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In and effort to serve our clients and customers better, we are bringing our newsletter online. Overt the years Mary's newsetters have gained in popularity because they contain well researched and pertinent information associated with the local real estate market, including Cape Coral and Lee County current news. No recipes, just good content. We will continue to mail out an abbreviated form of the newsletter through the end of the year.

"Mary, Thank you for sending me your newsletters. There are so many things in it that are not in the newspapers." William 3-08

Updated 9-7-08

Best time to buy in 4 years 3-4-08.pdf

It's Time to Buy!!

Sales in Cape Coral are up almost 400%

For those of you that missed the boom of 2003-2005, guess what, you get another chance. Prices in Cape Coral have retracted back to 2003 pricing. Homes are as low as $60,000 for major fixers! Lots are at 10k and up. It is time to get back in the game.

In spite of 2 bad years in 2006 and 2007, this year is destined to be the second best sales year ever. What started out as a continuation of the lull in 2007, turns out to a 395%+ increase in sales from about March forward.

Inventory levels are slowly shrinking with the Cape going down from 5300+ active homes in January, to less than 4200 in end of June. Still high, but it is shrinking. Certain sectors, such as newer homes under $100 have less than a 6-month inventory. This is great news for those

out there buying, and a great sign for sellers that have been waiting for the market to rebound. This is the beginning of it.

Condo sales and lot sales also followed a similar pattern. Prices continued to drop in the first quarter even as sales explode.

It is really a buyer’s market now with the absent “first time buyer” finally being able to get a foot in the door.

So who’s buying now?

1st time buyers after many years of being shut out of the market, they are finding the Cape affordable again.

Cash buyer’s-those that hoarded cash the last few years have found it time to “air out the mattress”.

Investors (not speculators) are picking up deals at indecently low bargain prices.

INVESTOR’S CORNER– SHORT SALES VS BANK OWNED

If the Florida Buzzword is Tax reform then the National Buzzword is Foreclosures.
Foreclosures are at an all time high nationally, due to many different factors. Even places that were unfamiliar with foreclosure are now experiencing it. In general, the places that boomed the highest and quickest generally are experiencing the highest foreclosure rates.

Factors such as the subprime meltdown and predatory lending are but a few of the reasons. In our area, the main sector affected was the “investor homes” that were built on speculation in 04-06. These are now coming on the market at 1/2-1/3 of the price paid by the original buyers.

Foreclosure can be a devastating process for the home owner but a welcome opportunity for the true investor. While they have always been a part of any real estate market, they have never before been seen in such high numbers.

What does foreclosure mean? It is the legal means by which a bank or creditor to which you owe money, sells or repossess your home or real property due to default on a promissory note. When your home is foreclosed on, you must move out. It is then offered for sale.

There are several stages of foreclosure. There is the short sale, pre-foreclosure and bank owned.

Short sales-in a short-sale the property is still owned by an owner that is in default. They are behind in payments, and the home is worth less that the mortgage or mortgages on it. It is important to note that many of these homes have a first, a second, and sometimes even a third mortgage on it.

Foreclosures are at an all time high nationally, due to the sub prime

HOW MUCH ?????

The following is the range of least expensive to most expensive properties on the markt as of this printing.

Off water lots-$12,900-$589,000
Freshwater lots-$18,000-$599,700
Gulf access lots-$69,000-$2.599M
Off water homes-$75,900-$1.3M
Freshwater homes-$129,900-$1.2M
Gulf access homes-$150,000-$5.95M
Off water condos-$43,000-$789,000
Gulf access condos-$139,000-3.8 M
Duplexes-$185,000-$850,000
3-units and up-$279,000-$3.5 M

KEEP IT IN THE CAPE-CURRENT HOT TOPICS

Hot topics and challenges that the Cape faces daily as it grows.

IS BEING IN THE CRA THE KISS OF DEATH? Excited to hear that the proposed CRA expansion may in include a property I owe, I asked a fellow Realtor and close friend what his take on my possible inclusion was. He looks me straight in the eye and says, “Why would you want that? Being in the CRA is the kiss of death for any project

CAPE CORAL VOTED BEST BUSINESS ENVIRONMENT

Cape Coral was recently RATED NUMBER 1 in business climate for a city its size.

Large companies are coming in and the job market is healthy and increasing, making Cape Coral one of the “Best cities for doing business” in America according to Inc. Magazine. The magazine ranked Cape Coral/Fort Myers area as number 1 for mid-sized cities and number 4 overall as a business hotspot.

CAPE CORAL “HAPPENINGS”-2 golf courses, one dilemma

“Vote Yes to save the golf course.” BURNT STORE MARINA GOLF COURSE homeowners association launched a campaign to lease and operate the golfcourse that developer Will Stout

MARY’S FAVORITE NEW CAPE CORAL RESTAURANT

Azucar

3326 Del Prado Blvd South

After hearing about Azucar from several different people who recommend it highly, Taki and I enjoyed a wonderful lunch there last week. The service was very attentive, atmosphere delightful and the food was exceptional. If you have room left after one of their hearty Cuban meals, then you must go by the dessert counter in their bakery. It is the best! If no room left, take some home.

Open for breakfast lunch and dinner, Azucar offers a wonderful and filling array of menu items at reasonable prices. Voted best Cuban restaurant 2007 by the Cape Coral Daily Breeze, now I know why. I highly recommend it to anyone.