Property Q&A in Cape Coral>Question Details

Jen, Both Buyer and Seller in 33954

Is this a foreclosure sale? I am interested and would like to make an offer asap. Thanks in advance. Jenny

Asked by Jen, 33954 Sun Apr 12, 2009

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In Cape Coral during the month of March, the single family foreclosure homes that closed sold for an average of 99.544%. The April Cape Coral single family closings through today closed for an average of 100.469% or $59 per sq foot of living area. There is a definite trend occuring as the smart buyers are taking advantage of the lower priced homes offered by the banks once they foreclose. I would expect to see further pressure on the lower end of our market as buyers look to purchase at what they think is the bottom of our market. The subject property you were interested in was located in Cape Coral. Cape Coral experienced some of the greatest amount of overbuilding and has a large amount of foreclosures. There is a significant amount of difference between Cape Coral and the rest of Lee County.

Steve Koffman
Century 21 Sunbelt
#1 team in Florida and #3 team in US for 2008
Web Reference:
0 votes Thank Flag Link Mon Apr 13, 2009
Right now in Lee County, foreclosed listings are generally selling for close to asking price. Our average selling price to asking price ratio was 96% for Lee County last month. Here is a blog article I authored last month on this issue:…

Here is a resource to view all the available Cape Coral foreclosed listings:

Good luck in your search!
0 votes Thank Flag Link Mon Apr 13, 2009
Hi Jen,

It is very critical to chose an experienced agent located in the area you are wishing to purchase. Some agents who do not specialize in Cape Coral are unaware of the current trends and will not help you make the best decisions for you and your family. The Cape Coral market is one of the hottest in Florida right now and significantly different than the Fort Myers market. Implying that any agent would attempt to sell you a house higher than your comfort zone to get a higher commission is simply wrong. My team is very experienced in foreclosures and have current and past customers that include Fannie Mae, Bank of America, Wachovia, Countrywide and many others. If have any questions or would just like to talk about recent trends please feel free to call or email me. Have a great day!

Steve Koffman
Century 21 Sunbelt
#1 team in Florida and #3 team in US for 2008
0 votes Thank Flag Link Mon Apr 13, 2009

That's not always the case........some agents may get 6% of the purchase price as commission if they take both sides of the transaction (list and sale sides). That's not exactly a common occurence. Typically we're making 2.5-3%. Personally, I could care less how much the house costs as long as it's in my client's best interest and it fits their budget.

I wasn't down here during the boom years and have never dealt with overinflated housing prices to that degree. I worked the Detroit market for 5 years, so commission on a 40-50k home is not unusual for me.

The point I'm trying to make is that not every Realtor is going to try to talk their buyer into an uncomfortable price range for their own gain. We're all very different and the way we run our businesses are different.

There have been a lot of foreclosed properties moving lately and if you're aggressive, you can get some phenomenal deals.


Danielle Sharp
Broker Assoc

Direct 239.471.2102
Cell 248.207.4445
0 votes Thank Flag Link Mon Apr 13, 2009
I did some research for you. Last two weeks 21 homes were sold in Cape Coral/Fort Myers in the price range 45,000-55,000. In the list below you see the last listing price and the price the house sold at. As you can see, only 5 sold at more than the listing price, 11 sold under and 5 sold for the listing price.

Don't forget that realtors get up to 6% of what you pay for an house. It's not in their interest to get you a cheapy.

Listed at Sold at Change MLS Address
$54.500 $45.000 83% 200859362 4113 Residence Dr #223
$49.900 $45.000 90% 200901672 606 SW 10th Pl
$54.900 $46.000 84% 200900817 750 Arundel Cir
$47.900 $46.000 96% 200905127 8380 Bernwood Cove Lp #605
$49.900 $47.000 94% 200910993 907 NE 10th Ter
$50.000 $48.000 96% 200865106 151 W Cape Coral Pkwy #202
$51.900 $49.000 94% 200866977 1906 NW 18th Ter
$49.000 $49.000 100% 200836020 1763 4 Mile Cove Pkwy #611
$70.000 $50.000 71% 200819701 9825 Creekwood Ln
$43.900 $50.000 114% 200911653 2243 Caladium Rd
$46.900 $50.000 107% 200907156 620 SE 11th Ave
$54.000 $51.500 95% 200906993 719 SW 47th Ter #204
$53.900 $52.500 97% 200906262 6400 Aragon Way #204
$40.900 $53.200 130% 200867302 312 SE Santa Barbara Pl
$58.650 $53.650 91% 200907471 818 NE 16th Ter
$49.000 $54.000 110% 200908620 7507 San Carlos Blvd
$54.900 $55.000 100% 200853217 1313 NE 12th Pl
$54.900 $55.000 100% 200906554 3605 Cedar Oak Dr #107
$50.000 $55.000 110% 200865377 430 NW 5th St
$55.200 $55.000 100% 200902690 16490 Garden Blvd
$55.000 $55.000 100% 200910437 4624 West Dr
Average 98%
0 votes Thank Flag Link Mon Apr 13, 2009
Dear Jen,

That house is a short sale that has an offer on it. The Seller has signed it and they are waiting for the bank to accept it. That process can take months and usually does. I would suggest that you take aim at some of the foreclosures available. Even the foreclosures are experiencing an unbelieveable amount of activity on them and you will probably see multiple offers and higher than asking on the best of them. My team is very experienced in dealing with foreclosures. If you have further questions or would like professional help please feel free to call or email. If you want to search the MLS you can find thousands of homes at have a great evening!

Steve Koffman
Century 21 Sunbelt
#1 team in Florida and #3 team in US for 2008
Web Reference:
0 votes Thank Flag Link Sun Apr 12, 2009
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