Homes going up or Down in Price? (Jacksonville, Miami: per square foot, legal)

[nhkev]

Originally Posted by CCRESI

March Sales Cape Coral

I pulled a CMA for each area of the Cape. Divided it up by Geo Codes (ex.CC21). This is for the Month of March Sales off our MLS only. This does not include tax deed sales from the courthouse steps or fsbos(for sale by owner).
Search Criteria I used: 1400-1800sqft, 3 beds, 2 baths, 60-150k,


2000+-homes built in year 2000 to now.
All-Homes all all ages,including years 2000+
/sqft-price per square foot
Dom-average days on market


O-Original list price
L-Final List price
S-Sales price
final number-%within list price(final list price)

SW Cape (cc21,cc22,cc23,cc24)
1. Pool/2000+: 8 Sold, $74.79/sqft, dom:127
O-$130,175, L-$121,650, S-$123,988,101.97%

2. Pool/All-19 Sold, $72.27/sqft, dom 117
O-129,026, L-116,232, S-116,495, 100.23%

3.No pool/2000+: 28 Sold, $57.02/sqft, dom 93
O-98,820, L-93,838, S-90,192, 96.11%

4.No pool/All- 45 Sold, $56.01/sqft, dom 85
O-95,784, L-91,852, S-88,138, 95.96%

SE Cape (cc11,12,13,14)

1. Pool/2000+: 3 Sold, $79.92/sqft, dom 25
O-130,600, L-125,600, S-125,300, 99.76%

2.Pool/All:23 Sold, $72.45/sqft, dom 95
O-123,787, L-118,074, S-114,148,96.67%

3. No Pool/2000+: 3 Sold, $96.17/sqft, dom 20
O-96,233, L-96,233, S-92,550, 96.17%

3. No pool/All: 21 Sold, $50/sqft, dom 89
O-87,716, L-83,554, S-79,543, 95.20%

NW Cape (CC41,42,43,and 44)

1.Pool/2000: 10 Sold, $66.72/sqft, dom 71
O-124,707, L-119,679, S-109,295, 91.32%

2. Pool/All: 11 Sold, $64.95/sqft, dom 65
O-120,570, L-115,999, S-106,686, 91.97%

3. No Pool/2000: 35 Sold, $48.08/sqft, dom 104
O-85,077, L-81,827, S-79,380, 97.01%

4. No pool/All: 36 sold, $48.03/sqft, Dom 102
O-84,714, L-81,471, S-78,981, 96.94%

NE Cape(cc 31,32)

1. Pool homes/ all were year 2000+: 2 Sold, $75.70/sqft, Dom 64
O-135,700,L-132,400, S-131,950, 99.66%

2. No Pool /all were 2000+: 27 Sold, $49/sqft, Dom 58
O-83,112, L-79,781, S-76,559, 95.96%

182 Homes sold Total, in 31 days. That's an average of 5.87 homes a day.

thanks for throwing that together, with only 1 slight exception everything is closing within 4 months of being on the market. the other thing I find astonishing is the difference between Pool homes and not pool homes, it looks like people are willing to pay almost 100% of the cost of the pool. I was always told pools were a bad investment that you only get 50% back at resale, well in SWFL does not appear to be the case. I would give rep pts but the system says I have to spread it around.

If I am to read this right the NW for ex only had 1 home sell with a pool and 1 home w/o a pool that were older than the year 2000?
I think this could be a great tool for someone looking to buy they could take the sq ft multiply by price per sq ft of that particular section of the city, and whether it has a pool or not and get a realistic view of what to offer on a house.

[CCRESI]

Yes, you are correct.

I find that most people want pool homes down here. If they can't find a home in their disired location, they will put one in. * However, Pool financing is slim down here. Banks are not giving out loans like they use to for home improvements.* If they are taking out a mortgage for the home, they think this through and it would be easier to buy a pool home than it would to save a year (or 10) to pay cash to add one at a later time.
Another downer is that if you are putting in a pool and they run into a boulder, that could cost $$$$. Not sure how much.
Another thing I have noticed, is that a lot of people want tile in the main living areas. The homes with pools usually have this set up.(makes sense) So some of the homes that don't have pools, they would also want carpet pulled up and tile installed. $$. Oh, and pool baths. Most homes that were built with a pool in mind have pool baths.

This info was for March. April seems to be steady so far.

[Taratova]

Many homes on the foreclosure market are in rough shape. Many homes that need TLC are being bought as is and repainted and brought up to decent shape by the flippers and resold. Many of the same homes are being bought twice.. first the flip buyer with every intend to sell- then selling to another buyer.

[stahltkd]

Originally Posted by equalrightsforeveryone

From a recent article 3/21/11.
"Home prices rebound, slightly"

"Across Florida, sales fell in only two markets: Fort Myers-Cape Coral and Fort Pierce-Port St. Lucie, both communities dominated like this region by distressed sales. Sales dropped 12 percent and 19 percent, respectively, in those markets."

