Homes going up or Down in Price? (Cape Coral, Fort Myers: horse, money)

[alfbroker]

Find an agent who doesn't start out with setting you up to to jump quick. Find an agent who presents unbiased facts then allows you to decide when you are ready to act, when you are comfortable. Don't be pressured into a fast decision so you don't lose a "deal". I've known agents who have a new "deal" of a life time everyday.

[st468]

Originally Posted by CCRESI

I could do a Statistic for you for Gulf Access, if you want. In a certain location? Price range? Or just in general? With a pool?

Inventory seems to be pretty low right now for certain price ranges/locations. Some believe there will be a wave of foreclosures, others think this is the bottom. I think only time will tell. If you are in the market to buy, if you found something in your price range that you can easily afford, a home that fits your needs, and in a location you desire, I say buy it. I don't think prices will get any lower for certain areas/price ranges. The demand for Gulf Access homes is still there.

If it's super easy (please don't spend a lot of your time), sure I'd love to see the statistics on gulf access. I also believe that prices won't go any lower, at least on decent gulf access. Our comfortable price range is currently sub $170k fyi.

We have an "Active Cont Short Sale" currently, a deal we are fairly certain will be accepted by the bank. I believe just the lot is worth more than the sale price. This one is south of CC Pkwy and just a few minutes to open water in "Unit 3", San Jose Canal area, west of Bimini Basin. We are still shopping since these short sale deals can be aborted easily if something better pops up. Still I think the 3/2 house (no pool) would suit our purposes just fine for some years to come. Then 8-10 years from now it would come down to demolishing it and rebuilding bigger and better or else upgrading to another property. That is the point we would be moving down full-time.

We are pretty confident that the properties that sold for $500k+ in 2005/2006 and can be had for under $150k now are not going to go lower. $150-$200k houses that are not gulf access? I could see them going down a little more maybe. Especially when there are newer 2000s built homes that can be had for $60k. Yes I know, well and septic and not a lot of neighbors. So $20k more for the assessments some years down the line...

Speaking of "well and septic", that's exactly what we have up at the lake home here in MN. There will never be city water and sewer, nor paved roads (thank God). Funny thing is that in this recession and down market, the lake home has fared much better than our home in the Twin Cities area. The lake place it still worth just about what it was 5 years ago, quite a bit more than what we paid for it back in 2000. We have lost about 20-25% value on our primary home in the cities since the peak in 2006 though. Luckily having been here long enough, it is still worth close to twice what we paid for it. Markets seem to vary greatly throughout the country, even in the same state. That's why we wonder how Cape Coral's market is affected by the gulf access properties. Because in our experience they definitely seem to be going up. It seems like there are several different markets within the Cape Coral market. Lumping it all together and averaging might not be the best way to determine what is going on in a certain segment.

[rikoshaprl]

"We are pretty confident that the properties that sold for $500k+ in 2005/2006 and can be had for under $150k now"

I have been keeping an eye on the gulf access properties and I doubt you are going to find anything good for under $150,000. Maybe not even for under $200,000.

[st468]

Originally Posted by rikoshaprl

"We are pretty confident that the properties that sold for $500k+ in 2005/2006 and can be had for under $150k now"

I have been keeping an eye on the gulf access properties and I doubt you are going to find anything good for under $150,000. Maybe not even for under $200,000.

You are correct for the most part. Compared to last year they are few and far between within that range. I think at this point the only way to score a deal like that is to luck out on a short sale or outbid the bank at the foreclosure auction. I do know of a handful of gulf access properties under $200k that would qualify as "pretty decent" though. One of them is not currently on the mls but is currently available at a bank-approved price of $170k. 3/2/2 with 1850 sqft living area, southern exposure to the rear, newer concrete roof, and only 200 feet to open water, not even on a traditional canal, rather an inlet. South central, 33914. Late 1960s built needing only minor updating (one bathroom's toilet and tile not white). There are a few more in the south that are behind one bridge that I am aware they will take much less than listing price putting them in the $155-160K range. Late 70s-mid 80s built.

As far as under $150 goes, yep it's pretty much tiny old shacks with one car garage and in poor condition. Or else way up the river in Hancock with an hour boat ride to the gulf. We did look at one for $135k a while back (has since went pending) 3/2/2 sail boat access in Hancock. Last sold for $475k in July 2005. 1980s built and needing some modest updating. 2101 Se 10th Ln. Better than the 1960s shacks with one car garages anyway...

[CCRESI]

Here ya goooo:

Gulf Access-Cape Coral
0-170k
Active currently : 14 Properties
Avg: 2/ 1.5
1493 sqft
List Price: $154,992

Sold: 30 Properties past 90 days
3/2 1536sqft Avg.
Lp: $159,943
SP:$145,792
AVG Days on Market: 132

2010
Sold-22 properties (July-Oct)
3/2 1530
LP: $154,695
SP: $141,768
45 DOM

Gulf Access NO BRIDGES
Sold:97 past 90 days
3/2.5 2229
LP:$376,461
SP: $352,259
145 DOM

Active:259
3/2.5 2266
LP:$493,323

2010
Sold:79 properties (*july-oct)
3/2 2098
LP: $339,920
SP:$319,419
112DOM


150k-200k (all inventory in this price range)

Active: 205
3/2 1917 sqft
LP:$178,246
133 DOM

Sold: 124 past 90 days
3/2 1978
LP:$175,191
SP:$167,660
83 DOM

2010 (July -Oct)
Sold: 134
3/2 2011 sq
LP:$180,160
SP:$172,468
84 DOM


Hope everyone is enjoying their weekend so far

[st468]

That's awesome info CCRESI! Thanks for posting it.

[rikoshaprl]

Thanks CC. Good info!
What is hard to see is what gulf access homes are close gulf access and which are 45 minutes in canals before getting to open water. There is a big difference in price between the two. The "no bridge" gives a good idea of the difference. But even if there is a bridge, the height is important, the age and size of the home, the water view, and how close to open water.

[equalrightsforeveryone]

Sales of single-family homes drop in Greater Fort Myers area
October 14, 2011
Cape Coral Daily Breeze
Save | Post a comment |
Members of the Realtor Association of Greater Fort Myers and the Beach Inc. reported the sale of 1,028 existing single-family homes during September 2011, a decrease of 3.66 percent from September 2010 and a drop of 4.64 percent from August 2010. This is the 10th consecutive month that over 1,000 single family homes have been sold in the Greater Fort Myers area.
Sales of single-family homes drop in Greater Fort Myers area - cape-coral-daily-breeze.com | News, sports, community info. - Cape Coral Daily Breeze

[Izmack]

The positive comment in your post must've slipped by you....

Originally Posted by equalrightsforeveryone

October 14, 2011
Cape Coral Daily Breeze
This is the 10th consecutive month that over 1,000 single family homes have been sold in the Greater Fort Myers area.

Sales of single-family homes drop in Greater Fort Myers area - cape-coral-daily-breeze.com | News, sports, community info. - Cape Coral Daily Breeze

[nhkev]

The article (if you choose to read the whole thing). Is ooverwhelmingly positive. The fact that equal even linked it is amazing....baby steps