Cape Coral Real Estate

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Comments (0) Jul 09 2010

We all know that in the past, buyers only had to make a phone call to get a mortgage. Those past years showed that almost anyone could get financing without any credit, or with zero down, or even with no job if a 10% or 15% down payement was on the closing table.

Today, it seems that it’s exactly the opposite.

I made a few stats about buyers and sellers so far and saw that 87% of my pre-approved buyers have been denied. That was huge enough for me to put my number on paper.

My last 3 buyers had a lot in common:

* They were all employed at their same position for more than 2 years.
* They all had their last 2 years of tax returns.
* Their FICO score were all in their low to mid 700.
* They were all tenants and had a down payment.
* They all made an offer on a property priced below $100K.

However, they have been denied by their respective lenders, all different, for different reasons.

What’s strange to see is that those buyers are paying their rent, month after month, religously, sometimes a higher amount than their mortage payment, but still are seen as a risk by those lenders.

The sub-prime put the mortgage field in a big mess that we know today. The lack of common sense may put it in an even worse situation…

Comments (0) Jun 07 2010

Well, since 2 or 3 weeks now, I have seen an increase of leads, emails and phone calls from buyers. It seems that they really begin to see an increase of pricing and realize that it’s now or never!

There is no day that I don’t have a couple of showing, and I mean showing properties for 2 different persons in that day. Of course, the main market is the foreclosures and/or properties priced under $120,000. There is a huge demand at the moment. And there are lots of beautiful houses in that price range, sometimes with pool.

However, I experience more difficulties to find what I was finding in the past months. The inventory is shrinking for that $120,000 and less houses. Those buyers will definitely get a nice equity in their purchase soon. I’m guessing 2 – 3 years from now. And those who were waiting will regret what we experiencing now.

TV news also showed a decrease in the foreclosure filing in Lee County, from the 900+ down to 800+

Bottom line, not only there are much more buyers out there but the low priced properties are decreasing in number. That’s the rule of  this time…So hurry before it’s too late

Comments (0) Jun 04 2010

March has show an increase of the number of homes sold by Realtors in the Greater Fort Myers area.
There were 11.2 percent more homes sold in March 2010 if compared with March 2009.
Realtors of Lee county have sold 1474 homes in March compared with 1326 in March 2009.
Single family pending homes rose by 22.3 percent month-to-month. However, the pending number is almost the same from March 2009 with  2063 for March 2010 and 2019 for March 2009.
As for the median price, it is at $90,000 for March 2010, 7.2% more than March 2009 and 5.9% from February 2010.
The record number of existing home sales in March is indicative of the continued demand for homes in Southwest Florida due to affordability and low interest rates. Buyers still tying to take advantage of the tax credit before the April 30 deadline need to act now as available inventories are rapidly being depleted and as a result, the median price rose $5,000 in the past 30 days.
There are currently 11,147 properties currently listed in the MLS, a number that is 4,138 (27.1%) less than  in March of last year.
Of these, 6,889 are single family homes, which is 28.7% lower than in March 2009, when 9,666 single family homes were in inventory.
The median price encompasses three types of properties: traditional, short sales and foreclosures. At the end of the first quarter of 2010, the median price for traditional properties rose $5,000 from $135,000 to $140,000; for foreclosure properties, the median price dropped $2,900 to $67,000; however, the median price for short sale properties dropped 10.5% to $85,000 from $94,950 in the prior quarter.
Of the existing home sales in March, traditional sales accounted for $38.8% of all sales, while foreclosures were 44.4% and short sale made up 16.8%.
This do not necessarely include sale made without a Realtor, like the “for sale by owner”.

Comments (0) Apr 24 2010

The rates of foreclosure in Lee County has increased for the month of February over the same month last year.
The Cape Coral-Fort Myers area foreclosure rate is 13.47% for the month of February, an increase of 0.99% compared to February 2009 when the rate was 12.48%.
However, the activity sourrounding the foreclosures in Cape Coral-Fort Myers is higher than the national foreclosure rate, which was 3.17% for February 2010, representing a 10.30% difference.
In Lee county, the mortgage delinquency rate has increased as well. 22.93% of mortgage loans were 90 days or more delinquent compared to 20.05% for the same period last year.
No need to say that Real Estate investors have still some good months ahead by investing today. If you are interested to receive my list of Foreclosures for Lee County, feel free to visit my website at www.1capecoral.com

Comments (0) Apr 23 2010

For March, contractors/builders have pulled permits to build 51 single-family houses, with a value at $9.8 millions, in Lee County.
If we compare, there were only 34 permits issued in February and 20 in March 2009, according to the Lee County Department of Community Development.
However, only 4 permits were issued for multy-family units in March, compared to the 18 in February and 16 in March 2009.
Regarding commercial buildings, only 4 permits were issued, valued at $796,800. But no permits for commercial buildings were issued in February.
You can always check the department website at www.lee-county.com/dcd

Comments (0) Apr 22 2010

I had an interesting day today. I had planned to go to the Yacht Club pier to see the kids fishing derby in Cape coral with my family. The event was supposed to end at 11:30am and it was about 10:45am when I parked the car in the parking lot. And guess what? Everybody was already leaving with their prizes and catches.

So we let them go and went to the end of the pier anyway. Still few fisherman left were fishing and we stop to watch for a while. When something happened. A seagull thought it was a good idea to catch the fresh shrimp that a fisherman used to fish with.

Fortunately, the seagull was not hurt by the hook itself but its wing tangled in the fishing line. It was fighting to get away but the fisherman was trying to get it back on the pier to freedom the bird.

It was a really good feeling to see the seagull freed and taking off by itself. My daughter was immobilizing the bird while somebody was cutting the line with a knife. I guess we all made the bird’s day

We then bought a lunch and heading the Rotary Park for a pic-nic, as we do quite often.

