Market Conditions in 33991>Question Details

Beth, Home Seller in 33991

Are homes selling in the SW Cape?

Asked by Beth, 33991 Sun Aug 19, 2007

We recently dropped our asking price another $30k to the mid $180s. It is 1355 sq. ft., 1950 with lanai's and garage, built in 1999 and in great condition. Very little needs done in the home we just really need to move out of the area asap. The only negative to our home is the yard condition, if someone wants a plush lawn they may need to resod. The landscaping is beautiful though and very low maintenance. The inside is move in condition. We owe $160k and after a realtor % need to at least cover moving expenses of $5-$10k. I'm inquiring if it is realistic to have a chance at selling. We've looked at renting it out but need $1150 to cover expenses and that doesn't look like it will happen. We will consider lease options. Any advise is appreciated!

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I haven't been on here in quite awhile. We rented the house out in Dec 08 and had tenant turn-around March -09. We bought a house in another area and then my husband lost his job. We hung on here until recently and are now closing on a short sale here. Our tenants have not been a good experience (late rent, breaking things, etc) so we offered to let them out of their lease and they accepted. So...we are moving back in temporarily. We'll be re-renting again in 6-9 months....I guess we have to plan on keeping the house awhile...still owe $147k! Thanks for all the posts!
0 votes Thank Flag Link Tue Sep 28, 2010
The problem is the existence of a dual market these days.
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...
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0 votes Thank Flag Link Tue Sep 28, 2010
Hi Beth,

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
DeeAnn DeCastris

Property Administrator/ Office Manager

4829 Coronado Parkway

Cape Coral, Fl. 33904

888.208.5129/239.542.2710 X 111

0 votes Thank Flag Link Thu Dec 11, 2008
Beth, houses are selling but they have to be priced right. Have you contacted a Real Estate Agent yet for advice? We can advise you on price. Let me know if you'd like assistance.

Good luck!
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0 votes Thank Flag Link Mon Oct 8, 2007
Homes are selling in SW Cape Coral. If I take for example the area from veterans Pwy to south to the river, and al the way to Pelican Boulevard. We have 182 sold for the last 3 months and 70 Pendings.Compare to about 233 sold in 2006 for the same period We are not going as slow as people think. Homes are selling because owners did adjust their prices. I cannot tell you have a good chance at selling your home as I haven't seen it and I have very little to compare. You are in aprice range that has an enormous inventory so you need to stand out.. The yard is not a huge issue unless it looks rough.You do need to invest your time and some ( not much ) money on your curb appeal.. With the kitchen investing in your yard has the biggest return. I would need to know what kind of street you live in for me to give you a correct answer.Lets put it this way: in this market you need to be in the top three ( most affordable )of all your comparables, that is to say your block and possibly your unit. Gave me a call and I will offer you a market analysis.Then you will know.You have to know how you compare with their flooring,counter tops, windows, square footage, landscaping, garage space, age of roof et...
0 votes Thank Flag Link Sun Aug 19, 2007
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!
0 votes Thank Flag Link Sun Aug 19, 2007
Are you doing this by owner or working with a Realtor. Your Realtor should be able to provide you with the statistics on the market conditions for your area and what it would take to get it sold. Good luck.
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0 votes Thank Flag Link Sun Aug 19, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
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