Fort Myers is #3 Destination on the Rise – From TripAdvisor
TripAdvisor ranks Fort Myers the number 3 destination on the rise for 2012 citing our sugar sand beaches, cultural events, sunshine, and much more.
View the TripAdvisor blog here.
Posts from the ‘fort myers homes’ Category
Jan 6
Cape Coral – Fort Myers on 2 National Trend Lists
Cape Coral real estate and Fort Myers real estate continue to buck national trends
Cape Coral and Fort Myers were highlighted in two national studies – one from Realtor.com and one from Trulia – both suggest that our marked is in rebound if not already past that point.
Realtor.com’s placed Cape Coral and Fort Myers third in their list, citing:.
Fort Myers – Cape Coral: Median prices in Fort Myers-Cape Coral have increased year-over-year, foreclosures are down, inventory is lower and foreign buyers are attracted to the area’s real estate prices.
Trulia placed Cape Coral real estate and Fort Myers real estate as fifth in its list of the most searched listings.
From Florida Association of Realtors, Realtor.com, and Trulia.com.
Home Prices On the Rise in Southwest Florida
From the News-Press, October 22 2011
Home prices spiked up 17 percent in Lee County in September compared to a year earlier, even as the flood of distressed sales ebbed.
The median price of an existing single-family home sold in Lee County in September jumped to $110,600, according to statistics released Thursday by Florida Realtors.
There were 1,127 single-family homes sold in September, up 2 percent from 1,102 a year earlier, said the group’s report, which counts sales completed with the assistance of a Realtor.
The Naples Area Board of Realtors provides its data to the Florida Realtors, but doesn’t allow them to be publicly available. A separate release issued by the board said the median price in September was $169,000, up from $161,000 a year earlier. There were 491 sales in September, compared to 513 in September 2010.
In another report also released Thursday by the National Association of Realtors, the number of Americans who bought previously occupied homes fell in September. Home sales are on pace to match last year’s dismal figures — the worst in 13 years.
Traditional sales “are picking up the slack,” he said. “Our market has almost flip-flopped” since 2008 when 70 percent of sales were distressed. Now only 20 percent are — 13 percent short sales and 7 percent sales by banks that took a property back in foreclosure.
The inventory of unsold homes has also contributed to a stronger market, Grimes said: only 800 houses are available for sale now, down from 4,200 three years ago.
Real estate agent Cheryl Turner of John R. Wood Realtors in Naples said the stronger prices there are due to an increased confidence by would-be retirees that the worst is over for the national economy and the local real estate market.
“What I’m seeing is people in their 50s, but thinking when they’re ready to retire the markets going to have recovered,” she said. “They’re still in a position to pay for it while the market is down. They can get a foot in the door before the market recovers.”
The national association said that home sales fell 3 percent last month to a seasonally adjusted annual rate of 4.91 million homes. That’s below the 6 million that economists say is consistent with a healthy housing market.
— The Associated Press contributed to this report.
Lee real estate experts say industry makes comeback
Slowly but surely, Southwest Florida’s home-building industry is coming back to life, experts told a sold-out crowd at the Lee Building Industry Association’s Market Trends 2011 symposium Wednesday.
“Oh, the smell of sawdust,” said Randy Thibaut, president and CEO of Land Solutions – a real estate company that specializes in handling sales of large amounts of undeveloped land.
After a tumultuous decade, the residential market is getting back to something approaching normalcy, he told the crowd of about 220 at Hodges University in Fort Myers.
Thibaut noted that in 2000, there were about 10,000 permits for single-family homes in Lee, Charlotte and Collier counties. That number quadrupled to 40,000 by 2005 at the height of the real estate boom. In 2011, the area’s on track for 3,000 to 3,500 permits.
He drew his most enthusiastic applause when he pointed to BB&T bank senior vice president and area executive Bob Bassett and said, “He’s here to loan money today.”
Bassett said things are looking up in Southwest Florida but that events on the national stage have given pause to some potential borrowers.
He was referring to the fractious debate in Congress over the national debt ceiling, followed by a see-sawing stock market and the Federal Reserve’s uncharacteristically direct assurance that interest rates will stay low for another two years.
“If I go back prior to two weeks ago we had a modest uptick in our demand for loans, our pipeline, and it was the cautious optimism out there,” Bassett said. “But the events of the past week – I think that creates a little uncertainty and some people who were ready to do projects may wait on the sidelines for a bit longer.”
But in the longer term, the signs are there that a recovery is under way in the local industry, said Fort Myers-based Darin McMurray, regional vice president of Lennar Homes, a large national home builder.
via Lee real estate experts say industry makes comeback | The News-Press | news-press.com.
