SW Florida: High Inventory Low Sales - How Long?

By Cape Coral Florida Golf Course and Waterfront Homes

Real Estate Agent with Gulf Coast Realty Network, Inc.

February 25, 2008 08:36 AM

We are having a little rally this Quarter, which is traditionally our best quarter of the year. Will it last?

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Brian Hoots

Real Living Speckman Realty, Inc. - Bourbonnais, IL

Jim, Are you seeing any relief in the RE market in Cape Coral? Have the homes going into foreclosure slowed down? Just wondering we have a rental in NW Cape.

Mar 05, 2008 05:17 AM

Cape Coral Florida Golf Course and Waterfront Homes

Gulf Coast Realty Network, Inc. - Cape Coral, FL

Hey, Brian....

Was just considering that question with a client....

We seem to be averaging about 17 new listings a day
and about 4 Pendings a day.

Foreclosures are running 83 a day since Jan 1. In Feb, 490 foreclosures were homesteaded property. To me, that's the most serious issue.

New building permits were 63 in Feb ! 63 Idiots?

So, no I don't think things have stabilized, although bottom feeders are nosing around, some of them BIG-TIME bottom feeders (Vulture Funds, for example).

Unfortunately, rentals have crashed as well. I know of one high-rise condo development that has been trying to sell units at $750,000 +- nd will rent on a two year option for $750/month, unfurnished or $1100/month completely furnished.

So there you are. My 2008 strategy to focus on listings would not seem to be a good one, so it's back to putting out honey for buyers from "Up Nawth".

More Cape Coral Info @ http://www.JimGibson.BIZ
It's a P2A site, so look for the tabs on the left side.
You are welcome to sign up for my Listing Book access to the local MLS. Just sign in as an AGENT, please.

Good Luck!
JimG

Mar 05, 2008 05:41 AM