Reality(?) of home prices in Ft Myers (Cape Coral: short sales, real estate)

[40Flier]

Given, I'm a newbie in the market looking for a better deal than three month seasonal rental rates in the $200K range.

After clogging highways and burning gas for several days along the coast I'm finding, feel free to correct me, prices seem to be set at (1) the level of debt (unrealistic) on the property or (2) Lost leader short sale prices that are unobtainable by the average buyer.

Successful short sales are snapped up by house flippers who have been in the housing industry and are "connected". For example: 19460 Cromwell Ct #102 FMyers according to trulia sold for $109.7 on 10/15/09. Newly listed at $145.9 "freshly painted with new carpet". That price would be a nice return for a paint bomb job and inexpensive carpet.

I do not lack sympathy for these conditions, I live in the same foreclosure situation in Michigan where my child is strugging with a mortgage that is now THREE times the list sale prices on her street. I am left wondering how does one, or how long must one wait to obtain a realistic market price here?

[tommy-105]

Originally Posted by 40Flier

Given, I'm a newbie in the market looking for a better deal than three month seasonal rental rates in the $200K range.

After clogging highways and burning gas for several days along the coast I'm finding, feel free to correct me, prices seem to be set at (1) the level of debt (unrealistic) on the property or (2) Lost leader short sale prices that are unobtainable by the average buyer.

Successful short sales are snapped up by house flippers who have been in the housing industry and are "connected". For example: 19460 Cromwell Ct #102 FMyers according to trulia sold for $109.7 on 10/15/09. Newly listed at $145.9 "freshly painted with new carpet". That price would be a nice return for a paint bomb job and inexpensive carpet.

I do not lack sympathy for these conditions, I live in the same foreclosure situation in Michigan where my child is strugging with a mortgage that is now THREE times the list sale prices on her street. I am left wondering how does one, or how long must one wait to obtain a realistic market price here?

I made a similar observation in another thread (in reference to a couple that I know who are buying properties and flipping them in Cape Coral)

Originally Posted by tommy-105

I say good for them, BH. Some people want to buy something that's turn-key.

My only point in this example, is that I think locals have a considerable edge over buyers from out of state. This couple has a close relationship with their real estate agent and they know their town well. They say they didn't have to do anything, the agent found the deal and did all the legwork. All they had to do was act fast on it.

When I think of the out of state buyers, I can't help but think of someone showing up at a weekend garage sale on a Sunday afternoon. The deals are already gone.

Interestingly enough this couple is also very involved in going to garage sales. They always head out early.

Here's the response by a local Realtor:

Originally Posted by SoFLGal

Kinda funny but very true. Loved the garage sale reference. The early bird gets the worm