Posted by Mark Washburn on Wednesday, September 29, 2010 at 8:51:36 AM By Mark Washburn / September 29, 2010 Comment
We are wearing the contrarian hat this morning.....instead of discussing the hottest newest listings to hit the MLS, let's take a look at the oldest, stalest listings in our MLS. These are the certifiable dogs of the market, all have been active since.......2005! Yikes, these owners have had their property for sale with the same Realtor for nearly five years. The general consensus in the real estate industry is that listings have the most activity in the first seven days, have the best chance of selling in the first 30 days and become stale in the 90 day time frame. It is hard to imagine any buyer giving a second thought to a listing that has been on the market over 1700 days like these 2005 listings. Currently, there are four active listings in our MLS dating back to dating back to 2005. Three are in Cape Coral and the fourth on Sanibel Island. There are no short sales or foreclosures in this group, heck most of us didn't even know what a short sale was in 2005! The prize for the oldest, stalest listing goes to a Cape Coral home located at 615 SW 52nd Street that has been on the market for a whopping 2010 days. This 1,344 SF home is listed for $495,000 / $368 SF. No million dollar intersecting canal view hidden behind some overgrown brush, in fact this is an off-water home. Over the past 90 days, 17 similar off-water homes in this part of Cape Coral have sold. The average selling price of these homes was $58 / SF. Based on actual comps, the value of this property is in the $78K range or about $417K below asking price! If you are looking for a good deal on a new home in the Fort Myers area, here is a resource to learn about and view the hottest, newest Southwest Florida real estate deals.
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