Great article on Cape Coral and Fort Myers in the May 2008 Issue of Boat US magazine.

View Acrobat PDF Article

View Boat US Online Magazine

View Acrobat PDF Article

View Boat US Online Magazine

UPDATE May 6, 2008:

Read the Wall Street Journal’s View of the national market “Housing Crisis Over” from May 6, 2008 Editorial Pages.

“The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.

How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won’t happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.

Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.” [Read more...]

Fort Myers, FL April 8, 2008

The REALTOR® Association of Greater Fort Myers and the Beach, Inc. reports that a total of 437 existing single family houses were sold in March 2008. The percent of sold to active listings has nearly doubled in the past 12 weeks.
In addition, 1096 single family homes are pending, reflecting a 45.3% upswing since the end of 2007.
While there has been more activity in the market, the median sales price was $205,000, up $15,000 from last month but 18% off what it was a year ago at $250,000.
“We’re cautious and optimistic about the recent activity in the market as the current absorption rate (supply in months) for residential properties is less than half of what it was at the end of December – 11 months vs. 23 months, and the lowest it’s been in over a year”, said President Ron Carpenter. “This means that buyers are realistic that good values and good properties are on the market and are buying while the interest rates are low. “

And we are fairly confident April numbers will be even stronger. The small indicators that don’t get reported are adding up: home inspectors are swamped, title agency offices are busy and open late on Friday nights…

Existing Home Sales Stabilize for February in Fort Myers-Cape Coral

Fort Myers, FL –The REALTOR® Association of Greater Fort Myers and the Beach, Inc, dba CORE, reports that existing single family home sales for February 2008 are even with last year, with 445 units sold in both February 2008 and February 2007. This is in comparison to statewide figures which show a declining trend of negative (25) twentyfive percent for single-family, existing home sales.

Existing condominium sales for Fort Myers-Cape Coral are up 19% versus a year ago, with 181 units sold in February 2008 versus 152 units sold a year ago.

The median sales price for existing single-family homes was $211,900 in Fort Myers-Cape Coral, which was above the statewide average of 198,900, but off from the prior year by (17) seventeen percent. Existing condominium prices fell short of last year by (19) nineteen percent, with a median price of $199,200 for the Fort Myers-Cape Coral market.

“These figures reflect what our members have been seeing in the past few weeks – we’ve had more buyers interested in viewing properties, more prospects attend open houses, and more home buyers presenting sellers with tangible offers”, said President Ron Carpenter. “There are some beautiful properties available in this market at a very good value, and with the low mortgage rates, buyers are realizing that now is the time to buy”.

From the News Press, March 2008

As the economy hobbles along, developers are eyeing the hiatus in housing development as a window for commercial growth in the Cape.

Plans for mixed use and massive commercial projects dominated discussions Tuesday during Futurescape 2008. The event, sponsored by the Women’s Council of Realtors, attracted hundreds of real estate brokers, developers and investors to the First Baptist Church of Cape Coral to share plans and ponder the future of Cape Coral’s growth.

“It’s an exciting time to be in Cape Coral,” said Carl Schwing, Cape Coral’s assistant city manager. “We’ve got a lot of opportunities. I know what the real estate market is like and I’m excited that we’re seeing some additional activity.”

Helping accommodate commercial growth elsewhere, the city is looking to annex up to a square mile of property in several parcels north of Cape Coral. The city hopes it can zone large swaths of land for commercial development making the parcels an attractive investment for developers.

Recently annexed property in the city includes a 2,500-acre parcel in the north owned by the Zemel Trust. Annette Barbaccia of AMB Planning Consultants is working with Zemel Trust to develop a portion of the property. The parcel, Barbaccia said, holds the potential for 11 million square feet of commercial development and the possibility of environment-friendly industry.

Downtown
Capitalizing on the Cape’s abundance of waterfront property, developers are eyeing property in the southwest Cape for extensive redevelopment. Barbaccia, the president of AMB Planning Consultants, detailed her client Tom Cirrincione’s plans for a $500 million project to reshape downtown.

AMB has finished conceptual plans, Barbaccia said, on the Piazza di Venezia, a mixed-use
development that would feature 1,000 residential units, 91,000 square feet of restaurant space,500,000 square feet of retail, a 2,000-seat theater, two five-star hotels, a convention center and a boat barn.

“It’ll change the face of downtown,” Barbaccia said. The project along Cape Coral Parkway stretches from Coronado to Triton Court and will include a new east to west road parallel to the parkway to handle traffic increases. Another of Barbaccia’s clients, Robbie A. Lee Jr. of Island Development, is working on $300 million worth of downtown development in the Village Square and Venetian Towers. His company recently finished the Entrada project in north Cape Coral.

More condos to come
Even with the slowdown in residential building, developers are still floating plans for condominiums and gated communities. The Cape Grande group is looking to build four developments with a total of 522 residential units. Among the developments is a 14-story high-rise near the Cape Coral Bridge off of Cape Coral Parkway overlooking the Caloosahatchee River known as La Brise.

Tuesday night, consultant Joe Mazurkiewicz spoke of plans for expanding office space near City Hall and constructing gated communities in the north of the Cape. Those properties, azurkiewicz said, could be ready for construction when the city expands utilities. Mazurkiewicz highlighted walkable, sustainable communities with light commercial intermingled with residential.

Pine Island Road

Despite boasting a population of over 170,000, developers have historically “missed the mark” on Cape Coral’s potential for commercial growth, according to Dale Hafele, a partner with the North American Properties development group. Hafele’s company brought a BJ’s wholesale store to Pine Island Road about three years ago, where it stood as an island of commerce in an otherwise undeveloped area.

Speaking Tuesday evening, Hafele credited the store with fueling a flurry of economic development along the Pine Island Road Corridor including a SuperTarget and several restaurants such as Panera Bread, which has the distinction of the highest volume of sales in the national chain’s stores. “Why has our company invested so much in Cape Coral?” Hafele said. “The Cape is a market we still consider to be underserved by national retailers, because of this wonderful climate we live in, because of this City Council’s commitment to smart growth.” Restaurants Chili’s and the Olive Garden also will open in the same Coral Walk plaza as Panera.

