In today's AFR (Australian Financial Review), there is an article titled "Size rules could hurt apartment market".  The article states:

• Property investors are being warned that banks may not finance "popular micro apartments" currently being built.
• Cookie-cutter apartments that are less than 50sqm in size are not cutting it with lenders.
• Apartments between 40 and 50 sqm are being marketed as accommodation suitable for foreign students.
• There is a disagreement between developers and surveyors about how to determine an apartment size (measured from the outside wall or the inside wall).  Developers usually measure from the outside wall.

Keep in mind that a typical hotel room (bed and bathroom, no kitchen) is about 33 sqm.  A bedroom is about 12 sqm.  Older apartments are often in better locations and are larger than some of the newer apartments being marketed in Brisbane.  Over time, a typical two bedroom apartment in Brisbane has decreased in size from 132 sqm, to 116 sqm, to 110 sqm, to 95 sqm, to 85 sqm and now 75 sqm.

Two Tier Property Market in Brisbane?

Is there are two tier market in Brisbane for apartments?  Are Brisbane owners, investors and renters looking for one kind of apartment, but developers are building another kind of apartment for foreign investors?  Some commentators have said that there will be an oversupply of apartments in Brisbane. For a certain kind of apartment, that may be correct.  But for what Brisbanites want, there may be an undersupply.

Take Bowen Hills for example.  It is close to the city, but has very few local amenities.  It was a light industrial area, and with highways cutting through it.  It is not inner city, and too far to walk to downtown or the Valley.  There are no parks or restaurants or river views.  There are number of large apartment buildings being constructed in that area, with small one and two bed apartments.  A lot of the sales and marketing is targeted at foreign investors, particularly the Chinese.  But do locals want to live in these apartments?  They are very small, and the buildings are very dense.  There are very few owner occupiers in these buildings.

Some examples are Madison Heights (286 apartments) and Chelsea (195 apartments).  It appears that it is taking a long time to rent out or re-rent the apartments in these buildings.  Rents are being reduced, for example, to $485 for a two bedroom apartment.  I suspect that the rental market is saying that, for the location and facilities, you can do much better elsewhere, so the apartments are renting only if rents are very competitive.

On the other hand, river front apartments in Brisbane city, apartments in New Farm, and "normal" residential locations such as Indooroopilly (where very few new apartments have been added to the market in the past five years), appear to be selling well and renting quickly.  These apartments are often much larger (130 sqm compared to 75 sqm for a 2 bedroom apartment, for example), have a better location, have more owner occupiers, and there is not an oversupply.

I also wonder what rents and returns the investors in the new apartment buildings have been promised, and what they are actually receiving, and for how long the apartment sits empty not generating rent?

Will the rents hold up when it comes renewal time in six months or a year?  Will tenants stay on or move out?  The Chelsea is an example of a building that appears to have a number of apartments for rent; it completed in 2012, and received bad press at the time.  (An advertisement below from last year for Urban Edge at Kelvin Grove, settled last year, where apartments will be coming up for renewal about now.  Kelvin Grove is a much better location than Bowen Hills in my view.)

Kangaroo Point new apartment developments

If you want to buy an apartment off-the-plan at Kangaroo Point,  there are many options at present:

• Liberte, by Pradella
• Yungaba, by Australand
• Riverview Towers, by Metro Property Group
• Peninsula, by Tom Dooley, reported as sold out.

Gardens Riverside West End

Pradella is advertising apartments in its Gardens West End development (which is located behind Flow and Waters Edge) at the following prices:

• 1 bed, 70 sqm - from $399,000
• 2 bed, 2 bath, 93 sqm - $565,000
• 3 bed and student - $929,000

Pradella's apartments are often well-designed, and are often a decent size and quality.  I am not thrilled with this location -- too far from the shops and restaurants in West End.  But it is less than 3 km from the Brisbane CBD.

Proximity Hamilton

Peloton is developing Proximity Hamilton.  This appears to be located at the back of the Portside development, and is not direct riverfront (although the river and cruise ship terminal is nearby).  One beds from $330,000 and two beds from $495,000.  A "free" furniture pack is offered.  Looking at the website, it appears to be targeted at people in their twenties who like to eat but don't actually eat that much.

