Multi family property listings have remained at a standstill for several years in the downtown area of Fort Myers, Florida. However, the past few months saw the market getting a new lease on life as more buyers get their hands on condominium and apartment units and developers initiate projects for similar structures.
One example is Oasis. The skyscraper was sold as one of the Fort Myers home foreclosures earlier and is now on course to sell 40 of its units at an absolute auction, which means that the winning bidder will take the unit no matter how much he or she bids. At High Point Place, around 70% of the units have been sold, while St. Tropez only has 11 remaining units to sell.
According to local realtors, property buyers have been reluctant to make any purchase until a few months ago as prices of properties in the downtown area have plummeted dramatically due to the huge supplies of Florida home foreclosures for sale. However, the recent uptick in activity has encouraged buyers to take the plunge, expecting prices to hold for a longer period of time.
Realtors have stated that although prices of multi family property listings remain way below the level enjoyed by the market during the real estate boom, most buyers believe that the downtown market has started to stabilize and will be able to maintain that stability for a long period. The robo-signing controversy surrounding the residential property market also did not affect buyers' enthusiasm for apartments and condo units in the area, realtors further added.
Housing market observers have reported that almost half of the people trying to find real estate foreclosure listings and multifamily dwellings are from out of Florida and even from out of the U.S., with Canadians comprising the highest percentage of foreign buyers. Most of the buyers reportedly paid in cash.
City realtors are confident that activities in the multi family property listings market will further improve by next year, asserting that the Oasis and St. Tropez success will encourage more investors and property buyers to head to downtown Fort Myers and taken advantage of the booming market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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