Cape Coral April 2014 Real Estate Market Statistics….
· Coming soon, Permits applications for builders and homeowners will be available online through city’s site,
it is currently in beta testing with four businesses
· Micro-Brewery is looking at Cape Coral as a possible venue
· Multiple Offers is nothing new (with resales) but we are now seeing multiple offers on rental properties
· Cape Coral No. 2 on “25 Best Places to Retire” (CNN Money)
· Cape Coral-Ft. Myers No. 2 “Best City for Jobs” (Forbes)
· 322 closed properties in Cape Coral
· 6 months of inventory, indicative of a “neutral market”
· Top 3 International buyers originate from Canada, Europe and S. America
· Top 3 Out of State buyers originate from NY, NJ, IL
“Industry News”
· Fannie Mae extended the 3.5% (closing costs) incentive for owner occupied buyers
· Incentive must be requested at the same time of offer, property must close on/before June 30, 2014
· VA Construction Program now available
Terms are: min credit score 600, no down payment, 100% LTV, no payments during construction, 30 yr fixed
· SubPrime mortgages are making a come back, 1 day out of foreclosure, SS, BK and self-employed borrowers
7-10% rate and 75%LTV (with income verification)
· Grimm-Waters was signed on March 21st repealing and modifying the Biggert-Waters (BW12) (Summary attached)
