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

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July 2016 Newsletter

Assessed Property Values Released By Lee County Appraiser
LeePALogojpeg.jpgLee County Property Appraiser Ken Wilkinson has released the property values that will be sent to Tallahassee for state approval. This will be the fourth straight year that Lee County has seen property values increase. As we often state, assessed values lag actual market values by over a year, so we can expect at least two more years of property tax increases. Fortunately for Homesteaders the yearly increase has been the same low rate as inflation. Below are the property tax increases by city:
Cape Coral       + 8.37%
Fort Myers        + 10.16%
North Ft Myers  + 7.23%
Bonita Springs  + 10.28%
Ft Myers Beach + 8.29%
Sanibel             + 5.48%
Reminder: When you receive your property tax bill later in the year you can save 1% per month (for up to five months) by paying the bill before the end of November.
Caloosahatchee Releases - Update From Cape Coral Mayor's Office
The health of the Caloosahatchee River is being threatened by past decisions made by state and federal officials to increase water discharges from Lake Okeechobee. The regular releases of billions of gallons of brown water from Lake Okeechobee into the Caloosahatchee have impacted Southwest Florida's beaches, mangroves and aquatic estuaries. The good news is these ongoing negative impacts "sounded the alarm", and spurred a coalition of local & state leaders to coalesce around a common cause and message to the government agencies - find another solution and stop the economic and environmental damage to our region.
For more information about this issue, visit the informational website set up by the Lee County Visitor & Convention Bureau and Tourist Development Council:
An article from the Naples Daily News on July 1st said this:
Southwest Florida has not seen the severity of toxic blooms afflicting the East Coast. The governor declared a state of emergency in St. Lucie and Martin counties on June 29th and Lee County was added to the declaration on June 30th. It's not nearly as bad as the East Coast, but is being carefully monitored. Southwest Florida has less of a problem than the East Coast because the Caloosahatchee is a large river and can dilute the effect of the pollution. Lake Okeechobee releases to the Caloosahatchee also pass through a marsh, which helps filter the water.
The governor's emergency declaration directs the Department of Environmental Protection and the Conservation Commission to step up water sampling and directs South Florida Water Management District to find places to store water from Lake Okeechobee rather than release it down the Caloosahatchee and St. Lucie rivers. Consequently the Corps of Engineers has cut its discharges down both rivers.            
 $140 K is New Bottom Home Price in Cape Coral
There are currently only 12 homes in Cape Coral priced under $140,000, and only 2 more homes  priced below $150,000. These are off-water homes, usually very old, small and needing extensive TLC.  Any homes that come on the market in this price range are snapped up within days. By the end of the year we predict that $160,000 will be the bottom price range for Cape Coral homes, with $175 - $200 K not too far off. Last year at this time there were still numerous homes under $100,000.
Cape Launches Services Cost Comparison Site
Cape Coral has created an online "Property Checkbook" tool for property-specific comparisons of services to other cities. This innovative tool compares the cost to live in Cape Coral with other cities simply by using an "average home value". The property search on the Checkbook page will show the actual tax information as well as other assessments for a specific property. To access the online property checkbook, go
National Builder Eyeing Former Cape Golf Course for Development
The former Golf Club, a 175 acre site on Palm Tree Bvld and the Cape's very first golf club, has sat closed for almost a decade. That may soon change. D.R.Horton, the number one builder in America, is under contract with the owner of the land to purchase the parcel with the intent to build a single-family, high quality residential development. A community of up to 600 homes is being considered by Horton. Approval must come from the City Council and the Community Redevelopment Association.
Demand for single-family gated communities in Cape Coral is high as people have been priced out of the market in cities such as Naples and Estero. They're looking for nice homes at $300,000 and below, and there's very little out there.
A group of neighbors, environmental groups and other community groups have formed in an attempt to stop the development. The golf course currently serves as both a wildlife refuge for flocks of birds, bald eagle nests, great horned owl nests, at least one alligator and more. The property has become a destination for recreation in the area.
Although we earn a good living selling homes, our long term preference is for the land to be used for open space, whether a golf course or park/recreation area. There is ample land in other sections of the Cape to build mid to large size developments, but this prime area so near the heart of the city is precious to our way of life. As our economy and tourism improve, more and more residents and visitors are playing golf. We don't want them heading over the bridge to spend their money. We don't believe that the city's three golf clubs will accommodate the community's golfing needs as we approach a population of 200,000.
Facts & Stats
Cape Median Home Prices Up to $264,000 in June - 17.5% Increase in One Year: This is the highest Cape median home price since the downturn, and 17.5% higher than June 2015, when median prices were $225,000. Inventory remains below 3 1/2 months and sales prices are just under 97% of asking price. Tom: an out-of-state buyer asked me recently if we are still in a "buyer's market". I was tempted to ask if he's been living in a cave for five years, but my better half (Sue) restrained me.
Forecast: Fla's Economy Will Outpace U.S. - Spurred by rising job growth and home construction, Florida's economy and labor market is expected to continue to grow at a faster pace than the national forecast for the next four years, according to the Institute for Economic Competitiveness. .
U.S. Median Home Prices reach $213,000 - 7 U.S. Cities Hit All-Time Record: This compares to $122,000 median home prices during the housing crisis. Home values across the country are averaging just 9.6% below their peak prices of nearly a decade ago. Boston, Charlotte, Portland, OR, San Francisco, Dallas, Denver and Seattle have set record high prices, according to Standard & Poor/Case-Shiller. Tom: this despite many naysayers adamantly arguing with me during the downturn that the U.S. (and Lee County) would never again reach the high prices that were achieved at the last peak. As I've stated numerous times: "never in history have new peak real estate prices not exceeded previous peak prices". It appears that history will again repeat itself.  
15% of Florida's Mortgage Holders Still Underwater. This is a big drop from over 60% at the bottom of the market about six years ago.
Cape Population hits 175,000 - 10th Largest City in Florida: Ranked "10th Fastest Growing City in America" by Forbes, and "6th Fastest Growing City" by 24/7 Wall StThe Cape was also recently ranked as the "19th Happiest U.S. City" by Gallup
* Brexit Won't Stop SW Florida From Courting British Tourists
* Humane Society of Naples No. 1 Shelter in Florida, No. 13 in United States
Thanks a Bunch to our Wonderful Clients. In large part due to two home sales in the $1 million category, along with several other closings, we had the highest sales month in our real estate career this past June. We are most grateful.

