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Asked by Peter, New York, NY Sat Apr 26, 2008

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Nancy Doyle, Agent, Cape Coral, FL
Sat Apr 26, 2008
Hi Peter,
That complex was built in the height of the market. So almost everyone is upside down in them. We have so many condos on the market that it is bringing the prices down. I found 47 condo's for sale in that complex and about 15 are short sales. The one you inquired about is a short sale. That is when they owe more than the unit is worth and working with the bank to sell for less that is owed. That unit has been on the market for 177 days now and 377 days total. It is the least expensive unit. If you e-mail me with your e-mail address I can give you all the details. I can get you the comps etc. and send them to you so you can see what has sold and the history on the property. Let em know if you have any other questions I'm happy to help in anyway I can.
Take Care,
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1 vote
Matt, Home Buyer, Chicago, IL
Sun Apr 27, 2008
I recently purchased a unit in this development. Many of the people who purchased units never acutally moved in. They were speculators trying to make a fast buck. and got BURNED!! Shame on them for paying over $240,000 for a two bedroom condo. I purchased my unit for over $70,000 less than the original owner. The complex is very nice and the location is great. If you are looking for a second home and not a quick flip then you could really get a deal in the complex. I will admit, you are going to have to hold the property for a few years before the value will increase.
1 vote
Susan Milner, Agent, Cape Coral, FL
Sat Apr 26, 2008
There are many homes and condos for sale in Cape Coral. Some are priced correctly and are true sellers. Others are simply on the market in the hopes of someone coming along and offering them their price - they are NOT true sellers. Island Cove is no different, just part of the current excess inventory.
1 vote
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