The distressed market is just killing the regular market where homeowners just can't compete against all those foreclosure at much lower price.
My buyers always ask me why they should pay $180K for a move in condition home in the Cape while they could get the same one for about $80K with another $30K to make it in moving condition. I can't blame them. They are just saving $70K right there.
What's needed is to reach a smaller distressed market in order for the other to rebirth...
I was curious as to what you did with your home? We are 2nd home owner's in Cape Coral too and do rent ours out and have had great success. We were researching the sale of our home also but there is a high inventory but unfortunately the foreclosures are pulling down the value. As per our property mgmt. company..the rental market is high and the rent you mentioned should be attainable for you. I will input their info. below We have used them for 4 or 5 years now and they are great! Cheers! ginger
Property Administrator/ Office Manager
4829 Coronado Parkway
Cape Coral, Fl. 33904
888.208.5129/239.542.2710 X 111
this does sound like a great home. I am a REALTOR in Florida, but Cape Coral is not my area of expertise (although I've visited). How long has your home been on the market? What is the average DOM (days on market) in your area? Have you had many showings? Any offers? If you need to sell, have your REALTOR provide a new CMA (comparative market analysis) a price your home 5% BELOW that figure. This may not produce the net profit you'd like, but it will probably get your home sold. Discuss these ideas with your current REALTOR. He/she is your best source for information. Best of luck!