June 2016
Too Soon To Retire But Don't Want To Pay Future Higher Prices? - Real Estate Owned Via Self Directed IRAs - Flipping Is Out; Long Term Investing In

May 2016
Cape Coral Racks Up More Top 10 Ratings - Gallup Survey: RE The Best Investment - Retirees Come to Cape Coral In Droves

April 2016
Cape Coral 2nd Highest Growth Rate in U.S. - Red Sox & Twins Spring Training Brings Buyers to SWFL - Forbes Ranks Cape Coral 8th Best in Nation for Retirement

March 2016
Lake Okeechobee Update - Naples Happiest City In U.S. - Cape Coral Burrowing Owls

February 2016
6 Reasons FLA Is Best State For Retirement - Forbes Names Cape Coral In Top 10 Best Investment City For 2016 - Population Stats Cape Coral.

January 2016
2015 Real Estate Highlights - FL Tops List Of Most Desirable States - National Accolades For Cape Coral

December 2015
24/7 Wall Street Ranks Cape Coral in Top 50 Cities to Live - SW Florida Home Price Growth Highest in Nation - Cape Ranks High Among Florida Cities for Families & Jobs

November 2015
Strong Sellers Market - Annual Rents Rise 23% - Economists Predict Strong Market Through 2017 

October 2015
Cape Coral's R.E. Rebound 2nd Strongest In Nation - SW Florida Now a 12 Month R.E. Season - Chiquita Boat Lock Impact

September 2015
Shortage of SWFL Seasonal Rentals Gets More Severe - Fla. "Save Our Homes" Tax Break Kicks In Again - Cape Coral 4th Best Large City for Retirees

August 2015
City Council Votes to Eliminate Chiquita Boat Lock - U.S. Home Prices Hit Historic Highs - High Cost of Waiting to Buy

July 2015
Best/Worst U.S. Cities for Retirement - Cape Coral Inventory Falls to 2.6 Months - Homebuyer's Most Important Concerns When Looking For a Home

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