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Buying Florida Foreclosures
January 10, 2009 by admin · Leave a Comment
As many have been reading from media reports, foreclosures are happening to nearly every other house in certain areas of Florida. This article is going to focus on Southwest Florida’s real estate market. An area that we have a high level of interest in is Lee County and Collier County, specifically Ft. Myers, Estero, Bonita Springs, and Naples. We’ll throw in Cape Coral just for good measure.
Lee County was just rated #1 in the country for the highest number of foreclosed property for 2008. That is not a good accolade to put on your resume! However, homes can be bought rediculously cheap from the peak years. Homes in Cape Coral for instance that were built in 2005-2006 for around $300,000 including the land, can now be taken from the banks for $110,000. I am not including crummy construction, and chincy detail. These are homes in great neighborhoods, close to everything and HAVE A POOL. Whether you want this as a second home or rental property, you cannot go wrong with today’s prices. Prices are down nearly 60% from the peak years. Yes 60…6-0 Percent. Homes are typically about 1500 square feet of living space and hold 3 bedrooms and 2 bathrooms with 2 car garages on a quarter acre of land.
Ft. Myers is a little bit different than the Cape. Not as many foreclosures, but just as close to the Gulf of Mexico. In Ft. Myers, you can find beautiful condos with full amenities starting in the low $100,000’s to the upper $200,000’s. Prices are down about 50% from the peak in Ft. Myers. Condos are typically 2 bedrooms and 2 bathrooms, some units having garages and some having carports. But drive 5 minutes, and you are among some of Florida’s finest shopping, dining with local seafood, entertainment, golfing, boating, fishing, and anything else you can think of on the sandy white beaches.
If you have been dying for that luxury second home of your dreams, you will never find another better time to fulfill those dreams as prices are very low and affordable. In November 2008, there were 600 home sales recorded, a great sign that this particular area is starting to bottom out. Contact us today for a consultation with our Florida expert and we will be glad to help you with your dream.
Side Note: A member of New Jersey Real Estate Guys is a licensed real estate agent in Florida. He is highly experienced on all levels of real estate and sold over $130 million in property from 2003 to 2008, as well as assisting developers with land entitlements, development order responsibilities, and construction .
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