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

Lehigh Acres offer has been rejected!!

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Yes, you hear me. My $5,000-more-than-asking-price offer has been rejected.
This is my 10th offer so far and I can’t get one to be accepted. The extremely strong seller’s market of Cape Coral-Lehigh Acres is unbelievable.
Anyway, there are so many properties on the market that I already have made an offer on another property in Lehigh. And I will make offers on a daily basis from now. This one however, is lower than the asking price because after reviewing the comps, it’s not going to appraise. So I had to adjust my offer. At this point, I feel I have to target higher priced property if I want one but I have to double check the appraisal value as well.

When I was an agent in the Pembroke Pines, FL area, back in the 2001-2005 era, when the market was so strong, I had not all these multiple offer on every listing I had. It happened I had 2 or 3 offers on a particular property but it was mainly a single offer very fast. Now, this area is experiencing 5 to 15 offers very fast on every listing. Amazing.

If you are listed with an agent and do not experience a multiple offer situation within a couple of days, you may reconsider your agent’s work.

I will post more details on this property later on, when I know I control the deal or if it’s gone again !

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Comments (0) Jan 15 2010

The Cape Coral’s strong seller’s market

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Last friday, I just got a new listing through the MLS here in Cape Coral.

It is a good looking house in the middle of the city. Priced right and even if the colors are a bit strong, the floor plan was acceptable. Since I’m looking for a home for myself, I passed by the same day alone and brought my wife for a second showing the next day, Saturday.

Cape Coral property for sale

Cape Coral property for sale

Today Monday, I just receive an answer back from my Sunday email about a question I had. The email was not an answer to my question but a solid: “This property is under contract” !

Even if I go through the MLS and react immediately, I still have a hard time to get a property for myself. It remind me the 2002-2005 golden years of Real Estate, when I listed a property, any property, and got a couple of offers the very same day.

Cape Coral, Ft Myers and Lehigh Acres area is, as I type this, in a strong sellers’ market, whatever the medias say…

So, don’t make the same mistake. If you see a property you like, put it under contract immediately, then, go see it and think about to purchase it if it is really for you. Keep that in mind!

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Comments (1) Dec 14 2009

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