A recent Cape Coral newspaper has reported that new building permits for single family homes is on the rise!! From the heyday of 2005 when 7,769 permits were issued the 143 permits for the first 5 months might not seem like a come back but in one of the top foreclosure areas in the country it is a sign that stability will return!
Over the past few years the price to build a home was much greater than the price to purchase a foreclosed home and repair it. Fore example a yr 2005 duplex which sold for $265,000 in 2005 recently sold for $49,000. That is 18.5% of the 2005 price!! This price reduction has enticed a slew of investors to flock back to our area. The rise in new construction permits shows that the primary market of acutal home owners is slowly but surely balancing back out and "normalcy" will return!! YEA
Your SW Florida Loan Specialist- Audrey Lovell
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