Are $80,000 houses in Cape Coral a come-on? (Sarasota, Fort Myers: days on market, short sales)

[Dino1]

I see the online listing all the time for houses in Cape Coral that look very nice listed at 80 grand. Are they a come on? Is it possible to get something decent for that low a price or are they handyman specials or whatever? I know the answer is for me to come down and look for myself, but I would appreciate some insight from residents so I know what to look for and what to watch out for. Thanks very much.

[TamRE]

There are still a lot of great deals in Cape Coral and surrounding areas and the $80k price is not a come on. Bank foreclosures and short sales still come on the market daily. Some of the homes have been let go and do require some work such as carpeting, appliances, paint, etc. Investors are buying some of these homes and fixing them up and selling them at higher prices. Many of the investor homes won't qualify for an FHA loan because they are flipped. Some will not appraise high enough for a loan and must be bought by cash. North Port also has a lot of great deals on newer homes built in the 2000's at the $80k price range. I would recommend coming down for a visit. Have a Realtor take you around to look at some of the homes. You will see that deals are to be found.

[hiknapster]

There are still a lot of deals out there. Cape Coral and Fort Myers were one of the areas hit hardest by the housing crash. For a very, very long time the area went back and forth between first and second in number of foreclosures. Most are good deals, some need some work but make sure they don't have Chinese drywall in them. Get a GOOD agent. SoFlGal in the Sarasota area is excellent as well as CCRESI in this area are EXCELLENT agents. I think they both cover Port Charlotte but you can call them and find out. I highly recommend Cape Coral for the best deals coupled with location, people, activities.

[CCRESI]

There are currently 87 single Family homes 80k and below available in Cape Coral.
59 are not short sales and only 18 of those were built after year 2000. Nothing longer than 63 days on market.

In this price, most buyers are Cash buyers. If you are financing and FHA, like another poster said, some homes will NOT qualify as period season. (If it was sold within the past 3mth).
Homes in this range will probably need a little work. You will more than likely need to replace the flooring(most are carpet in this price range). Paint, and a few other cosmetic needs.

Make sure to get a good home inspection. Checking for Defective/chinese drywall, get a mold inspection, termite, etc. Have your water tested, septic pumped and inspected, if applicable. If on City water/sewer, verify city Assessments due on the property. You can call the city of Cape Coral Utility company for a payoff amount.

Hope this helps. 80k homes are here. They are a hot commodity. Have patience in this market, most homes sell quickly and with multiple offers. If they are in good condition, priced right and in a good location.

Have fun!

[equalrightsforeveryone]

Originally Posted by Dino1

I see the online listing all the time for houses in Cape Coral that look very nice listed at 80 grand. Are they a come on? Is it possible to get something decent for that low a price or are they handyman specials or whatever? I know the answer is for me to come down and look for myself, but I would appreciate some insight from residents so I know what to look for and what to watch out for. Thanks very much.

If you wait awhile you will be able to buy at lower prices. The NRA (National Real Estate Association) is going to restate existing home sales all the way back to 2007.
They used these fictional sales numbers to drive up home prices everywhere.
Many of the home sales were double counted, so the sales are not what they seem and this will bring prices down.

Beware any information you get from so called Real Estate professionals, Check out everything yourself. Remember what Ronald Reagan Said
"Trust but verify"

[MikeP]

That's crazy. These $80k homes were $40k and $50k a year or two ago. The low end market is going up fast in this area.

Originally Posted by equalrightsforeveryone

If you wait awhile you will be able to buy at lower prices. The NRA (National Real Estate Association) is going to restate existing home sales all the way back to 2007.
They used these fictional sales numbers to drive up home prices everywhere.
Many of the home sales were double counted, so the sales are not what they seem and this will bring prices down.

Beware any information you get from so called Real Estate professionals, Check out everything yourself. Remember what Ronald Reagan Said
"Trust but verify"

[monikac21]

Even so that there are still good deals out there (in Cape Coral) they are getting harder to find.

Please note that a lot of those extrem low priced homes are "Chinese Drywall" Homes and you will have to do quiet some remodelling/restaurations before you can move in. A few other homes might need a lot of work or might have a mold issue.

However there are still some good deals (without chinese drywall or major repairs) for around $80,000 on the market.

Most lower priced newer homes are located in NE or NW sections of the City. Those are newer areas and they will build up in the next few years.

Also you need to think about city water and sewer which most of the homes in SE Cape Coral have in and paid for since years and the same is right for a lot of SW Cape Coral homes. As soon as the City is starting the city water and sewer project again and you are in one of those "new" areas you will have assessment costs coming towards you.

[nhkev]

Originally Posted by equalrightsforeveryone

If you wait awhile you will be able to buy at lower prices. The NRA (National Real Estate Association) is going to restate existing home sales all the way back to 2007.
They used these fictional sales numbers to drive up home prices everywhere.
Many of the home sales were double counted, so the sales are not what they seem and this will bring prices down.

Beware any information you get from so called Real Estate professionals, Check out everything yourself. Remember what Ronald Reagan Said
"Trust but verify"

This guy predicted prices would go lower this time last year, he said "wait six months and we will see where prices are" well after 6 months the median sales price was 39% higher than when he made the call of them going lower. He has been wrong on just about everything he's ever said. Hey Equal hows that Gold prediction working for ya when it was $1950 an ounce and I said to get out and you said stay in?

this little tidbit he just put out is one of the stupidest things he's said.. So if the national association of realtors says there were 10,000 less houses sold in 2007 than what they originally reported that is going to drive down prices???? why equal are interest rates going to go up because of that. are todays inventories going to jump? is it going to make unemployment get worse? It means absolutely nothing except their numbers are going to be cleaner in the future.

Maybe realtytrac will follow suit and stop triple counting foreclosures on the same property. Maybe that's why they were off by 400,000 homes on the amount of homes they said would be repossessed this year.

[hiknapster]

Originally Posted by equalrightsforeveryone

If you wait awhile you will be able to buy at lower prices. The NRA (National Real Estate Association) is going to restate existing home sales all the way back to 2007.
They used these fictional sales numbers to drive up home prices everywhere.
Many of the home sales were double counted, so the sales are not what they seem and this will bring prices down.

They didn't drive up prices. That was during the housing crash. They now think that due to regional MLS overlap and a couple of other factors that the crash was worse than reported. No driving up anything involved. If you bought during that time then that is on you.

Originally Posted by MikeP

That's crazy. These $80k homes were $40k and $50k a year or two ago. The low end market is going up fast in this area.

This is very true. Deals are running out in Southwest Florida. They had to at some point, they reached absolute rock bottom with new homes going for amazing prices at one point. Investors bought a lot of these homes.

[equalrightsforeveryone]

Originally Posted by MikeP

That's crazy. These $80k homes were $40k and $50k a year or two ago. The low end market is going up fast in this area.

We will see.
They have been over stating sales for years, and driven up prices on faulty data. It's going down.
The crooks built a bubble with in a bubble by lying about the sales numbers.
We will see who is crazy.