The preserve is a 97 acres of mostly salt marsh, some upland and a lot of rock just under the surface, this park is the result of funding from a grant from the Florida Department of Environmental Protection stipulating the area be preserved. In the mid-1980’s, the Rotary Club of Cape Coral was looking for a worthwhile project where they could utilize the funds they raised through various activities on something to benefit the community.

The site currently known as Rotary Park was then city property with no plans for development. So, after many years of hard work, Rotary Park opened in 2001 as the result of the combined effort of three local Rotary Clubs, the Department of Environmental Protection and the City of Cape Coral.

The preserved area can not be developed (that’s why it’s called a preserve) excluding the 9 acres of upland that the building, the dog park and the open areas currently occupy. The 4,200 square foot environmental center is used for gardening and nature related classes, exercise classes, summer camp, and is home to the Burrowing Owl Festival and large native plant sales. It is also available to rent for small to medium sized gatherings, as long as you don’t mind partying with a few creatures! A variety of small critters reside in the nature center including snakes, frogs, lizards, turtles and even alligators if we can trust the sign below

Comments (0) Apr 18 2010

Today, I came across an article written by an Oregon broker (Todd Clark) regarding another Real Estate broker who wanted to purchase a house. I was not what we can call shocked because I had 2 buyers in the past with very similar problems.

But I thought I’ll share this one. It’s just plain unbelievable. I quote:

I was talking to a friend of mine who was trying to buy a home, but he said despite making five times what his wife does per year, he was turned down for a loan while his wife was granted a home loan with no problem. This is what has left me scratching my head and let me explain why.

Why was he turned down, despite having a 35% down payment and 742 credit score? According to the underwriter it is because he is commission based and there is no way to guarantee he would have a check every month.

So, what was my friend’s mortgage broker’s solution? Let’s try to get the loan in your wife’s name only. Well, the loan went right through and the underwriter issued the loan in the wife’s name for the full amount without question. All she wanted was her pay stubs from the past year and a copy of her taxes. (You know the ones that the husband is also on, since they file jointly?)

So, the house closes and I wasn’t going to question a thing if the underwriter wasn’t. So, why do I think this is such a sad day for logic on this loan? They wouldn’t give the husband the loan because he didn’t have a steady paycheck, he was commissioned based real estate broker. But, his wife got a regular check… FROM HIM! Yep, he is the one that wrote her the check, she was an employee of his. So, who cares if he couldn’t pay for the home, because clearly she would still be getting a check every month if he was bankrupt.”

I think this one deserve to be seen. It’s obviously not like before anymore. The good old time are gone…

A good solution though would be him, on the other hand, making monthly check for himself. He might see a good alternative right there for future purchase.

Comments (0) Apr 07 2010

Bella Vida

I was passing by the Bella Vida Community yesterday in Cape Coral. This subdivision has it all, much more amenities than average communities out there.

The Bella Vida community is enhanced by small, charming lakes, wetland preserves and wonderful outdoor spaces for the enjoyment of its residents.
Bella Vida is a new gated community of townhomes and single family homes located in North Cape Coral and developped by D.R.Horton.
The Bella Vida Contempo Series of townhomes range in size from 1,593 SF to 1,894 SF.
The Bella Vida Palermo Series of single-family homes range in size from 1,383 SF to 3,054 SF.

Bella Vida amenities include a clubhouse, pool, tennis courts, soccer field, basketball courts, volleyball courts,
playground and a picnic area with BBQ.

Bella Vida is located in North Cape Coral off the Del Prado Extension.

Take a step back to enjoy all the beauty that life has to offer.
Bella Vida embraces the simple things that lead to a better quality of life, and packages them into one inspiring community.
Here, your family will find many ways to spend quality time together, whether you are within the comforts of your own home,
taking advantage of the spectacular amenities or enjoying the community’s surrounding nature.
At Bella Vida, you will truly discover a beautiful life.

Bella Vida features a wide selection of single family homes and spacious townhomes to suit the needs of every family.
These spectacular homes offer a vast selection of home designs and feature exterior and interior comforts that create style and charm.

With a seemingly endless selection of remarkable amenities, Bella Vida will offer an unparalleled family lifestyle.
A large recreation area will provide the perfect setting for family outings, with a soccer field, baseball diamond, picnic area,
basketball court, volleyball courts, and children’s playground.
A resort-style heated pool located next to the clubhouse and tennis courts will provide the perfect place to cool off after
a fun day of family recreation.
In addition to its amenities, families can also enjoy the peace and beauty of the community’s surrounding nature.
Small, charming lakes and wetland preserves will offer tranquil retreats for families to share the simple things in life…
smelling flowers, watching the sun set, or reading a book by the water.
No matter what you choose to do, Bella Vida is the community that offer you a beautiful life.

More info about Bella Vida in Cape Coral.

Comments (0) Apr 03 2010

I know this is nothing to do with Real Estate. But you know how much I love animals. And since I’m in Cape Coral now, I had to tell about the owls.

The burrowing owl is one of Cape Coral’s most remarkable species of wildlife. With one of the largest nesting populations in the state of Florida (and the continued pace of residential development), the City of Cape Coral has a tough challenge ahead to maintain enough habitat to support the burrowing owls.

Aptly named, the owls seems either create new or make use of abandoned burrows to live in and nest. They stand approximately nine inches tall and weigh roughly four ounces. Active both during day and night, they can often be seen either peering out of their burrow or standing atop the small mound of sand over it. It’s truly an amazing scene to watch.

I took the picture above myself, but you may google for better pictures. They are beautiful birds.

Comments (0) Apr 02 2010