Current price: $250,000
Peak sale price: $550,000 (May 2009)
Beds/baths: 5/4
Square feet: 5,936
In early 2005, this huge, modern house had an estimated value of more than $1 million, according to real estate web site Zillow. The value had dropped to $550,000 when it sold three years ago. Now it's being sold for less than half that price.
Part of that price cut reflects the collapse in home prices in the Cape Coral/Fort Myers metro area, but part of it is due to the fact that this home is in need of some serious TLC.
The 6,000-square-foot home, which is being sold in a short sale, was damaged and stripped by a previous occupant.
Those willing to put in some elbow grease will get plenty of space and amenities in return, including five bedrooms and 4 bathrooms, in which there are two Jacuzzi tubs and three saunas. Outside is a huge pool.
Aaron Eyerman of Blue Water Realty said he has seen a pick-up in demand for larger homes in the area. "On our website, we've definitely noticed a surge in interest in four-bedroom homes and up," he said. "[P]eople figure 'Why not get more for your money.'"
For further information: Trulia
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