I’m not sure if many of you have seen the news about new home sales in July. You can see in this article from Florida Realtors.org that new home sales were up 9.6% in July. Where is the justification for this? Existing inventory of Fort Myers, FL homes make this very difficult for me to believe…at least in this market. With the constant flow of foreclosed and distressed homes hitting the market it takes a dedicated soul to justify new construction. I say this much to the disgust of those who earn their living in that industry and I long for the day when it is no longer the case. I myself have built new custom homes and enjoy the process of creativity and personalization but when there is immediately available inventory in every price category at 30 to 50% of the cost of new construction it just makes no sense. Even for the individual that owns property outright, the undertaking is daunting and costly.
Local government, in an effort to recuperate lost tax revenues passed legislation nearly tripling impact fees. Way to spur the development we so desperately need! My advice is simple. Take advantage of this unique buying opportunity. Define the area that you wish to live in and task me with finding a home that meets your needs. Take advantage of this unique market opportunity. It cannot and will not last.