We often get asked, what will the bank take for that property…..will they accept an offer of 50% of the asking price? Unfortunately the answer is no, banks are not considering those type of low-ball offers.
Morgan Stanley analyst Oliver Chang recently declared that 2012 will be “The Year of the Landlord.” Chang further elaborated that “Rents are rising, vacancies are falling, household formations are growing and rental supply is limited,” the Morgan Stanley report stated. “We believe the demand for rental properties will continue to grow.”
There are many homes and condos on the market in the Fort Myers area that were originally constructed with Chinese drywall, but are now being marketed as “fully remediated.” Many buyers are intrigued, but struggling to move forward with these properties. Buyers looking at these homes are asking:
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.
Average annual temperatures in the mid 80s, hundreds of miles of canals and rock-bottom real estate prices have propelled Cape Coral to the top of CNN Money’s top retirement destinations. The real estate downturn significantly impacted Cape Coral and now median home prices are under $100,000. Today’s prices are more[…]
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.
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.
With its quirky and historic downtown and status as the county seat, Fort Myers serves as a major commercial hub for Southwest Florida.
Investopedia reports on 10 reasons real estate could rebound in 2011. While the article generalizes about real estate trends on a national basis, several of these points are very relevant to the market in Southwest Florida.
The Cape Coral-Fort Myers area was ranked fourth nationally as a retirement destination in a study just released by Portfolio.com. Our region was second in Florida only trailing Bradenton-Sarasota in the Sunshine State. This designation is a significant coup for our battered real estate market as it validates the overwhelming sense of value many are seeing in the market.
We are wearing the contrarian hat this morning…..instead of discussing the hottest new listings to hit the MLS, lets take a look at the oldest, stalest listings in our MLS. These are the certifiable dogs of the market, all have been active since…….2005! Yikes, these owners have had their property for sale with the same Realtor for nearly five years.
The general consensus in the real estate industry is that listings have the most activity in the first seven days, have the best chance of selling in the first 30 days and become stale in the 90 day time frame. It is hard to imagine any buyer giving a second thought to a listing that has been on the market over 1700 days like these 2005 listings.
Over the past year many investors have entered or are re-entering the Southwest Florida real estate market. Home prices beaten down by the extensive inventory of distressed property in our area has allowed investors to see positive ROI in some sectors.
The almost daily question that I get asked from out-of-region investors is what Southwest Florida real estate investment will provide the best return? While this is one of those questions that will often get a wide range of answers, there is no need to rub the crystal ball right now as one sector of our market really stands out for offering the best returns. The answer to the million dollar question is……Cape Coral single-family homes.