Fort Myers Real Estate Foreclosures
Fort Myers Real Estate Foreclosures
Foreclosures are starting to slow in Fort Myers now. It
seems that the banks are starting to artificially slow the rate at which their Fort Myers real estate foreclosures hit
the housing market. This would be good news for the rest of the Fort Myers real estate market, as with
less Fort Myers real estate foreclosures
to compete with, the prices won’t be so rock bottom low much longer. (at least
that would be one school of thought) I would guess that the banks are slowing
the rate they release their Fort Myers foreclosures to help keep people’s house
prices up, and that they simply got sick of competing against each other and “losing”
so much money on the houses.
Other the other hand, it’s is also entirely possible that by
slowing that rate the foreclosures hit the (Fort
Myers) real estate market, it is
simply just prolonging the market from bouncing back. Seeing as it will just
take long for the banks to unload all these toxic assets in the area, there
will still be an abundance of cheap homes hitting the market at rock bottom
prices. Especially given the fact, that foreclosures are notoriously underpriced
to help ensure a quick sale.
Either school of thought that you may subscribe to, I would
say that with less Fort Myers real
estate foreclosures on the market, you will see home prices rise up. The
price increase maybe be temporary, but I would expect them to jump a little bit
at least in the short term. Keeping in mind that the banks may or may not be
intentionally slowing the rate they release the Fort Myers foreclosures, but that is the buzz that I’ve been hearing
from the local real estate agents anyway. I can tell you from personal experience
that I have been seeing much less foreclosures on the market around Fort Myers
lately. Short sales, however seem to not be affected at all, and there are
still a TON on the market. That is a different story all together however…
Sanibel Island Real Estate
Sanibel Island Real Estate in Florida is some of the most
sought after in the state. (Even the country and world) For those lucky enough
to own a piece of Sanibel Island Real Estate property, they get to enjoy
everything that Sanibel, FL has to offer. While it will come with a pretty
hefty price tag as compared to neighboring areas of South West Florida, most
who can afford it would agree that it is definitely worth the hefty price tag
to get on the island.
Sanibel Island is not like anything most people in our
county would be used to. It is much more akin to living on a secluded beach
resort. People come here to enjoy a
slower pace to their life, indulging in a ton of activities available on the
island. Golf, fishing, boating, and excellent restaurants to just name a few of the activities available in
Sanibel. Are sea shells your thing, if so, Sanibel island is World renowned for
the plethora of shells you can find while walking up and down the beaches.
There’s also the world famous J.N. “Ding” Darling National wildlife refuge.
While offering so much, Sanibel properties offer a great
deal of privacy usually. With large mature lots and home sites, you can really
get the feeling of privacy when you want to get away. There are a lot of
tourists visiting Sanibel during the peak seasons, but that is pretty common
for any of the really nice spots in Florida. The locals from neighboring areas
don’t tend to “beach” and come for picnics as much though, as there is a toll
to pay coming across the bridge onto the island. You can walk and or bike over
the bridge without paying the toll however.
The median home price on Sanibel is around 650k; however
some of the most desirable properties on Sanibel Island are going to run you
much, much higher. For Sanibel Island Real Estate prices in the 10 million
range are not uncommon.(they’re usually some amazing houses though) If you are
looking to get onto the island on a bargain, you can sometimes find a Condo in
the 300k range. If you are looking to rent a piece of Sanibel Island real
estate, currently you could expect to be paying in the four to twelve thousand
a month range.
Investing in the Sanibel Island real estate market is not
for the faint of heart. In 200 the
median home prices were around 385k, and then they sky rocketed up to the 870k
range at their peak in 2006. Currently they are down quite a bit from the peak,
but they have generally suffered less in the housing market collapse then some
of the surrounding areas of South West Florida, like Fort Myers, and Fort Myers
beach.
Fort Myers Real Estate
Fort Myers real estate has been on a bumpy ride for the last few years, ever since the housing bubble burst. Fort Myers real estate has been some of the hardest hit in the whole country. In fact, some estimates, put Lee County real estate as being the hardest hit in the country during the bubble collapse. When looking at Lee county real estate in general, it is not unusual to find houses selling for one quarter to one half of their previous values.
What does this mean for you? Well, generally it is bad news if you owned Fort Myers, or Lee County real estate from before and especially during the housing boom, as it has lost a tremendous amount of value. Generally speaking, your best options at this point is to try to hold on until the prices come back. If that’s not an option, it might be time to talk with your bank representative and see if they can help you with brokering a short sale. (This is where the bank will accept less money then you still owe on the mortgage as payment in full). And finally there’s the option of going into foreclosure and/or bankruptcy.
If you don’t have a house or real estate in Lee County from before the real estate boom, then now is the perfect time to buy. If you are a real estate investor, first time home buyer, vacation home buyer, or pretty much any type of buyer there are a ton of deals to be had in the Fort Myers and Lee county area. With how low the prices are, you can really afford to be picky, and find the perfect real estate property to fit all of you needs.
This site is dedicated to bringing you all the latest news, and opinion on Greater Fort Myers area real estate. We want to help you stay informed on the current market conditions, real estate and home values, and neighborhood data, so you can make informed decisions about investing in greater Fort Myers area real estate.
Naples Real Estate
Naples real estate seems to be bouncing back a little better then neighboring lee county real estate is right
now. Currently the median home price for Naples real estate is holding at right around 200k, with some Naples home prices dipping down around 50-60k and of course some rising up into the millions of dollars.
This is still down quite a bit from the boom prices of the early to mid 2000’s, and there are a lot of good deals out there, especially for the savvy investor. One of the bonuses of the currentreal estate market in Naples, Florida is the price range. The home prices are holding at above what most people could buy in cash, m
eaning that they would need to get a mortgage from a bank. With lending being as tight as it is (especially in the South West Florida real estate market) the banks don’t want to lend on anything unless it is in tip top shape, with no work needed to move in. What
does this mean for the savvy investors? Well, for the homes that may need any
kind of work done, the prices drop by crazy amounts, usually by 10 times or
more of what the work would actually cost. If the investors can swing the sale
price in cash, or a “rehab” structured loan, they can snatch up these homes at
a great price. Often times the work needed is minimal, and provide HUGE
returns. The main thing is to get the house back into complete working order,
where the banks will lend on it again, and you can raise the price back into
that “too high to buy in cash” range, and be able to market it to a much wider
audience.
Some other bonuses of Naples real
estate is that there are no “bad” neighborhoods, so if you’re an out of state
investor, or not real familiar with the area, you are pretty safe buying
anything with “Naples, FL” attached to the listing. This is not always the case
in some of the surrounding towns, especially Fort Myers, and Lehigh acres where
you really need to scout out the areas you are looking in. Or you might be in
for a shock when you go to move in or rent out your newly purchased home.
Well, there you have our quick high
level overview of the Naples real estate market. Overall I would recommend
buying in Naples for beginner to expert real estate investors, as well as
people looking for a primary or second home.
Coming up we’ll go more in depth on various topics and related current
news dealing with the current conditions with .
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