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.