Category Archives: Market Report
New Year, New Office, New Outlook
We have exciting news to share with you. On January 5, we moved into our new offices and made the move with you in mind. With all of the growth in our marketplace, we decided to strategically locate our office to one of the fastest growing areas in Southwest Florida…Estero. There are many important factors that went into this decision, but some of the biggest include present and future growth potential, as well as ease of access to I-75, since we service all of Southwest Florida.
If you are in the area, we would love for you to stop by and see the new space. Our new address is 9480 Corkscrew Palms Cir Ste #4, Estero, FL 33928, located in the Corkscrew Palms Business Center right next to Estero Community Park. When you come by, you will need to check out our conference room which is set up with the newest technology for interactive Home Searching.
A New Age with Old World Characteristics
Yesterday we were in a meeting with one of our lending partners and were discussing overall market trends and their influence on Real Estate decisions. First, let me share just a couple of the predictions from their economists.
1. Oil will hit $40.00 per barrel before it rebounds
2. Interest rates are going to drop even further
I don’t know about you but these predictions blow my mind. Who among us would have predicted interest rates below 4% 5 years ago? I would guess not many. Now, let’s not forget that these are just predictions but these banks live and die by the accuracy of this information. My reason for reciting these predictions is that our conversation centered on the fact that 60% of transactions in our market are cash.
Why is that? Of course there are many reasons that this might be the case but the one we discussed was that for the past 4 years real estate has been an appreciating asset. Indeed real estate has increased by roughly 50% over the past 4 years while at the same time interest rates on deposits are barely north of 0%. Clearly, these numbers were inflated due to the beating we took during the recession but all signs are that real estate will continue to appreciate over the foreseeable future.
We all have different philosophies on investing and they have to adjust over time but my point here is that while real estate prices have risen and no longer reside in the basement they are stable and indeed are showing respectable gains. While we have been experiencing little or no inflation real estate is a great hedge whenever this trend reverses.
If you have been on the fence with regard to purchasing a winter residence or have given thought to real estate investing now might be the time to make your move. I know that the stock market has been strong but for me the intrinsic value of real property has far greater appeal. Give us a call at 239-963-4811 and we can further discuss these matters and how they might impact you. Here is to a prosperous new year.
October is the traditional kick-off to the upcoming season. The first chilly breezes begin to blow up north and golfers are reminded that they have but 31 days to fit in all of the reciprocal golf they can. It is a time for not only golf but for getting things situated, stocking the cupboards and getting ready for the outdoor enjoyment that awaits. Our newsletters are full of the latest and most up to date real estate information, trends and evaluations, great stuff if you are buying or selling but not very interesting if you are not. If you are not there right now then this article is for you. It has absolutely nothing to do with real estate.
While Real Estate is truly a passion of mine it is not my only passion. Most of you know that in my previous life I owned restaurants. This has given me a respectful appreciation of what it takes for a restaurant to be truly superb. The passion is eating … I love food! I take great joy in finding, sharing and enjoying restaurants that are truly special and I am excited to share with you two exceptional places.
The first is C-Level Bistro & Wine Bar on Bonita Beach Road (239-221-7046). C-Level is a trendy upscale dinner restaurant with a cool trendy atmosphere and amazing food. Here are the words of the owner, “Check out our latest creation, The Artisan Charcuterie Gourmet Plate, says Tony. This is an amazing selection of high quality smoked meats, including Foie Gras and Petrosian Duck accompanied by several Artisan Gourmet Cheeses.”
C Level is rated the number 1 restaurant in Bonita Springs by Trip Advisor. Do yourself a favor and check it out.
NOW FOR THE BIG NEWS. Drum Roll Please…DeRomo’s Gourmet Market and Restaurant in The Promenade (yes, right across the street from our office, I already feel the pounds coming on) This is the Disney World of food. The 18,000 square foot establishment houses a staggering array of food and dining experiences. They start the day at 6:30 in the bakery and coffee bar which features home made pastries, breads and of course fabulous coffees. At 8:30 the gourmet market opens. At 11:30 the 250 seat restaurant opens, and then mid-afternoon they begin serving up creative dishes that you can carry out and serve in your own home.
