Cape Coral - Ft Myers #5 on List - Cities where people are racing to buy homes (Orlando: bank owned, for sale)

[TamRE]

AOL Real Estate - Cities where people are racing to buy homes
#5 on List
Cape Coral and Ft Myers, FL
Metro movers index: 2.09
Median home price: $106,000
Home value decline from peak: -59.3% (7th biggest drop)
Unemployment: 11.2%
Forecast change in home price through 2Q 2012: -12.2% (6th biggest decrease)
There is arguably no single housing market with a worse outlook than southwest Florida, and Cape Coral-Fort Myers is the hardest-hit area. Housing prices here have already dropped 59.3% from their peak, and Fiserv projects a further decline of 12.2% by the second quarter of next year. According to Corelogic, 47% of the homes in the Cape Coral-Fort Myers area are worth less than their mortgages. Foreclosures have increased 35% in the last quarter. However, the long-term outlook may be better than these figures suggest. Real estate agents are giving “foreclosure tours” to show homes that are now worth 40% or less of what they were just five years ago, and the number of people looking for homes in the area is nearly double the number looking to leave.

Link to Article: The Cities Where People Are Racing To Buy Homes - AOL Real Estate

[toni57]

What is the best way to find the foreclosures? We have a trip planned to Cape Coral in Dec. Thanks in advance for any help.

[Billythepokerkid]

Originally Posted by TamRE

AOL Real Estate - Cities where people are racing to buy homes
#5 on List
Cape Coral and Ft Myers, FL
Metro movers index: 2.09
Median home price: $106,000
Home value decline from peak: -59.3% (7th biggest drop)
Unemployment: 11.2%
Forecast change in home price through 2Q 2012: -12.2% (6th biggest decrease)
There is arguably no single housing market with a worse outlook than southwest Florida, and Cape Coral-Fort Myers is the hardest-hit area. Housing prices here have already dropped 59.3% from their peak, and Fiserv projects a further decline of 12.2% by the second quarter of next year. According to Corelogic, 47% of the homes in the Cape Coral-Fort Myers area are worth less than their mortgages. Foreclosures have increased 35% in the last quarter. However, the long-term outlook may be better than these figures suggest. Real estate agents are giving “foreclosure tours” to show homes that are now worth 40% or less of what they were just five years ago, and the number of people looking for homes in the area is nearly double the number looking to leave.

Link to Article: The Cities Where People Are Racing To Buy Homes - AOL Real Estate

What is this decline they are referring to? Is it a 12.2% decline from peak or from now? I ask because in the last year prices have risen over 10%. Therefore, if the decline they are talking about is from peak, the prices would essentially have to decline by over 22% in the next 5 months to make this true. Which is absolute insanity. There's no way prices could drop that much in 5 months if there are twice as many people coming as there are going. It's just not possible.

[toni57]

This is a continuing thought from the previous post. This will be our primary residence...in case that makes any difference. Thanks in advance for any advice.

[TamRE]

Originally Posted by Ttrivelli

What is the best way to find the foreclosures? We have a trip planned to Cape Coral in Dec. Thanks in advance for any help.

Here is the best site for searching foreclosures. It is updated within minutes through the day every day.

Go to the My Florida Regional MLS web site: Florida Homes for Sale direct from MLS
Type in your search criteria under Property Search and check the Bank Owned box.

You can also search for foreclosures on the HUD site at: http://hudhomestore.com/HudHome/Index.aspx

[Izmack]

And I haven't seen that foreclosure bus tour in some time. This article seems outdated.

Originally Posted by Billythepokerkid

What is this decline they are referring to? Is it a 12.2% decline from peak or from now? I ask because in the last year prices have risen over 10%. Therefore, if the decline they are talking about is from peak, the prices would essentially have to decline by over 22% in the next 5 months to make this true. Which is absolute insanity. There's no way prices could drop that much in 5 months if there are twice as many people coming as there are going. It's just not possible.

