looking for a vacation home to buy, but where?? (Fort Myers: foreclosed, rent) - Fort Myers - Cape Coral area - Florida (FL) -Lee County - Page 3 - City-Data Forum

nhkev · 09-04-2009, 02:34 PM

two bums you are right about not wanting to pay more than someone else. But what about the person that just paid 30k more for the exact same house as mine that I bought 6 months ago? It works both ways.

nhkev · 09-04-2009, 02:37 PM

Quote:

Originally Posted by cpslaughter

I bought a forclosure it's value on my 2009 trim notice has fallen 66% from its original selling price. I think we have really hit bottom. There are many homes that will continue to drop, but not nice ones. The price to fix up homes that can be had at lower prices will only bring your price back up to where they were in Oct of last year. I have see about a 6% increase in the current selling price of the exact home design I purchased. As you see the real estate market story unfold on the news remember that thet they can only tell you what has happened in the past. They often use numbers that are 2 or 3 months old.

I think the "low end" homes are at or near bottom. The OP says price range of $200k-300k. I think there is still some downside at that price level due to most 2nd home owners and investors are looking at cheap properties.

tommy-105 · 09-04-2009, 02:57 PM

FYI
The op is also on the Sarasota forum. Says she was shocked by some of the reply's here.

twobums · 09-04-2009, 03:23 PM

nhkev ~ investing is surely a double edged sword. Your point is well taken about the ups and downs of the real estate market.

Sorry if the OP was discouraged by some posts ... reality is not always what some want to hear.

twobums · 09-04-2009, 03:34 PM

Actually, I am feeling awful about being so negative all the time on this forum. Think I'll take a little break and enjoy the palm trees, turquoise water and white sandy beaches. There are many things I love about this area.... have a wonderful weekend, everyone!!

helplessinfl · 09-04-2009, 06:38 PM

Twobums, I agree with you completely. I walked the beach for hours today, splashed around in the beautiful water, stopped and had a drink at the Tiki Bar, listened to some live music... Ahhhhh, life is GOOD here !!!!!!!!

hiknapster · 09-04-2009, 06:49 PM

Quote:

Originally Posted by kroeran

If you focus on getting a foreclosure, and as long as you are buying below building cost, and planning to use the property for at least a decade, and are not relying on working down here, it doesnt really matter if you catch the bottom, which is not possible anyway. The bottom will likely be when pessimism is at its worst.

regardless, better to rent at first and become an insider rather than taking an outsider sucker deal

Oh, you can catch the bottom, but it isn't always easy and is often dumb luck.

But the above is excellent advice.

hiknapster · 09-04-2009, 06:53 PM

Quote:

Originally Posted by nhkev

I think the "low end" homes are at or near bottom. The OP says price range of $200k-300k. I think there is still some downside at that price level due to most 2nd home owners and investors are looking at cheap properties.

I agree. The low-end homes are near bottom if they aren't there already. A lot of it has been picked over like the clearance bin.

The moderate homes have been starting to really fall.

High-end, well, that is always the last and it is the same everywhere across the country. Almost all owners think their house is special, but when you have an owner that has marble that was imported from Italy and handpainted tile, well, they tend to balk and usually lose the most.

amitygirl · 09-04-2009, 07:27 PM

I want to clear the air... no one discouraged me. I was shocked to hear how some described how bad it was there, something I never imagined. I stressed how bad I felt for those who were going through tough times. I am not looking to prey on someone's hardships, nor are we looking to buy and flip. having a second home there is not new, it's been for many years of waiting. Now we are able to do it. I have always loved sarasota. A few years back when we were down we looked around..the houses we really liked was not in our budget for a second home. If it was for our primary home, it would of been a different story. My friend just moved to ft.meyers a month ago..she still is learning..she told me about a few nice areas to check out. When I did, I saw a few homes that were very nice and much lower than we thought we had to spend for something decent. So I came on here to see how it was from people who live there, or have a second home there.

I have a lot of attachments to Florida. As a child I spent every summer with my cousins and use to cry when I had to come back home. The funny thing I always did was walk around the neighborhood and take pictures of houses for sale and mail them to my parents while I was down there..most kids didn't take pictures of houses

My parents once owned ( moon's and moon's ago) an acre of property in Port Charlotte right on the gulf. They bought it way before I was even born and it was for the day my father retired,,well he didn't see his retirement and my mom sold the property because she wasn't going to move there alone.( 70's) we were very young and all her family was here..

We visit when we can. I was always so sad just to have a short stay , I wanted to stay much longer and so did my family... so we know we would love a place of our own there... listening and reading the news brought question marks as they always said how bad the state was doing, loss of jobs, people losing homes etc... So I decided to check out the forums here and see what was going on.. I came here for guidance and I truly was shocked with all the bad feelings and negitive comments. I am again very sorry to those who are going through hard times. I hope someday soon the light will shine brighter.

We will be in Ft Meyers in Feb. by then my GF will know her way around much better and I will get to see it my self. Next summer we are renting a house in Siesta key for one month.. We will look around there as well. My cousin has lived there for 26 years and will know how to get to where we want to go as well.

Thanks again!

aidaolympia · 09-04-2009, 07:36 PM

28000 foreclosed homes have not come to the market yet, once there, like a heavy blanket, they will force down prices across the board, from high end to low end.

Who would buy old low end houses when much bigger and nicer ones in a decent environment will be available at much much lower prices?

Starting price for new houses in a manicured environment is already set for $70,000 ! If the price was put higher than this, nobody would buy as the market is already saturated with too many houses available.

With 28000 foreclosed homes coming to the real estate market next year, the market will be flooded!

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