Market Conditions in Naples>Question Details

Dale, Other/Just Looking in Fort Myers, FL

All I see these days is sale pending. Who is buying up all these great deals????

Asked by Dale, Fort Myers, FL Tue Jul 19, 2011

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31
The short answer is, the smart people not afraid to move forward.

Barry Kay P. A.
Premiere Plus Realty Co.
370 12th. Ave. S. Ste 101
Naples, FL 34102
Office: 239-732-7837
Fax: 239-530-2710
Cell: 407-312-4000
barryaok@aol.com
barrykayrealtor.com
5 votes Thank Flag Link Tue Jul 19, 2011
My mother taught me when it’s cloudy bring an umbrella it will never rain. The early bird does get the worm, rain or shine. Some just wait and wait and then they get soaked.
You don’t need to be smart to buy real estate all you need is a purpose and the means ." No ticky no laundry.”
For some the time is now for some that day will never come.
Why am I smiling ?
For I am buying today
And why do I sing?
Why does September
Seem sunny as spring?
Why do I get up
Each morning and start?
Happy and head up
With joy in my heart
Why is each new task
A trifle to do?
Because I am living
A life full in my house .
3 votes Thank Flag Link Tue Jul 19, 2011
Are you being facetious? Yes, pending sales are up. But actual sales are down owing to cancellations.

This was in the news recently.
http://www.dsnews.com/articles/distressed-properties-account…

Inventory has increased. We can lay blame on the lenders. Money is tight, which seems odd if economists and policy makers think that housing is holding back the economy. To sell more homes, buyers need financing.

Maybe investors are more active in Florida. That wouldn't surprise me.

SuZ
PML of Longmont, CO
720 810 0683
2 votes Thank Flag Link Fri Jul 22, 2011
Hi Dale,
Maybe many of the pending sales fall apart and don't close, just because it's pending doesn't mean it's a done deal. You'll probably see a lot of "back on the market" too. Good Luck
2 votes Thank Flag Link Wed Jul 20, 2011
A lot of great answers posted here. I believe we all should buy these great deals now or we will be kicking ourselves later. :)
Web Reference: http://NaplesRealtyMan.com
2 votes Thank Flag Link Wed Jul 20, 2011
Hello Dale,

The majority of what you see pending are "short Sales"; I have seen these close in 12 days (I closed on this one with my buyers) or as much as 2 years.

So who is buying, folks who are serious about buying, those who have decided to take advantage of ths market. Inventory has been reduced substancially and I believe that sellers are finally listening to the market and adjusting their pricing accordingly.

My advise as always, if you like the property, make a serious offer and see where it takes you. Your REALTOR is your best friend; listen.

Good Luck to you.

Agnes Tabor, REALTOR
ABR - Accredited Buyers Representative
PREMIERE PLUS REALTY
Naples, Florida
2 votes Thank Flag Link Tue Jul 19, 2011
I agree with all being said here...plus one more factor that is causing unusually high pending sales. A "good" Short Sale takes an average of 3 months to close, instead of the typical 30-45 days for a conventional sale or foreclosure. There are many short sales pending that will never close, because of inexperienced listing agents. Some of those prices you see were not determined by BPO's or CMA's, and do not reflect the true price the bank might be willing to short sell the property for. So don't be fooled by all those the pending prices...some will close for more than the list price, some for less, and some will never close.

I can introduce you to the client version of our multiple listing service, which gives accurate information about available, pending and closed sales. It also offers lots of other information, including demogtaphics, maps, financial calculators, school info. etc. All I need is your name, email address and criteria (number of bedrooms, baths, area, price goal, etc.) and I can set up a custom account that will help you accurately navigate this market and find the best values.

I have 20 years local business experience and make it my business to help you find the best properties, or sell yours for the highest possible price. Don't worry, there are still plenty of good buys out there! But, they are becoming more scarce..I agree it's time to get off the fence and take action.

Janine Monfort
Amerivest Realty
239-641-0990
Email:JM@BestNaples.com
Web Reference: http://www.BestNaples.com
2 votes Thank Flag Link Tue Jul 19, 2011
Let’s take the worst case scenario Dale. The average realtor sells one house in a month or twelve houses in a year making $3000 per sale that is $36,000 to the broker and than they split the gross sale
There are on record 2 million agents that fit this scenario. Even if they sell just one house a year there is 2 million homes that sold with the help of a Realtor. Pretty amazing number of homes sold by just average hard working realtors. The problem Dale is those realtors have little or no income than the sale that they made that year.
No unemployment benefits no insurance they are not even considered unemployed. They are just watching their passion and their career being destroyed in front of their eyes.
It is time to stop looking and start buying. Now I given you two reasons. We sell lot of homes to a lot of people.
For every home we sell we create work for at least four people. Our industry is the backbone of this country. The foundation for our market is affordable homes and jobs for those that buy them.
So when should you stop looking and start buying? The key is not in the price you pay nor in the interest rate you are charged but what is the cost to you per month.. When you rent is $1200 per month and that is all you can afford. Why would you rent if you could own for the same price.
1 vote Thank Flag Link Wed Aug 31, 2011
Better question would be who is not buying.........those whom are waiting for a magic fairy to tell them "jump" will be very dissapointed.


jessemcgreevy@gmail.com
239-898-5329
http://www.Bonita-Estero-RealEstate.com
1 vote Thank Flag Link Tue Jul 19, 2011
Old question. But I will respond. The market still has a strong investor participation. The Fort Meyers area has had foreign investors pouring into the market in bigger numbers as they seek safe havens for their money.