The largest apartment is a corner two bedroom:  82 sqm internal, with a 13 sqm balcony.  See floor plan below.  This looks ok, but there are only 4 of these apartments.   Most of the other apartments are small -- 50 sqm internal for a 1 bedroom (where I would expect at least 60 sqm to be reasonable size.)

Basse South Brisbane

A new development in South Brisbane, Basse, is being sold off-the-plan.  It is located at 14 Merivale Street.  The complex appears to have 1 and 2 bedroom apartments only.  The one bedroom apartments start at $339,000.  A two bedroom apartment is advertised at $539,000.  Buyers should take care -- this development is on a very busy road -- the off ramp for the Go-between Bridge.

April Index Results from RP Data

Brisbane apartment prices (to 30 April 2014):

April 2014 - up 1.9%

Quarter - up 1.4%
Year on Year - up 2.8%
Median price based on settled sales of Brisbane apartments over the quarter - $382,750.

Likely increased investor activity in Brisbane predicted

From RP Data Press Release:  "Gross rental yields on a typical Melbourne house are sitting at 3.3 per cent and Sydney gross yields are a bit higher at 3.7 per cent. According to Mr Lawless, such a scenario of low yields in these two cities suggests that housing values have moved out of step with rental rates which is likely to dampen some of the investor exuberance we have seen in both of these markets. I wouldn’t be surprised if Brisbane, where home values are much more affordable and rental yields are comparatively healthy, will start to see an increase in investor related demand based on Brisbane’s early stage in the growth cycle and comparatively healthy rental yields,” he said."

Urban Construct

South Australian based Urban Construct has acquired more than $100 million in development sites in Brisbane.  They have development applications in train for 2,200 apartments in South Brisbane, Newstead and Wooloongabba.  This includes:

• 611 Coronation Drive - 275 apartments
• 142 Montague Road, West End - 400 apartments
• Vulture Street, Wooloongabba - 240 apartments
• Ella & Chester Streets, Newstead
• Hope St, South Brisbane

Brothel in your building

There is an interesting article in Domain regarding a Sydney apartment building that became home to a brothel.  In Brisbane, a number of inner city apartment buildings are used by travelling escorts on a regular basis to see their customers.  Some of the escorts are Eastern European, posing as tourists.  Many are from Australia or NZ.  An example list of visiting tourists is here.

Based on the informal surveys I have done, the preferred Brisbane apartment buildings for travelling escorts are [X ]and [Y].  M on Mary is also popular.

If you reside in one of these buildings, you may find that your neighbour for a week is a busy busty blonde from Prague with many male friends.

For reference,  an old Commissioner's decision on this topic is here.

Update on May 8, 2014:

The blog received a letter of demand from a management rights owner, threatening a lawsuit.  As a result, the names of two buildings have been deleted from this post at the present time.  Before buying or renting in an inner-city apartment building, it is recommended to conduct appropriate investigations.

Vacancy Rate and Rents Fall in Brisbane

Recent Press Release from REIQ:

The majority of Queensland’s rental markets have returned to tighter conditions, according to the REIQ’s latest Residential Rental Survey.

REIQ CEO Anton Kardash said the survey, carried out in March across all REIQ accredited agencies, found that the majority of the state recorded lower vacancy rates compared to three months ago.

“Queensland is seeing a return to a tighter rental market,” he said. “Stronger tenant demand and a decrease in the availability of stock are the common themes across the State.”

In Brisbane, the overall vacancy rate for the metropolitan area was back down to 2.3 per cent, as seen at the end of September last year.  Excluding the spike recorded in December, the Brisbane vacancy rate has been around the 2 to 2.3 per cent mark for over 12 months now.  As expected, the Brisbane inner city rental market returned to a healthier vacancy rate following a spike in December.  This is reportedly the result of easing asking rents to ensure vacancies are refilled quickly and also to compete with the new stock on the market. ...

Despite increased investor activity across Queensland in recent months, local agents report an increased number of sales of former investment properties to owner-occupiers, reducing the overall rental pool in some areas.

Brisbane Apartment Prices Going Backwards

Don't let real estate agents or the News Corporation press (including realestate.com.au) hoodwink you.  The Brisbane apartment market is not booming.  In fact, it is going backwards.  Compared with inflation, not great capital gains.  If you bought at the peak, you are still 5% below, not taking into account stamp duty and real estate agent fees for selling.  So ignore the headlines and look at the detailed actual results (that is, Brisbane apartment prices, and not Australian housing in general or Brisbane house prices).