- Learn about Cape Coral, Fort Myers, And Fort Myers Beach
- View existing Cape Coral homes for sale here.
- View existing Fort Myers homes for sale here.
- View existing Fort Myers Beach homes for sale here.
SOLD! Wonderful Sandoval Home – Cape Coral FL
Congratulations to Tim and Chris of Ohio in their purchase of this vacatioon home! Beautiful lake view home in the gated community of Sandoval in Cape Coral.
Jan 21
Home Selling, Prices Creeping Up – Cape Coral, Fort Myers, Lee County
Bucking national trends, Lee County Florida homes are selling and prices are holding steady and in some cases, increasing in high-demand neighborhoods.
Search Cape Coral, Fort Myers, Bonita, Fort Myers Beach, and Sanibel homes and condos here.
Caloosa Yacht and Raquet Club – $264,900!
Calling All Boaters. This 3 Bedroom, 2 Bath home has been completely updated. New kitchen with maples cabinets, granite tops and stainless appliances.
New 18inch tile in kitchen and living areas. New carpet in bedrooms. New bathrooms with granite countertops. New paint throughout. Just move in. Caloosa Yacht and Raquet Club is a gorgeous gated community with great amenities. The Marina features direct access and slips may be rented for very reasonable rates.
Blue Coyote Restaurant overlooks the marina. The community pool, tennis courts and canoe park complete the package.
Fort Myers-Cape Coral and Punta Gorda: Most Popular Retirement Destinations
This is no surprise to us! In this July 2010 study by US News and World Report, Fort Myers – Cape Coral ranked 3rd and Punta Gorda (just north of Cape Coral) ranked 7th.
1. Bend, Ore.
2. Napa, Calif.
3. Fort Myers, Fla.
4. Fayetteville, Ark.
5. Las Vegas
6. Sante Fe, N.M.
7. Punta Gorda, Fla.
To determine where the prices are most attractive, U.S. News & World Report examined price-to-income data for 384 metropolitan statistical areas. This expresses the relationship between owner income and home values.
U.S. News & World Report, Luke Mullins (07/08/2010)
Congratulations!
To Karen and Joe from Minnesota on their vacation home purchase – beautiful waterfront pool home on saltwater canal… First the “de-pinking” (painting), then begins shopping for that boat!
Thinking About Renting Your Southwest Florida Home?
Buying Now While Prices are Low
Many of our clients are buying their second home or retirement home now to take advantage of the low prices. A typical question we get is “We are not planning to retire for some time and will be only able to be in Southwest Florida a few weeks of the year. So what options do we have for leasing out the property while we are not there?”
And so it’s common that many people buy with the intention of leasing the home or condo to cover some of the ownership expenses for a few years or for the duration of their ownership of the property. If you are planning to rent your home or condo for all or part of each year, it’s a good idea to know about leasing options before shopping as a way to determine which areas and property types will fit best within all of your objectives.
There are two ways to rent the property: seasonally to people vacationing in Southwest Florida or annually, to people who are (or will be) permanent residents. As a full-service team, the SageRealtor Group is able to assist you in both types of rental options and we can often get the property rented for you very quickly after your closing.
So let’s take a look at each type of rental option and which one is right for you.
Renting Seasonally
Putting your home or condo on a seasonal rental program is a good idea for those that want the flexibility for you, your family, and your friends or clients to enjoy the home part of the year, while renting the home when you are not able to be there.
Properties that work best for seasonal rental are those that will appeal to people planning a vacation – our area attracts tourists from all over the United States, Canada, and Europe (primarily the United Kingdom and Germany). The most popular vacation properties are waterfront homes and condos, golf course homes and condos, and single family homes with pools.
Amenities are a big draw as well. For example, condos in the Cape Harbour Yachting community are rented frequently to people vacationing in Cape Coral for a week, a month, or for an entire winter. Guests love the wonderful pool area, the on-location dining and shopping (including live outdoor concerts, farmers market, and other events), the marina and boat rental facilities, the on-site fitness center, basketball and tennis courts, walking paths, and the proximity to other area attractions.
Likewise single family pool homes on waterfront canals are a draw to people who want the water views out their backyard, option to rent a boat for fishing or cruising, and who like to BBQ by the pool.
Here are factors to consider when shopping for properties that will rent well seasonally.
Seasonal Rentals Must Be Fully Furnished
A home that will be rented to vacationers must be fully furnished and outfitted with everything a typical home has. This means complete furnishings indoors and out, decorations to make the home comfortable and inviting, all kitchen appliances, utensils, cookware, table service for eight, linens, towels, iron and ironing board, and don’t forget the all-important corkscrew and bottle-opener.
