2019 is halfway gone. Where did the time go? At the start of the year, we projected a relatively flat real estate market, with prices expected to drop or rise within 2 - 3%. We’re pleased to report that in the first half of the year prices moved in the positive direction, and within the narrow range that we predicted. Below is a synopsis.
June Cape Coral Home Prices Reach $300K Mark for 2nd Time in 2019 (and in a decade). Surprisingly for an off-season month, Cape home prices in June were $302,500, eclipsing 2018’s highest monthly price of $299,000. As reported a few months ago, Cape home prices hadn't reached $300 K in over a decade and now it has happened twice in three months. Inventory remained under 4 months and List-to-sale price dropped a bit to 96.5%. Below are the half-year stats for several SWFL towns. Tom: clients often wonder why the average price of Cape homes seems on the low side. That is because so many off-water and freshwater home sales bring the average Cape home prices down. Cape Coral gulf-access homes are currently at $665,600 K average list price. Surrounding gulf-access towns are even higher-priced...some much higher.
The weather, beaches, and lack of a state income tax still draws Northerners south, but frustration with higher taxes seems to be the final straw for some people to cash in their real estate chips, pack their bags and relocate.
Some tax refugees are not only moving themselves, but their businesses to Florida, or setting up branch offices here. Some northern states say they’re feeling the pain. New Jersey, as just one example, reported a 35% decline in income tax revenue and blamed the drop on the tax policy. Caution: Some state governments have taken to auditing the travels of homebuyers who leave for Florida and other tax-friendly states, but still commute back to their original states for work purposes.
Northern residents aren’t the only ones looking toward Florida. Well-heeled but tax-strapped California residents who shoulder state income tax rates exceeding 12% are looking east – and the destination is not their traditional landing spot of Nevada, but Florida. Many of the tax refugees are people who made a nice living, and now want to preserve their wealth a little better. Tom: in my opinion, the income tax migration is the single biggest reason our real estate market has not decreased in sales or pricing during the 18-month real estate retraction cycle. Once we return to the expansion cycle, Florida could see another boom as we experienced after the Great Recession.
A new report from Wells Fargo Securities indicates economic growth in Florida has continued to outpace the nation so far this year and has evolved to enhance long-run competitiveness.
Wells Fargo Senior Economist Mark Vittner stated “Florida’s economic growth will moderate this year, as the national economy slows. However, Florida is poised to remain one of the nation’s fastest-growing states and growth remains remarkably broad-based across industries and geographies”.
Take a look at the cleaner water near the Sanibel Lighthouse now compared to a year ago. This is attributable to the substantial decrease of Lake Okeechobee water release to the Caloosahatchee River. In 2018 at this time of year, 5,555 cubic feet per second were released. This year, in early June it was reduced to 738 cubic feet per second. Sue: Thank you to all the government officials and concerned citizens who helped us get clean, blue water again.
According to the State Attorney’s Office, the crime rate in SWFL is the lowest of any region in the state . . . for the 7th straight year. Lee, Collier and Charlotte County are the most populous of the five counties that comprise Florida’s 20th Judicial Circuit. Sue: Wow, we always felt safe in our area but we had no idea that SWFL was ranked the safest area in Florida for so many consecutive years.
New Florida Texting And Driving Law
A little PSA here for everyone. Almost all of us are guilty of it at one time or another . . . texting while driving. It’s a very bad, very dangerous practice and as of July 1st, in the state of Florida, it’s illegal and now a primary offense. Governor Ron DeSantis signed a bill into law that will allow law enforcement officers to pull over drivers who are texting and driving. A first texting offense is punishable by a $30 fine, with a second costing $60 and 3 points added to your license.
Florida is one of the last few states to put a texting law into effect. Governor DeSantis said that in 2016, Florida had nearly 50,000 accidents caused by distracted driving, resulting in 233 deaths. Sue: This is a law we can all "live" with. We want all of our friends and clients to be safe.
Naples Regains Title of Best Beach Town in America - WalletHub. Naples topped the list in 2017 but slipped to #2 0n the 2018 list. The 62 key metrics ranged from housing costs to share of for-sale waterfront homes to quality of beach water. Tom: we all love Naples...it's just so darn PRICEY compared to other SWFL waterfront towns.
Be Cautious of Rental Scams: Whether you're looking to rent out your SWFL seasonal home or looking to rent a home for a family visit to our little Paradise please use caution. There are scammers who put rental homes that are not their properties on Craigslist. Sites like VRBO and Airbnb are, generally speaking, safer bets. A little direct communication and common sense should provide the safety factor you need.
Cape Coral 10th Safest U.S. City to Drive Cars - Allstate
Total Impact One Fla. Home Sale has on the Economy - $77,858. When it comes to Florida’s economy, real estate is a heavyweight. A recent analysis by the National Association of Realtors finds that money generated by the state’s real estate industry makes up 21.9% of the gross state product. Items such as Realtors’ commissions, moving services, appliances, furnishings, property alterations, etc., are just some of the beneficiaries of FL home sales.
Highly Recommended Cape Auto Service: An honest, reasonably priced car mechanic is hard to find, worth their weight in gold and we've found one! Ange's Auto Services & Repair at 4719 SE 6th Ave, Cape Coral. The owner/operator Alex Gonzalo has been in the business in the same spot since 1987 - that's a whopping 32 years. You can contact Ange's at 239-542-5498.
Notable Florida Honors - Cape Coral/SWFL Real Estate Market Holding Steady - Gov. DeSantis Appoints Blue-Green Algae Task Force
Cape Coral Home Prices Break $300K . . . 1st Time in 12 Years - Two More National Accolades for Cape Coral/Ft Myers - Luxury RV Park Under Construction
Is The Real Estate Shift Done Shifting? - SWFL Home Prices Continue To Rise During "Shift" - Cape Coral #29 Safest City In U.S.
Local Real Estate Market Holding Steady - Massive Income Tax Exodus - Beach Business Strong Again
Governor DiSantis Keeping His Word About Improving South Florida Water Quality - Local Real Estate Market Snapshot - Cape Coral & Punta Gorda Two Fastest Growing U.S. Retirement Towns
2018 Wrap Up And 2019 Expectations - SWFL Million Dollar Home Sales Stay Strong - Gov. DeSantis Signs Order To Fight Algae And Red Tide
SWFL Real Estate Has Another Positive Month - Chiquita Boat Lock Removal Update - Snowbirds Arrived Early
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
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
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
Chiquita Boat Lock Update - 2018 Property Tax Rates Released - 95% Likelihood Home Prices Will Rise Over Next Two Years
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