Cape Coral/SWFL March R.E. Prices Steady – Inventory Drops
If the past few months are any indication, Cape Coral and Lee County real estate seems to be back on track. As you’ll read in the charts below, C.C. home prices equaled last March’s price, as did the number of sales. Home sales and prices far exceeded this cycles’ low point in December. Based on MLS Pending Sales numbers I expect this positive trend to continue.
Cape Coral March 2023 vs. March 2024
|
Mar 2023
|
Mar 2024 |
Cape Coral |
513 Sales $503,000
|
530 Sales $502,000 0 % |
Lee County March 2023 vs. March 2024
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Mar 2023
|
Mar 2024
|
Lee County |
1397 Sales $581,000 |
1376 Sales $568,000 - 2 % |
Cape Coral Gulf Access Homes: Feb = 73 Gulf Access Sales, Avg Price: $970,000
Mar = 99 Gulf Access Sales, Avg Price: $905,000
Cape Coral $1M+ Homes: Feb = 27 $1M+ Sales, Avg Price: $1,500,000 Highest: $3,300,000
Mar = 28 $1M+ Sales, Avg Price: $1,441,000 Highest: $2,550,000
C.C. Inventory: In the course of a few months, available homes in the Cape went from a several-year high of 10 months in January to 7 months in Feb, and surprisingly, down to 5½ months in March. Although I anticipated a drop in inventory, I didn’t expect it to be this significant over such a short time span. IMO, it won't drop any lower until interest rates fall.
National Study Finds 7 Fla. Cities ‘Up and Coming’ Hotspots
Fort Myers Makes the Top 10 Small Town Shortlist
Looking for that small town sense of community without giving up the perks of living in a city-like environment? Then a small city is exactly what you’re looking for. A small city has a population between 63,000 and 100,000, according to MoneyGeek.
MoneyGeek set out to determine the top small up-and-coming cities that are the most promising for financial growth. They analyzed 211 small U.S. cities based on median household income, unemployment rate, population growth and the average annual GDP growth.
Florida walked away with seven cities in the top 10, thanks in part to their strong population growth. Fort Myers took the 8th top spot in the country, with a median household income of $62,981, unemployment rate of 3.1%, an Average Annual GDP Growth of 4.3%, and an impressive 5-year population growth of 20%. Lisa: At the rate Ft Myers is growing it won’t be long before it is not considered a small city.
$4B Everglades Restoration Underway
The restoration effort in the Everglades is the largest hydrological restoration project ever undertaken in the U.S. and aims to improve the water supply and increase flood protection. The natural flow of the Everglades has been degraded by farming, road projects and land development, resulting in flooding of some areas, drying out of others, and hypersalinity in Florida Bay, which has killed off crucial seagrass areas of Everglades National Park.
On Jan. 25, Gov. Ron DeSantis joined the South Florida Water Management District at a ceremony to begin filling the EEA Reservoir’s stormwater treatment area, a critical component to restore the natural southward flow of clean water The 6,500-acre stormwater treatment area, or STA, located adjacent to the reservoir, will filter harmful nutrients from the water flowing from Lake Okeechobee and increase freshwater flow to the Everglades and Florida Bay. The process will also reduce the harmful discharges from Lake O to the state’s east and west coasts.
Groundbreaking on the 10,100-acre reservoir commenced in 2023, and the project is expected to be completed in 2030. Safety testing will follow, with the hope that the water will begin its southern flow by around 2032. Tom: Although we all wish that cleaner water would be sent our way sooner, it’s a little encouraging that the project is finally in the works.
Cape Coral Yacht Club Design Approved by Council
The city council were presented with three design options for the community center for the future Cape Coral Yacht Club. The first option had a “Key West, old Florida” architectural style, the second option was based on the existing Yacht Club building, and the third option was a contemporary architectural design.
It was a close decision between the first and second option, with a final 5-3 majority choosing to go with the Key West option, and the cost of that option might be lower than the other two. Some Cape residents expressed concerns about the parking garage, cost of the project and source of funding for the project.
The city does not have an exact number for how much the new Yacht Club will cost, but current estimates are between $60 and $90 million. YIKES!
Is a Fixer-Upper Right for You?
Homes that are fixer-uppers might be a great deal but require a lot of time, patience, and skill. Before deciding on a fixer-upper, consider all the factors that go into home renovations:
Your financial budget: Costs of renovations usually exceed initial estimates – sometimes substantially
Lifestyle and preference timeline: If you need to move in immediately, a new home is your best bet
Tolerance for disruption: Living in a home while renovating can be stressful and disruptive
Personal skills: Do you have the personal skills to take on some of the DIY projects?
Investment Potential: Homes that are renovated can be sold for a significant profit, depending on the market and extent of renovations. This is not without risk, as market conditions can change and renovation costs can escalate
Resale value: Consider the appreciation value of a remodeled property
Buyers Could Be Alerted to Flooding Before Purchase
The Florida legislature passed the first flood disclosure bill in state history. If signed into law by the Governor, it would reveal some - but not all – flood risks of a potential home. Buyers would be able to find out if the property they’re considering has made any flood insurance claims or received any federal aid for flood damage.
Currently, Florida does not explicitly require sellers to tell buyers about the flood history or flood risk of their property in the same way it requires disclosure about sinkholes or lead paid. Instead, sellers have a catchall on the disclosure for anything else important buyers should know, and in recent years, sellers had the option to fill out a voluntary flood disclosure form. This often leaves buyers in the dark. And suing someone for lying on the disclosure form doesn’t always work out.
This bill is supported by Florida Realtors, and if signed by the governor would kick in October 1.
Facts & Stats and Tom’s Musings
Which States Have no Income Taxes: Seven U.S. states currently have no income tax whatsoever: Florida, Alaska, Nevada, South Dakota, Texas, Washington and Wyoming. Tennessee and New Hampshire only tax interest and dividend income.
DeSantis Signs bill Targeting Home Squatters: A law (HB 621) goes into effect on July 1 which allows property owners to remove an unauthorized person from their property. Squatters can face harsh penalties, including first-degree felony for trying to sell or rent a property without authority or ownership, and a 2nd-degree felony for staying or trespassing in a home and causing over $1,000 in damages.
Naples & Cape Coral/Ft Myers Among Top 10 Cash Home Buyers: In January, 32% of U.S. home sales were all-cash buyers, marking the highest rate since 2014, according to the National Association of Realtors. Naples ranked 2nd highest in the U.S. with 59%, and Cape Coral-Ft Myers came in #8 with 52% all-cash buyers. Vacation-home buyers and real estate investors made up the bulk of all-cash buyers over the last six months
Top Factors that Influence a Home’s Appreciation:
· A smaller home – when interest rates are high buyers tend to choose smaller homes
· It’s in an up-and-coming neighborhood
· It has an appealing exterior
· The land itself has value – waterfront or scenic area improves chances of increased value
Luxury Market Sees Bounce: Recent gains in the stock market have driven a surge in the luxury market. At the same time, other potential buyers are still on the sidelines due to high interest rates.
Renters Would be Happier Owning a Home: 70% of renters say owning a home would make them happier, yet 60% say it’s out of reach, a new study found. At the same time, 90% of owners say they’re happier since buying a home. Jenna: 90% is a pretty telling statistic in favor of homeownership.
~ What Every Buyer Should Know About Closing Costs
~ Questions To Ask When Searching For A Lender
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