There were 1,252 existing single family homes sold in Lee County in August, 2009 with the help of a Realtor.  The statistic is almost twice the 684 from just a year earlier, according to Florida Association of Realtors.  Keep in mind that in August of 2009, the overall consumer confidence was much higher also.  Remember last August?  Investment banks were going BK and the biggest bust came in September with the collapse of Lehman Brothers, not far after the Bear Stearns collapse, Merrill L ynch being bought by Bank of America, and much more troubling news.

In Lee County Florida, which consists of (but not limited to) Fort Myers, Cape Coral, Lehigh Acres, Estero, Sanibel Island had the median price of a sold home slide to $89,300, down from $146,900 a year ago.

If you are shopping for a home, or an investment property in FL, now may be your “buy now or be priced out forever” opportunity. 

For the first time in Lee County history, foreclosure sales were taken into account when determining the new assessed values of real estate, which took place over the summer.  Never, has a real estate market considered foreclosure sales when determining taxable values.  This is good news for many residents.  Although real estate taxes will get lower, the county still suffers from a massive budget deficit.

In a separate report issued today, NAR reported that home resales unexpectedly dipped last month after a 4 month streak of positive gains, providing evidence that the real estate market is still somewhat vulnerable.

Our recommendation is still high on REO and foreclosure existing single family homes and multi-family duplexes fitting within residential parameters.  While more and more homeowners make the transition from owning back to renting, there is a mass demand for rental property and with today’s historically low figures, it is certainly a time to start considering a purchase or investment for income in Lee County.

Be sure to CONTACT US  for our latest inventory of REO and foreclosure homes and duplexes for sale.  They are selling quickly.  Cash flow is very high.

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