From RP Data:

"After a flat February result, the RP Data – Rismark Home Value Index finished the March quarter in a strong fashion with dwelling values rising 2.3 per cent over the month to post a 3.5 per cent capital gain over the first quarter of the year. Apart from Perth, every capital city recorded a rise in dwelling values over the past three months. Melbourne posted the highest level of growth at 5.4 per cent over the quarter with Sydney and Hobart also recording a strong result in the March quarter with values up 4.4 per cent and 4.7 per cent respectively.

According to RP Data research director Tim Lawless, half of all Australia’s capital cities are now posting record high dwelling values, with Sydney’s housing market showing the most substantial increase beyond its previous market high."

Brisbane apartment prices (to 31 March 2014):

March 2014 - down 0.7%

Quarter - up 0.3%
Year on Year - up 1.7%
Year to Date - up 0.3%
Median price based on settled sales of Brisbane apartments over the quarter - $368,000.

Brisbane Shows Promise?

From HTW's Month in Review:

Brisbane’s revival continues and the ongoing confidence in property will be one key economic driver as this year progresses. As a capital, we have fed off the regional mining boom. Anyone with major mineral digs out in the nether reaches on the state invariably had a head office based in the big smoke. As this sector of the economy finds itself weakening, there are quite a few property participants touting construction as the saviour.

At a recent presentation in Brisbane, demographer, Bernard Salt, was pushing some big population growth for major cities around the nation in 2014, and Brisbane was firmly amongst his favourites. If we see this goodwill translate into actual gains, then the rest of the year should firm up nicely for those in property.

Time to Buy or Sell in Brisbane?

A Brisbane real estate agent, Brad Munro from Position Property, has released a newsletter that states that the Brisbane market is booming.  He specialises in inner ring apartments.  He states "From 6th January of this year, we have seen the market explode!"  Brad then goes on to say that 5000 new apartments located within a 5km radius of the Brisbane CBD are expected to be completed in the next two years, and so there may be an oversupply of apartments, and more sellers than buyers.  Then, he concludes:  "Overall, the long term outlook for the property market in Brisbane looks good, however if you were looking at selling your property over the next 2 or 3 years, the next 3 to 4 months is, in my opinion, the best time to be doing this.  The less competition (other properties for sale) you have, the better the sale price will be, without question."

What this means to me is that now is not a good time to be buying, but wait a little while, and you may do better.

Or another view is that agents always tell property owners that now is the time to sell.

Metro 21, Recent Sales

One of the better inner city apartment buildings is Metro 21.  It has a maximum of 4 apartments per floor, a sky garden, and no short term rentals.

Recent sales (since July 2013) of two bedroom apartments (all with car park, some with 2 bathrooms, some with 2.5 bathrooms):

• Apt 1104 - $510,000
• Apt 1204 - $500,000
• Apt 2504 - $565,000
• Apt 3201 - $590,000
• Apt 3003 - $560,000
• Apt 3401 - $595,000
• Apt 3101 - $550,000
• Apt 2101 - $545,000

Note that the first two digits of the apartment number is the floor level.  Some of the apartments on the higher floors have river views.  This building is not riverfront, but is centrally located near George Street.  Rents for two bedrooms, unfurnished, are above $600 per week.

Rents at Madison Heights, Bowen Hills

Madison Heights at Bowen Hills has completed, and apartments are available for rent.  For a 2 bedroom 2 bath apartment,  the listed rent is $445 (with 4 weeks free - so really the rent is $410 a week).  Some are even less.  Under the NRAS scheme, the listed rent for a 2 bedroom is $389 per week.

The building has 308 apartments, with 174 under the NRAS low income rental affordability scheme, which offers apartments for 70% of the market rent (so a two bedroom under this scheme should be $287 a week based on the REA listing quoted above.)  Most of the apartments are 1 bedrooms -- in fact, 228 or about 75% of the apartments in the building are one bedroom apartments with a typical size of 51 sqm internal.

Apt 2901, 2 bedrooms, is for sale for $715,000, which appears to be outrageously expensive.
This two bedroom is $547,000.  67 sqm internal. Crazy!
A one bedroom is for sale for $485,000 -- not a bargain!

