A unique bus tours company is capitalizing on the hard hit American real estate market. The Long Island Foreclosure Tours take patrons on excursions to homes which have been abandoned, and often vandalized by former owners, to show potential investors the unique opportunities in the New York district.
Ray Wilson is in an unfavorable career position at this point -- he's a New York real estate agent. On Long Island alone, generally a desirable living area with beautiful beach front, single family homes has experienced horrible slumps in the market, with people destroying their own homes before they're evicted. Out of misplaced anger and frustration, former owners break down doors, demolish walls or break water pipes.
Wilson guides groups of around a dozen potential buyers at a time on the the aforementioned bus tours. Housing costs haven't been this low in years and Wilson is helping those interested in taking advantage of the opportunity. The bus tours cost $50, but tour members get a $500 discount on any piece of real estate purchase as a result.
True, most of them are fixer-uppers, but Wilson doesn't try to hide that fact, and most people are able to see the potential beyond the rubble. The prices are just too good to let go. For example, one house in Hyde Park sold for $595,000 in 2006 and is now listed at $270,000. It would probably only take $3,000 - $5,000 to bring it up to most people's dream home standards.
Abandoned Real Estate Bus Tours
Long Island Foreclosure Tours
Trend Themes
1. Real Estate Investment Tours - The rise of real estate investment tours offers an opportunity for businesses to cater to potential investors looking to capitalize on the low housing costs in the market.
2. Fixer-upper Market - The fixer-upper market presents a disruptive innovation opportunity for businesses to provide affordable renovation solutions and services to homebuyers seeking to turn low-cost properties into their dream homes.
3. Property Market Slump - The property market slump provides an opportunity for businesses to offer specialized foreclosure services and resources to assist investors in identifying unique opportunities in distressed real estate.
Industry Implications
1. Real Estate Tours - The real estate tour industry can capitalize on the demand for foreclosure tours by providing informative and curated experiences to potential investors.
2. Renovation and Restoration Services - The renovation and restoration services industry can seize the opportunity to cater to the fixer-upper market by offering affordable and efficient solutions for renovating distressed properties.
3. Foreclosure Consultancy - The foreclosure consultancy industry can assist investors in navigating the property market slump by providing expert guidance and resources for identifying and acquiring distressed properties.