Words cannot describe what they have put together here. The atmosphere in the restaurant is casual up scale…truly exceptional and the food is awesome. This by itself is big news but the market is what will blow you away. Let’s do a quick run down of what they have to offer. Specialty wine market, Authentic Italian Delicatessen, Bakery & Coffee Bar, Meat Market, Produce Market, Specialty Grocery with sections dedicated to gourmet olive oils, gourmet balsamic vinegars, truffle spreads, and much more, A Pizzeria, and much more. I could go on and on but I will end with just one word of advice. GET THERE SOON. Come January getting in the door is not going to be the problem, getting on the parking lot will be the challenge.
If you are looking for even more NEW Restaurants coming to our area, be sure to check out this article just published in the NEWS-PRESS!
We all realize at this time every year the snowbirds start flocking south. The implications of this massive migration significantly benefit the local economy and change the landscape of the real estate market. Let’s have some fun and do a little bit of predicting for the upcoming real estate market this season. Time to look into the powerful crystal ball…
It would be best to start the conversation by looking at the historical facts. As you see in the graph below, the market prices have improved consistently since the lows of 2009-2010. Since Southwest Florida is very seasonal by nature, you can observe the seasonal “ups and downs” but the trend line remains strong in the positive direction.
Realizing the ongoing improvement in pricing, simple supply & demand principles apply. As prices keep increasing, the trend will be for the number of closed sales transactions to decline. This evidence can be found by the 4 month sales numbers from June 15 – October 15. Last year the aggregate number of sales in the 4 months leading into season came in at 9,704 sold properties and this year nearly 6% lower at 9,150 sold properties.
So, what does all of this mean for real estate in the upcoming season. Should you buy or sell? While no one can predict the future with any certainty, all of the indicators point to the fact that prices will continue to rise for the foreseeable future, but my prediction would be a much slower rate of appreciation. The market is stable now and foreclosures remain at record lows. The bottom line…If you are looking to buy, do it before the end of the year. If you are looking to sell, this season will fetch you the best price in over 6 years.
The Summer Doldrums
We have all heard this phrase “the summer doldrums” and associate it with a slow down. Here is the dictionary definition:
doldrums. a state of inactivity or stagnation, as in business or art: August is a time of doldrums for many enterprises. a belt of calms and light baffling winds north of the equator between the northern and southern trade winds in the Atlantic and Pacific oceans.
Here in Southwest Florida it has deeper meaning by both definitions. In the literal sense we find that the waters on the Gulf are much calmer than normal. For us boaters it is an opportunity to get out and enjoy the Gulf of Mexico without having to worry too much about choppy waters. More importantly though, from a business perspective, it is the time of year when things are most calm. Year round residents enjoy less crowded highways and shorter lines while checking out at stores. Most importantly though, they enjoy the best deals of the year. Merchants are offering all kinds of incentives to drum up summer business. Coupons, 2 for 1’s, and incentives abound this time of year as merchants vie for the local residents who clearly have the upper hand this time of year.
It should come as no surprise that the same concept exists in the Real Estate market. We are in a seasonal market and the majority of residents think seasonally. Come January the market will be flooded with new listings and higher prices and transactions in April and May will be double that of August and September.
We are all familiar with the contrarian theory and for those of us that are willing to adopt it there can be rewards. In every market there are those who for whatever reason need to sell. It only stands to reason that those who need to sell in the summer have fewer buyers and will therefore pay more attention to whatever offers they receive. Are you a contrarian? If so we want to hear from you. Brad and I stand ready to assist you in finding the dream home you have been waiting for. Give us a call at 239-963-4811.
Lennar Building in Daniel’s Preserve
Daniel’s Preserve is a private gated community in the Master Planned Development of Gateway. Locationally, the community is situated just off Daniels Parkway in the much desired South Fort Myers area. At only 5 minutes to the Red Sox Spring Training facility, 10 minutes to the airport, and easy access to shopping, restaurants and more, Daniels Preserve offers its roughly 200 homeowners the ideal living situation.
