Based on data from realtor dot com listings, AOL Real Estate has identified the Fort Myers market as having the 8th highest real estate price increases in the country for the 12-month period ending February 2012. The 12-month median price increase for Fort Myers weighed in at 15.59%.
A report provided by DataQuick and analyzed by Inman News details that 81.5 percent of the Canadian real estate purchases in the Fort Myers area were made by Ontarians in the nine month period ending January 2012.
Lee County Florida, home to Fort Myers and Cape Coral, was ranked second nationally in the nine-month period ending January 2012 for the percentage of foreign real estate buyers. In this time frame, 8.5% of all real estate transactions in Lee County involved a buyer with a foreign mailing address.
On average it cost just over $21,000 more to purchase a home in the Fort Myers area in 2011 than it did in 2009 with average selling prices increasing from $132,068 to $153,021. This increase of 15.87% in the average selling price is among the highest in the nation for the 2009 – 2011 time period.
We often get asked, what will the bank take for that property…..will they accept an offer of 50% of the asking price? Unfortunately the answer is no, banks are not considering those type of low-ball offers.
TripAdvisor has named Fort Myers as the #3 Destination on the Rise in its most recent survey of travel destinations. Fort Myers garnered the top ranking in Florida and only trailed Nashville and Austin on the national scale.
The Fort Myers-Cape Coral market was ranked 6th nationally for the increases in the median list price of homes in the October to November 2011 time period. Median list prices increased 2.69 percent for the month
Another day….another report recognizing the growing momentum of the Fort Myers-Cape Coral real estate market. The Trulia Metro Movers Report – Fall 2011 ranked the Fort Myers-Cape Coral 5th nationally in its Metro Movers Index. The Metro Movers Index is the ratio of where Americans are looking to move to vs. move away from for a given market.
Wow, sure feels good to type “Fort Myers” and “turn-around market” in the same sentence. We are no longer the ugly-duckling poster child for the housing bust……but one of the markets leading the nation’s real estate recovery.
With median list price increases of 34.56%, Realtor Magazine has named the Fort Myers-Cape Coral market as the top market nationally for real estate price increases for 12-month period ending September 2011. Southwest Florida dominated the price increase list with Naples and Punta Gorda also in the top five. Price[…]
The Montreal Gazette highlights the significant number of Canadians buying property right now in the State of Florida. In the 12-month period from mid-2010 to mid-2011, 10% of all homes sold in Florida were purchased by Canadians.
UPI reports that seven of the top ten markets with real estate price increases this year are in Florida. Median prices in the Fort Myers market for August where up a whopping 33% over August 2010.
Average annual temperatures in the mid 80s, hundreds of miles of canals and rock-bottom real estate prices have propelled Cape Coral to the top of CNN Money’s top retirement destinations. The real estate downturn significantly impacted Cape Coral and now median home prices are under $100,000. Today’s prices are more[…]
Inman News reports that the Fort Myers market was ranked 9th nationally for the largest drop in housing values over the last 5 years. Our market experienced a 56% loss in value from $289,671 in 2006 to $125,575 in 2001.
The IV has been pulled and the hospital gown is gone as the Fort Myers real estate market passed a monumental recovery milestone last month. For the first time in over two years, more than half of our sales were conventional transactions rather than distressed short sales or foreclosures.
After topping the list as a national foreclosure leader for the past few years, it is great to see the Fort Myers real estate market garner recognition as a market “ripe for appreciation.” Realtor.com named our market as the third most likely in the nation to see near-term appreciation. This[…]
In a study just released by the University of Florida, confidence among Floridians in the economy soared seven index points in January to its highest level since April 2010. This rise in confidence coincides with a couple of strong months for the stock market as well as significant national coverage of an improved economy.
While every state in the nation except Florida has had snow this year and the Northeast is having crummy weather today……we are sunny and expecting a high of 76°F today in Fort Myers. Sure beats 10°F in Minneapolis, 16°F in Montreal or 23°F in Boston today.
In 2010, 19,372 residential properties sold in Lee County for a total of $2.6B in sales. The average listing price was $144,459 and the average selling price was $135,445. This represents an average selling price to listing price ratio of 94%. This average selling to listing ratio of 94% remains unchanged from 2009 in lee County and is an excellent barometer for buyers to keep in mind when making an offer.
