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Buyers Win Big With
Foreclosures and Repossessions

The continued downturn in the Florida real estate market and the large number of foreclosures in Southwest Florida are forcing some lenders to slash prices to new lows, creating a windfall for buyers. Cape Coral, Lehigh Acres, Fort Myers and all of South Florida have felt the impact.

Lenders are coming to the realization that they must reduce prices significantly in order to sell their properties before foreclosure.  “What we currently see is new homes that originally sold from the mid to the upper two hundred thousands selling in the low to mid hundreds with buyers eager to take advantage of these prices. It is truly a great time to buy.” says Art Darmanin, CEO of Sellstate Realty Systems. 

From where are the buyers coming?  South West Florida has been, and remains, the destination choice of many people from the Northern States, Canada and Europe. A combination of the weak US dollar, the strong Canadian dollar and even stronger Euro, coupled with these incredibly low prices is attracting many foreign buyers into the area. The new pricing is now also making it possible for many buyers who could not afford to buy these homes or qualify for a loan as little as a year ago to enter the market. There is a significant difference in the mortgage payments on $280,000.00 versus $140,000.00.

How long is this trend going to last? Many people are wondering if prices have finally bottomed out.  It is hard to say, but one thing is certain. The law of supply and demand will dictate how long these prices will be available. As the inventory begins to diminish, prices will start to go up.     

No one has a crystal ball, however, any time you have the opportunity to buy a brand new home at nearly half its original price “you jump on it” and that’s what buyers are now doing.