Here are some photos of the views from Madison Heights apartments.  The entry to the Airport Link tunnel cannot be seen from these photos, but is just to the right:

UniSon by Mirvac at Newstead

Mirvac has announced another apartment building in Newstead, called UniSon.  This will be located on the edge of the "Waterfront" development site.  It appears that there are a number of buildings to come on this site, so you will have plenty of time to select an apartment now or for many years in the future.

Bees Nees - A real estate agent's view of the Brisbane property market

"After a number of years of buyers being firmly in control, here's two telltales for us that we have a market on a new, more balanced playing field:

Buyers are calling us back. We know we're real estate salespeople and shouldn't be surprised when some people don't want to talk to us! But it's been a little lonely in recent years... Now the calls are returned, buyers keen to hear what 'freshies' we might have coming up for them.

The second reason? In the past fortnight I've had 3 real estate agents contact me chasing investments for themselves. Like a Charleville grazier can smell the coming rains, these agents get a sense when the market's on the turn.

It's not all one-sided. Despite the competition we've still seen some price sensitivity from buyers. They're well-informed and most are not yet rushed to pay over the odds. They recognise there's a shortage of listings across many inner city markets and prices, but many are still okay to bide their time. There's more balance but it's too early to say it's a sellers market.

With that said, if you've been holding off selling I haven't seen a market as good as this since 2004.  Many are hoping it will continue 'gaining momentum' and those 'green shoots' will sprout into price growth to make Jack’s beanstalk look tiny."

From Bees Nees.

It seems that houses are selling much faster than apartments in Brisbane at present.

Gold Coast - Soul

From Mantra:

I am a representative of the Mantra Hotels Group, who have recently taken ownership of Sea Temple Surfers Paradise, under the Peppers Brand.

The property has been re-branded Soul Surfers Paradise and Peppers are keen to revitalise both the hotel and the Seaduction restaurant under their luxury hotels brand.

Official Statement: http://www.mantragroup.com.au/NewsMedia/News/TabId/730/PostId/394/mantra-group-to-manage-soul-surfers-paradise.aspx

We'd appreciate you letting your readers know of the changes at Soul:

Soul Surfers Paradise: http://www.peppers.com.au/soul-surfers-paradise/

Seaduction: http://www.peppers.com.au/soul-surfers-paradise/dining/

Australian Interest Rates - Predication by Westpac

From Westpac:

•Westpac has revised its profile for the RBA cash rate in 2014. Previously we expected that rates would be reduced by 25bps in both August and November. The forecast is now for flat rates throughout 2014. As before we do not forecast a rate hike until the third quarter of 2015 with a 25bp hike in both the September and December quarters. 

Growth in housing finance has been very strong, up 26.9% for the year to December and 22.3% for the year to January. Within that, loans to investors slowed from 40% (in December) to 28.6% in January. Owner occupiers slowed from 19.4% (December) to 18.6% (January). The “time to buy a dwelling” index from the Westpac Melbourne Institute Consumer Sentiment Survey is down by 16.8% from its September peak. There are tentative signs that housing lending might be slowing. As discussed, that slowdown, which has always been core to our forecasts, appears to be evolving. However, such a slowdown was a necessary but not sufficient condition for lower rates. 

A victory for miniature dachshund dog ‘Sebastian’ over the Committee

It seems that Body Corporate Committee members are officiously and uncaringly trying to prevent apartment owners have pets, even though there is no legal or other justification to do so.  A recent case involving a miniature dachshund dog called Sebastian highlights these issues.  The apartment owner was allowed to keep Sebastian in her apartment.

See Bougainvillea [2013] QBCCMCmr 448 (11 November 2013)

"Both the Committee and many submitted appear to believe that By-law 11 prohibits pets in the scheme. That is not correct. Adjudicators have consistently held that by-laws like By-law 11 are ‘permissive’ in that they allow the keeping of pets, albeit with prior consent. 

Adjudicators have further held that where there is a permissive by-law, the body corporate cannot impose an automatic ‘no-pets policy’. A body corporate may have a preference against pets, but it cannot override the potential in the by-law for consent to be given by imposing a policy of banning all animals. Under a by-law of this nature, the committee must consider each request for a animal on its merits and exercise discretion in whether to approve an animal or not. Accordingly the Body Corporate must consider each request on its merits.

