Foreclosures and short sales (Cape Coral: homes, properties, single)

[CCRESI]

According to this morning's MLS.

[coastal chic]

In most markets in SW Florida, there's a lot to buy, just not a lot of "good" stuff to buy.

[Billythepokerkid]

Originally Posted by Ttrivelli

My husband and I are coming to Cape Coral next month. We are planning to buy a house in the SW or SE section. My question is, if we pay cash, what sort of deal can we get? I read conflicting information about current real estate deals on the Cape. Some reports say there are now bidding wars, and other reports say things are still very slow. Any information will be appreciated. Thanks in advance. We are very excited about living in FL.

If you have cash, you can skip the realtor, short sale crap, having to bid against people with mortgages, who might be able to outbid you and find out if you win on the same day if you go to the tax deed sale or foreclosure auctions. They are held every weekday, Tuesdays are strictly tax deed sales, no foreclosures. Charlotte, Lee, and Collier Counties all have an abundance of them. For instance, there are 28 tomorrow in Lee County alone. Some will inevitably be canceled or redeemed, but there are still a lot of them in the area that will make it to auction. I would say about 500 a month in the 3 counties actually see the auction block. Just my 2 cents if you actually have cash in hand and have an idea of what you are looking for.

[equalrightsforeveryone]

The main problem with the auctions is that you can't inspect the properties.
In other words you are buying "a pig in a poke".

[Billythepokerkid]

Originally Posted by equalrightsforeveryone

The main problem with the auctions is that you can't inspect the properties.
In other words you are buying "a pig in a poke".

Very true. You can however do a driveway and a walk around. But if you can get a house for $20,000, it may be worth taking a chance.

[equalrightsforeveryone]

Originally Posted by Billythepokerkid

Very true. You can however do a driveway and a walk around. But if you can get a house for $20,000, it may be worth taking a chance.

Agreed specially when you have construction experience and can do much of the work yourself.
TV reported an uptick of 10% in foreclosures in Oct. So Soon the prices will get lower and there will be some really good deals out there.
Anytime you can avoid dealing with Real Estate agents it's a plus, Personally I feel laws need to change to get ride of Real Estate agents all together.

[Billythepokerkid]

Originally Posted by equalrightsforeveryone

Agreed specially when you have construction experience and can do much of the work yourself.
TV reported an uptick of 10% in foreclosures in Oct. So Soon the prices will get lower and there will be some really good deals out there.
Anytime you can avoid dealing with Real Estate agents it's a plus, Personally I feel laws need to change to get ride of Real Estate agents all together.

Yea, I've been keeping my eyes open. A friend of mine bought a house last week in Port Charlotte for $6000 I didn't believe it till I saw it for myself. I have no opinion on the real estate agents.

[BigMunch]

I like the Agents myself !!!

[nhkev]

Originally Posted by CCRESI

According to this morning's MLS.

I am begining to see the Cape Coral single family home inventory rising.
It has been around 1425 for months. the past couple days has been around 1450, today was 1461. This is not a huge move, but it is a move in the wrong direction. The last time it moved up was during last summer during the gulf oil spill, the result was a temporary dip in prices. last summer the move was from 2400- up to 2900 so obviously 1461 still pales in comparison to last august. It doesn't appear to be an increase from foreclosures so I'm going to guess that Octobers and early November sales are slow. I'll keep an eye on it and report any future moves.

[CCRESI]

Originally Posted by nhkev

I am begining to see the Cape Coral single family home inventory rising.
It has been around 1425 for months. the past couple days has been around 1450, today was 1461. This is not a huge move, but it is a move in the wrong direction. The last time it moved up was during last summer during the gulf oil spill, the result was a temporary dip in prices. last summer the move was from 2400- up to 2900 so obviously 1461 still pales in comparison to last august. It doesn't appear to be an increase from foreclosures so I'm going to guess that Octobers and early November sales are slow. I'll keep an eye on it and report any future moves.

NHKEV:
As of 1230 this afternoon, for Cape Coral single family there are:

2024 listings, Active/Active contingent/Active Contingent Short Sale

of those, only 1458 Active

Out of the 1458, 1176 are NOT short sales or foreclosurs!
There are 189 Short Sales and 93 Foreclosures.


There are 493 Pending Sales

1065 Homes have sold in the past 3mths.



Inventory:

Under 100k of all of Cape, Active: 179 Properties
3/2, at least 1400 sqft: 94 properties
and Built after year 2000: 50 properties
and not a short sale: 35

This is the entire Cape and only what is on MLS. This info changes frequently.


Oct/Nov has been my busiest months yet.

Hope this helps someone. Have a great one!