About Low Ball offers for a Cape Coral Property

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The basic of a Real Estate transaction is obviously a seller willing to sell to a buyer willing to buy. Once you have those terms agreed upon, you are half way to closing.

But if the seller have to settle for a low ball offer from a buyer, everyone involved in the deal may lose time and money. This is where a clever agent can use valuable skills to negotiate the deal and make it happen all the way to the closing.

One thing I use to do is really showing the temperature of the market to  my buyers. I think it is important that they acknowledge how the today’s Real Estate market in Cape Coral is reacting to. I compare sold pricing instead of listed pricing, and this can be valuable to sellers as well in order to ask the right price instead of waiting an offer forever. Once my buyer understand the market, of course, it is ultimately their decision on what to put in their offer. But at least they know the potential result.

Also, I like to compare what’s comparable. I recently visited a seller. It was a “by owner” and his price was close enough to what the neighborhood was asking for. However, the features of his home were very different and a realistic price should be much lower. That’s why it’s still for sale with no showing today, after months on the market. So, I show only similar features home for comparing and make a wise decision about the offering price.

Low ball offers usually waste buyers’ time. And that time is valuable. If a buyer is offering low ball offers on 20 properties and getting denied each time, offering a decent price at the first one would most likely had given equity by now to that buyer. Not only he had money in the property, but he is an owner instead of nothing, hoping for “the best deal” to happen. Make low ball offers if you don’t need to buy, not if you are looking for a roof to live under.

Now, if you see a property bought around 2005-2007, when the Real Estate was at peak, chances are the seller is selling at lost. He knows that and it is already difficult for him. Showing a low ball offer right there is to shoot yourself in the foot. This is something I have the need to emphasize for the health of a transaction. Sellers are people with families they have to take care of, not just a number. Ultimately, again, my buyers have the last decision about their offer.

Low ball offer

Low ball offer

But let me tell you something that happened in the last few months when a buyer from Pennsylvania emailed me asking for a “good deal” foreclosure. I had several of them and even if I explained that the market is bouncing back, often with multiple offers, this buyer wanted to get a bargain in a location where everything was dirt cheap.

I found a nice pool home located in the SE of Cape Coral with access to the gulf of Mexico. It was a foreclosure well priced at $179,900. He told me he would pay that price when he saw the other similar sold properties I sent to him. But he wanted to “grab a deal” and he made an offer at $150,000, hoping a counter offer in the mid $160K from the bank. The scenario I told him just happened. They was a counter offer, but to another buyer who offered $175,000 and who ultimately close on that property. At this time, there is no more gulf access pool home in SE cape under $200K. No need to say the buyer made an easy $25K equity in one month. My buyer? He closed on a lovely property with a nice pool for $195,250. He does not have access to the gulf of Mexico. He’s on a fresh water canal. He knows he missed it.

So, if you are thinking of low ball offers, just know what to expect. And don’t make me wrong, I make low ball offers myself time to time, but I don’t have to buy. If I close it, great. If not, oh well, next…Not a big deal :-)

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Comments (0) Apr 25 2012

Régate de bateaux en carton a Cape Coral

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Cette année encore a eu lieu la fameuse course de bateaux en carton a Cape Coral. Cette régate a lieu chaque année depuis 19 ans maintenant et depuis 4 ans dans le parc des Quatres Libertés (Four Freedoms Park). Il y a quelques mois, la ville de Cape Coral a placé du sable dans ce parc de telle maniere a faire une plage. Donc, cette fois-ci, il y avait une évidente atmosphere de détente de vacances dans l’air.

Plus de 40 bateaux en carton ont participés a cette régate et a peu pres 2.000 personnes ont assistés a l’evenement. Des stands servant de la nourriture et boissons étaient placés un peu en arriere. Comme chaque fois, j’ai pu prendre quelques photos et vidéos. J’en ai placé une ci-dessous pour vous donner une idée des lieux et de l’ambiance.