It is not getting better at least not here and the rest of the state is having a "dead cat bounce"

Homes sales picking up in Lee County | Naples & Bonita Springs Real Estate News & Market Updates

"There were 1,194 homes sold last month, up more than 4.5 percent from the same month a year ago and up nearly 15 percent from February.

There were 155 more home sales recorded in February than in January, according the Realtor Association of Greater Fort Myers and the Beach Inc.

The median price of home sales last month was $92,000, up more than 13.5 percent from January and up more than 8 percent from February 2010, when the median was $85,000.

The median is the price at which half the homes sell for more and half for less.

Pending home sales – or contracts – increased more than 123 percent in February. There were 3,778 contracts, versus 1,687 in the same month a year ago."

[rikoshaprl]

Originally Posted by nhkev

I think this could be a great tool for someone looking to buy they could take the sq ft multiply by price per sq ft of that particular section of the city, and whether it has a pool or not and get a realistic view of what to offer on a house.

You would have to make an adjustment for waterfront, gulf access, behind bridges etc.

[faithfulFrank]

Warning.
If you give an opinion, state it as a personal opinion. whenever possible, back it up.
Do NOT state unverified data as factual without backing it up with credible sources.....

This forum has an obligation to it's readers to provide facts. It is not a venue for those who have personal agendas......

Frank

[nhkev]

it is no wonder why the avg person thinks the market is so bad. even the local media puts out info that is completely wrong. The info that the news press has put out for the first 3 month has been roughly 350 foreclosure notices each month so about so under 1100. How does wink news come up with the figure of 14,000??? All they have to do is talk to Charlie Green (clerk of courts for Lee county) and get his monthly report.

New foreclosure numbers released

If I were reading this false information I would come up with very different opinion of this market. Why can't the media get this stuff right?

here's where the truth is
http://www.leeclerk.org/index.asp?Ty...-843477012DBA}
just click either foreclosure trends or monthly stats.

[equalrightsforeveryone]

I do not post things that are not true
This article was in the "Herald Tribune" on March the 21st 2011.

"Published: Monday, March 21, 2011 at 11:55 a.m.
Last Modified: Monday, March 21, 2011 at 11:55 a.m."

Anyone that has access to the internet and can do a search has access to this information. I suggest you educate yourself.

"Home prices rebound, slightly"

"Across Florida, sales fell in only two markets: Fort Myers-Cape Coral and Fort Pierce-Port St. Lucie, both communities dominated like this region by distressed sales. Sales dropped 12 percent and 19 percent, respectively, in those markets."



Southwest Florida real estate prices rise slightly as sales increase | HeraldTribune.com

AND there was a report at lunch today on the local radio station the the foreclosure rate is still rising in Lee County.

[nhkev]

Originally Posted by equalrightsforeveryone

I do not post things that are not true
This article was in the "Herald Tribune" on March the 21st 2011.

"Published: Monday, March 21, 2011 at 11:55 a.m.
Last Modified: Monday, March 21, 2011 at 11:55 a.m."

Anyone that has access to the internet and can do a search has access to this information. I suggest you educate yourself.

"Home prices rebound, slightly"

"Across Florida, sales fell in only two markets: Fort Myers-Cape Coral and Fort Pierce-Port St. Lucie, both communities dominated like this region by distressed sales. Sales dropped 12 percent and 19 percent, respectively, in those markets."



[url=http://www.heraldtribune.com/article/20110321/ARTICLE/110329936]Southwest Florida real estate prices rise slightly as sales increase | HeraldTribune.com[/url
AND there was a report at lunch today on the local radio station the the foreclosure rate is still rising in Lee County.

But what you said was untrue. You said prices were declining (which they are not). And you post an article saying sales were down. 2 completely different things

[thatdudebob]

Let me say first that I didn't do any statistical analysis or anything like that, but I've followed the SW FL home market for many years. I recall looking around at home-asking and home-sold prices a couple years ago (note, this is actually for around Sarasota-Venice), then I looked a few months ago, and now once again in the last week (as I'm pondering buying a place again around there - used to live there in the 80s-90s).

All I have to say is wow. I'm amazed at how low homes are going for. A number of homes that I noted a few months ago are still on the market and almost all have been reduced one or more times. The number of homes that I'd put in the category of "ridiculously good bargain" just keeps growing.

In fact, I came across one nice looking home the other day - just under 1900sqft, 3bd/2bth, in a good area, for around $110k (compare that to the $300k it would have been in 2006 - and these are not short sales or foreclosures). I was tempted to contact the realtor that minute to ask about it, but I kept browsing the listings. And I kept finding one after another priced that low, after having been recently reduced. These are more like 1995 prices in my view.

And yet, foreclosures are still happening, and a huge glut of homes is still on the market. If people aren't biting yet at these prices (due to enough people having personal financial difficulties and having troubles getting a bank loan), then I think the prices will keep going down from here. Only once you browse the listings, and don't keep seeing "recently reduced!" all over, might the market be turning around.