Homebuyers may find that Florida’s repo list contains low-priced housing options, ranging from $100,000 to as low as $50,000. Industry experts said that the current price range of properties on repo list was nonexistent during the 2005 peak of the housing market.
Potential homebuyers and investors may find historic dwellings and pool homes abound in Lee County, especially in two of its communities hardest hit by the foreclosure crisis; Cape Coral and Lehigh Acres.
Nowadays, it is common to find houses at below their market value unlike in 2005 when the median home price for single-family properties in Lee County peaked at $322,300. Industry experts said that houses that were priced between $200,000 and $225,000 four years ago are now offered on repo list between $75,000 and $50,000.
They pointed out that back in 2005, homebuyers who had $100,000 could only purchase a little cottage or a small condominium. Today, it is possible for homebuyers with $100,000 to buy a property with a double-square-footage living area. The price per square foot nowadays is about 50 or 60 percent less than what it was four years ago.
For example, a 1,557-square-foot property with two bathrooms and two bedrooms is available on the short sale market for a price of $100,000, a drop from its year-ago initial price of $170,000. Back in 2005, the same property was sold for about $249,000.
In Lehigh Acres, a deal was finalized for the sale of a foreclosed property located in Meadows at Mirror Lakes Subdivision. The property features three bedrooms, two bathrooms, sewer and central water service, spa and a screened-in patio. It was placed on repo list with a price of $117,900 but was finally sold at $100,000.
Lehigh is dotted with foreclosed properties that feature three bedrooms, two bathrooms, two-car garages and a living area of 1,400-square-foot. These properties, developed by First Home Builders of Florida, were place on the market in 2005 for about $250,000. Now, they sell for about $60,000.
Meanwhile, homebuyers who have $50,000 may be able to buy a four-bedroom house with a pool and fenced-in backyard in south Fort Myers. Appraised at $85,000, this house would have probably commandeered a sale price from $190,000 to $185,000 during the peak of the housing market.
Industry experts said that properties on a repo list that are less than $100,000 are becoming popular among investors and homebuyers.
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