Il faut savoir que pour assister a cette régate en tant que spectateur, l’entree est gratuite ainsi que le parking. Par contre, si vous désirez construire votre propre yacht en carton et participer a la course, un droit de participation est obligatoire et coute seulement $15. Mais les souvenirs acquis sont sans prix :-)

Le seul dommage cette année fut le temps. Les années précédentes, le soleil a pratiquement toujours été au rendez-vous. Cette fois-ci, meme si l’évenement est passé entre les gouttes, le ciel était fort chargé et gris. Mais la température de 24 degrés celsius nous faisait passer une journée malgré tout agréable.

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Comments (0) Apr 22 2012

Cape Coral Cardboard Boat Regatta

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For the last 19 years, individuals and organizations have participated building floating ships using cardboard and glue, and let’s say it, lots of work. The Cape Coral cardboard Boat regatta is a cape coral thing. Last year, about 40 vessels competed in the regatta. This year, there were more than 40 and about 2,000 people had a blast watching those hippies in their floating 70′s van or the “pirates of the Cape”.

While it all began Cape Coral yacht club in 1994, the event attracted more and more people. It’s been at the four freedoms park for 4 years now, and this year, had a vacation atmosphere since the sand was put there to make a beach, even if the weather was not so cooperative, no rain during the event but cloudy day.

This year, the event began the Friday before the race. People could enjoy live music and food, and also meet the cardboard boat builders who will participate at the regatta. Like other years, I was there to watch. You know, I’m not a sailor but I could get a couple of videos.

For those who want to participate, there is a website about this event at www.capecoralregatta.com

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Comments (0) Apr 22 2012

Cape Coral foreclosures at the lowest now

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In the field, we all agree, it’s a seller’s market now. Several major cities in the country show a solid level of activity that increase Real Estate prices slowly but steadily. And Cape Coral is no exception. I see we are headed to a much more normal market now, and the fact that we just got below the 200 foreclosures mark for Lee County is a good sign.

As I often say to my clients over the phone or email, we had a peak of 1,085 foreclosure at any given day in December 2010. Today, we had 196 foreclosures. And that number is decreasing on a daily basis. So we are inexorably entering a much more normal market.

Congratulations to all buyers who bought a property ion Cape Coral or around last year or even in 2010. They officially bought at bottom. And I predict that if they hold for another 3 to 5 years, they will build some great equity in their properties.

And for those who were on the fence, waiting for the best deal to appear to them, that boat has sailed away. We are in a seller’s market and purchase prices at asking prices or higher are not uncommon. I even see multiple offers on a majority of the deal I come across.

Knowing that Lee County in general and Cape Coral in particular have the lowest single family priced in the country, I have a lots of demand for properties under $100,000. But those buyers have a hard time to get in now, hardly finding anything just decent.

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Comments (0) Apr 21 2012

Visa ou pas visa pour acheter une propriete aux Etats-Unis

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Hier, j’ai recu un coup de fil d’une personne résidant a Geneve en Suisse. Nous avons eu une conversation qui mérite quelques éclaircissements au niveau des papiers nécessaires pour l’achat ou la vente d’un bien immobilier aux Etats-Unis en général en en Floride en particulier.

Ce messieur a, auparavant, fait l’acquisition d’une maison dans l’état du Texas. Au moment de passer les actes notariaux, l’agent immobilier – un local qui n’a évidement aucune notion au sujet de l’immigration – lui a fait savoir qu’on allait retirer 30% du prix de vente lorsque ce résident Suisse allait vendre. J’ai expliqué ce qu’il en était en réalité.

Il est vrai qu’il y a une retenue de 10% sur le prix de vente d’un bien immobilier situé sur le territoire Américain lorsque le propriétaire est un étranger. Notex bien le 10%, et non pas 30%. Un propriétaire étranger est généralement défini comme une personne étrangere, mais aussi toute personne non résident légal, une société étrangere, un partenariat ou un trust, mais pas un étranger qui est résident légal. Et les 10% retenu sont calculés sur base du prix de vente du bien immobilier.

Le vendeur peut aussi faire une demande a l’I.R.S ( Internal Revenue Services – le departement des impots ) pour obtenir un ” Withholding Certificate ” ou un certificat de retenue pour réduire ou éliminer le montant retenu.