Some schemes have tried to adopt by-laws that ban all animals, but this has been found to be contrary to section 169 of the Act. Section 169 provides for by-laws to regulate the use and enjoyment of lot, but does not authorise a by-law prohibiting such use and enjoyment."

"One submission notes that some tenants may have phobias to dogs. Another is concerned that some children could be frightened by the dog. While there may be some basis for genuine concerns about larger dogs, it is more difficult to perceive such difficulties with such a small breed of dog. In any event, if the applicant were to always ensure that the dog was carried or adequately restrained during its brief transits across common property, there seems to me to be little risk of any adverse impact."

See also Sunwaves [2013] QBCCMCmr 433 (30 October 2013)

REIQ reports improving market for apartments in last quarter of 2013

The median price of units and townhouses across South East Queensland grew over the December quarter, according to the Real Estate Institute of Queensland (REIQ).

The REIQ’s latest Queensland Market Monitor (QMM), released 28 February 2014, also found the preliminary numbers of unit sales increased six per cent over the year.

REIQ CEO Anton Kardash said the unit market was continuing to improve in-line with the house sales market – albeit centred around the southeast corner.

“A key difference between the Queensland house and unit markets is that predominantly the lion’s share of these types of properties are located in the southeast as that is where demand for housing is the greatest,’ he said.

“In fact, demand for units in Brisbane has resulted in record numbers of off-the-plan sales lately. According to recently-released research, more than 1,000 new apartment sales were transacted in the December quarter – the highest level since 2002.”

Click on chart to make bigger:

The most sales where in the Brisbane CBD, followed by New Farm, Nundah and St Lucia.

The largest one year change to the median price were in Wynnum West, Highgate Hill, Windsor and Paddington.  The worst performing suburbs were Northgate and Kedron.

Is Housing Market Slowing?

From an RP Data press release:

Mr Lawless said we will need to see further months of flat to negative movements before we can confidently say the housing market is slowing. “Our view is that housing market conditions will start to wind down later this year as affordability constraints and low rental yields dampen market conditions. Additionally, with a belief that mortgage rates are likely to start tightening later this year, it may help to quell some of the exuberance we have been seeing,” he said.

Brisbane apartment prices (to 28 February 2014):

February 2014 - up 0.3%

Quarter - up 1.5%
Year on Year - up 3.1%
Year to Date - up 1.1%
Median price based on settled sales of Brisbane apartments over the quarter - $387,000.

Florida Foreclosures

It is interesting to see that in Florida, it is possible to buy a one bedroom apartment for less than $80,000, including whitegoods.

1)  http://searchbankproperties.com/2014/03/bank-owned-condo-in-bermuda-dunes/

2)  http://searchbankproperties.com/2014/03/bank-owned-condo-orlando/

Makes the Gold Coast look very overpriced.

Rising Market

Valuer, HTW, reports that both the Brisbane and Sunshine Coast apartment markets are currently "rising markets".

See March 2014 Month in Review.

Soda Goes Soggy

It has been reported recently that the Soda apartment development in South Brisbane did not receive development approval from the Council.  Although 129 out of 131 have sold off-the-plan, the developer had not obtained development approval to build the building.

A newspaper report states that the apartments do not have sufficient ventilation, ceiling heights are too low, and there is not enough visitor car parking.  "The only outlook of many of the habitable room windows would be to a (future) adjoining development in very close proximity."

Well-known property law David Colenso said:  "Contracting 98% of apartments without a development approval contravenes all the basis risk parameters of property development.  Judging by the extent of councils refusal, this developer may need to redesign the development which puts at risk all contracts under Queensland's disclosure regime."

When I looked at this development in October, I thought that it was expensive.  It now looks to be very expensive, due to what appears to be poor quality design.

Investors buying off-the-plan should look at the checklists and information in this book.  Ceiling height, aspect and cross-ventilation are important to consider, and are often not disclosed in the glossy sales brochures.

Admiralty One

Apartment 59 in Admiralty Towers One sold at auction this week for $585,000.  It is a two bedroom apartment, in one of the best buildings in the city.

The Next Stage of Waterfront Newstead

Mirvac is soliciting interest for the next stage of its Waterfront, Newstead project.