The Cape Coral-Fort Myers area was ranked fourth nationally as a retirement destination in a study just released by Portfolio.com. Our region was second in Florida only trailing Bradenton-Sarasota in the Sunshine State. This designation is a significant coup for our battered real estate market as it validates the overwhelming sense of value many are seeing in the market.
It was wonderful to see that the community leadership in Cape Coral is meeting to strategize about bringing new businesses and attractions to Cape Coral. The economy of the Cape, which has long been fueled by real estate and development, desperately needs to diversify into other areas.
The Sarasota Herald Tribune has an in-depth view of the irony unfolding in Florida where tax laws that have traditionally stuck it to snowbirds are now actually favoring them.
The Save Our Homes Amendment, which was passed in 1993, was put in place to limit changes in home valuations for full-time homesteaded residences. The purpose of this amendment was protect Floridians from being taxed out of their homes as values increased over time.
A new book, Exiles in Eden: Life Aong the Ruins of Florida’s Great Recession, offering an insiders view to the Florida housing crisis is hitting the shelves this week.
The Fort Myers area is prominently covered by author Paul Reyes including a look at a mostly abandoned, upscale gated community. A book about the housing bust would not be complete without an examination of Lehigh Acres, where the authors parents purchased a vacant lot in 1969 on the $10/month plan while honeymooning in Miami.
USA Today covers our local market in an article titled “Fort Myers has home bargains as market recovers from bubble.” The article cites market improvements of 121% for home sales from June 2008 to June 2009. The article also discusses is an 18% drop in homes sales in June 2010 and attributes this decrease to the end of the home-buyer tax credit, a lapse in the National Flood Insurance Program and concerns about the oil spill.
The latest report on the Lee County rental market released by RealFacts of Novato, CA detailed shifts in our rental market for 2Q10. Lee County apartment occupancy rates in 2Q10 climbed 4% to 90.8%, the fourth highest in the 12 major Florida markets. Lee County rents for the same period dropped 9.1% to an average of $762/month. This decline in rental rates was the highest in Florida during 2Q10. The Fort Myers-Cape Coral market now ranks 9/12 in average rental rates in the 12 major Florida metro markets.
The latest Brookings Institute State of Metropolitan America Report has some very interesting data regarding the Cape Coral-Fort Myers Metropolitan Statistical Area (MSA). This area is categorized as a Mid-Sized Magnet with similar characteristics (high growth, low diversity, low education) as cities including: Baton Rouge, LA; Boise, ID; Greenville, SC; Jacksonville, FL; Little Rock, AR and Oklahoma City, OK.
Some of the key indicators about the Cape Coral – Lee County including our ranking out of the top 100 MSAs:
The minnpost.com has a story about a recent speech given by housing researcher John Mcllwain titled, “The Suburban Century is Over.” Mcllwain predicts a shift in American housing and lifestyle preference away from the white picket fence suburbia towards a more urban lifestyle. In TV terms the wonderful suburban neighborhoods of Leave It To Beaver, The Brady Bunch and Bewitched are fading and the urban lifestyles of the Odd Couple, Mary Tyler Moore and Frazier are coming of age.
One of the questions we hear nearly every day is, when will the economy improve and housing prices start to increase? This is one of those questions that is almost impossible to answer. I believe that the answer is tied to job growth, which continues to be an area of concern here in Southwest Florida.
The latest report on the Lee County rental market released by RealFacts of Novato, CA detailed some significant shifts in our rental market for 4Q09.
WGCU hosted a panel of Southwest Florida real estate experts including Dick Hogan from the Fort Myer News-Press.
One of the buyer misconceptions about our current Fort Myers area real estate market is that banks will approve ultra-aggressive, low-ball offers on short sales and foreclosures. Approving low-ball offers in Lee County has absolutely not been the operating model for lending institutions during 2009.
Throughout much of 2009, the News-Press has been chock full of local Realtors discussing how our Southwest Florida real estate market has reached the bottom……and is headed upward.
