Southeast Cape Coral: Current Gulf Access Waterfront Home Analysis!

By
Real Estate Broker/Owner with Eric A. Shelman - Select Realty Associates, Inc.

This is my second installment -- and this time we're doing SE Cape Coral Gulf Access Waterfront Homes.

Criteria Used:  1500 to 10,000 sq ft Living Area.  No "year built" specified.  3-5 Bedroom, 2-4 Bath, 2-3 Car Garages.

We'll start with an analysis of the ACTIVE listings (Homes still available) and we'll break down each category, starting with TOTAL numbers, then individually with Direct Sales, Bank-Owned, and Short Sales.

------------------------------------------------------------------------

Total ACTIVE Listings: 187

Median List Price: $475,634

Median Square Footage: 2173

Median Price-per-sq ft: $212.00

Median Days On Market/Cumulative Days On Market:  155/219  (This takes into account past listings on a particular property that either terminated or expired, but did NOT sell, and adds those days to CURRENT days on market.)

-------------------------------------------------------------------------

Now, the individual breakdown of the ACTIVE listings:

Direct Sale Listings (NOT Short Sale, NOT Bank-Owned): 142  (76% of Total)

Median List Price: $496,506

Median Square Footage: 2152

Median Price-per-sq ft: $224.00

Median Days On Market/Cumulative Days On Market:  161/231

--------------------------------------------------------------------------

Bank-Owned Listings: 7  (3.7% of Total)

Median List Price: $261,086

Median Square Footage: 1905

Median Price-per-sq ft: $137.00

Median Days On Market/Cumulative Days On Market:  35/35

--------------------------------------------------------------------------

Short Sale Listings:  36  (19.25% of Total)

Median List Price: $343,530

Median Square Footage: 2244

Median Price-per-sq ft: $154.00

Median Days On Market/Cumulative Days On Market:  130/174

--------------------------------------------------------------------------

Above we see a huge disparity between the pricing of short sales and bank-owned sales when compared to "direct sales."   Consider that banks and "realistic" Realtors are pricing the former -- based on market analyses, and the owners are often pricing the latter.  

Consider this:  "Much of the direct sale stalemate is caused by buyers' demands for bargains, and the sellers' fantasies of what their homes were once worth."  I saw this statement in a newspaper article talking about the overall market back when NOTHING was selling, and applying it to direct sale homes is now appropriate, I believe.

Also consider that short sellers know they're walking away with nothing, so are not as concerned with the final price unless their bank requires that they repay the difference between what they owe and what the home sells for.  For investment properties, banks are less willing to do that, and will often create a repayment program.  This category of home is NOT the primary investor's market, however ... which is why direct sales account for 76% of these listings.

--------------------------------------------------------------------------

Now let's take a look at the Southeast Cape Coral homes UNDER A PURCHASE CONTRACT, BUT NOT YET CLOSED:

Total UNDER CONTRACT: 99

Median List Price: $286,238

Median Square Footage: 2030

Median Price-per-sq ft: $140.00

Median Days On Market/Cumulative Days On Market:  159/194

-------------------------------------------------------------------------

Now, the individual breakdown of the UNDER CONTRACT Homes:

Direct Sale Listings (NOT Short Sale, NOT Bank-Owned): 21  (21% of Total)

Median List Price: $334,943

Median Square Footage: 2027

Median Price-per-sq ft: $163.00

Median Days On Market/Cumulative Days On Market:  125/165

--------------------------------------------------------------------------

Bank-Owned UNDER CONTRACT:  18  (18% of Total)

Median List Price: $216,176

Median Square Footage: 1937

Median Price-per-sq ft: $112.00

Median Days On Market/Cumulative Days On Market:  21/32

--------------------------------------------------------------------------

Short Sale UNDER CONTRACT:  60  (60% of Total)

Median List Price: $290,210

Median Square Footage: 2059

Median Price-per-sq ft: $140.00

Median Days On Market/Cumulative Days On Market:  212/252

---------------------------------------------------------------------------

Once again, we see the Days on Market are much higher for Short Sales - primarily due to bank delays on answering offers - which are often unexpected unless the seller did proper preparation, i.e., hardship letter, market analysis, negotiation with bank, etc. 

We also see a huge difference in pricing between Direct Sales and the Short Sale/Bank-Owned.  Many of these banks are just wanting to get these bad loans off the books, so they answer offers quickly.  Multiple offers are VERY common here.  On the other side, if you want less competition, the short sales might make you wait, but you'll likely be up against fewer competing offers.

---------------------------------------------------------------------------

And finally, we'll take a look at SOLD Gulf Access Waterfront properties in Southeast Cape Coral.

TOTAL LAST 90 DAYS SOLD:  86

Median List Price: $309,309

Median Square Footage: 2014

Median LIST Price-per-sq ft: $151.00

Median Days On Market/Cumulative Days On Market:  88/145

Median SALE Price: $289,100

Median SALE Price-per-square foot: $141.00

------------------------------------------------------------------------------

DIRECT SALES - LAST 90 DAYS SOLD:  47  (54% of Total)

Median List Price: $338,268

Median Square Footage: 2006

Median LIST Price-per-sq ft: $168.00

Median Days On Market/Cumulative Days On Market:  96/174

Median SALE Price: $311,270

Median SALE Price-per-square foot: $155.00

------------------------------------------------------------------------------

BANK-OWNED - LAST 90 DAYS SOLD:  24  (28% of Total)

Median List Price: $254,316

Median Square Footage: 2070

Median LIST Price-per-sq ft: $119.00

Median Days On Market/Cumulative Days On Market:  23/30

Median SALE Price: $253,189

Median SALE Price-per-square foot: $120.00 

--------------------------------------------------------------------------

 SHORT SALES- LAST 90 DAYS SOLD:  15  (17.5% of Total)

Median List Price: $306,560

Median Square Footage: 1949

Median LIST Price-per-sq ft: $146.00

Median Days On Market/Cumulative Days On Market:  170/236

Median SALE Price: $277,085

Median SALE Price-per-square foot: $133.00 

--------------------------------------------------------------------------

And we're done!  My analysis of the sales goes like this:  Clearly we have far more DIRECT SALE listings in this category of home than any other type.  This results in direct sales accounting for more sales!  Look at the Bank-Owned homes available here -- not many!  Just 7!  That's because they sell FAST when they hit the market, because the banks are pricing them lower than all others. 

The bank-owned homes are priced significantly lower than all the others, so attract much attention, and sell fast.  Look at the days on market for these!  In all cases, they do NOT stay on the market long. 

The Direct Sale homes are bringing the highest prices, likely because they are lived-in, well-kept, and look far nicer.  Pools in Short Sale and Bank-Owned homes are often green with algae or caged over, and landscaping is overgrown or unkempt.  All of these factors come into play here.

Well, I hope THIS analysis helps, too.  Next time we'll do the Northwest Cape Coral area -- MY neighborhood.  Gulf Access again. 

Thanks for reading!

Eric

Posted by

Kindest Regards,

Eric & Linda Shelman 

Select Realty Associates,  621 Cape Coral Pkwy E, Suite 7  Cape Coral, FL  33904                Phone: (239) 810-0203  Fax: (239) 214-9017  Website:  www.FindAHomeInFlorida.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Florida Lee County Cape Coral South Se Cape Coral
Tags:
se cape coral
fort myers real estate
eric shelman
select realty associates
southeast cape coral real estate

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
10,185

Eric and Linda Shelman

Ask me a question
*
*
*
*
Spam prevention

Additional Information