Home Buying in 33904>Question Details

Alex, Home Buyer in 07657

50 cents and 75 cents on the dollar?

Asked by Alex, 07657 Sun Jan 3, 2010

I am currently looking to buy a REO in the fort myers, cape coral, bonita springs, estero areas, specifically on zip codes 33904, 33908, 33914, 34110, 34134, 33928, 33912, 33919, 33931,.....I hear a lot of people buying at 50 and 75 cents on the dollar is that true? is it possible? interested in gulf access 3 Bd, 2 Bth, boat lift, dock, pool, constructed between 2000 and 2002 not later (DON'T CARE FOR CHINESSE DRYWALL) It will be a primary residence, low HOA fees, gated community will be nice, no more than 5000 taxes a year.. EXPERTS OUT THERE ...WHAT ARE MY CHANCES?

Help the community by answering this question:


Alex, I just realized that you responded.
there are few properties that fir the criteria (up to $340K). I would be glad to e-mail you few listings if you are serious about investing / relocating. I would suggest for you to pick a Realtor to work with, so you can find what you are looking for. Please e-mail me if you would like to see some listings nslhomes@yahoo.com
Thank you in advance,
Natalia Hunter
Web Reference: http://www.NSLHomes.om
1 vote Thank Flag Link Tue Jan 12, 2010
Hello Alex, there are a lot of nice deals out there. It is very possible for you to find what you looking for with a help of an Agent. You did not specify how much you would like to spend, so I have no idea, to let you know for sure. I would be glad to talk to you and help you find exactly what you looking for. Please call me 239-344-6462
Web Reference: http://www.NSLHomes.com
1 vote Thank Flag Link Sun Jan 3, 2010
He's still got his 50 cents!
0 votes Thank Flag Link Fri Aug 2, 2013
If the property is an REO, the list price is somewhat lower than the norm, however, these properties can need repairs and cosmetics that would make the REO not the best "deal" ... Mostly the property prices have moved up since 2009 and 2010 ( that was the rock bottom ) and we really never did have properties listed 50% less than the non-REO properties... just all of the properties were priced lower then and the investors did grab everything that they could get (cash sales) at the really low prices back then. Prices have steadily moved up .... Those times appear to be over in this local market. All markets are different, so other areas of the country could have different situations.
0 votes Thank Flag Link Fri Aug 2, 2013
Our current selling price is averaging 95% of asking. =)
0 votes Thank Flag Link Fri Aug 2, 2013
Yes, they are priced below market price! But, there are others looking to bid on the same properties, so be competitive!
0 votes Thank Flag Link Mon Jul 29, 2013
This is a very old question, but here in the trenches we are still not seeing anything close to 50% or 75% deals. In reality, on average REOs are selling around 6% below the asking price.

The selling price to listing price ratio in 2010 in Lee County was 94%, exactly the same ratio as 2009. Here is a blog post with the details: http://www.gulfreturns.com/2011/01/fort-myers-homes-sold-for…
0 votes Thank Flag Link Tue Jan 25, 2011
The only place you get 50 to 75 cents on the dollar (usually) is the court house. Lately, the court house action has dried up. I believe that in the coming months, we will see short sales as the primary liquidation sales tactic for banks. Bid on short sales, if you have time. Also, with your boating requirements, I would be on a unrestricted gulf access canal. You sound like a serious boater. Look at unit 3. The homes are older, but prices are rock bottom and close to Tarpon Point.
0 votes Thank Flag Link Tue Jan 25, 2011
Absolutely, you can purchace in Ft myers, Ft myers shores, N Ft myers and Cape Coral I would say your chances of getting a home for $ 45-60 are excellent. Although the market for these are beggining to thin out some.

I just had a client make an offer on a proprty in Ft Myers sold in 2005 for $ 465000.00 it was listed for
$ 168500.00 and he offered $ 160000.00 and will probably get it. Talk about real estate investing !!!! This beats the S & P hands down for an investment.

All of the area agents below are great to work with.

If you need to get preapproved please give me a call:)

Have a great day

Good luck.
0 votes Thank Flag Link Thu Jan 7, 2010
Hello Alex,

I have access to Bank Asset Managers that can produce properties in the discount range you are looking for. There is some paperwork that needs to be Notorized and Witnessed, as well as a Proof of Funds document is required. If this interests you please let me know ASAP. I will forward the information to you as soon as I return from Ireland. I am scheduled to be back in my office January 11th, barring any travel delays.

