Tom Demogenes
Tom and Sue Demogenes
Luxury Waterfront Team
Cape Coral, FL 33914

239-357-3312
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February 2019 Market Updates

Governor DiSantis Keeping His Word About Improving South Florida Water Quality

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Since our waterways are paramount to our SWFL quality of life, this will be the lead and the most important topic this month. Happily

Gov DiSantis is keeping his campaign promise (unusual in politics) to improve the water quality in south Florida.

DiSantis is recommending a $625 million annual appropriation during his term for Everglades restoration and protection of the state’s water resources. The $2.5 billion budget over four years will fund 20 different water improvement projects with the ultimate goal of restoring more than 900 million gallons of water per day flowing south to the Everglades

Chauncey Goss, outgoing Sanibel City Council member, was one of two appointees recently named by DiSantis to the South Florida Water Management District’s Governing Board. Having a local representative that knows first hand the problems we’ve encountered with red tide and algae bloom working to rectify these troubling issues is a big bonus

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Local Real Estate Market Snapshot 

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Cape Coral and Ft Myers home sales were fairly steady to start the year, with Cape Coral average home prices rising by to $284,000 in January compared to $273,500 in January 2018. The price increase was despite a drop in home sales. FT Myers home sales and prices for January were both slightly down from last January's numbers. Not much new to report, which is pretty much on par with our 2019 projections.

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Cape Coral & Punta Gorda Two Fastest-Growing U.S. Retirement Towns….

Let The 2019 SWFL Accolades Begin

A surge of retirees are moving out-of-state and many are coming to our area. Researchers at Realtor.com identified the fastest-growing retirement destinations for people aged 55 and up and two local towns came in first and second in the nation:

Punta Gorda was the fastest growing retirement city with 47% of residents age 60 and up. Median list price: $275,100

Cape Coral ranked #2 in the U.S. with 35% of residents age 60 and up. Median list price: $299,100. Sue: Although Punta Gorda is priced slightly below Cape Coral overall, we find that because Punta Gorda has much less waterfront property than Cape Coral that the two city’s waterfront prices are pretty close, with Punta Gorda waterfront prices slightly higher and off-water homes lower.                                                                                                                                
15% of All U.S. Second Homes Located in Fla: 
The U.S. has about 7.4 million vacation and second homes according to the National Association of Home Builders. Florida has the largest stock of second homes – 1.1 million homes, and the Sunshine State has six of the top ten counties of second homes.

Lee County had the 4th most second homes in the U.S., with just under 100,000. Collier County came in 9th in the nation with 61,000 second or vacation homes.

Florida Top State for In-migration from Other States: A study by Lending Tree discovered that 12.1% of U.S. homebuyers plan to change states and most plan to head south - and the largest number (12.4%) prefer Florida. It's the top destination for residents of 15 out of 50 U.S. states. To nobody's surprise, Alaska has the most residents looking to move away - 24.8%. 

                        Here's the list of the top 10 states of residents looking to move to the Sunshine State:

1.  New York

2.  New Jersey

3.  Connecticut

4.  Vermont

5.  Illinois

6.  Maine

7.  Wisconsin

8.  Kentucky

9.  Tennessee

10. Indiana

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Fla. Sees More Out-of-State Buyers From High-tax States

Florida Realtors are pitching the Sunshine state’s tax benefits to high-tax states such as New York, New Jersey, California, Illinois, Connecticut, and other high-tax states hit the hardest by the sweeping tax law that capped deductions on state and local taxes. Under the new tax law deductions for state and local taxes, including property taxes, are limited to $10,000. If a high net worth individual or very high-income earner can make the move to Florida, they are able to enjoy significant tax benefits.   

The relocation to Florida by high-earners is gaining traction, with Redfin reporting that Florida luxury home sales edged up 6% over the last year, even though it declined 0.7% nationally. Moreover, Florida luxury home sales have outperformed the national average for four consecutive quarters. 

The Wall Street Journal also reported on a Zillow study that shows "not only a jump in Florida home purchases but home values in lower-tax states have been rising faster in value".  Tom: We are getting numerous calls from people in high-tax states that want to move to Florida due to the tax burden which would mostly be alleviated by living and working here. I expect even more interest after April 15th when taxpayers file their 2018 income tax returns.

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What would YOU like to Know?

Each month we conduct extensive research to report relevant and interesting information that we hope appeals to our clients. However, we'd appreciate hearing from you if there is anything we are overlooking that you would like to be informed about.

