If you look at the closed sales and current listings in your condominium development you might see the prices seem to be going down. There are a couple of pending sales at higher prices than the current closed sales or active listings.
There are still foreclosures and short sales which are impacting the overall property values. Perhaps because of panic selling by some owners who may not have been able to handle the assessment for repairs.
If you could get your neighbors to stop short selling, the foreclosures would probably stop. And your property values would increase. All the resent foreclosure sales have been from failed short sales.
You have a property in a well established and popular community in Estero. The community appeals to all ages and offers many amenities with some of the lowest fees in the area. You have a good investment if you can hang on thru the repairs and foreclosures. There are very few communities which are still clearing out via short sales and foreclosures. Yours happens to be one them, probably because of the repair assessments. At least your not dealing with Chinese Drywall which is a problem for several Estero condominium communities.
It looks like someone is getting ready to put a 2 bedroom on the market for $100,000. Because I am a REALTOR® I can see there is currently a property in the MLS which is withdrawn. The comments say they are waiting for photos. The property may not appraise for a buyer getting a loan, because of the short sales which became foreclosures. However, there are plenty of cash buyers in Southwest Florida and not very many decent properties in good locations in a $100,000 price range.
It is my opinion that condominium associations should have to keep a reserve to help homeowner's who can not handle larger assessments. It is heart breaking to see an older person or someone temporarily unemployed loose a property because work needs to be done which there are no reserves to cover the cost. If the association could finance the assessments for senior owners or temporarily finance the assessment for unemployed owners every ones properties values would be more secure and there would be less distress sales.
On my informative homepage www.FloridaBuyerBroker.com you will learn about:
The #1 Mistake Real Estate Buyers Make
21 Critical Mistakes Buyers Make
20 Things the Listing Agent Does Not Tell You about Short Sales
Short Sale Fraud
Foreclosures - the Wild West of Real Estate
Unrealistic Buyer Expectations
Toxic Chinese Drywall
Link to the REALTOR® data base system to search homes in Collier and Lee counties.
I have been licensed to sell real estate in Southwest Florida since 1981. In 1993 I decided to become an Exclusive Buyer Broker. In 1998 I opened my own exclusive buyer broker firm.
I am friendly and easy to talk too.
When you are getting ready to make one of the most significant investments of your life, ask Beverly Howe first!
Beverly Howe, CIPS, ABR, GRI, TRC, CNE, EBA, SRES, ACCRS
Florida Buyer Broker
Owner - Exclusive Buyer Broker
Certified Negotiation Expert
1031 Exchange Specialist
Certified International Property Specialist
Accredited Buyer’s Representative
Graduate of the REALTOR® Institute
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