Fort Myers heads the list of “Top 20 Cities for Foreclosure Discounts,” according to an analysis by RealtyTrac. While the housing market continues to recover into 2014, there are still good deals to be found on foreclosed homes with built-in equity in Fort Myers as well as many other parts of the U.S. Fort Myers had 203 foreclosure sales for the period June-November 2013. The average price of the home was $135,409, which was 65% less than the average assessed value of $254,526.
Fort Myers was cited in a recent CNN/Money article as one of seven US markets with half-priced McMansions. The Fort Myers area was heavily impacted by the housing market downturn and it is not uncommon to find homes selling for half their peak bubble value.
The Montreal Gazette highlights the significant number of Canadians buying property right now in the State of Florida. In the 12-month period from mid-2010 to mid-2011, 10% of all homes sold in Florida were purchased by Canadians.
UPI reports that seven of the top ten markets with real estate price increases this year are in Florida. Median prices in the Fort Myers market for August where up a whopping 33% over August 2010.
Canadians, Granadians, Australians and Botswanians (maybe not but it rhymes!) and residents of the entire global community are targeting our very own Cape Coral as a place to invest in real estate. As covered by Wink News, Trulia recently reported that Cape Coral was the third most popular US city after Los Angles and New York for foreign investment. This is quite remarkable as Cape Coral and its 154,000 residents is dwarfed by New York and its population of around 8 million and LA with just under 4 million citizens.
While no one is going to confuse the current market with the investor insanity of 2005 and 2006, there is a growing buzz of investor activity in the Fort Myers area market. Many of these investors are targeting distressed single-family homes that need some spiffing to be resold to a traditional buyers.
The IV has been pulled and the hospital gown is gone as the Fort Myers real estate market passed a monumental recovery milestone last month. For the first time in over two years, more than half of our sales were conventional transactions rather than distressed short sales or foreclosures.
Over the past few years, Cape Coral has been one of the areas in the nation with high rates of foreclosures. This foreclosure phenomena can be attributed to significant speculative investing during the real estate boom years.
DailyFinance has an interesting interview with Lee County Clerk of Courts Charlie Green, the architect of our controversial foreclosure rocket docket. The purpose of the rocket docket was to rapidly move the mound of foreclosures in Lee County through the legal system.
In a study just released by the University of Florida, confidence among Floridians in the economy soared seven index points in January to its highest level since April 2010. This rise in confidence coincides with a couple of strong months for the stock market as well as significant national coverage of an improved economy.
The Associated Press ran a story yesterday titled Where fewer foreclosures are now bad for business which featured Lee County and detailed how the slowdown in the foreclosure pipeline is bad for business. The irony of this premise is thick enough to cut with a knife…..yes our economy has become dependent on foreclosure transactions to keep sputtering along.
NPR covers the Lee County foreclosure rocket docket