We are closing on a house in S.W Florida in 10 days (can't wait). Was not planning on buying for 2 more years in Florida but could not pass it up.
My brother's wife's mother (say that 3 times fast,lol) passed away last year. To settle the estate the house was put on the market in Sept '06 for $309,000. It was reduced in the beginning of this year to $279,000 and still got no serious looks so it was reduced to $259,000 in May. The family was fighting and really needed to get it sold so my brother asked me if we wanted to take a look as they want it sold.We looked at it and fell in love with the area.Put a offer in of $219,000 expecting a counter offer but they took it within 2 hours.
It is on Pine Island (a small island off the coast of Cape Coral) in a really great neighborhood. 50 yards to the boat ramp and some of the greatest fishing around. .7 acre of fenced property, Mango,Orange and lemon trees and a great area for kids. May be boring for some due to the slow Island attitude but it works for us. Almost like being in the keys for half the price.
I know the market still has a way to go down there but i coudn't pass it up.The house was bought by the mother in 2001 for $178,000 and had improvements made so i think its well worth it for what we paid. Only time will tell but we will be living there for many years to come so the price over the the next few years is really not that big of a deal.