The Realtor Association of Fort Myers and the Beach released November 2009 home sales numbers which highlight significantly increased levels of activity in our market. These figures reinforce the sentiment of our team which has been extremely busy with second home buyers looking to take advantage of our reduced home[…]
The November 2009 Credit Suisse Monthly Survey of Realtors confirms what we are currently seeing in the Fort Myers market. Pre-retirement baby-boomers are taking a serious look for a second home in Southwest Florida. Our highly discounted prices are very enticing and the continued strength of the stock market this[…]
The real estate market in the greater Fort Myers area has been dominated by foreclosure and short sale activity. This REO activity has driven significant price declines in Southwest Florida real estate. In the third quarter of 2009, home prices in the Fort Myers-Cape Coral area dropped on average 40%. […]
With the Loonie at parity with the US Dollar and across the board price reductions, many Canadians are now considering an investment in Southwest Florida real estate. The Canadian Press reports that the currency equality is very enticing but shouldn’t be the key driver in your decision to buy real[…]
The Naples News reports that single-family home re-sales in the Fort Myers area are up 120% for the first nine months of 2009 vs. the same period last year. In the January thru September period this year, 12,526 single-family homes were sold, up from 5,727 in the same period of[…]
Over the past few years, I have been rather critical of the Save Our Homes Amendment as I have historically believed that it placed an unfair burden on the lifeline of Southwest Florida……..second home owners. It has always seemed very unfair to me that second homeowners, who were down here[…]
NBC-2 reports that 25% of all homes sold in Collier County are to foreigners. Attracting new buyers with exchange-rate goosed dollars to the market is truly the best way for us to pull this housing market up and out of the downturn. Over the past year, the top foreign countries[…]
Lee County home sales soared to 1,705 in June 2009, up from 1,417 in May 2009. Additionally, sales are up 137% from the 719 homes sold in June 2008. The median price of these June sales was $87,900, a slight drop from the May median of $88,500. Distressed properties that[…]
I was just reading a hot debate on Trulia about home price escalation in Cape Coral during 2009. Several individuals tossed out estimates about their view on the percentage that prices have gone up this year in Cape Coral. The fact of the matter is that median home prices in[…]
According to Preliminary reports by the Lee County Property Appraiser, property values in Lee County have on average dropped by 25% over the last year. The key driver is that over 80% of our arms length transactions have been distressed sales.
With the housing downturn in full force, developer Syd Kitson has announced plans to turn his Babcock Ranch project into the nation’s first solar-powered city. While I applaud Mr. Kitson for his creative thinking and interest in conservation and the green movement, the absolute last thing that we need right now in Southwest Florida is a new city or more houses.
One of the greater Fort Myers area real estate statistics that I monitor is the ratio of selling price to listing price. We are currently experiencing very high selling price to listing price ratios, currently at 96% over the last 30 days for residential sales in Lee County. This SP-LP[…]
Florida Weekly dives into the Southwest Florida real estate market with an article titled, Bipolar Housing. Several local real estate pros are interviewed and give their thoughts and opinions on the roller coaster ride that is our housing market. The nation is taking notice of our low prices, Fort Myers[…]
According to stats recently released by the Greater Fort Myers and the Beach Board of Realtors, membership was down about 10% in 2009 vs 2008. Hard to argue that a culling of the herd isn’t a good thing when it comes to Lee County Realtor ranks.
