Should I Buy in Fort Myers?

That’s a question I hear all of the time.

As you know I have been studying the real estate market in southwest Florida since arriving here 4 years ago.  I have seen it in its heyday with prices going up daily and devastated from the banking melt down as well.  For the past 1 ½ years I have seen values depreciate by as much as 80% in some cases due to a foreclosure rate approaching 60%.  Like most people, I have been waiting for indications that the market has hit bottom and is starting to return to more realistic levels.  Most experts agree that it is more than 3 months into a rebound.

For the following reasons I believe it is time to take action: Foreclosure inventory has been dramatically reduced

  • The average sale price has bottomed out and begun to rise
  • Sales of houses have gone from approximately 250 a month to more than 1400 for  each of the past 3 months
  • Purchase prices represent about 30 to 40% of the cost of new construction
  • The rental market is brisk due to property turnover
  • Investors from around the world are focused on this market.  In July nearly 60% of the sales were cash transactions.
  • The pace of foreclosures continues to create opportunities for acquisition
  • It is my belief that this market is creating a once in a lifetime opportunity.  To that end I am creating a Real Estate LLC for the purpose of acquiring, managing, and profitably selling residential properties.  The purpose of this entity is to create an opportunity for individual investors to enter this market without the the exposure of seeking out and managing individual properties yet still capitalize on a unique anomaly in the market and realize profits from 3 to 5 year appreciation.  I am excited about this endeavor and hope that you too will agree and choose to participate.  I have a solid reputation for integrity and for tirelessly working in the best interest of a partnership.  So you asked, “Should I buy in Fort Myers?”  LET’S TAKE ACTION !

    Sincerely,

    Dick Dohack

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