North of Pine Island Road on the corner of Diplomat Parkway and Del Prado Boulevard, Garrison development is planning to build the Diplomat Shoppes at Del Prado shopping plaza.The project highlights the difficulty of building commercial property by accumulating smaller residential properties. During a City Council meeting earlier this month, council members made clear their intentions to reject the project if the Garrison group could not secure a purchase agreement with a homeowner whose house would have been surrounded by the development. The homeowner and the developer signed a purchase agreement that night.

A short sale means the owner owes more than the house can sell for in the current market or it is nearing foreclosure, and so the lender is agreeing to sell “short” of what is owed… these transactions take longer because of bank involvement… sometimes up to 6 months from the time the offer is made.

While the seller will agree to an offer, it’s really the lender holding the cards and determining if price and terms are acceptable.

So even if the short sale property is listed at, say, $250K that does not mean that’s what the bank will take for the home. Often, they counter at a higher price.

Also, while the buyer is waiting to hear from the lender, other properties, non-short-sale, are selling and buyers may regret missing an opportunity while waiting.

Basically short sales are a fit for pure investors or those with the patience of a saint.

Under a plan approved by the Florida Taxation and Budget Reform Commission Monday, voters will have a chance in November to approve an across-the-board property tax cut averaging 25 percent. The measure also includes a provision giving businesses, second homes and other properties that do not qualify for a homestead exemption a 5 percent cap on annual tax increases. The proposal does not include a mandatory services tax.

Read the full Story on the News-Press web site.

An enclave for the super-rich is getting under way in Cape Coral.

Two Lee County developers are rolling out 42 custom estate homes with prices ranging from $5 million to $20 million. On top of that, a $500,000 nonrefundable deposit is required to purchase one of the homes.

Welcome to Tarpon Estates, the new community under construction in the Tarpon Point Marina development in Cape Coral. Each house will have deepwater access to the Caloosahatchee and be a few minutes from the Gulf of Mexico.

Backyard docks suitable for 100-foot-long yachts and developers bent on harmonious architecture and top-quality construction in an exclusive, deed-restricted setting are also part of the package.

Tarpon Estates’ developers believe the promise offered by this gated community within a gated community will ensure the development’s success, despite the slumping residential market.
The upper end of the waterfront market is stronger than ever, according to Harry Albright Jr. of Fort Myers, who is developing Tarpon Estates along with Kim Wallace of Cape Coral.

“So there is no negative market condition in the upper-end waterfront communities,” he said. “So it’s a matter of going slowly and getting the right homeowners. People that want to have this lifestyle aren’t concerned about glitches in sub-prime markets.”

Albright, Wallace and Bob Hensley, chief executive officer of Tarpon Point’s developer, Grosse Pointe Development, said Tarpon Estates possesses a trait that is highly valued by boating enthusiasts. They said the roughly 24-acre tract is the last stretch of direct-access, deep-water acreage between Marco Island and Sarasota that has yet to be developed.
Each home there will have a different design and be built before hitting the market, with sizes ranging from 4,200 square feet to 20,000 square feet of living area.
Just one house has been built so far, while construction has begun on two others. The finished house, the entry-level three-bedroom, 31/2-bathroom 4,224-square-foot La Torre model, is priced at $4.95 million, furnished.

Wallace said the next step up will be a home with just less than 6,000 square feet of living area, for about $7.4 million, and a roughly 6,500-square-foot home that will have have a list price of roughly $7.8 million.

The builder is Naples-based BCB homes, which specializes in waterfront construction from Marco Island to Sarasota, including in Naples’ ultra-upscale Port Royal neighborhood.

He said the design work is under way on the $20 million home, which will feature a grand ballroom, docking for a yacht of 150 feet or more, 20,000 square feet under air, and captain’s quarters and butler’s quarter.

Albright said plans call for a slow and steady approach to building the homes and placing them on the market, to maximize demand. He said he envisions the project being completed within five or six years.

e said the marketing is being shared by Wallace, BCB and Marilyn Kistler of Prudential WCI Realty in Fort Myers and extends to Canada and Europe.

Hensley said he envisions the typical buyer being someone purchasing their second or third home. “These are affluent people who have a lot of disposable income and they tend to chase the weather,” he said.

Reported by the News-Press, March 8 2008

Pending sales in the region jumped dramatically in the last month, according to the Florida Gulfcoast Multiple Listing System Common Database used by Realtors to track sales in Lee County and small parts of Charlotte, Collier and Hendry counties.

In January, 159 single-family homes in those counties had sales pending. In February, the number climbed to 753.

In addition, the database shows 436 sales, 191 in Cape Coral, were closed in the area in February, compared to 330 sales, 144 in Cape Coral, closed in January.

Read the full Article.

From the News-Press, Originally posted on February 16, 2008

Economy gripes are common these days.

But in the last three months of 2007, there were 83 new businesses that moved to Cape Coral. That doesn’t even account for the home-based businesses, which make up 65 percent of the total operations here.

Still, the city wants more.

Mike Jackson, director of Economic Development, is kicking off a new, national ad campaign to get the word out that businesses can flourish here — and workers can have fun doing it.

“Work. Play. Repeat. Now do both in the same place.”

That’s the slogan. It’s designed to promote the city’s tenant-ready commercial properties and market niches, as well as the waterfront lifestyle. It’s set to be unleashed later this year at business conventions, in trade magazines and in a television commercial airing on CNBC and MSNBC.
“When people think of Florida, they think of retirement and old people,” Jackson said.

“So when I go to these conventions in Chicago or other big cities, people are always surprised to hear that we’re the fourth-fastest-growing city in the country, and that our median age is 43. We want to try to change those perceptions.”

Specifically, the target is the smaller businesses that can afford to quickly pick up and move, and for whom quality of life is a big factor in where they do business.

Elmer Tabor, owner of Wonderland Realty, said the draw for many new business owners is the sunshine. But the Cape is also attractive because the market hasn’t fallen completely flat, he said.

“I always like to ask people why they moved here, and it’s almost always, ‘I was sick of shoveling snow,’” Tabor said. “And regardless of what the economy is, we still have a greater place to live than Ohio or Michigan or Minnesota. Southwest Florida still provides jobs, still provides growth. We’re in tough economic times, but we’re not near as bad as some places.”

Northern areas are dealing with redevelopment, and what is commonly referred to as “The Brain Drain,” in which younger workers move out after being educated in search of better jobs. In the Cape, the challenge is more first-time, smart development rather than redevelopment. Jackson said his office is constantly trying to find solutions to the fact that 90 percent of the city’s developable land is pre-platted residential. When the city was first built, it was broken up into small, residential-sized plots. For years, anyone could build a house almost anywhere they chose.