The New York Times covers the economic challenges facing Southwest Florida, and in particular Lehigh Acres in an article titled In Florida, Despair and Foreclosures. The article details the boom years and what has occurred since the real estate market busted. This article is a must read for anyone that[…]
What a treat it was for me to pick up the News-Press this morning and read not one, but two upbeat and constructive articles about Southwest Florida. The News-Press story highlighting the benefits of owning a second home in Southwest Florida will certainly strike a chord with anyone up north[…]
Florida Weekly has a light and entertaining article about our gateway to the world, Southwest Florida International Airport (RSW). There is something uplifting about landing at RSW on a flight from up north. Shedding the jacket and long pants, opting for a pair of flip flops and digging through the[…]
Over the past couple of weeks, calls from the Canadian area codes of 289; 416; 418; 450; 514; 519; 613; 647; 705; 807; 819 and 905 have increased dramatically on our phone lines. In fact, more than 1/2 of the international inquires that we receive are from Canadians. With lows[…]
Market stats recently released by the Greater Fort Myers and the Beach MLS substantiate what we are seeing in the trenches. Sales in December 2008 were up a whopping 181 percent over December 2007. In December, 1,034 homes sold, up from 367 a year ago. Buyers are back in a[…]
One of the questions that buyers of a second home in Florida face is whether or not to establish residency in Florida. The Bristol Press covers this issue in a column titled, Should “snowbirds” change state residency? Although this article is written by a Connecticut attorney referring to Connecticut laws,[…]
According to statistics released by Realtor.com, the official website of the National Association of Realtors, real estate web searches in the greater Fort Myers area increased by 57% in October 2008 vs. October of last year. We are seeing similar trends on our www.greaterftmyers.com site. Searches with significant consumer interest[…]
Palo Alto, Cambridge, Ann Arbor, Austin and Reston come to mind when you think of high-tech wired cities, but Cape Coral? Yes, the Cape was recently recognized by the Center For Digital Government as the 8th most wired city in the country for its population category. 125,000-249,999 population category:1st City[…]
Outstanding column in Naples Daily News offering buyer advice for navigating through today’s market conditions. The column is authored by Tom Selck, a semi-retired architect and owner of Design Outside the Box. Buyers rule again after a decade. There aren’t many, but they will be happy. This may be the[…]
Forbes magazine recently ranked Captiva Island as one of the most expensive zip codes in the US. No argument here from the peanut gallery as it is close to $2M for a decent single-family home on Captiva these days. One bedroom Captiva condos in South Seas developments like Bayside Villas[…]
Confusing day for anyone reading up on the Southwest Florida housing market……. The News-Press reports that Lee second in foreclosures in Florida during September, with one in every 72 homes is facing foreclosure. On the other hand, WINK News reports that Home Sales Hit All Time High. What does it[…]
With a strong Loonie and a desire to escape bone chilling winter weather, Canadians represent an ever growing demographic here in Southwest Florida. This growing presence is playing out in cyberspace, as analytics for our heavily visited sister site Greater Fort Myers Real Estate show that over half of our[…]
Is Florida a Socialist Republic as suggested by Mathew Falconer in an American Chronicle article? Falconer presents compelling analysis of the long-term effects of the Save Our Homes Amendment on the Florida economy. The article describes Save Our Homes as a tax shift rather than a tax limit. Save Our[…]
Looking for a golden nugget in your big pile of Southwest Florida real estate coal? According to the London Daily Mail, the drop in housing prices has driven divorce rates in the UK to their lowest levels in 26 years. At first glance, this seems counter-intuitive as financial woes would[…]
Here is a guaranteed laugh from Glenn Beck about the accuracy of the National Association of Realtors (NAR) projections. Big-time, card-carrying, pin wearing members of the NAR should skip this clip.
The buzz at the still open Starbucks around Lee County is that the real estate market is on its way back. Customers are buying and banks are even approving a few short sales these days. Yes, it is clear to everyone that pricing adjustments are fueling this market pulse. The[…]
Southwest Florida is attracting more Gen Y residents today than ever before. One of the key factors contributing to this growth in younger residents include the annual double-digit enrollment increases of Florida Gulf Coast University. Last year FGCU enrolled over 9,500 students, with an ever-increasing number electing to stay in[…]
Lee County is getting youngerThe Fort Myers area is undergoing a significant demographic shift with the average age of our residents rapidly dropping. Much of this growth has occurred in Cape Coral and Lehigh as families have been attracted to these communities in large numbers. Since 2000, Lee County has[…]
