Bonita Springs and Fort Myers FL Area

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Auction tomorrow, Sunday, 2/27.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Auction tomorrow, Sunday, 2/27.

Unfortunately, this is one of those deals where you had to be logged onto the webcast to see what stuff sells for. I don't know what their big deal is about keeping winning bids secret.

So, I missed the Bonita Shores 2nd Street house and the San Carlos (FMB) condo, which I thought got sold and accepted during the last online monly auction.

I did catch the Rotonda Pebble Beach Golf House, which went for $62,500, about the same as the online auction.

Each item was bid on for less than five minutes, so if you snoozed you loosed . Stuff was going for between 1/4 and 1/3 of it's previous value.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

We are still waiting on ours . . . a problem at the lender that was hopefully straightened out.

But, still time to meet the 3/22 closing date.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I did catch the Rotonda Pebble Beach Golf House, which went for $62,500, about the same as the online auction.

It looks like this time fannie mae accepted that "offer". It is showing as Under Contract.

The San Carlos/FMB condo is also Under Contract.

I got an email for the next auction . . . three Englewood properties are included.

[catahoula Member Find all posts View Profile Close catahoula]

I don't mean to hijack this entertaining public service message thread. But all the foreclosures being snapped up have the potential of starting another housing bubble.
One of the main differences being most of the foreclosures being bought are probably cash deals.
With that being said. If owners can't rent them out or sell them, they will have less cash to purchase or spend on other things.
JLB I do find what you're posting entertaining and to some very helpful.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Thanks, sorta.

Yes, we will have less cash to spend on other things.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Oh yeah . . . until they get snapped up, you can expect the housing market and everyone's property values to remain depressed and the recession to continue.

Public Service Message by JLB

[catahoula Member Find all posts View Profile Close catahoula]

[QUOTE=JLB;431599]Oh yeah . . . until they get snapped up, you can expect the housing market and everyone's property values to remain depressed and the recession to continue.

Public Service Message by JLB
The recession has been over for a year.
Banks are very happy buyers are taking over the foreclosures.
But the point I was trying to make is that many people are buying with the intent of "flipping" which to me is very risky.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I've stumbled onto some flipping forums while I've been learning myself. You might want to google and read some of them. Buying to flip is better than not being bought at all. Some flippers appear to be doing quite well, with posts about how short they are holding stuff (less than 30 days). Many of the many houses we looked at are in flippable condition, needing very minor work.

Every merchant has less money to spend elsewhere when they buy inventory.

With foreclosures selling at between 1/4 and 1/3 of their previous values, that leaves a healthy margin for the flippers. A half-dozen houses we looked at in person got sold while we were there, having just been listed, and would have for much more.

Foreclosures have a stigma for some buyers, and flippers remove that. Flippers buy a property, pretty-fy, then, typically, list it with traditional mls. If some buyers wanna pay more (and have less money to spend elsewhere) and get an already-fixed-up house, so be it.

Ours, and each one bought, needs to be furnished, and needs insurance, and maybe a property manager, and maintenance, and stuff yet to be determined, and it means a couple more folks living there, and all that adds to the local economy.

For those who have been looking for a Florida place for themselves, if you can't afford it now, you might as well stop looking and dreaming.

caveat emptor

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

If the decision was purely about money . . .

RCI now requires two deposits for one crappy studio, and they are few and far between. That's $1200-plus in maintenance fees, plus exchange and combine fees per week, times two weeks.

$3000

Plus airfare.

$500

Plus rental car.

$500

Plus spending money.

$1000

$5000 per year, the same as twelve $400 house payments, and with a house we get every week we want. Our initial investment is less than a quality timeshare, and will likely actually be an investment, with real appreciation.

We can always vacation rental it when we are not there, or, maybe, some virtual or real-life buds can use it.

[tennisWalt Super Moderator Find all posts View Profile Close tennisWalt]

What is the Vacation Rental Season In South West Florida?

I heard that there is a 13-15 weeks vacation rental season in South West Florida..... Jan, Feb, Mar, and part of April. And that it is near impossible to rent out Summer weeks in South West Florida.

I also heard that in St Augustine an owner can use the Condo during Jan, Feb, Mar, and April and they have no problem renting out their vacation type condo (perhaps on the Beach or golf course) during the Summer weeks (13-15 weeks) . Summer is the prime season in North East Florida.

Now, I know that the weather is not as nice in St. Augustine during the Winter months of Jan and Feb as the South West side of Florida, but it is still better than the Northern States like Wisconsin in the Winter.

So if one wants to use your Condo in the Winter months but need to get some income to help pay for it, wouldn't Northern Florida be a better investment?

Walt

If the decision was purely about money . . .

RCI now requires two deposits for one crappy studio, and they are few and far between. That's $1200-plus in maintenance fees, plus exchange and combine fees per week, times two weeks.

$3000

Plus airfare.

$500

Plus rental car.

$500

Plus spending money.

$1000

$5000 per year, the same as twelve $400 house payments, and with a house we get every week we want. Our initial investment is less than a quality timeshare, and will likely actually be an investment, with real appreciation.

We can always vacation rental it when we are not there, or, maybe, some virtual or real-life buds can use it.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

A person should buy where they want to buy. Sound familar?

Near or on the beach, and in less congested areas, is a plus during the summer.

Part of our decision was worst case scenario.

Flip it or rent it out.

Now, if the lender can get their ---- together.
- - - - -
Anyone who knows us knows we deserve 3 or 4 months a year away from here.

[rapmarks Moderator Find all posts View Profile Close rapmarks]

I mentioned that a house on the cul de sac (same model as mine) went on the market a couple of weeks ago. It sold this weekend.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Here's a nice house in a gated community right across Three Oaks from Rapmarks.

Lee County, FL - Fannie Mae REO Homes For Sale

Nice waterfront, Gulf access, no bridge, heated pool home with appliances:

http://www.homepath.com/search.html?...ingid=27155881

[rapmarks Moderator Find all posts View Profile Close rapmarks]

I can't figure out where that is. the two subdivisions across three oaks have condos, I will have to mapquest it.
The house on our cul de sac was up for $224, so that is a really low price. It must be villagio, but i have only seen condos there. One was on the market for 60 thousand but it used to be in the 300's. maintenance fees are higher than ours, and all they have is a pool, probably an exercise room.