While shopping for property you will find some where the furnishings are included in the sale, most often a bonus in saving time and money. If you purchase an unfurnished property, plan to spend about $15,000 to fully outfit the home (or more depending on your taste and the size of the home).
More Tips
Other tips from our seasonal rental expert Beth Chatland, include:
- Internet Access is very important and broadband is ideal (DSL, cable). Most service providers allow you to turn on/off the service when the home is not occupied.
- A king size bed in the master bedroom is a must have.
- A heated pool is a plus feature.
- Be sure you have TVs in the living area or family room and also at least one additional TV in the master bedroom. A DVD player is also a plus.
Leasing Policy and/or Restrictions
Before buying a property that you intent to rent seasonally, work with your real estate agent to be sure you are looking only at properties that allow frequent rentals. For most single family homes, there will be no restrictions on how often you can rent the unit and you set your own policies. But in condominiums, the association typically has a leasing policy that influences how frequently and how many times per year you can lease the unit. Rental policies have two parts: maximum number of leases per year and minimum days lease.
So for example, a “4-90” policy means 4 times per year or minimum 3 month lease. The 4-90 or similarly restrictive policies can limit the windows of opportunities for rental, so if revenue potential is important to you, these restrictive policies are ones to avoid.
Perhaps the most common rental policy is 12-30, meaning 12 times per year, minimum of 30 days. It is not difficult to find seasonal renters who stay for a month or more. (Bear in mind if you are looking in 55+ communities that there might be tenant restrictions based on age.)
Also available are condos with weekly or bi-weekly rental periods allowed. And finally, there are “condo-hotels” that allow nightly rentals. Condo-hotels typically have on-site rental management and are operated just like a hotel with respect to check-in/check-out, cleaning schedules, and so on. Most condos on Fort Myers Beach and Sanibel Island are operated as condo-hotels, as well as some condo towers in planned, gated communities such as the Resort at Tarpon Point Marina in Cape Coral (opening November 2009) and the Vista del Sol tower in Burnt Store Marina.
Property Management Services
Additionally, you will want full or partial property management services to help you with renting the property, checking tenants in and out, collecting rent, and similar services. Read more about property management services here.
Rates for Seasonal Rentals
Seasonal rental rates vary greatly by size, location, view, and amenities. As an example, one of our clients rents their Cape harbour Ccondo overlooking the marina for about $950 per week in high season. Another of our clients offers their single-family pool home on a saltwater canal for $1000 per week in high season. In both cases, discounts for longer term bookings (a month or more) are available.
Renting Annually (Long-Term Leasing)
Some of our clients buy property as an investment that they will either keep as an investment property (and sell at some point) or that they will move into in one or more years, but want to lease in the mean time. In this case, renting annually might make sense.
A key difference in annual rentals is that the home or condo does not need to be (in fact should not be) furnished. Most people seeking to rent for 6 months, a year, or longer bring their furnishings from their prior residence. So if you want to buy now and furnish later the annual leasing option is right for you. Another difference is your clientele will be local residents who are either looking for a move or people who are relocating to the area.
With respect to leasing policies, most homeowner and condominium associations will allow annual leases. There may be a requirement for the tenant to be approved by the association.
When leasing to long-term tenants, be sure your property manager conducts thorough background checks, collects a security deposit of at least one month’s rent, and checks in on the property regularly.
Wondering About Chinese Drywall?
About Chinese Drywall
Dyrwall imported from China when Florida was having building material shortages (the years 2004 to 2007 for the most part) may be defective and may pose health risks or cause property damage. The defective drywall reportedly emits levels of sulfur, methane, or other organic compounds that cause corrosion of copper wiring, electrical wiring, computer wiring or other household items as well as emit noxious odors.
In the Southwest Florida area (Cape Coral, Fort Myers, Bonita, and surrounding communities), it appears the imported drywall was used primarily in large, planned developments where builders bought the drywall in bulk during the boom building years. And in such developments, not necessarily all of the homes have the defective drywall (and perhaps only a few do), so it’s important to consider the issue on a case-by-case basis. There are some instances of single family homes outside of planned developments that have signs of the defective drywall.
If you suspect Chinese Drywall may be in your home, contact a local inspector to get a professional and safe inspection. For those shopping for a home, the chinese drywall inspection should be part of the professional inspection you hire to review all aspects of the home prior to closing (inspecting for Chinese drywall should not be an added fee but rather just part of the inspection process and report).
For a list of local inspectors that our clients have hired and been happy with, email us and we’ll get you their contact information.
Photos courtesy of Comprehensive Building Consultants.