“The result is not only that utilities and services have to catch up,” Jackson said. “But also we are running into a commercial land use shortage.”

In a future land use analysis report, Jackson indicates that if the city does nothing, it will face a 2,526-acre shortage of commercial land by the time the population is built-out, roughly in about 60 years. Annexation of the Zemel property would reduce that shortage to 1,754 acres, but it won’t eliminate it. To combat this, Jackson is proposing to convert residential land use to commercial/industrial, increase annexations for commercial/industrial development, increase commercial/industrial densities, increase the size of existing commercial/industrial zones and acquire and develop parcels for commercial/industrial uses.

But some might wonder why the city would push for more commercial land when roughly 430,000 square feet of office space is currently vacant. But Jackson sees that vacancy not as an omen of a stagnant economy, but rather a draw for new business owners.

“New companies generally don’t want to move in to a place where they’re going to have to deal with the hassle of building their new office space,” he said. “They want to go somewhere it’s already waiting for them.”

Another tool his office is using is the Cape Coral Prospector Web site, at bizcapecoralgis.com, which was launched in December. With just a few clicks, interested parties can research brokers, building vacancies, see satellite and interior pictures, check out the structure’s proximity to other businesses as well as bus stops and traffic lights.

“We want to make it as easy as possible for people,” Jackson said. “It’s like free market research.”

While it will be difficult to measure the city’s direct success with the advertising campaigns and land use restructuring, Tabor said educating people about what Cape Coral is — and isn’t — can only help.

“In the early days in development in Cape Coral, it was the young, gutsy pioneers who came down to establish businesses,” he said. “When they started seeing they could enjoy it, that’s when the retirees started moving in. They brought their money, and then there was a need for younger employment. So we hope that’s a trend that continues, because it really is an overall great place to live.”

From the Cape Coral Daily Breeze, Nov 2007 

Controversial property insurance reform passed in January should start to make an impact at the start of the coming year, according to a pair of local legislators.

State Sen. Burt Saunders, R-37, said Friday that Florida’s Office of Insurance Regulation informed members of the state’s legislature that residents can expect a major drop in the cost of property insurance.

“There are estimates that with the new proposal that went into effect this past year is that the insurance rates could be dropping as much as 20 to 25 percent as we get into 2008,” he said in a telephone interview.

Rep. Gary Aubuchon, R-Cape Coral, took a similar view.

“The rates come down as each individual insurance company purchases their reinsurance policies,” said Aubuchon. “Depending when that renewal period is is when ratepayers should see lower rates and for some, it’s already begun.”

Before the reform measures were approved, insurance companies in the state of Florida would provide their own insurance to customers and cover the cost of losses through the premiums that they receive. But it would also “insure the insurance” by purchasing coverage for themselves from reinsurance companies. These firms, many of which are based overseas, allow for insurance companies to smooth their income and transfer risk so that they can provide higher limits of protection than they could underwrite on their own. The new insurance laws have changed that system completely. (more…)

High-skill, high-salary jobs are goals of city

News-Press
September 28, 2007

Don’t let the economic downturn fool you: New businesses are moving into Cape Coral at an average of about 30 each month.

That’s according to city economic development director Mike Jackson, who said more than 65 percent of the now 8,584 businesses in the city are home-based operations. The three highest categories of industry in the Cape are administration and support, then construction, then professional.

The goal through the next year, he said, is going to be continuing that surge and simultaneously attracting more of the high-skill, high-salary kind of commercialism that means long-term economic strength.

“We’re looking for relatively smart workers and relatively advanced technology sectors,” Jackson said. “We have companies like that here today, and we’re trying to figure out the best way to help them grow and attract more like them.”

He wouldn’t be specific on exact corporations the city wants to hook, but he said his office will be transforming in the next few years into somewhat of a sales operation.

“It is our goal to be able to focus exclusively on identifying the gazelles,” he said. “Those are the fast-growing companies with high wages. We want to look for those in Cape Coral, and we want to identify and target those on the outside. That means literally calling them up, getting them to take a tour of the city, meeting our developers and showing them what a high quality of life we have here that is attractive to workers.

“We’ve been doing extensive advertising in the central U.S. edition of the Wall Street Journal and Crain’s business publications. These are advertising campaigns that allow us to increase people’s awareness of Cape Coral as a large city in Southwest Florida that is not just a retirement community.”

And the city is hoping the results of recent studies will help drive business the city’s way. Two studies — a workforce study and a target industry study — are set to be released in the next month. They will identify, Jackson said, what sort of business clusters would be a good fit for the kind of labor force and businesses already in the city.

About 48 percent of the city’s population works full time, and the median age has dropped since the last census from 45.2 to 43. From 2004 to 2006, the median household income rose from $46,933 to $54,026.

Mayor Eric Feichthaler said he wants to develop the city as a cultural center before going after the big businesses.

“High technology businesses are looking for more of an educational base,” Feichthaler said. “It means we need to provide them with what other cities have, and we simply do not have those cultural amenities right now. We have the land, but we need to mature as a city before we start seeing those results.”

But he does want to focus more on attracting office professional and light manufacturing-type operations, while moving away from the construction and real estate industries. Landing one large corporation, he said, could spur others to follow. He doubted whether the studies were going to be helpful.

“What I said to the economic director is I expect to see substantial and immediate results,” Feichthaler said. “For the money we’re putting into surveys and studies, I’ve not seen the benefits citywide. If they lead us to attracting those businesses, I’ll be happy about that, but I’m not sure it will bring the benefits of that promise.”

The studies are costing the city about $205,000. Jackson said they won’t be a “magic bullet,” but, at worst, they will be a “compass.”

One thing he thinks the studies will show is that building office space before big businesses arrive would be a smart move.

“I don’t like to say, ‘If you build it, they will come,’ ” he said. “But if you don’t build it, they won’t come.”

Large corporations don’t rush to relocate when office space isn’t already available, he said. Site selection can take years, and most want to be able to move in right away, either buying or leasing buildings that already exist.

In the second quarter of 2007, real estate firm Cushman & Wakeman determined Cape Coral had 263,684 square feet of vacant office space, 100,840 square feet of industrial space and 72,110 square feet of vacant medical space. Office space vacancy really did not exist in the city less than two years ago.

