Homes going up or Down in Price? (Lee: landlords, law)

[monikac21]

Originally Posted by equalrightsforeveryone

Say what you want, when sale drop and prices go up.. the market is in trouble and it is not a sign of a healthy real estate market.
Market manipulation always end badly for the buyers.
So pay attention.
All the wonderful selling that supposedly happend in the last two month here, obviusly didn't happen because sales are down in Lee county.

Sales are down compared to what and when? Again, we are currently selling more homes than we did in the high Real Estate Market of 2005 and 2006. Sales are slightly down in Lee County compared to last month - that is correct. But we have a lot of "pending" sales - waiting to close.

[hiknapster]

Originally Posted by monikac21

Sales are down compared to what and when? Again, we are currently selling more homes than we did in the high Real Estate Market of 2005 and 2006. Sales are slightly down in Lee County compared to last month - that is correct. But we have a lot of "pending" sales - waiting to close.

And contrary to a lot of the country, this time of year is slow, much like October through March elsewhere. Next spring will be the test. Barring a major monkey wrench, I think sales will be good.

[monikac21]

Originally Posted by hiknapster

And contrary to a lot of the country, this time of year is slow, much like October through March elsewhere. Next spring will be the test. Barring a major monkey wrench, I think sales will be good.

I am sure the second half of 2011 will be very good.

[JohnnyMnemonic]

we started to look for a house in the end of April and still looking for it. We both agreed with my wife that prices are raising in cape now. I do not think we are that picky in our requirements but there were not many choices for us back then and now.

Houses listed in April for $140-150k seem to be priced now almost 180-190k. Many houses are flips which were just bought. One house was bought for 118k from auction and now on sale for $189 - they did nothing to it. They bought it 2 weeks ago and listed right away.

Some foreclosures are just crazy - banks are asking 200k with no assessments paid for very simple houses in not very nice neighborhoods. We made an offer on a nice 2004 pool house 2000 sq feet in May (it was Funnie May) - they were asking 150k. Now we see a similar house close to that one also sold by Funnie MAy and they are asking 200k for it. The one for 150k was much nicer.

Prices in Estero though are seemed to be the same as they were. Again this is strictly our observation after watching the marker for 3 months and checking houses with our realtor every week.

Not a lot of foreclosures now but a lot of short sales.

[Taratova]

Originally Posted by JohnnyMnemonic

we started to look for a house in the end of April and still looking for it. We both agreed with my wife that prices are raising in cape now. I do not think we are that picky in our requirements but there were not many choices for us back then and now.

Houses listed in April for $140-150k seem to be priced now almost 180-190k. Many houses are flips which were just bought. One house was bought for 118k from auction and now on sale for $189 - they did nothing to it. They bought it 2 weeks ago and listed right away.

Some foreclosures are just crazy - banks are asking 200k with no assessments paid for very simple houses in not very nice neighborhoods. We made an offer on a nice 2004 pool house 2000 sq feet in May (it was Funnie May) - they were asking 150k. Now we see a similar house close to that one also sold by Funnie MAy and they are asking 200k for it. The one for 150k was much nicer.

Prices in Estero though are seemed to be the same as they were. Again this is strictly our observation after watching the marker for 3 months and checking houses with our realtor every week.

Not a lot of foreclosures now but a lot of short sales.

There are many homes on the market now that were previously bought recently and are being flipped to a higher price. Some just clean them up , some paint and some put in new carpet or flooring and put back on market to make money.

I bought an REO, bank owned home which I could walk through and put in a bid.

If it is an REO this means it is not flipped by a previously buyer for profit as many homes on the market are being flipped . Short sales are tricky because the bank has to agree on what the owner wants to sell it for and can take time. I was advised not to go that route.

My realtor showed me only REO homes, foreclosures that went through the entire foreclosure process. It is different than buying from an auction. One can look at an REO inside and out , a good eye inspection first hand and also get a professional inspection before buying. There will be no repairs on an REO purchased home and will be an "as is "purchase from the bank.

Buying from a seller will probably be more money in comparison to an REO (Bank Owned Home) and not that much of a bargain. But one has to be careful to make sure it doesn't have chinese drywall or any major problems, impact sewer fees . If it is an REO , the bank has to give clear title ,no liens or back taxes to the new buyer.

If a home is bought at an auction , one has to be careful of liens , back taxes etc.

[equalrightsforeveryone]

Originally Posted by JohnnyMnemonic

we started to look for a house in the end of April and still looking for it. We both agreed with my wife that prices are raising in cape now. I do not think we are that picky in our requirements but there were not many choices for us back then and now.

Houses listed in April for $140-150k seem to be priced now almost 180-190k. Many houses are flips which were just bought. One house was bought for 118k from auction and now on sale for $189 - they did nothing to it. They bought it 2 weeks ago and listed right away.

Some foreclosures are just crazy - banks are asking 200k with no assessments paid for very simple houses in not very nice neighborhoods. We made an offer on a nice 2004 pool house 2000 sq feet in May (it was Funnie May) - they were asking 150k. Now we see a similar house close to that one also sold by Funnie MAy and they are asking 200k for it. The one for 150k was much nicer.

Prices in Estero though are seemed to be the same as they were. Again this is strictly our observation after watching the marker for 3 months and checking houses with our realtor every week.

Not a lot of foreclosures now but a lot of short sales.

They did that with one in our neighborhood, bought it at 81,000.00 and put it on the market at 149,000.00 and it has been sitting there for 9/15/2010. The original listing price was $35,000.00. That palce will never sell for 149,000.00 not for a long time.

[equalrightsforeveryone]

investing in rental property doesn't pay either.
"Renting doesn't pay in Lee County
Renting doesn’t pay in Lee County | The News-Press | news-press.com
And don't even go there, because local people don't qualify for the mortgages, so when the outside money figures out that investment property is a non-starter in Lee county the whole kittencabootle is going to go south even more.

[hiknapster]

Originally Posted by equalrightsforeveryone

investing in rental property doesn't pay either.
"Renting doesn't pay in Lee County
Renting doesn’t pay in Lee County | The News-Press | news-press.com
And don't even go there, because local people don't qualify for the mortgages, so when the outside money figures out that investment property is a non-starter in Lee county the whole kittencabootle is going to go south even more.

Do you read these articles?

The article is saying that rents are high in Lee County and it's cheaper to buy a house. That's all.

[monikac21]

Originally Posted by hiknapster

Do you read these articles?

The article is saying that rents are high in Lee County and it's cheaper to buy a house. That's all.

I was thinking the same thing.

In regards of "local people can not get any financing" - where did you get this information from? Of course - local people can get financing, why shouldn't they? If your credit is bad, you had a bank foreclosure within the last few years, if you don't have a job, if you are spending more money than you make - you will not get financing regardless if you are local or not. and that has nothing to do with the local market, but rather with your own personal, financial situation. Banks are lending locally.

[CCRESI]

Originally Posted by equalrightsforeveryone

They did that with one in our neighborhood, bought it at 81,000.00 and put it on the market at 149,000.00 and it has been sitting there for 9/15/2010. The original listing price was $35,000.00. That palce will never sell for 149,000.00 not for a long time.

I know which one you are talking about, with the kidney shaped pool?