Kind regards,

Terence Trombetti, Real Estate Adviser

Sellstate Priority Realty Network, Inc.
2799 Del Prado Boulevard South
Cape Coral, FL 33904
(239) 574-8888 Office
(239) 560-1574 Cell
(239) 574-8810 Fax
0 votes Thank Flag Link Thu Jan 7, 2010
Hi Alex,
Yes, our prices are at about 50% or less than they were 3 years ago. In some cases as low as 25% of what they were selling for in 2006. Assuming that is what you mean. The bank REO's prices are holding pretty close to the market price or listed price these days and in some cases if there are multiple offers requiring a "highest and best" reoffer or counter then you could expect to pay 10 - 20% more. There are lots of available properties at greatly reduced prices attracting many cash buyers, investors and first time home buyers.

Taxes are close for most of these I have provided below. I have about 5-7 others but taxes are a lot more than you requested. I would be happy to assist you as your buyer's agent and provide you with additional information and pictures as needed. Please use my access to the Florida Gulfcoast MLS to narrow your search if none of the preliminary listings are suitable. http://www.swfloridahomebuyer.listingbook.com









Happy New Year!

Sarah Garrett, Realtor
"Chosen Best in Client Satisfaction 2006-2009"
by Gulfshore Life Magazine
Cell: 239-464-8620
Email: sarahgarrett@argfl.com
Web: http://www.argfl.com
0 votes Thank Flag Link Sun Jan 3, 2010
@Alex - Thanks for the kind words about the blog etc. I have a Grady White Tournament, I am not sure what I do could be classified as fishing as GW embedded a layer of fish repellent in the gel coating of my boat!

Over 2/3 of our business last year was in foreclosures and short sales, haven't seen much appetite by banks for 50-75% of asking price. In Lee County, the selling price to listing price ratio has been holding steady in the mid 90th percentile. The last report I ran was for 11/09 and this ratio clocked in at 94%. Not materially different from what we saw in the the first quarter of 2009: http://www.gulfreturns.com/2009/03/lee-county-selling-price-…

I am all ears on the where the 50% deals are lurking.......
0 votes Thank Flag Link Sun Jan 3, 2010
I talked to a man in Maine who just bought 3 houses in florida. I do not know the location, but he paid $10k-$25k for each one. It took him over a year of looking to find those repo's. He made an offer on 12, he got 3.

Can it happen, yes. Will it happen quickly, likely not. If you have a realtor who sends you daily updates you might get lucky, after awhile.

He said the $10k house needed $15k done in repairs. Sometimes cheaper is not always perfect.
0 votes Thank Flag Link Sun Jan 3, 2010
@ Mark it will be Asking Price.... BTW I've Been following your Blog, answers on trulia , and listings for the past 2 years good stuff... I also know you fish guess you don't care much for the Yellow Fin....do you own a contender?
0 votes Thank Flag Link Sun Jan 3, 2010
Depends on what you mean by .50 & .75 on the $. Is it previous sale price? Mortgage amount bloated with a 2nd and 3rd? Asking price?

Here are a couple of resources that are updated daily featuring gulf access foreclosures in the zip codes noted above:

Fort Myers gulf access foreclosures: http://www.greaterftmyers.com/fort-myers-gulf-access-foreclo…
Cape Coral gulf access foreclosures: http://www.greaterftmyers.com/cape-coral-gulf-access-foreclo…

Good luck with your search! (and enjoy the contender)
0 votes Thank Flag Link Sun Jan 3, 2010
@ James . Salt Water Fishing looking to purchase a 32 to 36 yellow fin or contender boat.

@Lloyd what percentage of the REO listed amount does that 178 K represent?

@Natalia maximum 340 K
0 votes Thank Flag Link Sun Jan 3, 2010
Your chances are real good right now, keeping a mind the sales price will set your assessed value, and then your taxes. I wouldn't be afraid of looking at newer homes, as Chinese drywall, if any, can be detected during the home inspection. Cape Coral is the biggest value for Gulf Access, The biggest question would be what kind of boating are you planning to do? Do you need sailboat (no bridges) access? What other ammenties are you looking for? Please call or e-mail me for a list of homes that will fit your criteria.

James Sommers PA
Gulf Gateway Realty Inc.
0 votes Thank Flag Link Sun Jan 3, 2010

There are good deals out there, but gulf access homes homes are not being given away. I just sold a nice gulf access home in the 33904 area for $178,000, a foreclosure. I have been showing other gulf access properites in that area to another client over this past week. If you would like for me to email you the listings, plesae email me or call.

Lloyd Nichols
Right Choice Realty
0 votes Thank Flag Link Sun Jan 3, 2010
50 & 75 cents on the dollar maybe at the court auction based on the original mortgage amount but not current market value. When you put it into the perspective of the mortgage amount the bank is foreclosing on it's a great deal but extremely rare once a bank owned property is actually put on the market/MLS. 15% under asking doesn't happen very often currently either.

Gated and Gulf access combined will come with a price tag but either or is definitely attainable under 400k.
0 votes Thank Flag Link Sun Jan 3, 2010
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