Anita Simmons, who owns the Cape Dog Bakery downtown, said that while she doesn’t think the city needs more “big box stores,” bringing in more professionals is probably a good thing.

“There are some businesses suffering, and it’s because we’ve relied so heavily on real estate,” Simmons said. “We need things that will draw big companies to this area — clean up the landscape and have more unique shops and restaurants that will make this a destination.”

Related Posts: INC Magazine Rates Cape Coral-Fort Myers #1

It’s that time of year when we have many vacation property buyers. For some, the idea of owning a property far away from home is new and a bit daunting. But rest assured, it’s business as usual in our neck of the woods and there are several options for keeping your property safe and secure while you’re away.

Vacation Property FAQs
If you are thinking about purchasing a vacation property, chances are you have these questions in mind:
• Who will take care of the home or condo while you’re away?
• What does it cost?
• What other expenses should I expect?

Of course you want to protect your investment and so you will need someone who looks after your property and ensures that small problems don’t become big ones. For example, if the air conditioner were to break down and go un-noticed for a long period of time, mold and mildew will creep in. There are a couple of options for protecting your investment.

OPTION A: Professional Home Watch
In our area, many property owners hire a Home Watch company to perform routine inspections. This is true whether the property is a single-family residence or a condo. First, let’s look at the basic services a home watch firm typically offers:

• Check Security of all doors and windows
• Check for water intrusion
• Check security system
• Monitor A/C and humidistat
• Check smoke detectors
• Inspect circuit breaker for tripped breakers
• Check and run all appliances and plumbing
• Check automatic sprinklers
• Check ice maker for on/off production
• Check for pests/insect intrusion
• Check lanai and screens
• Verify pool, pest, and lawn service consistency and quality
• Immediate reporting of any abnormalities found

Additional services that might be offered or required are:

• Start and run vehicle(s) and boat(s)
• Guest or tenant check-in/check-out
• Meet and provide access for service people and deliveries
• Arrange cleaning services (prior to your arrival, for instance)
• Storm preparation and inspection
• Airport transfers
• Pre-arrival shopping and errands (concierge-like services)
• Handyman jobs

Routine inspections are usually once per week and you should receive regular correspondence from the service company detailing what was inspected and if any action is needed to prevent or address issues. Most often, the report is “all A-OK,” giving you peace of mind that nothing is amiss.

Depending on the location and size of the property and the frequency of service, fees range about $60 to $100 per month. If yours is a home, you will also need separate services for lawn care (about $90/month) and pool care (about $80/month). If yours is a condo, the association fee covers all exterior maintenance, including lawn care.

The Home Watch option is ideal for vacation property owners who are not renting their property, or for those who are renting, but are managing the rentals themselves (through a vacation rental web site, for example).

OPTION B: Professional Leasing Firm
For those planning to seasonally rent the property, and for those who want soup-to-nuts service, a property leasing firm can help.

Along with the services of a home watch company, the leasing firm markets your property, handles tenant applications and payments, checks tenants in/out, arranges end-cleaning, pays expenses out of your escrow account, provides monthly reports, and supervises repairs. Expect to pay 10-20% of gross rent for a full-service property management firm. Note that not all property management firms offer routine inspections, so a separate home watch service may still be needed.

WHEN TO HIRE
Most of our clients start the selection process after there is an accepted contract because the service firms usually operate in specific geographic areas. And some limit the types of properties they service (condos only or homes only) or the types of rentals (annual only or seasonal only). So it’s not necessary to start shopping for a service until you know the type of property, its location, and the specifics on what you’ll want them to do for you. Otherwise, you likely will spend a lot of time interviewing companies that are not right for the property.

One of the reasons we chose Cape Coral was our excitement about the long-term vision of the Cape Coral Redevelopment Agency (CRA) for the downtown area of the Cape. While we are frustrated that the CRA’s progress has been slower than anyone would like, we are glad to see them dogging it along and making some progress.

The mission statement for the agency is that it “will facilitate the emergence of a vibrant urban village where people of all ages will live, work, shop and be entertained.” The master plan adopted by the CRA and City Council designed the Downtown as a compact urban village.

The primary goal is to create a high-intensity pedestrian friendly urban area with open spaces and a system of both pedestrian and traffic circulation so that visitors, employees, and residents alike can easily find their way, park, and enjoy their walk to their destinations. And the CRA aims, through development incentives, to assist in the development of plazas and covered pedestrians walkways that improve access to waterways and the riverfront.

Visit the Cape Coral CRA website.

Yesterday, I had the pleasure of meeting Bob Hensley, CEO of Grosse Pointe Development Company, and the developer of the beautiful Tarpon Point Marina community in Cape Coral. What a breath of fresh air. Bob is one of the few developers in the Cape that is still making significant investment in his holdings and he’s got the passion, vision, and resources to get the job done. Soon Grosse Pointe will break ground on Marina Village, a condo-hotel project on the waterfront with full resort services along with retail and office spaces.

Tarpon Point Marina is a luxury waterfront community on the Caloosahatchee River, with full service marina and many other amenities. Shown here is Tarpon Landings, the most recently completed project in the community.

It’s heavenly now and with Marina Village built-out fall of 2009, it’ll be one of the most spectacular waterfront resorts in South Florida. Oh, and Brenda was happy to confirm what we’ve long suspected: yes, that’s Bob’s helicopter that passes over our neighborhood every Friday afternoon on his way home from his commercial projects in Orlando.

Can’t wait until 2009? Check out current resales in Tarpon Point Marina.

Many people are under the impression that homes that are being sold as a “short sale,” are priced lower than market value. The short sale is new phenomenon where the mortgage holder is the ultimate decision maker on price, terms, and all aspects of the real estate transaction. But hey, many say, they are selling “short,” and therefore it’s worth the hassle to get the bargain.

It is “short?” Here are two nearly identical properties: both built in the last 6 years, both 3 bedroom, 2 bath, tile roofs, pool, and on Gulf Access canals. One priced at $534,900; the other at $449,000. Which is the short sale?

The $534,900 house is the short sale. A bargain? The $449,000 house is the one that was priced right and a “normal” transaction. It sold for $400,000. (If you would like MLS details on either of these properties, let us know and we’d be happy to send it to you.)