Study bullish on Southwest Florida real estate Housing industry market research firm Metrostudy recently released a study which recognizes long-term health of the Naples-Fort Myers market. “Demographic and economic trends suggest continued growth in demand for new homes over the long term, driven by a current average annual growth rate[…]
Lee prices have outpaced earning power A News-Press article addresses the ongoing challenge for many to buy into the real estate market here in Southwest Florida. The median housing price of $280,500 (down from $287,200 in January) may seem affordable to those living in the Northeast or along the East[…]
Fed study ranks Lee County third nationally The latest numbers from the Office of Federal Housing Enterprise Oversight’s(OFHEO), Home Price Index ranks the Cape Coral-Fort Myers Metropolitan Statistical Area (MSA) third nationally for home appreciation for the 12 month period ending March 31, 2006. The appreciation rate in Lee County[…]
Affordability and growing inventory key factors New housing permits dropped radically in Cape Coral last month. The 323 permits issued during May were off 26 percent from the 439 issued in April and less than half of the 724 permits issued in May 2005. The run-up in Cape Coral lot[…]
Lee County taxable property base is now $88.2 billion Over the past year, Lee County realized the largest ever valuation increase in its base of taxable property. The increase of 38% from $64 B to $88.2 B is mighty significant. The 84 percent increase in valuation in Lehigh from $4.3[…]
Hispanic influence growing rapidly Over the next five years the Hispanic population is expected to lead the growth in new home ownership. The buying power of this group will alter the landscape here in Southwest Florida and help to drive the growth of the market. Hispanics comprised 11 percent of[…]
A new class is rising Now 65 million strong, the Generation Y class of buyers is emerging as a force in the real estate industry. Currently aged between 22 and 27, this group is buying property sooner and bigger than previous generations. This is the tech savvy generation, most members[…]
Lee 9th in nation for transplants Lee County was ranked 9th in the nation from 2000-2004 for the number of people who migrated here from other locations. The Domestic Migration publication released by the Census Bureau indicated that an average of 15,654 people moved here from other locations in the[…]
Many see seeing soft season If you have spent time stuck in traffic on US-41 lately, you will find it hard to believe that tourism officials are reporting a slower than normal season. Factors contributing to the tourism slowdown include a reduced number of airplane seats from key markets including[…]
Local real estate experts gather to opine The local real estate community gathered last night at the Harborside Event Center in Fort Myers to discuss the state of the market. The market slow down in the residential sector was the primary topic of discussion. Presenter Denny Grimes stole the show[…]
New construction permits below last yearAnother sign that the market in SW Florida is cooling are the drops in new single-family construction permits from the same period last year. In January, Cape Coral issued 423 permits, down 29 percent from December 2004, but up five percent from December 2005. In[…]
SW Florida year-end round-up The Ft. Myers-Cape Coral single-family resale market was turbo-charged in 2005. The region topped the State of Florida with a 26 percent increase from 9,612 to 12,128 sales. The Ft. Myers-Cape Coral market also led the State of Florida with a median price increase of 44[…]
Have we reached the peak? Lee County existing home resale volume rose sharply in December to an average of $322,200, up from $295,400 in November 2005 and $322,000 in October 2005. 1084 existing Lee County homes sold in December up from 810 in November and 264 in the hurricane impacted[…]
New home market slowing The Herald-Tribune reports on the changing sentiment in the builder community about the local new home market. This may be the first article in SW Florida where multiple builders speak out on the market slowdown. Factors cited include the pullback of investors, the consecutive years of[…]
NAR study shows growing buyer use of Internet The National Association of Realtors (NAR) released a report detailing the growing use of the internet for buyers of real estate. In 2005, the Internet was used by 77 percent of all home buyers up two percent from 2004. It is interesting[…]
Quality job creation drives housing growth Hardly a day goes by in the SW Florida real estate trenches when you don’t hear someone commenting on high real estate prices. Yes, the prices are significantly higher than last year. Yet on a relative basis, the prices in Greater Ft. Myers are[…]
Meet the neighbors…..before moving in Want to understand the political make-up of a neighborhood before making that big purchase? Check out fundrace.org to learn what presidential campaigns your neighbors contributed to in the 2004 election. The site pulls data from the Federal Election Commission database and utilizes Google mapping for[…]
Lee starts up 46 percent 2005 was a remarkable year for the construction industry in Southwest Florida. New housing starts were up 46 percent over 2004 and fueled a significant valuation increase for vacant land. 17,833 new permits were issued in Lee County (excluding Ft. Myers) in 2005, up from[…]