I personally purchased a primary residence in the community in 2013 and thoroughly enjoy it (so, yes, of course I am biased!).
Mercedes Homes built the majority of the existing homes in the neighborhood prior to their demise after the boom years of 2005 and 2006. Since then, an investor purchased the 15 remaining empty lots in 2010 for $180,000, according to tax records, and has been sitting on them since. On July 23, 2014, Lennar purchased these 15 lots for $922,500 and is building to finish out Daniel’s Preserve. Brand new construction home prices range from $270k-$432k and as always with Lennar are considered “Everything’s Included.” This means the homes will come standard with many of the optional upgrades other builders offer, such as granite counter tops, stainless steel appliances, smart home locks, etc.
As Lennar continues building their homes, I will be posting updates of progress. If you are interested in new construction Lennar in Daniel’s Preserve, you can contact me directly at 239-244-1340 or by contacting us here. I can provide you the available floor plans and lot-specific pricing for each opportunity.
Conurbation – The Not-So Dirty Word for What is Happening in SWFL
As real estate development continues pushing forward in Southwest Florida, we get to experience first hand a unique word in the English dictionary. The word “Conurbation” is defined by Merriam-Webster as “a large area consisting of cities or towns that have grown so that there is very little room between them.”
Originally settled around the 1880’s both Naples and Fort Myers have grown extensively, primarily due to the draw of tourism. With only 30 miles separating the two cities, and populations and commercial enterprises booming in both, it was only a matter of time before Southwest Florida essentially became one metropolitan area. Now, we have the city of Bonita Springs and the town of Estero located directly between and the distinction driving from Fort Myers to Naples has essentially become one continuous residential and commercial conglomeration.
So, yes, conurbation is a fancy word, but why does all of this matter? With some of Southwest Florida’s major attractions of shopping and restaurants located between Fort Myers & Naples, such as Gulf Coast Town Center, Miromar Outlets and Coconut Point Mall, the area is primed for current and future real estate development. Couple this fact with Hertz moving its Global Headquarters to Estero and created over 700 local jobs and we have a winning recipe for real estate well into the future.
Community of the Month: Hampton Park
This month we are visiting a community that is both established and brand new all at the same time. The community of which I speak is Hampton Park in Gateway. Hampton Park is a WCI community and had its start back in 2005 just prior to the downturn. In the WCI tradition Hampton Park is well appointed when it comes to amenities. The center of attention goes to the 5300 Square Foot clubhouse and its beautiful resort style pool featuring an outdoor grilling area where you can entertain friends and family. The pool and lounge area define Florida outdoor living. Inside you will find the luxuriously appointed meeting rooms complete with a catering kitchen. Whether inside or out you have whatever you want when it comes to entertaining your family and friends. For the active souls the clubhouse features a state of the art fitness center complete with all the equipment you need and expect to get a good work out and the fitness doesn’t stop there. Step outside and you find basketball and play grounds for the kids.
While construction virtually stopped in 2009 it resumed again in 2013 and is now moving forward at a feverish pace. When it comes to value in new construction Hampton Park leads the pack. Take a look at this home featuring just under 2100 square feet at an amazing price of $225,190.00.
This is an amazing price for new construction in an upscale neighborhood. Take a look at these features. Three bedrooms, two baths plus a den and a 2 car garage give you plenty of space. Top it off with Granite counter tops and a full array of appliances. You will find brick pavers on the driveway and back lanai and a professionally landscaped, sodded and irrigated yard. As always Brad and I are anxious to share more with you regarding this fabulous community and to show you in person all it has to offer. Give us a call at 239-963-4811.
Sometimes the best news is no news at all and that is how I would describe our current Real Estate market “Steady as she goes”. First let’s talk about the average number of days on the market. The average monthly number is 90 days with the high being 91 and the low being 88. We hear talk of shortage but the numbers say otherwise. Of course there is always the challenge of finding what you want at the price you want and that never changes.
So what about the number of sales? Again, the phrase “steady as she goes” rings true. In May of 2013 there were 3378 homes sold and in May of 2014 3264 were sold. See the monthly sales for the previous 3 years.