It can take weeks or months before the lender will even respond an offer. So that means a buyer and seller are on hold while the lender keeps the property on the market. All the usual protocols of offer, counteroffer, and acceptance are thrown out the window; the lender holds the cards. This means a lot of confusion, frustration, and sometimes heartache.

There’s a lot more to know about short sales, and we advise proceeding with eyes wide open if you entertain this option. And, yep, we know this is a controversial topic and undoubtedly we’ll get some passionate feedback on this one.

The latest version of property tax reform was passed by voters January 29, 2008.

How it works- Nov 1 2007

TALLAHASSEE, Fla. – Nov. 1, 2007 – The Florida Legislature, caught in a game of “chicken,” approved a measure that will appear before voters on the Jan. 29, 2008, ballot. With time working against them, lawmakers agreed on a measure that scaled back earlier initiatives, and even current reforms pushed by the House.

What the current amendment includes:

Homestead exemption

The homestead exemption increases. The current $25,000 homestead exemption remains; but a second $25,000 exemption is added for home values between $50,000 and $75,000. The second $25,000 exemption does not apply to school taxes, however, which translates into a lower-than-expected savings of about $240 per homesteaded owner. The portion of a home valued between $25,000 and $50,000 will still be taxed at all levels. FAR fought to include this taxable portion in order to maintain fairness for smaller cities and counties with lower median home values.

Portability – Moving up

Property tax savings portability (money saved over time on property taxes because of yearly increase limits through Florida’s Save Our Homes amendment) applies to homesteaders (homeowners with a homestead exemption) moving anywhere within Florida. Up to $500,000 of accumulated savings, applied to taxable value, may be transferred when one home is sold and another is purchased, with the transfer applying to all taxes, including the school portion. Homeowners have two years after they sell a home to buy a new one and transfer the savings.

If buying a more expensive home, a homesteader calculates savings by subtracting the assessed value (taxable value) from the just value (market value). The amount (savings over time) is then subtracted from the just value on the new home purchased. In most cases, the $50,000 homestead exemption will also be subtracted.

Example: Susie currently owns a home and has lived there for a long time. The house’s just value is $500,000, but because of Save Our Homes, the assessed value is only $200,000. Susie buys a new house for $700,000. The following year, she’ll pay taxes on only $400,000, however, because she’s “porting” $300,000 in value to her new home. After factoring in the new homestead exemption of $50,000, her total assessed value would be $350,000.

If buying a less-expensive home, the calculation changes and is based on the percentage of tax savings rather than a dollar amount. If the assessed value on the original home was 50 percent of the just value, for example, the homesteader would transfer that percentage to the new home, or have a new assessed value that is 50 percent of the new home’s just value. The percentage system was created to keep homesteaders from effectively eliminating their property taxes altogether by moving from a high-cost area of Florida to a low-cost area – a change that could severely hurt smaller rural economies.

Example: Susie currently owns a home and has lived there for a long time. The house’s just value is $500,000, but because of Save Our Homes, the assessed value is only $200,000. Susie buys a new town home for $300,000. She’ll pay taxes only on $120,000 because when buying down in value, she’ll keep the same ratio (40 percent) of assessed value to just value that she enjoyed in her old home. After factoring in the new homestead exemption of $50,000, her total assessed value would be $70,000.

Also, portability is retroactive to Jan. 1, 2007 – so everyone who bought this year and moved from an established homestead will be able to “port” their savings for next year. Since yearly tax values are based on ownership as of Jan. 1 each year, portability would not affect this year’s tax bills, which most homeowners have already received; but the savings will be applicable to next year’s tax bill.

Non-homesteaded property tax cap

A win for FAR and an important piece of the amendment is a 10 percent annual assessment cap on non-homestead property. Similar to Save Our Homes, this cap limits the assessed increases of commercial, rental and second home property taxes to a maximum amount of 10 percent per year starting in 2009, protecting against high spikes in taxes from year-to-year.

While property values will not rise 10 percent every year, FAR believes the cap offers some relief and protection to properties in high-value markets and waterfronts from unpredictable tax increases. The Constitution mandates a tax reassessment to just value upon transfer for non-homestead residential properties of nine units or less, but allows the Florida Legislature to determine how reassessment will occur for commercial and higher-unit residential properties. However, implementing legislation passed during the Special Session provides for reassessment of these properties upon a change in ownership or use.

Tangible personal property exemption

Under the amendment, the Tangible Personal Property (TPP) exemption for businesses is $25,000. The Legislature estimates that this tax – paid to local governments on items such as shelving, desks, computers, and other office equipment – will exempt about 1 million of Florida’s 1.2 million businesses that currently pay it. The amendment also drops the requirement to file for the TPP tax.

Work not done

While the proposed amendment will save property owners as much as $12 billion (depending on the portability amount used), FAR will work for greater relief measures. The association also has serious concerns about a challenge to the constitutionality of portability.

Earlier versions of property tax reform included provisions to help first-time homebuyers, a move missing in the current version. With that protection gone, FAR considers it possible that it will be challenged under the U.S. Constitution along with the entire Save Our Homes property tax system. If that happens, it could bring everyone back to the table yet again.

FLORIDA ASSOCIATION OF REALTORS®

Click the “more” tag to read about earlier versions that failed.

(more…)

ORLANDO, Fla. – May 31, 2007 – A top Florida economist has declared the housing slump a done deal. “It will take another 18 months or so before closing volumes reach more normal levels, but the worst is behind us,” says Hank Fishkind.

Fishkind says the turn-around is important to everyone, attributing housing troubles to the recent 75 percent drop in GDP (gross domestic product). The current 1.3 percent rate is down from the historic 4 percent pace, but Fishkind says that dropoff would go away completely when housing simply returns to normal levels.

“With (the number of home) starts below (the number of) closings, the inventory of new but unsold homes is slowly being absorbed,” says Fishkind. “Sales of existing homes are the best leading indicator for national housing markets. April sales were off sharply, falling below 6 million at an annual rate. At these levels it will take 8.4 months to sell all the homes that are for sale. However, prices remain stable. And the sales levels, while down this month, were up sharply earlier in the year.

“What all of this means, is that we have seen the worst for housing markets,” Fishkind says.

Related Posts: Are We There Yet?, Looking for Great Lot Prices?

