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Glut of Homes Shrinking in SW Florida
GOOD NEWS!
The headline in today's business section jumps out to say that the Glut of (vacant) Homes in Lee and Collier Counties (Florida) is SHRINKING.  Now I just wish that the headline was on page one of the main section, like all of the negative reporting has been, but I'll take what we can get!
Yesterday I was working up a listing price for a luxury home in central Cape Coral.  We had tried unsuccessfully to sell the home a year or so ago and had very little interest from anybody, regardless of price.  The owner rented it out at a negative cash flow for a year.  Recently a municipal utility expansion project had the street all torn up.  So now there is an assessment on the property, but it does have enhanced water, sewer and irrigation water systems.  In doing my comparison shopping on the MLS, I discovered several similar models from the same luxury home builder, all located nearby.  All were recently sold or pending sale.  Surprise!  There are people buying these upscale homes!  And the prices are not that bad.  At least, not in context.  all of the homes would have brought $600-700,000. back in the day, and now ... more

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