Cape Coral Real Estate – Cape Coral
Short Sales
The Cape Coral real estate market is quite
intriguing these days.
As many have
noticed, there are plenty of short sales and bank owned properties for sale in
Cape Coral.
We get calls
every day from buyers asking about short sales in Cape Coral. Some of these Cape
Coral buyers have been reading a lot on the internet and some have spoken with
many different real estate agents as well. Funny thing is,
they are getting plenty of different answers about how short sales work. Some
advice they get about Cape Coral short sales is good. And
some advice not so good.
Our office has a
system in place to handle the short sales in Cape Coral. At times negotiating
short sales can be trying. It is a lot of work but they are closing.
I wanted to find
out how many short sales were actually closing in Cape Coral so I did some
research. I pulled the information from the Ft. Myers MLS. So of course, this
is not inclusive of EVERY sale in Cape Coral. Some may have been handled in
other MLSs or possibly by owner or through an investor.
But this does
give us a GOOD IDEA of what is going on in Cape Coral.
Today is
4/29/2008. I pulled the data from 1/01/2008
through yesterday 4/28/2008. I’m sure many closings will take place
today and tomorrow since we are at the end of the month. I’ll update that
in a few days.
During this time
period, 999 residential properties
have closed in Cape Coral.
This includes single family homes, condos, town homes, villas and manufactured
homes. It does not include multi-family properties or vacant land. Of those 999 sales, 878 were NOT short sales. They may have been bank-owned
(previously foreclosed on) or they were sold directly from the seller.
121 of the homes sold were labeled as short sales. I went through a lot of these listings and
found a handful that were labeled as short sales for some reason but were
actually bank owned. So I’m sure this # is off a bit. But then again,
some of them that were not labeled a short sale might have been short sales.
Garbage in =
Garbage out. Overall though, this is a fairly accurate portrayal of the truth.
So what does this
data mean? In my opinion
1) Not
everything selling in Cape Coral is a short sale – only about 12% of
sales are in fact, short sales.
2) Short
sales do SELL. I know there are consumers out there and even some real estate
agents who don’t think they are selling. But here’s proof that they
are.
3) MANY
PROPERTIES ARE SELLING IN CAPE CORAL!
We may still have
quite a bit of inventory to absorb but overall we’re doing A-OK. In fact,
many of these short sales, bank owned properties, and well priced typical sales
are actually obtaining MULTIPLE OFFERS. Something that has
been going on recently and was nearly unheard of since the peak in 2005.
If you are
looking for a great buy in Cape Coral, Florida, contact us today to learn more
about this truly amazing market.
I’m no fortune teller but the facts speak pretty loudly here!
The price range
of these Cape Coral real estate
properties ranged from $39,000 all the way through to $1,700,000! Hence, we have a home in Cape Coral for EVERY
price range!
Active as of
today 04/29/2008
Total in Cape
Coral: 5,524
Short Sales in
Cape Coral: 2,107 (38% of actives are short sales)
Prices ranging from $39,000 through to $8,000,000
Active
contingent-Pending Sale as of today 4/29/2008
Total in Cape
Coral: 1194
Short Sales: 502
(42% of pendings are short sales)