Lee County Homes Prices- February 2009
Prices for Lee County FL homes in February continued at below what they were a year ago, but the number sold was sharply higher, according to a report issued Monday by the Florida Association of Realtors.
In February there were approximately 97 percent more Lee County homes sold than a year earlier and Lee County sales are up 15 percent from January of 2009.
The median price of a single-family home sold with the assistance of a Realtor in February was $97,500, 54 percent less than the $211,600 it was a year earlier. But February’s price was 3 percent more than January’s $94,900.
While the inventory supply rose slightly to 6.0 months, it is still approximately half of what it was in February ‘08, when the supply of existing single family homes was 11.8 months.
A Word About Median Homes Prices: The Median is a mathematical result that indicates that one half of the group is higher and one half lower. Median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them.
Consider the following example:
70
80
80
90
150
350
650
The median is 90. The average is 210. Additionally, statistics such as median and average do not account for location differences, such as offwater or waterfront, golf course location, beachfront views, or similar.
Impressive Stats – Lee County Real Estate
Along with record-breaking sales in December (a 146% increase over December of 2007), there are some other statistics on Lee County home sales that are showing that Lee county real estate market (Cape Coral – Fort Myers) is a hot commodity and the pace is picking up dramatically. Three month and year to date home sales charts are below. Inventory, which was a 21 month supply a year ago is now just a 4.2 month supply.
Three Month Activity
The above chart shows that over a six month period (Nov 13 2008 – Feb 12 2009) most propeties are selling in less than 90 days:
- 75% of the homes and condos on the market during this period sold with in 90 days.
- Of those, 44.7% homes and condos sold within 30 days.
Also in the above chart, the final ratio of the selling price to the asking price is narrowing, with properties that are selling within 30 days going just a few percentage points under the asking price.
Year-to-Date Activity
Since January 1 of 2009, total sales volume of homes and condos in Lee County is just under three hundred and fifty million. The exact figure is $342,075,785.00, with $209,000,000 in pending transactions and $133,000,000 sold.
During this period, the average days-on-market is 70. And we see the same pattern of the selling/asking price ratio – homes selling within 30 days are going just a few points under list price. These are impressive figures given that we are only 43 days into the 09 calendar year.
Translation for Buyers?
The most important take away from these figures is that sellers – whether they be foreclosures or individual owners – are pricing to sell. When the price gets to the right amount for that category and location of home, the property sells quickly, and sellers are no longer willing to wait 6 months to get the price into that sweet spot that will get it sold.
This also is clear evidence that the much anticipated buyers coming back to the market after years of pent up demand is now reality.
Source: Greater Fort Myers and the Beach Multiple Listing Service.
Postscript: This message was sent to all Greater Fort Myers and the Beach Realtor Association Members on Feb 13, 2009:
“Yesterday, our January housing stats were released to the media which included the good news that our current inventory levels are 4.2 months, down from 21.5 months a year ago. Unfortunately, this message was lost as the media outlets used a statistic not released by the Association, but attributed to us, focusing on the decline in the median single family home price vs. the height of the market.”
Browse Current Listings by City:
Lee County Real Estate Market Update
Lee County Florida is once again making headlines – and it’s good news on the real estate market. While local Real Estate Agents have known for some months that the market is turning and inventory is selling, it has taken the media a while to catch up.
“Home Sales Rises Dramatically,” was the headline in this morning’s New Press, the local daily paper for Lee County FL that reported Cape Coral-Fort Myers area home sales were up in December, 2008 a whopping 146% over the December, 2007.
And for the year end 2008, existing home sales were up 43% over 2007 year end.
Low prices are pulling buyers from across the United States, Canada, and Europe. It’s now possible to buy a condo on Fort Myers Beach for $250,000 for example. Cape Coral pool homes in the northern section of the city that have been foreclosed can be purchased for $100,000 or less.
Sailboat access homes in the SW Cape can be found for under $500,000 with some older homes in the $300,000 range.
And for the higher end buyers, as an example, a Rose Garden home on SW 11th Ave that were listed at $1,300,000 during the boom time is now listed at $749,000 – a drastic reduction from the asking price three years ago.
These are just a few examples of the excellent opportunities on the market right now. Below are links to homes for sale in the Lee County area – browse the listings to get an idea of what’s available for use the Property Organizer to search and save listings at www.SageRealtor.com.
Related post: Impressive Stats for Lee County Real Estate
Source for Statistics: Florida Association of Realtors and Fort Myers Association Multiple Listing Service.
Browse Homes for Sale at These Links (Categorized by City):
Fort Myers Beach Homes for Sale
Southwest Florida News from SageRealtor Group 
