A Good Buyers Agent Knows Where the Deals Are
SageRealtor Group News October 2010
With the recent news of the hold on foreclosures, buyers are understandably wondering if there are still good values to be had. Answer – Yes. It’s long been a misconception that the “deals” are only to be found in short sales or foreclosed (bank owned) properties. Certainly that is true in some cases, however, it’s just as common to purchase from a ‘traditional’ private seller at a price substantially lower than the peak (40-60% lower).
For the most part, sellers, no matter the type (REO, short sale, or traditional) are setting their asking prices using the same market data. This has been true in our region for quite some time (to cite a mantra, all real estate is local!).
Here’s an example.
In Colonial Country Club, a popular golf and tennis gated community in Fort Myers, there are four 3 bedroom, 2 bath condominiums available under $200,000; each are 1857 square feet, were built 2003 and after, and were selling in the $300,000 range during the boom times. Let’s take the bottom three: The lowest asking price is $158,900, is new to the market, and is a private seller. The second lowest at $159,000 is a short sale and has been on the market for 200+ days. The third highest is $169,000, is brand new to the market and is a foreclosure. Who is the most motivated seller in this scenario? We would venture the private owner: they have priced under all the competition out the starting gate and they are able to sell quickly and provide clear title, without bank or court delays or approvals.
Is the Seller Willing and Able?
At the end of the day, it takes a willing and able owner to sell the property. A short sale that has been on the market and priced right for 180 + days suggests an unwilling lender (or lenders) – they most likely have had offers that did not get approved by the bank for a variety of reasons and it’s never known at what point they will be both able and willing to approve the short sale. An overpriced listing offered by a private seller is a seller that is not motivated to sell at this time (does not need to sell) or that cannot sell below a certain price (perhaps willing, but not able).
A good buyer’s agent will know the market and will know how to uncover background and market data that will ensure a buyer is paying fair market for the property, no matter who is offering the property for sale.
The SageRealtor team was in the top 10 sales in Lee County Florida twice in the last 60 days as reported by the News-Press. The first top seller was a Caloosahatchee riverfront home in Cape Coral that sold for $1,285,000. The second that made the top 10 was a Fort Myers Beach home on the back bay that sold for $600,000.
Cape Coral Marinas – Slips Available
Good news for Lee County boaters and anglers that have (or are purchasing) off-water homes or condos. It was not long ago that finding a wet boat slip to rent was a challenge and waiting lists were common. Currently, Cape Coral’s two public marinas have vacancies for short and long term rental.
The Cape Coral Yacht Basin (also known as the Yacht Club or Godman marina) in southern Cape Coral has slips available for boats 17 – 52 feet. Rosen Park marina in eastern Cape Coral can accommodate boats up to 40 feet. The Yacht Club marina is an active community center and is the closer of the two to the Gulf of Mexico. View more information along with annual, monthly, and daily rates here:
Review: Bayfront Bistro is a GO
We’ve been meaning to head down to newly opened Bayfront Bistro on Fort Myers Beach for some time as it’s a one of a kind venue on the beach. Bayfront Bistro is on the back bay, mid island in the Snook Bight Yacht Club & Marina. We finally had the perfect excuse, a celebration with our Toronto clients who had just closed on their vacation property on the beach.
The meal was superb and the view of Estero bay the icing on the cake. Those who have been to the Blue Coyote (a private club in Coloosa Yacht and Racquet Club) will find the menu and ambiance familiar as the Bayfront Bistro was designed by the owner of the Blue Coyote.
Next door, the Snook Bight Marina has boat charters, sight-seeing cruises, and boat rentals, or bring your own vessel. What’s not to love about a day on the Gulf of Mexico followed by a scrumptious meal and bottle of wine?
VA Investment Zone in Cape Coral
The city of Cape Coral has created a Veterans Investment Zone to encourage business development around the new clinic at Corbett Road and Diplomat Parkway. The clinic is currently under construction and scheduled to open early next year. The city is working to attract medical offices, assisted living facilities, retail businesses, hotels and light industry in the neighborhood of the clinic.