falling values in whiskey creek

Asked by Beth, Fort Myers, FL Wed Apr 14, 2010

we purchased a short sale 6 months ago in whiskey creek. the value has continued to increase, according to zillow, however in the last month or two the zillow value continues to fall. the last 30 day alone it has fallen 23,000. what is happening, suddenly my great deal on a short sales is not such a great deal.

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Mark Washburn’s answer
Mark Washburn, Agent, Cape Coral, FL
Fri Apr 16, 2010
I wouldn't put much faith in the accuracy of the Zillow estimates for valuing your home. The algorithms utilized by Zillow are designed to estimate values on a national basis, they are not optimized around Florida, Lee County, Fort Myers or Whiskey Creek.

The truth of the mater is that values in Whiskey Creek have been flat for the last 16 months. Here is a comparison of Whiskey Creek sales in 2010 vs 2009:

2009 sales: 74
avg, selling price: $185,186
$/SF: $96

2010 sales: 26
avg selling price: $187,013
$/SF: $97

Whiskey Creek homes continue to be a solid investment choice in the Fort Myers area. With its location parallel to the Caloosahatchee River, the McGregor Boulevard Corridor will hold value long term better than locations further away from the river. Here is a resource to view active Whiskey Creek homes for sale: http://www.greaterftmyers.com/whiskey-creek.php
2 votes
David Lang, Agent, Fort Myers, FL
Wed Apr 14, 2010
Hello neighbor! First of all, do not rely on Zillow. I have never found the "zestimates" to be all that accurate. For one thing, Zillow (at least in the past) has a hard time recognizing between water and dry lots. Many times I can't figure out how they came up with the comps they use. If you are curious, have a Realtor complete a market analysis for you on what has sold as of late (as well as what is currently on the market) of homes similar to yours and close to yours. If you bought in the past six months, my guess is that you got a great deal in a great neighborhood. I do believe we are skipping along the bottom, not appreciating or depreciating in a sustainable direction. Unless you plan to "flip" the home in the near future, you should not worry about short term market ups or downs. You bought "low" and there is great long-term upside potential to your investment.
Good luck!

David Lang
The Lang Team
Keller Williams Realty

1 vote
Madelyn Buch…, Agent, Fort Myers, FL
Thu Apr 15, 2010
Good Morning Beth

I agree with David any good agent will tell you the same-

With my experience Zillow has never been correct – it’s a Guess-o-meter and nothing more. Lee Counties property values are going up just slowly we still have some areas of the county that are still recovering from the boom. Cape Coral & Lehigh Acres where hit the hardest, Fort Myers faired better then most cities.
If you’re interested in watching the market check with your Realtor to run a current CMA or see it they subscribe to the program Listing Book. Listing Book is a great program it allows a Buyer or Seller to search the Local MLS like a realtor. You can easily follow the market with this program.

If I can be of any additional help you can contact me directly at then number below.

Check out the Listing Book program by login on into the link below.

Madelyn Buchanan
Selling Paradise Realty


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