[nhkev]

For one the article is written by people that have no idea of the area.. If they predicted a drop in values from 2nd qtr to 4th maybe I would give it some creedence but 2nd qtr is the busiest home selling season and usually the highest prices. 12% down from here come 2nd qtr no way. Not that far away though so we can put it to the test pretty quickly, they are saying the median home price 2nd qtr which is April, May, June 2012 will be $93,280. I predict $139k Which would be 31% higher than their 106k current figure.... let's see who's right.

[TamRE]

Originally Posted by Billythepokerkid

What is this decline they are referring to? Is it a 12.2% decline from peak or from now? I ask because in the last year prices have risen over 10%. Therefore, if the decline they are talking about is from peak, the prices would essentially have to decline by over 22% in the next 5 months to make this true. Which is absolute insanity. There's no way prices could drop that much in 5 months if there are twice as many people coming as there are going. It's just not possible.

To get the most current statistics check with the Ft Myers Association of Realtors. Their online newsletter contains updates: Online Newsletter- REALTOR Association of Greater Fort Myers and the Beach, Inc. (http://www.swflrealtors.com/comOnlineNewsletter.php - broken link)

Another article about declining home prices/values in Ft Myers - http://www.floridarealtors.org/NewsA....cfm?id=264739

Trulia’s Metro Movers Report

Trulia has debuted a new report that analyzed its home searches.

In one study, Trulia looked at the number of people who searched for housing in a city – including renters – and compared it to the number of city residents looking elsewhere for a home. An area with a high number of inbound searches and a low number of outbound searches, Trulia reasons, suggests an increased demand for housing.

According to the study, the North Port-Bradenton-Sarasota area had six times more searches by inbound people than outbound people, landing it in the list’s No. 1 position, but four other Florida cities also made the top 10 list:

1. North Port-Bradenton-Sarasota
2. Riverside-San Bernardino-Ontario, CA
3. Charleston-North Charleston-Summerville, SC
4. Fort Lauderdale-Pompano Beach-Deerfield Beach
5. Cape Coral-Fort Myers
6. West Palm Beach-Boca Raton-Boynton Beach
7. Fort Worth-Arlington, TX
8. Oxnard-Thousand Oaks-Ventura, CA
9. Las Vegas-Paradise, NV
10. Orlando-Kissimmee-Sanford

Taken from: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=267608

[equalrightsforeveryone]

Originally Posted by Billythepokerkid

What is this decline they are referring to? Is it a 12.2% decline from peak or from now? I ask because in the last year prices have risen over 10%. Therefore, if the decline they are talking about is from peak, the prices would essentially have to decline by over 22% in the next 5 months to make this true. Which is absolute insanity. There's no way prices could drop that much in 5 months if there are twice as many people coming as there are going. It's just not possible.

From now. And additional decline in home prices, soon as the shadow inventory hits the market it will be a down hill race.

[JeffTumbarello]

Originally Posted by nhkev

For one the article is written by people that have no idea of the area.. If they predicted a drop in values from 2nd qtr to 4th maybe I would give it some creedence but 2nd qtr is the busiest home selling season and usually the highest prices. 12% down from here come 2nd qtr no way. Not that far away though so we can put it to the test pretty quickly, they are saying the median home price 2nd qtr which is April, May, June 2012 will be $93,280. I predict $139k Which would be 31% higher than their 106k current figure.... let's see who's right.

June is highest month from a pricing perspective. March if looking at sales counts. Oct/sept generally the lowest part of the year from both perspective.



If you are moving here for a primary residence. First make a list of what you are coming here to do. Once you understand that. It will be easier to flesh out where to libe. Price points below 100K Are a sellers market unless the home is way overpriced within its asset class. From 100 to 250 there seems to be some balance. Above that is still a buyers market. Focus on what your day will be like once you buy the home and the process should be easier