Listers Plus Realty

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NEWS ARCHIVE HAPPY NEW YEAR 2008 I haven't posted any news for a while on my web site. I didn't want to deliver more bad news. Now, we are at the start of a New Year. Everyone is carefully listening for all the rumors and prognoses for this one; therefore, I will tell you about the latest facts and about different opinions including MY OWN. Almost everybody agrees that 2008 will not bring any miracles to Lee County or South West Florida. However, some people are preaching miracles for 2009; the same folks who were publishing their diagnoses in the Local and State news and media since 2004, those who didn't predict one single thing right. It seems to me that they are all into politics rather than into Real Estate. My opinion is a little bit different and, even if it's wrong, it is honest. IN 2007 WE SOLD ABOUT 2100 CAPE CORAL HOMES. THAT IS APPROXIMATELY 175 PER MONTH. HOWEVER INVENTORY OF 5100 HOUSES STILL REMAINS THE SAME AS THRU 2006 AND 2007. OUT OF 5100 HOMES THAT ARE FOR SALE 1600 ARE SHORT SALES. A Short Sale is when the property owner and the mortgage holder are trying to sell the house to avoid foreclosure, and for less than the mortgage owed. INVENTORY OF VACANT LOTS IS DRASTICALLY DOWN COMPARED TO 2006 AND 2007. WE HAVE 5200 LOTS OFFERED FOR SALE. THIS NUMBER USED TO BE TWICE AS BIG, AND THIS LARGE DECREASE IS MOSTLY THANKS TO THE REALTORS WHO ARE REFUSING UNREALISTIC LISTINGS AND SELLERS WHO ARE TAKING THEIR OVERPRICED LISTINGS OFF THE MARKET. ALSO, 723 LOTS WERE SOLD IN 2007 - APPROXIMATELY 60 PER MONTH. WE HAVE MORE THAN 1000 FORECLOSURES EACH MONTH IN LEE COUNTY, ALONE. LESS THAN 20 BUILDING PERMITS PER MONTH WERE ISSUED IN THE LAST THREE MONTHS OF 2007. THESE NUMBERS ARE ALL-TIME LOWS. THIS IS GOOD FOR THE HOUSING INVENTORY AND BAD FOR THE LOT SUPPLY. INTEREST RATES ARE GOOD, BUT BANKS ARE NOW VERY STRICT WHEN ISSUING LOANS SINCE THE SUB-PRIME MARKET COLLAPSE. BUYERS HAVE TO PROVE THEY CAN AFFORD THE PROPERTY (MORTGAGE). SOUTH WEST FLORIDA'S ECONOMY IS IN RECESSION THANKS TO THE BUILDING INDUSTRY DOWNTURN. TOURISM IS WHAT'S KEEPING US AFLOAT. MANY RESIDENTS ARE LOSING THEIR JOBS, AND FINDING A NEW JOB (AT THE SAME PAY RATE) IS NOT ALWAYS EASY. CRIME IS ON THE RISE. YOU CAN BUY CAPE CORAL LOTS FOR AS LOW AS $15000, OR A GULF ACCESS LOT IN NW CAPE FOR UNDER $100000. FRESH WATER PROPERTIES ARE SELLING FOR UNDER $30000. CITY SEWER, WATER AND IRRIGATION ARE ARRIVING IN MANY CAPE CORAL AREAS. THIS MEANS A $20000 LIEN IS ATTACHED TO THOSE PROPERTIES. YOU CAN BUY AN EXISTING HOME IN THE CAPE FOR UNDER $100000. BUILDERS ARE OFFERING GREAT DISCOUNTS IN ORDER TO MOVE THEIR INVENTORY. PRICES START FROM THE $130s. So, given the above information, what do you think? Where is the bottom, and when will prices go up? Is it going to get any better soon? THERE ARE TWO MAJOR GROUPS INVOLVED HERE. THE SELLERS WHO ARE WAITING FOR PRICES TO GO BACK UP TO WHERE THEY WERE IN 2004 AND 2005, AND THE BUYERS WHO ARE WAITING FOR PRICES TO GO DOWN TO THE POINT WHERE IT WILL BE CHEAPER TO BUY REAL ESTATE THAN TO BUY AN iPOD. I DON'T THINK EITHER ONE WILL HAPPEN.

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