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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: Riskmgmt who wrote (2477)6/24/2015 6:55:38 AM
From: MoneyPenny  Read Replies (1) of 2722
 
Have n't been here for a long time. Here is a first hand report on Fort Myers/Naples area. In the more upscale areas many homes are selling at 2005 prices. In my older neighborhood we are selling in about 1 to 2 weeks and many have multiple offers.

If one is interested in "flipping" it is often a tough road. Lots of inventory still coming on in REOs but the banks are looking to recoup all their loans...no more huge discounts. Some have restrictions for owner occupation. I've been looking for a couple of modest homes to remodel and am having difficulties. One REO I looked at was a total mess. I estimated it would need about 70k to bring it to market (new wet areas, flooring, new windows in some areas, total landscape, etc) It brought 98 at auction...the comps in the area were 148-160. Who would make money on that?

A friend of my husband (those who knew me years back would remember me a widow, not anymore) is at Wells Fargo and says there is a huge group of homes coming back on the market. Banks waiting for the lift off I guess. If they have good locations they are doing the renovations themselves. I saw one last week and must say, they should stick to their knitting. The remodel was pathetic and very cheap looking and people in that development typically want hardwood floors, stainless appliances, fabulous bathrooms...not 13" tile. We'll see how this unfolds.

Someone here used to have interest in Cape Coral (Cape Coma). It has come back very strong and there is lots of new in the works. Homes on deep water canals sell in a flash if they are priced within the Zillow comp.

MoneyPenny
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