Hurricane disruptions impact market November existing home sales in Lee County bounced back after an October that was tremendously impacted by Hurricane Wilma. In Lee County for the month of November, 810 existing homes were sold at a median price of $295,400. October figures were impacted by Hurricane Wilma as[…]
Residential housing market tool Housing Tracker is a very useful tool to get a real-time snapshot view of the current pricing and inventory of housing in major metropolitan markets around the county. The data is derived from weekly MLS reports and reflects current asking prices. Locally, Housing Tracker supports the[…]
Largest tumble in decade Sales of new homes tumbled 11 percent in November, the biggest drop in more than a decade, in another sign pointing to a slowdown in the nation’s real estate market. The decline, which was larger than forecasts from Wall Street economists, was from record sales in[…]
Housing still sweet spot in ’06 Gruen Gruen + Associates, a research and consulting firm specializing in urban economic, market and land use/public policy analysis, makes the following predictions for the economy and real estate industry in 2006: 1. In 2006, the U.S. economy will be more buoyant than the[…]
Boomers expected to sustain market for 2nd homes In spots like Oceanside, Calif.; Pompano Beach, Fla.; and Beach Haven, N.J., seasonal homes have become some of the hottest commodities going. Prices have soared along both coasts, as well as in well-known ski areas and resort communities. “You see appreciation in[…]
Naples tops pricey listThe debate over whether a real estate price correction is around the corner is continuing with no definitive answers, but a new study says Naples is the most overvalued market in the country. The third-quarter study, which examined 299 metropolitan areas in the country, puts the Naples[…]
Journal real estate columnist touts housing bustJune Fletcher has an advantage among the crowd of authors telling Americans “how to survive the coming crisis.” Her book, “House Poor” (Collins, 212 pages, $21.95), describes a disaster that really might be in the making. Fletcher, who writes about housing for the Wall[…]
Key issues are affordability, construction cost risk and financing In a sure sign that the market is cooling, new single-family housing permits have dropped for the third consecutive month in Lee County. The number of permits issued for single-family homes in Lee County dropped again in November, but some are[…]
Cape Coral/Ft Myers 2nd in nation for home price appreciation Naples isn’t No. 1 anymore. But another Southwest Florida metropolitan area has made a fast climb to No. 2. The Cape Coral-Fort Myers market saw the second-largest home price appreciation gains in the nation for the year ending Sept. 30,[…]
Economic growth tied to housing It oftem seems that almost everyone in SW Florida has some connection to the housing industry, be it through their job, as an investor or through a family member that sells real estate. Over the past four years, the growth in housing-focused jobs has turbo-charged[…]
Lee County pricing gains slowing Real Estate continues to be a major money maker in Southwest Florida as home values continue to soar. The median home price continues to rise. But is the real estate bubble ready to burst? “This is the hottest area to be selling real estate. We[…]
On-line real estate information aggregator The Property Shark is taking a big bite out of Manhattan real estate with it’s information aggregation service. Want to get the straight scoop on your new landlord, just enter the address on Property Shark and a plethora of information about the property is immediately[…]
The net is empowering consumers Before the Internet, selling real estate required driving through neighborhoods, doing walk-throughs on dozens of homes, interviewing Realtors and completing the transaction in person. Now most of those steps can be done from home by anyone with a computer and an Internet connection. And more[…]
Lee County third in nation for home price increases Give the Ft. Myers/Cape Coral area a bronze medal for achieving third place for home price increases. Median home prices in the area shot up 42.5% from $194.8 in Q3 2004 to $277.6 in Q3 2005. These price increases have been[…]
Sarasota-Bradenton sales off 15%Here is an interesting term in this Herald-Tribune article to describe the current real estate environment, “balanced market.” I have not heard this term used recently, but I kind of like it. Probably more consumer friendly than my “hurricane hangover” verbiage. “It is just a more balanced[…]
NAR Economist says no Southwest Florida bubble The boys at the NAR think tank do not believe that there is a real estate bubble in SW Florida. Not sure where I weigh in on this one but certainly there have been major changes in the market over the last two[…]
10,000 Realtors operating in Lee County With the double digit real estate price appreciation that has been realized over the past couple of years in Lee County, many new agents are flocking to the industry. Currently over 10,000 agents are operating in Lee County, up from 6300 just six years[…]
Sharp drop in October The number of permits issued in October for single-family homes dropped sharply in both Cape Coral and Lee County as contractors struggled with rough weather and a tough new statewide building code. Lee County issued 861 permits, down from 1,181 in September, but still more than[…]