Just like the kids in the backseat… the question we hear over and over about the Southwest Florida market bottom… “are we there yet?” For today’s market update, we looked at waterfront sold properties in Cape Coral covering a span of just over two years.

The graph below paints a vivid picture. You can see that the peak prices for all Gulf Access homes occurred in the 4th quarter of 2005. Prices steadily declined from that point, and after steep drops, a beginning of a levelling off. The bottom of the bottom for Gulf Access Homes (one or more bridges) is behind us, having occurred in Q1 of 07. Price per square foot on Gulf Access Homes appears to be creeping back up.

Related Posts:  Lee Belies National Trend, Knock Me Off My Chair, Vacant Land Dry and Freshwater Update, Search All Area Listings

While helping a family member to relocate from St Paul, Minnesota to Florida, we recently had the opportunity to get familiar with a little-known 55+ community in Fort Myers called Seven Lakes. It’s a tucked away hidden gem in the heart of Fort Myers.

Seven Lakes is a retirement golf community for active seniors, and boy are they active. Golf leagues, tennis, pools, bridge clubs, bingo nights, poker rooms, ceramic and woodworking hobby rooms, exercise classes, beach trips, shopping trips, casino trips, dancing and entertainment… the list of community activities goes on and on.

All that and it’s also surprisingly affordable to live there. There are small 1 bedroom, 1 bath condos under $100,000 (not a typo) and larger 2/2 condos or villas ranging from $120,000 to $289,000. Association fees (about $400-$600 monthly, depending on the location) include bundled golf and all the other amenities.

Most residents zip around the community on their golf carts. All in all, a friendly, active, well-managed 55+ neighborhood… we’ll be visiting often.

More About Seven Lakes, More Communities, Search All Area Listings

A special session is on the way in June to discuss property tax reform. New ideas continue to emerge after the failure during the regular session to reach agreement. Here is what the reps are saying now.

During the past few weeks, Rep. David Simmons, a Republican from Maitland, suggested an idea that met the House’s policy goals, and offered an opportunity for opponents of the House plan to reconsider their objections. The House is now considering a variation of his idea of dramatically increased homestead exemptions based on a percentage of the value of the home. We think this approach is fair and simple, and eliminates many of the inequities that have developed under our current property-tax structure.

Here is an example of how this approach might work:

On the home’s first $300,000 in just value, 80 percent would be exempt from property taxes.

On the next $700,000 in just value, 70 percent would be exempt.

On just value above $1,000,000, 30 percent would be exempt.

Under the numbers used in the example above, the new homestead exemption for a $300,000 home would be $240,000. Using the example above, 90 percent of all homestead property owners would benefit more from this proposal than under the current Save Our Homes structure. The average beneficiary of this approach would see his or her tax bill cut in half.

Non-homestead-property owners would also benefit from this approach. Both non-homestead residential properties and commercial/industrial properties would also be exempt on a percentage of their just value and would see property-tax savings.

This approach works well because it delivers targeted cuts to those who need it most. Floridians who have been hurt the most by outrageous property-tax increases will see the greatest relief.

Further, by fixing the size of the homestead exemption to the value of property, we will eliminate the problem of many Floridians who are trapped in their current homes by the threat of skyrocketing tax bills if they move to a new home. This would be a great step for our seniors, growing families and first-time home buyers.

For the last 18 months, our local newspaper had only doom and gloom reporting when it came to our local real estate market.

Our editorial cartoonist, Doug McGregor (a.k.a. Mr. Negative) has been on the same bandwagon week after week after week.

So you could have knocked my off my chair this morning when I flipped to the editorial page to see a cartoon that is… gasp… positive! See also Lee County Belies National Trend.

From the News-Press, April 25, 2007

The number of existing houses sold in Lee County spiked up sharply in March, after a long slide that began last summer.

Meanwhile, prices increased slightly although still far below the salad days of late 2005 and early 2006.

There were 636 single-family homes sold with the assistance of Realtors in March, according to a report issued Tuesday by the Florida Association of Realtors.

That’s up 50 percent from February’s 423 but still below the 955 sold in March 2006.

The median price increased 5 percent to $268,000 from February’s $256,100 although that was still 5 percent less than $281,300 a year ago.

Nationally, the situation was gloomy.

In a separate report released by the National Association of Realtors, sales of previously owned homes in the U.S. declined to the lowest level in almost four years, delaying housing’s recovery from a slump that’s shown signs of reaching bottom.

But in Lee County, one seller said he’s happy to see the market come back to life a little. Jeff Bryan sold a house in The Forest in south Fort Myers in three days recently for $1,005,000.

“I sure did, and it’s in the just-over-a-million-dollar market, which is a pretty rough market,” said Bryan, who built the four-bedroom, two-and-a-half-bath house as an investment. “There’s no way it would have happened six months ago.”

He attributed the quick sale to a growing awareness by buyers that “they can get some bargains out there.”

Sales and prices topped out in 2005, with the median price reaching a high of $322,300 in December and sales a high of 1,309 in May.

Prices have generally been increasing slightly since October 2006, but the number of sales has been flat or declining since July 2006.

The inventory of unsold homes on the market was 12,644 in March, about the same as February’s 12,436 but more than three times the level of a year ago, according to figures compiled by the Realtor Association of Greater Fort Myers and The Beach.

While the inventory isn’t falling, sales and showings are increasing.

In Collier County, the Naples Board of Realtors hasn’t reported its sales to the Florida Association of Realtors since December.

Naples Board President Spencer Haynes, of John R. Wood Realty, said his group decided to issue its own numbers “unless they change the way they present the numbers.”

For one thing, he said, the statewide figures include any sales made by an agent in the associations based there. For example, if an agent who belonged to the Naples group sold a house in Estero, that would be counted in the Collier County report. He said the Naples group will only release quarterly figures because monthly doesn’t tell the whole story because of volatility in the real estate market.

The Naples group’s figures show the median price in the first quarter of 2007 was $399,512 compared to $375,000 in the fourth quarter of 2006.

In Charlotte County, the price fell 14 percent to $193,000 from $224,700 a year ago while the number of sales fell 25 percent from 315 to 237, according to the Florida association’s report.

Related Links:  Southwest Florida Market Cycle, Search All Area Listings

INC Magazine rates Cape Coral-Fort Myers #1 for 2007 in its Best Cities to Do Business annual report. The magazine rates the Cape Coral-Fort Myers as #1 for mid-sized cities and #4 overall (all cities, no matter the size).