This leads us to the all important question. What about prices? The phrase “steady as she goes” applies here as well but in a different way. What we are seeing here are steady increases. This is perhaps the hardest number to pin down because many factors come in to play. Median price is a good indicator but can be misleading. The median price in January of 2013 was $160,000.00. By December it had risen to $186,000.00 and as of May 2014 it was sitting at $223,500.00. Clearly prices are rising but one must consider the mix of sales. The number of homes sold under $100,000.00 has dropped dramatically and the number of homes selling for over $1 Million has increased dramatically inflating this number by more than just the difference in square foot price. This chart illustrates these differences.
While we still hear the occasional cry that we are approaching another bubble the statistics do not support that. Southwest Florida has had one of the strongest recoveries in the nation but let’s not forget that we also suffered the most severe downturn as well. According to the National Association of Realtor Editors prices in Southwest Florida are still 40% below their peak. What I see is a healthy market. Boomers are moving to Florida, population is increasing, new construction while on the rise is well below historic levels, and homes of every kind are selling quickly. As always, Brad and I are eager to discuss the market and assist you in evaluating the information.
Click HERE for additional details regarding this Village Walk of Bonita Springs Home for Sale.
This Village Walk of Bonita Springs home for sale is a great opportunity to purchase an UPGRADED home in the highly desirable Village Walk of Bonita Springs. WHY WOULD YOU CONSIDER BUYING NEW? The buyer loved Village Walk so much they purchased a new Estate Home. This is your chance to cash in on all the money and TLC they put into this Village Walk of Bonita Springs home for sale.
They upgraded this Village Walk of Bonita Springs home for sale with the finest of everything. Electric storm shutter for the lanai so all you have to do to go back north is hit the switch and lock the door. All other shutters are clear Lexan so the light can shine through. Brand new top of the line washing machine. New high output pool pump. 2 year new pool heater, UV light system on the Air conditioner and a Salt Water Pool for low maintenance enjoyment. They did everything and did it first class so you won’t have to! Tens of thousands of dollars in improvements to make this Village Walk of Bonita Springs home for sale the most enjoyable and maintenance free home in the community.
Sit on your lanai and look out at the lush landscaping and the beautiful lake that define Village Walk. Of course, there is the DiVosta signature quality construction and the world class amenities that make Village Walk of Bonita one of the most sought after communities in all of Southwest Florida. It is time for you to take the leap and join the fun. Call for an appointment now to tour this Village Walk of Bonita Springs home for sale now!
Village Walk of Bonita Springs is a prestigious, lifestyle community located off of Bonita Beach Road and is within close proximity to amazing beaches and shopping/dining in nearby Naples and Fort Myers. This magnificent community is known for its world-class amenities and low association fees. Village Walk offers residents a variety of single-family homes and townhomes constructed by award-winning builder, DiVosta Homes.
Village Walk of Bonita Springs was designed to provide all of the necessary conveniences right outside your doorstep. You can find a hair salon, post office, gas station, boutique, cafe and restaurant all within walking or biking distance to your home. The town center is the main hub for the numerous activities offered to residents. Village Walk features two pools, a clubhouse, tennis courts, a fitness center, basketball courts, a library and scenic jogging paths. This community is also staffed with a full-time activities director that coordinates many of the planned events throughout the year.
Resort style living is at its finest at Village Walk of Bonita Springs. Residents enjoy easy, low-maintenance living all year round. If you want to take advantage of this great opportunity to own a home in Village Walk, contact us today. Schedule your appointment to see this highly sought after Village Walk of Bonita Springs home for sale.
If you would like additional information regarding this Village Walk of Bonita Springs home for sale feel free to reach out to us at 239-963-4811 or Contact Us.
Click HERE for additional details regarding this Paseo Fort Myers Condo for Sale.
This Paseo Fort Myers condo for sale is extremely rare! Now is your opportunity to own a highly upgraded San Pablo flat that is directly on the water in Paseo Fort Myers. There are only 8 total of this floor plan on the “Butterfly Lakes” within Paseo, the 8 time “Community of the Year” winner! Most other waterfront properties would have a street between you and the water but that is not the case with this Paseo Fort Myers condo for sale.
