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

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November 2016

Inventory Shortage Eases Slightly in SW Florida - But Not Prices
After nine months of extremely low inventory, including during the normally stagnant summer months, home inventory here is finally a little more reasonable. As of November, Cape Coral has 4.8 months of inventory, and Ft Myers/Ft Myers Beach has 6 months of inventory. For most of the year there was only 3.5 to 3.8 months of inventory in the Cape (slightly higher in the rest of SWFL), reflecting a continuing strong seller's market.
Although October home sales eased a bit in SWFL, the numbers were still good for this time of year. Assuming that Nov and Dec home sales slow down, it appears that we will have a nine or ten month real estate season in 2016, and probably the same for 2017. It used to be a five to six month real estate season in SWFL, typically coinciding with "vacation season".
The increase in inventory has not affected prices though, as the average October home price in Cape Coral was $258,000 an 11.5% increase from a year ago. Homes sold for 97% of asking price (higher-end homes slightly lower percentage), indicating that the local housing market is still robust....and likely to get stronger as we head into "Snowbird Season". Currently, only 14.5% of the homes for sale in Cape Coral are priced under $200,000, and only thirteen homes priced under $150,000. Tom: Prices have come up in a big way in  a year, when there were many homes priced under $100,000 and many more under $150,000. Next year I expect that $175 K will be the new low price point in Cape Coral, and possibly $200 K by year's end.
"Upscale Duplexes" Being Built on Cape Coral Lots
A Canadian investor has partnered with a local home developer to build upscale duplexes, each side sold as a separate house. Each side will have 3 bedrooms, 2 baths, lanai, garage, 1,715 sq ft, all separate systems, wood cabinets, granite counters, stainless appliances and other high-end trimmings....and most impressively a price tag of only $179,500 (each side) with no HOA fees.
The builder notes that building two homes on one lot cuts the land cost in half and also reduces overall building costs due to better pricing from the trades. There is only one permit required and a shared wall saves on the cost of the exterior finish and windows.
The developers estimate that each side of the duplex could rent for $1,600 to $1,700 a month, so these could be used as investment properties, or an owner could live in one side and rent out the other. Sue: if this upscale duplex concept interests you please contact us for more information. 
Homebuyers Losing Taste for McMansions
According to Realtors and developers nationwide, homebuyers are losing interest in McMansions. Favored by some buyers a decade ago, homes ranging anywhere from 5,000 to 7,000 square feet are becoming difficult to sell. McMansions are now lingering on the market longer than average size homes.
According to a report from Trulia, premium on McMansions has fallen from 138% in 2012 to 117% in 2016, with the largest decreases being in Florida, which had one of the largest McMansion markets. Baby boomers no longer need oversized homes, and millenials simply are not interested in them. Sue: The most popular size homes in our area are in the 2,000 to 2,500 sq ft range. Less to clean is fine by me!
Jet Ski Rentals (Delivered) and Excursions
Clients of ours own a jet ski rental/excursion company called Fun Rida, and what we find most unique is that they will deliver and pick them up at any boat ramp in Cape Coral, Ft. Myers Beach or Estero. Prices for private rentals are $120 for 2 hours, $180 for 4 hours and $280 for 8 hours. You will receive a 10% discount by mentioning that you are a client of ours. Additionally, you can have a drone video produced of your excursion. View their web site at www.SRT-JET.SKI
Fact and Stats
Nonstop Flights to Akron-Canton: Beginning Nov 11, Spirit Airlines will begin nonstop flights between SWFL International and Akron Airport. Initially there will be flights four days a week.
SW Florida Unemployment Steady in Transition Month: As SWFL prepares for the onslaught of winter visitors and seasonal hiring, all three local counties saw steady unemployment figures in September, and lower unemployment than in September 2015. Lee County had the lowest unemployment rate at 4.7% (down from 5% a year ago), followed by Collier County at 5.4% and Charlotte County at 5.6%.
Freddie Mac - Florida "Most Improved Housing State": The government giant recently conducted a study and found the Sunshine State to have the most improved housing market in the nation. Florida had a 12.3% improvement, followed by Massachusetts and Nevada with 9.42% each. In 2015, Florida added more people than California, and is expected to add between 200,000 and 300,000 new residents in 2017. Sue: As Tom and I like to joke, "If it wasn't for children and grandchildren, hardly anyone would still be living up north".
2.5 M Foreclosed Owners Qualify for a Mortgage Again:  With the economy rebounding and the average national credit score on the rise, many consumers are coming back from harder times, dusting themselves off and re-entering the mortgage market. Foreclosures, short sales and bankruptcies remain on a credit report for seven years, which means those black marks will fall off the credit files of 2.5 million "Boomerang Buyers" between June 2016 and June 2017. And most will then qualify for another mortgage. Tom: Boomerang Buyers, combined with Millenials expected to soon enter the housing market in droves, bodes very well for the real estate market in general, and for our local housing market in particular.
Distressed Home Sales Hit Nine-Year Low in 3Q: ATTOM Data Solutions' latest study for the third quarter finds that distressed sales accounted for 12.9% of all U.S. single family home and condo sales in Q3 2016, a drop from 15% in the previous quarter and 15.9% year-to-year. Nationwide, distressed sales hit its lowest percentage in nine years - since the third quarter of 2007 - and they're now far below the peak number of 43.9% in the first quarter of 2009.


October 2016
Cape Coral Again Leads Nation in Highest Rental Rate Increase - Environmental & Political Pressure to Clean Caloosahatchee River - Protect Your Florida Homestead

September 2016
Fla Has 4 Top 10 Retirement Cities - Unique Condo Community Being Developed in Downtown Fort Myers - Update on Chiquita Boat Lock Removal

August 2016
Atlanta Braves Eye Training Camp In Collier County - Frontier Airlines Will Service Punta Gorda Airport - Cape Coral Mid Year Stats

July 2016
Assessed Property Values Released By Appraiser - Caloosahatchee Releases Update - National Builder Eyes Former Cape Golf Course

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 

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