See www.launch2014.com.au

Often, I register on these kind of sites, and never hear back.  When the developer is setting the sales price of apartments off-the-plan, one factor taken into account is how much interest they have in the presales stages.  Developers count the number of registrations on sites such as this, and take this information into account in setting price.

Housing Market in Qld strongest in years, says real estate agents

From an REIQ press release yesterday concerning houses (not apartments):

"The numbers of house sales across Queensland peaked at the end of last year as well as recorded healthy price growth, according to the Real Estate Institute of Queensland (REIQ).

The REIQ December quarter median house price report, released today, found that the volume of house sales hit its annual peak of activity in the last three months of 2013. The numbers of sales was also one of the healthiest quarterly periods for a number of years.

REIQ CEO Anton Kardash said not only could the December quarter claim to be the third strongest in as many years, it was also firming without the aid of extraneous stimulus measures."

Warren Buffet's view of buying in the resale market

Should I buy off-the-plan from a developer, or a resale apartment?  Warren Buffet has an interesting view in relation to IPOs and stocks, from his letter to shareholders in 1992, that I have adapted below for residential real estate:

"The secondary market which is periodically ruled by mass folly, is constantly setting a 'clearing' price.  No matter how foolish that price may be, it's what counts for the holder of property who needs or wishes to sell, of whom there are always going to be a few at any moment.  In may instances, properties worth $X in value have sold at 1/2 or less.

The new off-the-plan market, on the other hand, is ruled by developers, who can usually select the timing of offerings or, if the market looks unfavourable, avoid an offering altogether.  Understandably, these sellers are not going to offer any bargains; it is rare you'll find X for 1/2 X here."

Another Pradella West End Development

Pradella has started marketing a new development on the large parcel of land it has accumulated in West End.  This development is being promoted as Gardens Riverside West End (although it is not river front, and has a road and the Waters Edge buildings between it and the river, and it is a long walk from the main shopping and restaurant street in West End).

There appear to be many more Pradella buildings planned for this plot of land in West End.

New or Resale?

I am often asked whether it is better to buy a new or resale apartment?  A new apartment can be unsold developer stock in a new building or an off-the-plan apartment for a building not yet built.  A resale is a sale from someone other than the original developer.

There is a price difference between a new and resale apartment in Brisbane.  Sometimes, this is because a new apartment is new, with no wear and tear (e.g., freshly painted, new carpet, new kitchen, new appliances, etc).  But often, the price difference is not explained by newness.  Sometimes, the price difference is due to developer profit and marketing costs.

For example, Sunland is currently marketing Abian.  A large number of people I know have received a fancy brochure mailed to them, unsolicited, by Sunland.  There is an expensive display office onsite in Alice Street, where the landscaping alone would have cost a small fortune.  There is a video of a lost rich girl wandering around Brisbane, that does a good job not showing the neighbouring Quay West building.  Buyers are paying for all these marketing costs, plus the developers profits.

Another example is Infinity, by Meriton.  2 bedrooms, 2 bathrooms, 89 sqm in total, no balcony, 7 apartments per floor, short stay and hotel guests, for $647,000 and up!

Or you can buy an apartment in Metro 21, on level 25, with river views, a large balcony, 2 bedrooms, 3 bathrooms, 113 sqm total floor area, 4 apartments per floor, no short term rentals or hotel guests.  For a price less than a Meriton apartment.   Metro 21 is a boutique residential building, with good facility, and a low ratio of residents to facilities.  Seems like an obvious decision to me.

That is $7,269 per sqm compared with less than $5,700 per sqm.

Brisbane Update

A video from RP Data regarding the Brisbane property market is here, presented by Tim Lawless.

A valuer's view of Brisbane

From the HTW Month in Review for February 2014:

"... Brisbane is often touted as the next most likely to move after Sydney and Melbourne, and there’s no denying that some of these southern states saw a boom run on many suburban market as 2013 drew to a close.  In the field, agents are telling us that things are looking good. There have been multiple lookers at open homes and some auctions are jagging prices above vendor expectation. The pick locations are, and have always been, close to the CBD. The old story of limited supply and good quality stock plus comparatively high demand mean that as long as you’re appropriately priced, there is definitely a buyer or two out there for your property."