Open up doors & windows to your screened lanai to the tranquil sounds of the water fountain and fantastic water views. In this Paseo Fort Myers condo for sale you will find 3 bedrooms, 2 bathrooms and a built-in office. Upgrades include granite counter tops, 18 inch tile laid on diagonal throughout the living area, highly upgraded cabinetry, upgraded carpet, under cabinet lighting, crown molding and more.
This Paseo Fort Myers condo for sale is only a couple years young and still feels brand new. Come enjoy the Paseo resort lifestyle in one of the most popular floor plans.
Paseo Fort Myers is a one-of-a-kind community in Fort Myers. Conveniently situated in the upscale Daniels corridor, Paseo Fort Myers is in the heart of Fort Myers. The community is located only 10 minutes from the International Airport (RSW) and between both the new Boston Red Sox spring training facility and the Minnesota Twins spring training facility. In addition, shopping, dining & entertainment at Bell Tower Shops and Gulf Coast Town Center are just 10 minutes away. Gulf Coast beaches, downtown Naples and many more great Southwest Florida attractions are all within close proximity to this desirable Paseo Fort Myers community.
One of the major attractions to the community is the Mediterranean atmosphere. Paseo Fort Myers lets you experience paradise how it is meant to be experienced. The 26,000 square foot Town Center lets you enjoy all of the amenities, whether you want to experience the luxury resort-style pool, the top-tier spa, the fitness center, the Pub, the movie theatre, the old-fashioned ice cream parlor, the Internet café, fishing pier, the bocce ball courts, or the 6 Har-Tru tennis courts, you will find your slice of heaven within the gated community.
Schedule your appointment to see this highly sought after Paseo Fort Myers condo for sale.
If you would like additional information regarding this Paseo Fort Myers condo for sale, feel free to reach out to us at 239-963-4811 or Contact Us.
Click HERE for additional details regarding this completely remodeled home in Mahogany Isle at Gateway.
This completely remodeled home in Mahogany Isle at Gateway is a must see! Do you love the large lots, low HOA fees, low taxes and the charm of Gateway Golf & Country Club but yearn for an updated home? Here you can have the best of all worlds.
This completely remodeled home in Mahogany Isle at Gateway features 4 bedrooms, 3 bathrooms, 2-car garage and a beautiful private pool. It also has long lake views and has been completely remodeled from top to bottom with exquisite taste. Turkish Travertine marble floors in a Venetian pattern and Cararra marble vanities with vessel sinks in all three bathrooms are some of the luxurious amenities of this completely remodeled home in Mahogany Isle at Gateway. The York Chocolate kitchen cabinets are topped off with high-end granite counter tops. The kitchen design features a low bar island, under cabinet lighting and brand New stainless steel appliances and New carpeting, New light fixtures, New water heater and newer A/C are other great perks this completely remodeled home in Mahogany Isle at Gateway has to offer!
Gateway is a master-planned development with over 3,000 acres of land and is subdivided into more than 20 extraordinary communities. Not only does Gateway offer an outstanding mix of real estate options, it’s also home to several restaurants, a gas station, retail shops, schools and a business park with more than 40 businesses. Gateway is located in Fort Myers, east of I-75 off Daniel’s Parkway and is just minutes from the airport, Red Sox spring training facility, Gulf Coast Town Center and more.
An array of recreational amenities are available to the residents of Gateway. The Gateway Golf & Country Club features a Tom Fazio designed, 18 hole golf course. In addition, you will find a clubhouse, dining room with formal and casual dining, meeting room, fitness center, pool, tennis courts, soccer complex, baseball field, basketball court, volleyball court, playground, parks and fitness trails.
Schedule your appointment to see this beautiful and unique completely remodeled home in Mahogany Isle at Gateway.
If you would like additional information regarding this completely remodeled home in Mahogany Isle at Gateway, feel free to reach out to us at 239-963-4811 or Contact Us.