Alan Brandoff,  in Jericho, NY

I built a 4 bedroom home on an oversized lot in Cape Coral last year for $450,000 at builder cost. I'm told

Asked by Alan Brandoff, Jericho, NY Mon Apr 28, 2008

it's worth $200,000 today. What should I do?

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Ride the wave. It's going to be at least 3-5 years until the value goes up with the economy looking like this. Hopefully the value will get to 80-90% of the value you paid and who knows , one day maybe even more. Whatever you do don't sell now!
0 votes Thank Flag Link Fri May 16, 2008

Sure get a CMA and perhaps you might see a better value than what you heard, but unfortunately its likely that your home is worth about 30 persent less. Even thought the home was built last year the price was set two years ago, right? 2006 was right at peak.

450K is a lot of money. Consult a Realtor from Cape Coral and then also consult a Florida attorney. There are several options out there for you.

I feel your pain. Hang in there.
0 votes Thank Flag Link Fri May 16, 2008
Good Evening,

The best thing you could do would be to contact me for a free market evaluation of your home. I can go over comparable properties actively for sale, pending sale, and sold. With this information you should have a better understanding of the present value of your home.

Thanks in advance,

Scott Slocum, REALTOR®
Florida Future Realty, Inc.
2816 Del Prado Blvd South Unit 2
Cape Coral FL 33904
Direct: 239-340-1384
Web Reference:
0 votes Thank Flag Link Fri May 16, 2008
Speak to a Realtor that will sit down and go over the recent comparable properties and explain what is going on in todays market. Another option would be to get an accurate appraisial.
0 votes Thank Flag Link Fri May 16, 2008
Rather than going on "hear say" we would recommend that you have an appraisal done this will give you a more up to date and accurate undersatnding of your homes value. Armed with this information you should be better equipoed to issue of "holding or folding."

Good luck
The "Eckler Team"
0 votes Thank Flag Link Mon May 12, 2008
Wait and hold until the market turns arround. It will but will take a couple more years. If you can't then, the bank will most likely take the hit unless you paid cash for it.
0 votes Thank Flag Link Mon Apr 28, 2008
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