Investor Programs
WPS-Team specializes in pre-construction and newly completed investment opportunities, resale of investor owned single family homes, rent to own exit strategies and rental property management for investor owned Southwest Florida properties. We serve a unique niche for select out-of area clients and brokers who wish to invest in Southwest Florida opportunities.
Currently there is a unique opportunity due to an oversupply of homes in the $300,000 and above price range. The existing supply of new home inventory is out of reach for the average worker. Workforce housing under $200,000 is almost non-existent. WPS-Team has worked with local builders to develop a special under market pre-construction house lot package that can be delivered for under $150,000 with very low or no down payment financing for the qualified investor and a two-story priced at under $85 a square foot on your lot for under $185,000.
Market Niche Opportunity
The rapid price appreciation over the last few years and influx of investors into the market has created a unique housing challenge for Southwest Florida. There is an oversupply of homes in the $300,000 and above price range due to heavy investment in the market during the real estate boom and an undersupply of workforce housing in the under $200,000 price range.
Market area demographics continue to remain strong. About 60,000 people move into the area each year, with about half locating in Lee County. There are not enough homes in the under $200,000 price range to service the workforce. Because of the oversupply of higher priced homes, new construction has almost come to a halt. The area continues to grow and attract new workers.
The 18 to 44 age group is growing faster than the U.S. average. The average wage for nurses, police, school teachers, lawn maintenance and other services workers can support homes around the $200,000 price range, and the inventory of homes in this price. The market needs a supply of under $200,000 workforce homes to service the growing community. Cape Coral and Lehigh Acres in Lee County have become the workforce housing prime areas of choice due to the affordability of lots.
Investor Seeking Below Market Opportunity?
If you missed out on investment opportunities in Southwest Florida during the real estate boom, you can still capitalize on a market niche opportunity without a lot of competition from other investors. Build a 3 bedroom plus den home with 2 baths on a Lehigh Acres Lot for $126,000 including the lot. For qualified investors, a special financing package can be put in place to include $6,340 of closing costs and $4,000 of construction interest providing a total Investor package of $136,340 with a very low down payment. Recent appraisals for similar homes have been valued as high as $175,000.
| |
||||
3 Bedroom + Den, 2 Bath |
||||
 |
|
|||
| |
||||
Seeking an Exit Strategy On Your Lot?
If you purchased an investment property during the height of the real estate boom, you may find yourself in a challenging situation. Before the real estate boom, lots in Lehigh Acres could be purchased for $5,000 to $7,500. Today, similar lots can be purchased for $13,000 to $15,000. If you purchased your lot early in the boom, your property value more than doubled. At the height of the boom, there was a frenzy of purchasing that drove some lots as high as $50,000 to $55,000. A similar situation occurred in Cape Coral with lots reaching $80,000 to $125,000 that are currently selling for $35,000 to $50,000. If you purchased your lot during the boom at a level above today’s market value and are looking for a way to transition out of your investment without a significant loss or cash out of pocket, you may be able to improve your current situation by building a workforce value home on your lot. If you own the lot without a mortgage, or have a 50% or lower mortgage on the property, the land value may be able to serve as the down payment requiring no cash out of pocket.
The house package is designed and priced to compete with existing home sales in the workforce housing price range. The 2-story home with a living room, family room, 4 bedrooms and 2.5 baths can be constructed on your lot for $184,900 or less than $85 a square foot for air conditioned living area. Price includes permitting, impact fees and fill for a standard lot. Recent appraisals for similar homes have been valued as high as $125 per square foot.
| |
||||
4 Bedroom + Den, 2.5 Bath |
||||
 |
|
|||
| |
||||
Have a Construction Loan but No House?
Many small builders, and even some major builders, tried to take advantage of the real estate boom by contracting for more homes than they could deliver. Some of these builders never started homes that were contracted for more than a year ago. In some cases the construction loans closed and a portion, or all, of the first draw was taken by the builder. Many of these loans have special loan provisions that cause the loan to go into default or increase the interest rate if the home is not started within an established time frame. Building a workforce house on your lot at below market value and converting your existing loan to a new builder may provide a viable exit strategy. If you are in this situation, contact the WPS Team to discuss options and alternatives that may improve your position.
House-Lot Mortgage Greater than Today’s Value?
If you bought your house at boom prices and the decline in lot values has you upside down in your mortgage, we may have some alternatives for you to consider. Contact us for a market update and to brainstorm rental, lease-purchase, and resale options.
How do you Participate?
Please go to the Contact Us menu, complete and submit the information request form, or, if you prefer you can email info@wps-team.com or fax your contact information to (239)-242-0658 and one of our WPS-Team will contact you.
Each investor’s situation is unique and one size does not fit all.
Contact the WPS Team to explore your options and potential opportunities.
