Notable Florida Honors
Zillow: 25 Most Popular Cities For U.S. Vacation Homes – Top 5 are in Florida. The three top criteria for the study were: Do you visit often? Does the place fit your lifestyle? And Is it a popular area where tourists will want to rent? Miami, Pompano Beach and Ft Lauderdale were the top three rental home cities. These three towns are all more expensive than SWFL.
Based on the study, Ft Myers ranked #5 with 5,205 vacation homes (13.23% of Ft Myers homes.). Cape Coral came in as the 4th Most Popular City in the U.S. for Vacation Homes. The Cape has 13,627 vacation homes, representing 15.82% of the city's total homes (86,155). Sue: many owners purchase a seasonal rental home, get to enjoy several weeks/months when their schedule allows, and a significant percentage plan to eventually to retire in their SWFL home.
#1 State in U.S. for In-migration: Last year, 566,476 people moved to Florida from another state, the highest number in the U.S. New York lost the most residents to Florida (63,722) with Georgia being the second highest contributor. In 2018, 1.2 million people moved to the South from another region, while only 714,000 moved from the South to another region.
U.S. News & World Report: Fla. No. 1 State for Higher Education . . . for the third year in a row. The analysis considered the state’s share of college degrees, the time it takes to earn a degree, in-state tuition costs and the debt burden college graduates carry. Florida has 28 state colleges. Sue: Of all the accolades bestowed on the Sunshine State, this was one of the most surprising and impressive to me.
Second Best State to do Business: 2019 survey of CEO’s from Chief Executive Magazine.
Floridian’s Consumer Confidence hits 17-Year High: April’s 102 consumer confidence rating is the highest since March 2002. State unemployment remained at 3.5%. The number of jobs increased by 209,700 and personal income in 2018 increased by 5.2% compared with 4.5% for the nation, per the latest report from the Bureau of Economic Analysis.
10 Florida Cities Ranked “Best Places to Live” by U.S. News & World Report: To create the list of top 100 Best Places to Live, it considered jobs, home values, quality of life issues and net migration….and yes, Cape Coral/FT Myers were on the list at #35.
Cape Coral/SWFL Real Estate Market Holding Steady
Cape Coral: May produced an impressive number of Cape home sales at 575. This was higher than last May's 516 sales and the highest sales number for either 2018 or 2019. Prices just about mirrored last May at $295,000. Inventory dropped to under 4 months and List to Sales Price was 97.2%. Tom: Many people express concern that we are in the downturn of the real estate cycle...and they are right. But for our local market to produce these numbers during the downturn is most encouraging and assuring that we will be just fine until the next upswing occurs.
Ft Myers Beach: The number of sales dropped in May compared to May 2018, but average home prices showed a dramatic increase from $659,000 to $1,091,000.
Bonita/Estero: May home sales showed a significant bump in these two towns in both number of sales (188 vs 152 last May) and average home prices increased from $498,000 to $561,000 this May.
Gov. DeSantis Appoints Blue-Green Algae Task Force
Florida Gov. Ron DeSantis appointed five internationally renowned scientists to the newly established Blue-Green Algae Task Force. The focus of the Task Force is to support key funding and restoration initiatives, and to make recommendations to expedite nutrient reductions in Lake Okeechobee and downstream estuaries.
The Task Force will identify opportunities to fund priority projects with state, local and federal funding that build upon DEP’s updated Basin Management Action Plans (BMAP). The goal is to prioritize projects that provide the largest and most meaningful nutrient reductions: Tom: There have been numerous water improvement meetings by state, local and federal government officials to finally address our water issues. For once, government officials are keeping their campaign promises. GREAT NEWS for our area.
Top 15 U.S. Metros for Mosquitos…No, None Are in Florida
For the sixth year in a row, Atlanta was once again named as the top spot for the most mosquitos, followed by New York, Washington D.C., Chicago and Houston, according to the annual list released by Orkin, a national pest control company. Dallas-Ft Worth, Detroit, Philadelphia, Charlotte, N.C. and Raleigh-Durham, N.C. round out the top ten, and there were no Florida cities ranked in the top 15. Tom: Many non-residents expect Florida to have a high mosquito population due to the year-round heat, and in some rural, heavily wooded areas that can be the case. But most populated Fla cities have excellent insect eradication programs. Florida cities allocate tax funds for mosquito spraying trucks instead of snow-plowing trucks like our northern neighbors.
Facts & Stats
Aging Millennials to Drive up U.S. Housing Prices: Zillow reports that housing will become more expensive over the next decade as millions of Americans enter the age range where people typically seek to buy their first home. Nearly 45 million millennials, those born between 1981 and 1996, will enter their mid-30s over the next 10 years.
Nationally, homes priced in the bottom third of the market, the tier most likely to be eyed by first-time buyers, have increased 57.3% over the past five years. At the same time, the inventory of homes in this price range has fallen by 23.2%. Tom: This market combo will naturally force mid and high-priced real estate prices upward since real estate is always driven from the bottom. The number of millennials graduating college, entering the workforce, and buying homes over the next decade is one major reason I’m confident our real estate market will stay strong, even during the traditional stagnation period of a real estate cycle (which we are in now – and still sales numbers and prices remain solid).
Self-driving Car Bill Approved by Fla. Legislature: A bill to legalize the use of self-driving cars is approved and awaiting Gov. DeSantis signature. Since 2018, self-driving Ford cars have already been scooting around Miami. Sue: It won’t be long before we’ll be selling real estate without actually driving our cars.
VRBO - Spike in Vacation Rentals in SWFL: Holidays, and large city events like Spring Training and Taste of the Beach bring travelers from all over the world looking for a place to stay in Cape Coral, Ft Myers Beach, Sanibel, and Estero Island. Many homeowners that don’t live here permanently are taking advantage of VRBO, Airbnb, and HomeAway to generate income to cover some ownership expenses.
VRBO has a new rent potential calculator that takes the guesswork out of the equation so homeowners can get a preliminary estimate of what they could earn. Currently, over 50% of VRBO owners use their rental income to cover at least 75% of their mortgage.
SW Florida International Airport Passenger Count Keeps Surging: Passenger traffic was 8,970 in April, up 11.4% from April 2018. SW Florida International saw 9.4 million passengers in 2018 and is one of the 50 busiest U.S. airports.
Mortgage Rates Fall Below 4% - First Time in 18 Months: At the end of May interest rates fell for the fifth consecutive week, tipping the key 30-year loan average below 4% for the first time in a year and a half. The average rate for a 15-year home loan dipped to 3.46%.
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
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”
Cape Coral Real Estate Bounces Back from Weak 1st Quarter - Tax Reform Already Boosting Demand for Florida Real Estate - Keep Interest Rates in Perspective