Suz
0 votes Thank Flag Link Fri Mar 29, 2013
RIght now in 2013 the buyers getting the contract are paying ALL CASH or are FAST or are OWNER OCCUPANTS buying during the owner occupant period.

Hopefully you already bought a property in 2011 and don't have to get caught up in the current FRENZY with buyers (or more) competing for almost every property.
0 votes Thank Flag Link Fri Mar 29, 2013
Great Question and Wonderful Answers! Investors and Smart Buyers! The time to Buy is Now...regardless! Low interest rates and low home prices due to foreclosures & short sales are causing homes to sell like HOT BREAD!

I truly appreciate my fellow Realtor's answers. Many don't realize or consider what we do for our economy and how passionate we are to help individuals with their dream of home ownership. All while guiding and educating them with one of the largest financial decisions they'll make in a life time. People should look at the whole picture individually and take note of what makes sense for them and their family and not focus on what the media has to say. If Renter's don't Buy, Investors will and Rent them out to those who won't. Buyers should ask themselves...Who's mortgage would I rather pay? Mine or theirs? If one isn't able to qualify for a "traditional" mortgage at this time due to credit issues and lender restraints, why not do a Rent To Own? It can be a Win-Win scenario for all parties involved.

Feel free to contact us to get started on our Rent to Own / Least Purchase program. http://www.clearvisionrealty.com/rent-to-own-entry.asp

Regards,
Normalina Martin
Licensed Real Estate Broker
Clear Vision realty & Associates
"We Solve Ordinary Real Estate Situations in an Extraordinary Way"
407-796-1496
http://www.clearvisionrealty.com/rent-to-own-entry.asp
0 votes Thank Flag Link Fri Mar 1, 2013
Hey Dale, I don't know about the Fla market but here In DC the investors have been buying a lot for 3 yrs now. if you have a good realtor just make sure they are setting you up w an auto email program so that when a listing that matches your criteria comes on the market you get it in your email. When the market is this good and interest rates are this low you have to move fast..Mac
0 votes Thank Flag Link Fri Sep 2, 2011
In Southern California, investors and first time homebuyers. But investors have gobbled up most of the great deals by making all cash offers.
0 votes Thank Flag Link Fri Sep 2, 2011
Dale,
GREAT deals is certainly describing it! People are making out like bandits, snapping up properties that were selling for lots more just a few years earlier. If anything, now is the time! Here's who we are selling these great deals to:

First Time Homebuyers who can finally afford their piece of the pie
Cash Investors who know better then to pass up a deal like that
And of course, there are always people who are buying second homes or vacation homes, who are taking advantage of today's buyer's market. They are buying their own piece of paradise at an unbelievably low cost!

If you would like to take advantage of today's market, we are glad to help. Please feel free to call or email me today!

Angie Curkovic and The Curkovic Real Estate Team
239-330-1225
0 votes Thank Flag Link Tue Aug 30, 2011
Single family homes below $200 K in Florida, are being purchased by EVERYBODY!
This market segment is red hot! First time home buyers, consolidated household purchasers, pre-retirement purchasers, foreign buyers, and let's not overlook the cash investor who is eyeing anything they can get at 60%.

Great interest rates and incredible prices have energized the opportunists while the nay-sayers look on. Dale, if you are looking for a great deal, get your ducks in a row then contact your real estate professional.
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Mon Jul 25, 2011
Hi Dale,

In Somerset and Morris counties (NJ) the buyer pool is diverse, as it has always been.

I am working with:
- 1st, 2nd and 3rd time home buyers
- Buyers that have been in their existing homes for 15+ years and are looking to make a lifestyle change
- Transferees
- Buyers with children that are approaching 1st grade or high school level and want to be in a certain school district
- Cash investors
- And those individuals that are simply looking for a project

The primary difference is that what once was out of reach for many buyers in my area, has now become a reality and they are not afraid to go after it.

Good Luck with your search!
Eileen Kelly, GREEN, SFR
Keller Williams Towne Square Realty
Bernardsville, NJ 07924
973-477-8445 (cell)
http://www.EileenKellyRealtor.com
0 votes Thank Flag Link Mon Jul 25, 2011
That depends...What is the area of your choice? Mostly, the investors are buying them up. However, some home buyers can take advantage if they have a good Realtor working for them.