Read the full story: INC’s Best Mid-Sized Cities for Doing Business

Related posts: Lee County Homes Sales Belie National Trend

TALLAHASSEE, Fla. – April 19, 2007 – The state House of Representatives voted unanimously Wednesday to roll back property taxes to 2001 levels, while also passing, along party lines, a second plan to rewrite Florida’s tax code and give voters the option of eliminating property taxes on their homes by raising the sales tax.

House Democrats said they support the rollback bill because it sends the message they support tax cuts, but warned that they want it revised to have a less harsh impact on local government.

The second plan, advocated aggressively by House Speaker Marco Rubio, won a divided vote of 78-40, with only two Democrats, Reps. Luis Garcia and Ed Bullard, both of Miami, voting with Republicans. Two Republicans, Reps. Gayle Harrell of Stuart and Andy Gardiner of Orlando, voted against it. None explained their votes.

The measures are the first step to a resolution on the top issue of the legislative session: lowering property taxes across the state. Neither approach is expected to be accepted by the Senate but will serve as the starting point in the debate to begin next week when a joint committee hammers out the differences.
(more…)

Live, work, shop, play all within walking distance from your new home. Bell Tower Park is an amenity-rich gated community in the heart of Fort Myers, Florida. This 2nd floor Devonshire unit has sweeping views of the lake and common grounds.

This contemporary floor plan of over 2300 SQFT under air has 3 bedrooms, 2.5 baths, media room (a.k.a. den/office/guest room), great room, lush master suite, and a wrap around lanai that’s heavenly for entertaining and taking in the sights. You’ll find beautiful tile, crown molding, solid surface counters, and more details to appreciate. And room for all your toys in the 2 car garage.

Relax or entertain at the resort-style pool (shown above), clubhouse, and game room and there is plenty to keep you active: tennis, walking paths, billiards, and more.

View Details and more photos on this property. Search the Local MLS.

View more featured properties.

This impressive Lake Finisterre pool home is THE best lake property value in Cape Coral, Florida. Not only can you enjoy boating, fishing or skiing on the lake, but also boat out to the Gulf of Mexico. This property is Gulf Access, no locks or lifts, 20 minutes to the Caloosahatchee River/Gulf, and one bridge (10′25”). Check out the view from the huge lanai and pool area!

A rare find that’s right-price and move-in ready. The savvy buyer will have it all at an unbeatable price:

• wonderful 3-2-2 pool home
• enviable corner lot with 140′ of waterfront
• spectacular views
• tranquil and private setting
• mature landscaping
• fantastic boating

This home is sold turnkey—fully furnished right down to the silverware. So bring your toothbrush and move right in. 

Home features include cathedral ceilings, pocket sliders (living, kitchen, and master bedroom), large kitchen, in-residence laundry, new roof in 2005, new screening, and beautifully decorated. Priced at just $425,000, there is not a Finesterre house or even a lot that comes close to this value!

Related Links: View Details on This Listing, Search Cape Coral-Fort Myers MLS, Learn More About the Waterfront 

In a prior posts, we mentioned that in this buyer’s market, one strategy that works for “getting the deal,” is to make a list and work the list. Here, straight from our client’s fingertips, is a case story on how the strategy worked.

Buyer’s Profile: UK national, avid boater, entrepreneur in manufacturing, self-proclaimed “cheap Irishman,” looking for a DEAL
Objective: one or two waterfront homes for investment and for seasonal vacation for him and his immediate and extended family
Budget and Timeframe: $750,000 US, November 2006

IN JIM’S WORDS:

Last year I decided to start looking for a nice waterfront property on the gulf coast of Florida, it’s a place I’ve been to several times and I’ve absolutely loved it. The climate is perfect, the people are friendly, the fishing’s good, the wildlife is wonderfully different and most importantly….. you get a lot for your ££££’s (pounds) !!!

I’d heard quite a lot about Cape Coral from various TV travel shows in the UK and by word of mouth, and the apparent lifestyle there really appealed to me, having a home with a pool and my own boat at the bottom of the garden sounded like paradise…

So I got in touch with Brenda from SageRealtor Group, through a web connection. I was initially very impressed with their professional and easy to use website and I started bombarding her with questions… She was a terrific help and it was great to know at that stage that the whole process of finding, and buying a property was going to be no problem with Brenda and her husband Dave as my right hand !! It was the icing on the cake when I discovered that the property seller paid their commission , it was going to cost me nothing !!

For the next 4 or 5 months we kept in touch and they quickly got a good feel about the type of property I was interested in and were terrific at steering me in the right direction for the right property.. When my partner and I arrived we were made to feel most welcome by Dave and Brenda, genuinely lovely people, nothing was a problem.. Armed with numerous property leaflets, we set off to view the first properties with Dave and Brenda, feeling like royalty in the back of their Jaguar. At the end of the first day they had a good idea of what we liked and didn’t like, with this information in mind Dave and Brenda arrived the next morning with a fresh set of properties for us to view, which they had found, studied and printed off the night before.

We saw many wonderful homes, and during the day I started compiling a list of places I would be happy to buy, without getting too sentimental about any of them. We ended up with a possible list of 6 favourite properties, I knew that I would be happy with any of the properties that I had selected, if I could get an outrageously good deal on any one of them.

I started by selecting my 2 favourites and put offers well below the asking price on both of these properties, in the knowledge that if they weren’t accepted I’d move on to the next ones on the list. With expert lobbying by them to the listing agent, the offer on my first choice was accepted and I was extremely happy….

“He who dares, WINS” is the motto to this story !! I will be eternally grateful to Brenda and Dave for helping me, without them, I would NEVER have been able to get such a wonderful dream home at such a fabulous price.

- Jim

END RESULT
This strategy worked for three key reasons. First, having the market knowledge to know which properties met the client’s objectives and that were ripe to sell below asking price. Second, the buyer was emotionally ready to move on to the next “top pick” if an offer was not accepted or if the counter-offer was not acceptable to him. Third, the listing agent was informed that the buyer was working a list, an important factor in presenting the offer to her client. The seller decided to take a firm offer on the table now, rather than wait and see if another comes later and perhaps with less favorable terms.

This strategy is less effective without strong terms. For example, it likely would not fly if the offer had a contingency of 80% or more financing. Most sellers would not concede such a drastic price reduction when it’s iffy if the person will qualify for a loan.