Un point important est aussi a retenir ici, et c’est notament le cas ou le prix de vente est inférieur a $300.000.

Si un bien immobilier a un  prix de vente  inférieur a 300.000 dollars au moment de la passation des actes , la retenue ou le report de ces 10% n’est pas nécessaire si et seulement si l’acheteur a l’intention d’utiliser cette propriété comme résidence principale. L’acheteur doit avoir l’intention d’utiliser cette maison au moins 50% du temps pour les deux premieres périodes de 12 mois. Donc, 50% des 12 premiers mois et 50% des 12 mois suivants. Par exemple, l’utilisation continue des 12 premiers mois mais aucun autre jour de la deuxieme année ne qualifie pas pour l’exception. Or 50% d’occupation est atteinte sur les 24 mois. Il faut 6 mois la premiere année au moins ET 6 mois la deuxieme année au moins. L’acheteur doit aussi etre un individuel, et non une société.

J’ai eu le cas il y a quelques années. Un citoyen Francais vendait sa maison pour un prix demandé de $309.900. Une offre a été acceptée a $309.000. Vu que le prix de vente est supérieur a $300.000, une retenue de 10% doit etre appliquée, laissant une somme de plus ou moins $280.000. En réduisant le prix a $299.900, ce vendeur n’était plus soumis a une retenue et pouvait repartir avec la totalite des $299.900, économisant plus ou moins $20.000 au passage. Il avait donc plus d’argent en poche en vendant en dessous de $300.000.

J’espere que ceci facilite la compréhension de cette retenue monétaire. Mais si vous avez des questions, ou si vous etes pret a vendre ou a acheter de l’immobilier sur Cape Coral, n’hesitez pas a me contacter par email a info @ 1capecoral.com ou par téléphone au 239-240-7346

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Comments (0) Apr 15 2012

Visa or no visa to buy in the USA | Florida

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I had a phone call yesterday from a gentleman living in Geneva, Switzerland. We had a good conversation about what he did and what he wanted to do as far as buying and investing in the US. When he bought his home in Texas, local – and US citizen Real Estate agent – told him he had to comply with a 30% withholding on the sale price of his home. You can’t really blame the agent, he just had no clue about immigration paper works needed.

Here is how it goes. When a foreigner is selling a property in the US, there is a 10% – not 30% – withholding for taxes purposes. It’s 10% of the purchase price. However, it is possible for an individual to avoid that withholding when the purchase price is under $300,000. Home Purchased for $300,000 or Less – No withholding or reporting is required if the property is acquired for the buyer’s use as a home.  The buyer must have definite plans to reside at the property for at least 50% of the number of days that the property is used by any person during each of the first two 12-month periods following the date of the transfer.  This exemption does not apply if the buyer is other than an individual.

So, no fear for a foreign buyer to have to give up some of the money invested. Of course, any profit should be reported to their country tax filing.

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Comments (0) Apr 15 2012

Property price and inventory in Cape Coral, Florida

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There were about 9,895 properties for sale in Cape Coral at the end of March 2012. And $225,000 was the median asking price of these homes. But what’s important to know is the decrease of the inventory. There are 20.2% less properties available for sale than a year ago while the median price increased by a whopping 8.2%.

March 2012 Month/Month Year/Year
Median Asking Price $225,000 +2.3% +8.2%
Home Listings/Inventory 9,895 -3.4% -20.2%

The median asking price for homes in Cape Coral peaked in April 2006 at $406,348 and is now $181,423 (44.6%) lower. From a low of $172,500 in October 2010, the median asking price in Cape Coral has increased by $52,425 (30.4%).

25th, Median (50th) and 75th Percentile Asking Prices for Cape Coral Florida

Cape Coral Housing Inventory History

Housing inventory in Cape Coral, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 22,335 in February 2008. The lowest housing inventory level seen was 9,790 in September 2011.

Housing Inventory for Cape Coral Florida

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Comments (0) Apr 05 2012

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