Cape Coral Real Estate

I read an article in the newspaper regarding the number about renting Vs Buying in Lee County. And it makes totally sense. These days, lots of people just can’t get a loan and have to rent. The high demand for rentals make prices going up, while, for the same reason, buying a home in Lee County, including Cape Coral, is affordable. Of course, if you still need to find a place to rent in Cape Coral, Fort Myers or Lehigh acres, feel free to visit my Cape Coral rental site and contact me from there

Fort Myers-Cape Coral is amongst the most affordable locations within the place to purchase a residence, but rents are far above regular.

A report unveiled with the Washington-based Center for Housing Coverage stated the median house cost right here is now $95,000 (the same as 2010), generating the area tied with Scranton, Pa., for 186th outside of 211 metro regions.

The median monthly lease for a two-bedroom apartment, nonetheless, was $996 – 56th greatest about the list – even though down from $1,029 previous year.

Solidly atop equally lists was super-expensive San Francisco, No. 1 with a median rent of $1,833 plus a median property price tag of $550,000.

Most inexpensive lease was Springfield, Mo., at $594 and Lima, Ohio, had the most cost effective houses at $63,000.

Driving the high rents in Lee County is a ongoing influx of foreclosure refugees staying kicked from their properties, said Susan Lutter, broker for Fort Myers-based Gulf Waters Rentals and Management.

“We still have renters declaring, ‘Hey, I have to become out by Wednesday’,” she said.
Houses are low-cost and there’s a strong industry from traders, but when it comes to potential buyers of the residence to reside in, it could be difficult to close the deal regardless of the lower rates, Lutter said.

It is especially difficult to borrow cash for any condominium, she explained.

“Trying to get into nearly anything with a condominium association you fairly significantly should shell out hard cash because the financial institution will not lend the cash and numerous models must be operator occupied,” Lutter stated.

Nationwide, the center’s report, unveiled Friday, located that although employment is picking up, a lot of workers even now can not manage to buy a residence.

The report said “while some task is evidently much better than no career, a lot of the newly produced employment just don’t shell out adequate to permit employees to make ends meet.”

That is specially accurate in the pricier metropolitan areas, the report states: “In far more expensive metro regions, even accountants make too minor to find the money for fair market,” even which has a standard wage array of $44,000 to $63,000.

Lutter stated she does not see a lot of first-time homebuyers right here recently.

“I’ve handled a single (couple) and they are in their 50s,” she explained. “They’ve lived here for many years and they’ve often rented and so they ultimately made the decision it is time.”

Comments (0) Jul 28 2011

Today I break two records since I have my Real Estate license, about 10 years ago now.

The first one is I made, so far, more offers than days in the month. We are Nov 18 and I made 19 offers so far.

The second one, and most important for me, the last offer passed the limit of the 10% higher than asking price. Last year, offers were about 2% to 5% below asking price for those foreclosures in Cape Coral. Last spring, they were about on the asking price. Since last summer, buyers had to go higher than asking price for any Cape Coral foreclosure. November and I had an offer at $301,000 for an asking price of $272,900

Now, what’s amazing is my client has been outbid! Someone offered an even higher price for a foreclosure. That’s a very good sign. We were in a buyer’s market and we are entering a very strong seller’s market.

Of course, everything is not lost. My clients are cash buyers and very motivated to buy. So tomorrow will be another offer for them. I’ll have to suggest to pass the 10% above asking bar though, but they know that already

I often have newer buyers calling me about foreclosures in Cape Coral. When I explain that an offer at asking price or below is just not enough, some of them are a bit sceptical. Some believe I’m bluffing to get more commission, other will try another agent, just to hear what they want to hear. The remaining buyers will try several times below asking until frustration appears. Then, they will remember what I said and will try full asking price offers. Most of the time, if not every time, they will be outbid. Usually, the number of offers at asking price is lower than the previous offers at below asking price. They seems to understand faster. That’s when they hit the third level, and honestly, they can be frustrated as well.

The prices of the foreclosures in Cape Coral, Florida, are increasing, little by little. The demand is there and starving for “good deals”. The best time to buy a foreclosure in Cape Coral was last year and winter-spring 2010. The market is rebounding and for those who didn’t catch the train will regret soon or later.

UPDATE:

Today is March 29, 2011 and I wanted to give some updates.
Last November, when I wrote this article, there were more than 1,000 foreclosures in Lee County. Today, there are only 389! That’s mean we are going forward the end of the foreclosure crisis. And, banks realize that they can get more money now for their properties. The good prices we saw in 2010 are not there in 2011. I hope you bought your foreclosures last year.

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Comments (1) Nov 19 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”.

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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

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Comments (0) Apr 23 2010