We often get asked, what will the bank take for that property…..will they accept an offer of 50% of the asking price? Unfortunately the answer is no, banks are not considering those type of low-ball offers.
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Morgan Stanley analyst Oliver Chang recently declared that 2012 will be “The Year of the Landlord.” Chang further elaborated that “Rents are rising, vacancies are falling, household formations are growing and rental supply is limited,” the Morgan Stanley report stated. “We believe the demand for rental properties will continue to grow.”
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There are many homes and condos on the market in the Fort Myers area that were originally constructed with Chinese drywall, but are now being marketed as “fully remediated.” Many buyers are intrigued, but struggling to move forward with these properties. Buyers looking at these homes are asking:
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UPI reports that seven of the top ten markets with real estate price increases this year are in Florida. Median prices in the Fort Myers market for August where up a whopping 33% over August 2010.
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Average annual temperatures in the mid 80s, hundreds of miles of canals and rock-bottom real estate prices have propelled Cape Coral to the top of CNN Money’s top retirement destinations. The real estate downturn significantly impacted Cape Coral and now median home prices are under $100,000. Today’s prices are more than 60% below peak 2006 [...]
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While no one is going to confuse the current market with the investor insanity of 2005 and 2006, there is a growing buzz of investor activity in the Fort Myers area market. Many of these investors are targeting distressed single-family homes that need some spiffing to be resold to a traditional buyers.
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Over the past few years, Cape Coral has been one of the areas in the nation with high rates of foreclosures. This foreclosure phenomena can be attributed to significant speculative investing during the real estate boom years.
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With its quirky and historic downtown and status as the county seat, Fort Myers serves as a major commercial hub for Southwest Florida.
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Investopedia reports on 10 reasons real estate could rebound in 2011. While the article generalizes about real estate trends on a national basis, several of these points are very relevant to the market in Southwest Florida.
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