Roxanne Sierra, Realtor
Intero Real Estate
Silicon Valley, CA
(408)410-7816
RoxanneSierra.com
0 votes Thank Flag Link Fri Jul 22, 2011
Great question…I my opinion the buyers getting the great deals right now are a diverse group …I do not know the actual % in break downs but these are the main players; end users (first time home buyers and any other buyers using the home for their primary residence), investors both foreign and domestic…usually cash buyers with deep pockets and the last buyer segment is people looking for a second home again both domestic and foreign buyers. Everyone is taking advantage of the great prices usually well below replacement cost .Let me know if you are interested in pursuing some of these great deals... there are few techniques I can show you to get the banks attention when we present a contract .
Thanks John
John Giaccone
Realtor
239-462-3589
johngiaccone@comcast.net
0 votes Thank Flag Link Wed Jul 20, 2011
Hi Dale,
Well many first time homebuyers are buying, but also investors are taking advantage of the current market conditions. Now is the time to buy!!! Hope this answers your question.

Alisa M. Accardi
Downing-Frye Realty, Inc.
3411 Tamiami Trail North, Suite 100
Naples, FL 34103
(239) 207-9633 Cell
(239) 431-7095 Fax
http://www.BuyNaplesFloridaHomes.com
0 votes Thank Flag Link Wed Jul 20, 2011
Hi Dale,

Investors with cash.
0 votes Thank Flag Link Wed Jul 20, 2011
Although I won't speak for the others, I've been buying some of those "great deals", and I'll continue to buy for a while.
0 votes Thank Flag Link Tue Jul 19, 2011
In the Naples area w have just under 2000 listings pending and just under 6000 active listings. With the great prices out there, smart buyers are out there. If you would like to search the MLS directly, I can put you on a service to do that, or if you would like custom emails sent to you with your search requirements, that can be done as well. To see valuations of a property you are interested in , you can go to http://;www.naplespropertyvalues.com" target="_blank" rel="nofollow">http://' http://;www.naplespropertyvalues.com
Web Reference: http://www.johnkrol.net
0 votes Thank Flag Link Tue Jul 19, 2011
If you're looking at a short sale, it may be in "pending" status for 6 months. If you remove out all of the Short Sales, you will find there are not as many "pending".
0 votes Thank Flag Link Tue Jul 19, 2011
I would have to agree with many of the answers you've gotten already. My clients this year have been mostly foreign. Canadians are at the top of the list, both for personal use and investors who want to buy 4-5 for retirement income. I've also sold to citizens of Peru and the UK. So it is definitely time to buy as I am watching prices creep up. There are still some great deals out there, but you need a professional watching the market for you and ready to help you grab a deal the minute it hits the market!

Good luck! I'd be happy to help if you do not already have a REALTOR.

Peggy Wagner, ABR, CIPS, GRI
Perfect Place Realty, LLC
239-405-4300
peggy@perfectplacerealty.net
0 votes Thank Flag Link Tue Jul 19, 2011
Buyers who have been sitting on the sidelines are back not only looking but buying. We are seeing more foreign buyers coming into the Naples market place seems like a good place to put your money.
0 votes Thank Flag Link Tue Jul 19, 2011
There are a mulitude of buyers who understand that we have reached the bottom of the market and in someplace it is already starting to increase. The investors are back, all those fence sitters are getting off and those who about to retire in the next few years know now is the time to by. Add to that the foreign buyers and any property that is a good deal will move VERY quickly. If you are considering a purchase have yourself ready to make an offer NOW!!! You need proof of funds or documentation showing the cash for a cash deal. Call when you want to discuss. Ken Buratti
0 votes Thank Flag Link Tue Jul 19, 2011
If you are talking about the Naples market...a little more than a year ago inventory was over 12,000 properties...yesterday NABOR MLS reported UNDER 6,000 Active properties. Great deals are still out there...I think many will be saying - looking back..." I woulda...I coulda...I shouda "...An astute buyer just flew in today...to look at one of my REO properties....$84,900...was $369,900 in 2006!

Maurice Mclaughlin-Broker Associate
Downing-Frye Realty Inc.
239-249-1000
0 votes Thank Flag Link Tue Jul 19, 2011
Most of my clients are out of state buyers and also a lot of Canadians. There are also of course investors who have a lot of money that buy properties as well and resale them for a higher price. Most foreclosure banks have waiting periods now for investors to bid on properties. This allows the buyers who are going to live in the property and make it their primary residence to have a chance at buying a property. A couple years ago it was close to impossible for a local buyer to obtain a property. Thanks to the new law that came into place it made it easier for the local buyers to get their hands on a property. Fort Myers and the surrounding areas are the most desired areas to buy so yes the properties do go very quickly. I have lived in Naples and Bonita Springs all my life so it has been amazing seeing the market change over the years.

Julie
Advanta Realty
0 votes Thank Flag Link Tue Jul 19, 2011
We are getting buyers from around the world and alot of investors as well. This has been my busiest summer in 10 Years,
Web Reference: http://www.ken-lowe.com
0 votes Thank Flag Link Tue Jul 19, 2011
NO!!!
That cannot be possible!
You must be mistaken!
We haven't reached the BOTTOM yet!

Good luck and may God bless
0 votes Thank Flag Link Tue Jul 19, 2011
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