My Fishing Realtor Blog

I searched the MLS today for the number of active bank owned listings in Charlotte County over 50k. I was surprised by what I saw. As recently as 3-4 months ago there were 500 or more available whenever I would check, today's results were 142.

I think there are a couple of things that are playing a part in the huge reduction. First there is an incredible appetite for these properties, the good deals go pending in a few days. By good deals I mean nice properties without damage at a good price. An example of this would be a home that hit the market a few days ago. It's a waterfront home in the Punta Gorda Isles area that sold in Sept. '05 for $475,000 and is now listed at $227,700. Second, there are investors buying these properties wholesale in "blocks" so many never hit the market or the MLS. Third, I don't think the banks want to flood the market with foreclosures reducing the value of the properties they own but instead control the flow of REO's into the market.

So as a buyer if you are thinking you might like to buy a foreclosure you should be working closely with a Realtor and when you find the right property act fast.

On the subject of making offers, as you can see from the example above these foreclosures are in many cases half the price of what they once sold for. I think there is a misconception out there that you can make offers of 60 cents on the dollar and steal these homes from the banks. This is simply not the case, I hear stories from other Realtors of buyers putting in one "lowball" offer after another and none of them go anywhere. The thing to remember is overall agents have been telling sellers, banks or private, for some time now to price properly and you'll sell relatively quick and for the most part they're listening.

Just a note on Florida condos. I receive many calls and email inquiries on condos from perspective buyers from out of state not familiar with our condo market. I find myself bringing to their attention three important things to look for when shopping for an affordable or any condo for that matter.

One, do not shop price alone. I realize all buyers have a budget to work with but you need to be cautious with bargain basement condos. The price may be that low for a reason.

Two, look at the financial health of the condo association. Have their fees increased dramatically or have they decreased recently. Are there a large number of short sales or foreclosures in the complex, if there are the owners of those distressed properties are not likely to be paying their maintenance fees. 

Three, does the complex have leasing restrictions. If they do not you may have many investor owned units. With the high inventory of available rentals now investors may lower their standards with regards to who they rent to. Financing may also become difficult, lenders look at the number of rentals in a complex.

I'm not trying to scare anyone off, there are many happy condo owners in well managed complexes. There are also great deals out there as well, take a look at my condo listings. These units are listed at half what they were selling for just 3 years ago.

I hope you find this useful.

IT'S OFFICIAL

Headline news: MORE Signs Of Housing Market Recovery

The Charlotte Sun Herald wrote one day last week, I'm not sure the exact date. The Punta Gorda metropolitan statistical area, which encompasses all of Charlotte County, posted a 24% volume increase from May of last year with 292 houses sold versus 235, according to statistics released Thursday By the Florida Association Of Realtors.This was the highest volume for 2008 so far, and a 9% increase from the 268 houses sold in April.

 Things have clearly picked up in our office with some agents doing more business in the first half of '08 than in all of '07. Personally I have no complaints, sales are up listings are up, my buyers are recognizing when a seller has priced there property correctly and they're moving on it. We all know the real estate market is cyclical. How long do you think it will be before you see this "perfect storm" scenario for buyers again? Prices declining, low interest rates and lots to choose from.

Not that I'm old but I'm old enough to remember the last "declining market". I bought my own home in Florida in '95, I watched the value sky rocket during the real estate bubble and I watched it drop again afterwards and I'm still pleased with my return on investment. I bought Punta Gorda waterfront at the right time and I believe NOW is the right time again. It's not rocket science it's the cycle.

That's why I started this with IT'S OFFICIAL. When the media catches on it may be too late. Real estate is local by nature, other parts of the country may be a mess but from what I'm seeing and experiencing, the Punta Gorda area seems to be turning around. Every sale I've made this year, with the exception of one, has been to out of state buyers who recognize that Florida is "on sale".

So... If you missed the boat and didn't buy low and sell high during the last market cycle, now is your chance to buy low. Seriously, how long do you think it will be before you see water front property at these prices again? Act now and in 10 years you could be saying as I previously stated, I watched it sky rocket and I watched it drop again and I'm still way ahead.

By the way did I mention I have some of the most affordable, fishiest waterfront property for sale in Florida?....... And that waterfront lot I mentioned in a previous blog that I thought could be had for under 100k, the price was dropped to 95k and it went Pending. Another opportunity missed for someone. Check back and I'll let you know what it sold for when it closes.

  Let me start by saying I am a fishing Realtor, or should I say a Realtor who fishes, sometimes. Yes the real estate business can burn up the clock, that's why this blog may be imbalanced when it comes to addressing local waterfront real estate and local fishing. But it's all tied together where I live, work and play. So let me start by saying, I have affordable, fishy, waterfront property, both power and sailboat access, via Alligator Creek to Charlotte Harbor, to world famous Boca Grande Pass, to the Gulf of Mexico for sale. And you can literally catch fish from your dock, threw the Creek, across the Harbor, with a stop in Pine Island Sound or Matlacha Pass, threw Boca Grande Pass and all over the Gulf. From the beaches on out to places I don't even care to go, there are fish to catch. So if you find any of those characteristics appealing in a piece of property, and you need to know more, keep coming back to this blog, that's what it will be about, that is what I'm about. But if you can't wait, and you really shouldn't, call or email and I'll let you in on southwest Florida's best kept waterfront secret.