Also, we often hear from clients that they find our Market Updates so interesting that they share them with family members and friends that are considering buying or selling in our area. Please feel free to provide us with their contact info and we’ll include them on our client list to receive any reports we send out. Referrals are the lifeblood of our business. Sue:Be assured that we do not pester prospective clients, but will be available to provide great service to them if they decide to purchase. 

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Facts & Stats

Lock & Shop Loans Available: Our local trusted mortgage broker has a loan program that allows buyers to lock in their interest rate for up to 90 days while they shop for a home. If the rates improve while buyers shop, you can float down to the better rate

Olympic Figure Skating Hopefuls Moving to Hertz Arena: Marina Zoueva, one of the world’s most renowned figure skating coaches will move her International Skating Academy from Canton, Michigan to Hertz Arena on Feb.25. 2014 Olympic gold ice dancing team of Meryl Davis and Charlie White trained under Zoueva. But she also guides single skaters as well

As big-time competitions like the World Championships and Olympics approach, many local and out of state spectators are expected to come to see Zoueva’s high-level athletes. This could be a big boost to more SWFL folks getting involved in figure skating

1 in 10 Borrowers Now Opting for an Adjustable Rate: Even though fixed mortgage rates have been inching lower recently, the percentage of borrowers tempted by the even-lower rates of adjustable-rate mortgages (ARMs) is rising. ARM’s posted their highest share of loan originations since 2011. The share of ARM’s reached 9.2% in December, up from 5.6% share a year earlier. Tom: As home prices continue to escalate, I expect ARM’s to keep rising in popularity

Digital Mortgages Gaining Popularity: The speed and ease of online and app-based shopping have raised expectations for all consumer transactions, including mortgage approval. In recent years, numerous lenders have streamlined mortgage applications to allow borrowers to apply for mortgages completely online, rather than having to deal with the onerous paperwork of yesteryear. This often allows for a quicker closing date, which is appealing to a lot of borrowers

 

January 2019
2018 Wrap Up And 2019 Expectations - SWFL Million Dollar Home Sales Stay Strong - Gov. DeSantis Signs Order To Fight Algae And Red Tide

December 2018
SWFL Real Estate Has Another Positive Month - Chiquita Boat Lock Removal Update - Snowbirds Arrived Early

November 2018
Why Aren't Homeowners Becoming Sellers? - Local Real Estate Prices on Upswing Again in Oct - Kiplinger: Fla. #4 Tax-friendly State – and Top 3 Are Cold -  Hurricane-Proofing Fla. Homes Worth the Cost

October 2018
More Accolades Heaped On Cape Coral And Ft Myers - Cape Population Likely To Reach 200,000 Full-Time Residents In 2019 - FL Ranks 4th In U.S. For High-Earners And Affluent Families

September 2018
Local Real Estate Market Holding Steady - Kiplinger Ranks Fla. No 8 for Job-Growth Rate - U.S. Tax Overhaul Causing High-Income People to Flee Many States

August 2018
Chiquita Boat Lock Update - 2018 Property Tax Rates Released - 95% Likelihood Home Prices Will Rise Over Next Two Years

July 2018
Low & Mid-Priced Home Sales Very Strong in Cape Coral -  Baby Boomers Top Retirement Concerns - New $25K Florida Homestead Property-Tax Break on Nov. 6 Ballot

June 2018
Cape Coral/Ft Myers 2nd “Best Place People are Moving to in 2018” - Cape Home Prices Rise $22K Over May 2017 – Ft Myers/FtMyers Beach Up $40K & Construction Costs Rising - Florida Ranks No.1 as “Best State for Military Retirees”

May 2018
Cape Coral Real Estate Bounces Back from Weak 1st Quarter - Tax Reform Already Boosting Demand for Florida Real Estate - Keep Interest Rates in Perspective

April 2018
Home Prices And Sales Numbers - Florida's Stringent Building Codes Thwarted Hurricane Damage - Foreign Buyers Still Loving The Sunshine State

March 2018
Want To Buy A Home In SWFL While Still Living In Your Current Home? - Florida Property Taxes Are Average In Comparison To Other States - Pickleball In Cape Coral

TIMING THE SWFL REAL ESTATE MARKET 2019 


Tom Demogenes | 239-357-3312 | Contact Us 
4100 SW 27th Pl - Cape Coral, FL 33914
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