Time flies when you’re having fun. That is my only excuse for not posting in so long. I would like to thank the readers who continue to call me for their Fort Myers and Cape Coral real estate needs including the massive Fort Myers and Cape Coral foreclosure market. Like I have said before, my callers always get priority service because you can reach me right away and nearly all day, excepting of course for food, sleep, family and workout times, but nearly all day.
During the past few months, I have been watching a sad but true fact in the Southwest Florida real estate market play out. While properties are selling, a vast majority are in fact the short sale and Fort Myers and Cape Coral foreclosure properties. Distressed properties are king here in the former land of speculators. Not only in the cheap, less than $100k market that I try to avoid, but also in the high-end properties. That can pose a problem to agents like myself who have always enjoyed that part of the market. Not so much for our ability to help a buyer purchase one of these great bargains, but to list a property as a short sale or even work with Bank of America or whoever requires some additional knowledge in the processes. There are forms to file, offers to submit here and there and additional wait times and general requirements. Combine that with the rightfully high expectations of the buyer and seller in a luxury home transaction and you can see how the agent had better know his business before taking on such an undertaking.
To be certain I am the broker who is at the forefront of distressed luxury home servicing, I am taking a few days out of my schedule this month to attend some rather costly course work to become a CDPE designated agent. CDPE is a national education designation agents can earn that stands for Certified Distressed Property Expert. Very few agents in the country have taken the time or paid the expense for this training. Many who are working in the short sale and foreclosure market have learned mainly through trial and error, including myself, and most others are still struggling through their learning curve. I personally refuse to offer a service where I am not completely confident I know the entire process backward and forward and can guide my client like the professional I am in every other transaction. Now with the enormous amount of business coming my way in this specialized market of distressed luxury homes, I can’t avoid it any longer.
While few agents have become a CDPE, even fewer and devoted their work to the luxury home buyer and seller in the Ft. Myers and Cape Coral foreclosure market. Agents think it is not a priority considering the huge number of little homes there are to sell comparatively. For me, real estate is not my first or even now the only industry I work in. I own a national company named Propane Outfitters Inc. that is a supplier of a specific industrial materials handling product to major companies and the government from coast to coast in the USA. I have the privilege of speaking to and conducting business with corporate executives and business owners nearly every day while providing a product that is an outstanding gauge of overall business productivity. That being the increasing or decreasing need for the storage capacity of their forklift fuel for their plants and warehouses for example. I can plainly see a decrease in productivity over the past few years and the unwillingness to spend on the higher end products we offer in favor of the least expensive. When the business owners don’t make the money, first the employees don’t keep their jobs, which has happened, then the executives start to downsize as well. That is about to hit us here now. We already see the real estate developers, construction company owners and not surprisingly many real estate agents downsizing their luxury homes. Unfortunately, it is not always a smooth transition with the property values dropping as quickly as they have here. With the continuing economic turmoil and a misled recovery that puts the boss in the dunk tank thinking that will help grow jobs, many of our luxury home owners are becoming Fort Myers and Cape Coral foreclosure victims. As everything, each property situation is just relative to another person’s perspective. One person’s distressed property at $1 mil. is a downsize bargain for someone else. If the property is not represented or sold properly, that distressed property becomes a million a dollar headache for the buyer and seller regardless of the price.
It is difficult to sell a luxury Fort Myers or Cape Coral foreclosure home where the asking price is several hundreds of thousands of dollars or more and the property is weeded over, moldy, smelly, rotten or infested with all creation: this is South Florida after all. Banks and seller have been turning these properties over to out of town Brokers or local agents who only provide basic services and many times the properties become ruined from just sitting in Florida. Then the properties eventually get auctioned off at an even larger loss than was ever expected, worsening the situation for the sellers and further destroying local property values. While I am happy for the eventual buyer because purchase price, even they would have been happier if they did not have to now remodel or gut the once beautiful home because of simply neglect. I will be posting my new business services for this market segment in roughly a week but please contact me for additional information on these new services anytime. Find more information at www.FloridaLuxuryBroker.com.