MORE DEALS AWAIT
Those waiting to hear about the bottom in the news will be too late, as the news media generally reports what has happened, often using statistical data from several months prior. Having said that, rumbling of the bottom hitting is already dripping into national news, to wit:

“After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008,” says David Lereah, chief economist.

But more meaningful is what’s happening locally. A month ago, for example, we could find ridiculously great deals on sailboat access waterfront homes all day long, but inventory is diminishing. Never ones to use high-pressure sales tactics or to create a false sense of urgency, we do feel it’s our obligation to say that if you’re thinking about buying in SouthWest Florida, you’d be wise to get the ball rolling now. Condos are especially good buys right now, as are waterfront homes.

Related Posts: Buyer Shopping FAQs, Buyer Closing Costs, UK Buyer Experience

TAMPA, Fla. – Jan. 15, 2007 – A new computer model that has contributed to large spikes in property insurance rates in coastal areas should have had full review by outside experts before it was released, the ethics chief of the world’s largest general scientific society said.

Research Management Solutions of Newark, Calif., introduced the product to the market long before the scientific peer review process was finished.

“It’s ridiculous from a scientific point of view. It just doesn’t wash well in the context of the way science is conducted,” said Mark S. Frankel, director of the Scientific Freedom, Responsibility & Law Program at the American Association for the Advancement of Science in Washington.

In March, RMS announced a major change to the leading computer modeling program for the insurance industry and made the update available to its clients.

The program predicts a 40 percent increase in losses from hurricanes in Florida, the Gulf Coast and the Southeast. Although not yet approved by the state for use by Florida insurers, it is being used by reinsurance companies that provide financial backing to insurance companies, indirectly increasing rates. The cost of reinsurance makes up 30 percent to 60 percent of premiums, according to the state.

RMS has said development of the new short-term model, which focuses on weather from 2006 to 2010 instead of depending on 100 years of historical data, was well documented.

The company said Thursday that the results are in the process of being published in Tellus, a journal put out by the Swedish Geophysical Society.

That’s the wrong order for several reasons, other experts said.

“In the future doesn’t count” in terms of peer review publication, said Sara Rockwell, director of the Office of Scientific Affairs at the Yale University School of Medicine.

Charles Watson, an engineer who specializes in numerical hazard models, said RMS acted irresponsibly.

“You publish; then you apply it,” Watson said. “Especially for something with trillions of dollars in property value, and people’s lives and livelihood are literally at stake in these decisions. It is irresponsible to implement before peer review. There are tremendous policy implications.”

(more…)

In Florida, the bulk of the closing costs are paid by the seller (title insurance policy and real estate commissions). But there are some costs buyers need to be aware of.

Here is a summary of estimated closing costs for a typical residential transaction:

• Recording of Deed: $60
• Pro-ration of property taxes for the calendar year (annual taxes are paid in arrears in Florida)
• Pro-ration of dues (HOA fees or similar)
• Property boundaries survey (if required by you or your lender): $200
• Professional property inspection: $350
• Appraisal, if required by you or your lender: $300
• Miscellaneous other fees: $150 to $300
• Attorney Fees, if required by you or your lender: variable amount

There are additional fees if you are taking out a mortgage:

• Documentary stamp on mortgage: 0.35 per $100 financed (e.g., on a mortgage of $250,000 the doc stamps are $875)
• Recording of Mortgage: $60
• Intangible tax on mortgage: .002 on mortgage amount (e.g., $500 on a $250,000 mortgage)
• Fees charged by your lender (processing fees, points, and so on)

The above estimates are a good guideline, but be sure to work with your agent on a buyer’s “net sheet” before writing a purchase contract to determine your specific costs. Also, a week or a few days before closing, the title company will provide you a settlement statement (called a HUD) that states all fees, to whom they are paid, and your final amount due at closing. Both you and your agent need to review this carefully prior to closing.

UK nationals love Florida. And they love the current exchange rate even more. In the last 10 days, we completed two property purchase transactions for UK clients. One client lives south of London. The other is from northern Ireland. Both purchased beautiful waterfront vacation homes in Cape Coral.

Their parting words before heading back: “It was so much easier than we thought it would be! Thank You.”

The thought of purchasing property in another country is daunting, but the process is much smoother and faster than most non-US residents think. Our London client said that what took him just a few days in Cape Coral would have taken him months to do in the UK. We completed all the critical steps in the purchase transaction, from seeing many properties and choosing the best of the best, to writing the contracts and completing negotiations, to getting the home inspection done (equivalent to a survey in the UK), to getting all of the paper work and wire transfers completed.

Now that the key steps are done, we facilitate the remaining activities required for closing and communicate progress and status with the clients on a regular basis. The actual closing will occur via overnight mail. The buyers do not need to return to Florida to close the transaction and take possession of the property.

The keen efficiency of the process boils down to three key elements. The first is that the SageRealtor Group does a lot of proactive work to prepare for the client’s visit, the objectives, and the properties that will be of interest. This preparation includes educating our client on the process, the contracts, what to expect at each step of the way, and how best to protect their interests. The second is that the Florida’s real estate contracts and processes are wonderfully standardized and highly regulated by the state.  The third is that there are no government hurdles to jump through and no special requirements of European buyers. The process is the same as it is for us.

Outside of the real estate purchase itself, both clients were quite impressed with other services they received. While at a local bank, both clients were delighted with how friendly the bank personnel were and how little time it took to set up local accounts with online bill pay features. Both could not believe the speed and thoroughness of the inspection team and how quickly we could get the inspection scheduled. And of course, both enjoyed lovely weather, savored relaxing boat cruises on our ‘31 Tiara (there is nothing like seeing SouthWest Florida from the water), and are thrilled with the purchases they made (our Irish client is 6 foot 5 inches tall and a strong man; he picked Dave up off the ground when he heard the news that he got the house he wanted at the price he wanted… I guess he was, as he’d say, a wee bit happy.)

From our side, we too were impressed and our now fortunate to call them our friends. Thoughtful and courteous, funny and warm, fair and honest, and full of life. We’ve been very lucky these last few days to have the opportunity to get to know them and look forward to their speedy return when they vacation for the first time in their new waterfront homes.

Related Post: Foreign Ownership of Vacation Property

Also: Search Area Listings, Visit our Web Site