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

Another turned down offer!

Posted: under Real Estate.
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I get a phone call from a agent located in Ft Myers this morning. He told me that the property I had an eye on received 6 offers. This property is a foreclosure and has been on the market for a little 6 days!
Of course, my offer was not accepted. The winning bid was above the asking price!
I see it amazingly strange that when you turn your TV on, you see how bad is the Real Estate market all over the network, especially in California and Florida. But so far, it seems that South West Florida is a strong seller’s market, with bidding war on properties and bid going above asking prices. Amazing!
Let’s see if I can get more luck in a near future.

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Comments (0) Oct 28 2009

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