Cape Coral Real Estate, homes and residential lots, Sandbill Realty Group,

Cape Coral Real Estate Blog

Foreclosures hit new high

May 2nd, 2008 2:33 PM

Foreclosure actions filed in Lee County spiked up sharply to a record high of 2,160 in April - with almost a third for primary residences, according to statistics released Thursday by the Southwest Florida Real Estate Investors Association.

Investors and homeowners alike have been hit hard as the median price of a single-family home has fallen 34 percent from a peak of $322,300 in December 2005 to $212,500 in March.

Joanne Long is one of the homeowners who's facing foreclosure - she and her husband Matt McKibben expect to lose their southwest Cape Coral home because they can't pay off more than $236,000 they owe lender Franklin Credit Management Corp.

There's little chance of selling the house to pay off that debt because it's now worth only about $105,000, she said.

The straw that broke the camel's back was having to refinance with an adjustable rate mortgage to pay the water and sewer assessment to Cape Coral in 2006, said Long, who works at the Lee County clerk of court's office and also part time as a real estate agent. "We were paying about $1,000 a month but once that happened the payment jumped to $2,200."

The lender filed foreclosure proceedings against them last year and now they'll have to leave soon with their two children and rent a house, Long said.

Of April's foreclosures, 692 were homesteaded primary residences: 32 percent of the total and up from 554 in March. The percentage of primary residences has been holding steady at about that level for the past six months as the number of foreclosures has risen.

Mortgage broker and investor Jeff Tumbarello, who's also sales manager for real estate agency Engel & Völkers Fort Myers River District in Fort Myers, said foreclosed houses are coming back onto the markets as the banks take them back and then sell them.

"But they're losing, on average, 50 to 60 percent of what they lent," he said.

The bank sales have had the effect of finally boosting the number of houses being sold in the county because they're going so cheaply, he said. "The foreclosed homes are the pearl our market's got to offer."

Posted by Jorge Hernandez, Relocation Specialist on May 2nd, 2008 2:33 PMPost a Comment (0)

Subscribe to this blog

10 Tips to Sell A House Faster This Spring

May 12th, 2008 7:45 PM

1. De-Clutter: This one is simple. De-clutter everywhere; inside and outside. If it's taking up space it is a potential candidate to be thrown out. The sellers need to make that all important mental conversion from "home to live in" to "house for sale." Personal things are a big distraction as you want the buyers to be able to visualize their own belonging in the house.

2. Repair: Buyers want everything working so don't disappoint them - dripping faucets, broken windows, leaking roofs, damaged walls and doors, etc, beg the question in the buyer's mind...What else is broken or doesn't work?

3. Lots of Light: The last thing home buyers want to see is a dark home with all of the doors and windows covered. Let the light in and open some windows to let in some fresh air. Room deodorizers leave the impression of covering something up as does a window that has the blinds drawn.

4. Clean Windows: Buyers want to know and see the view they will have from every room - don't make them look through dirty windows. If they do, the impression of a having great view is literally going "out the window."

5. Kitchen and Bathrooms: Two of the most important rooms in the house. They must be spotless and first class. Just cleaning up isn't going to be good enough - you need to "deep clean" all counters, floors, cabinets and all the fixtures in the bathrooms. In the bathrooms consider new fixtures or countertops and perhaps redoing the shower and tub enclosures. If new fixtures are not in the budget you may want to consider having them refinished. Think about having all the tile steam cleaned and make sure all grout is free from grease and dirt.

6. Odors: Absolute deal killers are cigarette or pet odors. If this is a problem - have the drapes, carpets and furniture professionally cleaned and please..."no smoking" in the house. Also, cooking odors are not a good thing. The best bet is to always for plan fresh air. Often a little lemon oil mixed with water in a spray bottle used lightly used will add just a bit of freshness without overpowering the house.

7. Paint: A fresh coat of paint on the outside or inside is an excellent way of freshening up your home. Be sure to use neutral colors and avoid accent painting. Don't try and guess what a potential buyer will like. In most cases they should use a professional painter because it's always a bigger job than most people think.

8. Yard Work: Deal with overgrown bushes, shrubs and trees. Everything in the yard needs to be trimmed, watered, manicured and "living." Remove everything lying around the yard including sports equipment, boats, trailers, toys, etc. You may also add some color by placing some annuals in planters in the back as well as in the front. Curb appeal makes that all important "first impression."

9. Furniture: The bottom line... less is best. If it's old, worn or dated, you should put it in storage. Remember that you are setting a stage and the actor needs to be the house - not their furniture.

10. Hardwood Floors: Hardwood floors can be a huge plus for buyers unless they look like a 20 year old basketball court. It may be a great investment to have them all refinished - but keep in mind that it's not a simple weekend project.

Posted by Jorge Hernandez, Relocation Specialist on May 12th, 2008 7:45 PMPost a Comment (0)

Subscribe to this blog

Cape Coral Real Estate Blog

foreclosures by the numbers