Tag: Residential Real Estate Trends

Foreclosure Increase Leads to Rise in Vacant Bank REO

Recent article posted by Jacob Passy on September 9, 2016  on National Mortgage News website:

The percentage of vacant bank-owned properties is larger now versus a year ago as banks are completing more foreclosures, according to Attom Data Solutions.

Overall there are fewer abandoned properties, as roughly 1.4 million, or 1.6% of all residential properties, were vacant at the end of the third quarter, RealtyTrac’s parent company Attom reported in its U.S. Residential Property Vacancy and Zombie Foreclosure Report Thursday. That figure is down 3% from the previous quarter and down 9% year-over-year.

Similarly, the number of zombie foreclosures fell 9% from the third quarter of 2015 to 18,304. As a share of the total properties in the foreclosure process, 4.7% were vacant.

But as the number of real estate owned properties has grown, it has led to an increase in bank-owned vacant homes. Attom found that there were 46,604 vacant bank-owned residential properties at the end of the third quarter, which represents an increase of 7% from the previous quarter and up 67% from 2015.

This vacancy situation is the result of a seller’s market that has motivated lenders to complete foreclosures on vacant properties, according to Attom Data Solutions Senior Vice President Daren Blomquist.

“While that has reduced the number of vacant properties in the foreclosure process — so-called zombie foreclosures — it has also resulted in a corresponding rise in the number of vacant bank-owned homes,” Blomquist said in a news release.

“Assuming that the foreclosing lenders are maintaining these properties and paying the property taxes, they pose less of a threat to neighborhood quality than zombie foreclosures, but they still represent latent inventory in an inventory-starved housing market.”

 

Posted here by:

Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of SWFL, LLC
Real Estate Services of Citrus County, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com
 
Real Estate Services of SWFL, LLC
#Florida Real Estate     #Cape Coral Real Estate    #Fort Myers Real Estate
#Real Estate Investing   #Property Investments   #Wholesale Properties
#Wholesale Florida Properties  #Commercial Real Estate Funding

 

 

 

 

 

Tenant Screening Guide

For those looking to rent their home rather than sell, this is a great chart to reference when screening tenants. Call Goss Realty Group to get your Northern VA home sold or rented! 703.951.3773:

Lee County Market Watch (Previous 7 Days)

New Listing (297)
Sold (0)
Rented (203)
Leased (0)
Terminated (66)
Expired (25)
Back On Market (38)
Extended (38)
Pending (0)
Price Increase (50)
Price Decrease (154)
Withdrawn (44)
Application In Progress (143)

Real Estate Services of SWFL, LLC

Motivational Monday – July 7, 2016

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Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of SWFL, LLC
Real Estate Services of Citrus County, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com
 Real Estate Services of SWFL, LLC
#Florida Real Estate     #Cape Coral Real Estate    #Fort Myers Real Estate
#Real Estate Investing   #Property Investments   #Wholesale Properties
#Wholesale Florida Properties

Got Property Investment Strategy?

I have a small Property Investment & Strategy group that  meets in SW Florida and the question I ask the most often is “What is your Property Investment Strategy?”  Most often the answer – “I don’t have one.”

To  quote the Cheshire Cat in “Alice in Wonderland” – “If you do not know where you are going, it does not matter how you get there!”

Enough quotation marks!  The point is how can you measure your progress if you do not have a plan?  There is an endless list of ways to make money in Real Estate Property Investing.  Some of the choices you need to make include:

  • Residential or Commercial?
  • If Residential – Single Family Homes, Condos or Duplex?
  • If Commercial – Multi-family, Offices or Retail?
  • Flip or Hold?
  • If hold -manage myself or pay property manager?
  • If flip – wholesale or rehab?
  • and it goes on and on…..

Our group has a three-year plan that involves flipping at first. The next phase will be to continue flipping properties but to hold select properties as cash flow properties.  The third phase will continue flipping and holding but now to add building houses to our portfolio.

Watch for future blogs if you are interested in being a member of our Southwest and Central Florida Investment Groups.

Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of Citrus County, LLC
Real Estate Services of SWFL, LLC

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#Real Estate Investing    #Fort Myers Real Estate      #Cape Coral Real Estate

 

 

Amazing views being Auctioned in SW Florida

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These amazing views are being auctioned on June 8 and June 9.  By the way, both of these views are from houses that are “attached” to these views!

Both properties are luxury waterfront pool homes in Cape Coral, Florida.  Both have direct access o the Gulf of Mexico.  Both have been remodeled to look like new.  Both have 4 bedrooms. And most importantly, both are being offered at amazingly low opening bids at auction.  Call , text or email today for the virtual tour and auction information.

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com

 

Property Managers Important for Long Distance Investors

At one time, Property Investors were told not to Invest in any property you could not drive to see in under 2 hours.  So, what happens if the hotbeds for property investments are over 2 hours away or even in another state?

Answer:  professional Property Management companies.

Sw Florida is one of those areas.  Property Investments are very desirable but not everyone is ready to move here.  Florida is going to have the largest migration of people in it’s history for the next few years.   Housing, both re-sale and new construction are at all time.

Property Management companies allow you to take advantage of the current hot spots in Real Estate.  For example, Forbes Magazine recently posted its list of the Top 20 fast growing cities in the US.  My backyard, the City of Cape Coral, FL is 9th on the list.

Working with the Realtors on my team that specialize in Investment Property will find the??????????????????????????????????????? property for you.  Once rehabbed, we will qualify a renter, get them moved in and then manage the property for the Investor making it a win-win scenario for out of state Investors.

Let us start working with you now before it is too late!  Email InvestSWFL@gmail.com.

 

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com