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December 2016 Market Updates

                                              2016 Cape Coral Accolades - Impressive!

  • #1 for anticipated job gains in 2016: IHS Global
  • #10 for top housing investment cities in the U.S. : Forbes
  • #3 "The 6 Most Affordable Cities in Florida": Livability.com
  • #10 "America's Fastest-Growing Cities": Forbes.com
  • #19 "Top Happiest Cities": Gallup-Healthways "Well Being Index"
  • Top 10 "Best Places to Retire": Forbes.com
  • #6 "America's Fastest Growing Cities": 24/7 Wall St.
  • #1 "Cleanest Metropolitan Areas in the Country for Ozone": American Lung Association
  • #1 "Top 10 Metropolitan Areas for Job Growth": Forbes.com
  • #38 for "Best Places to Live in the U.S.": U.S. News & World Report
  • #10 "Metros with Fastest Job Growth": Bloomberg Business
  • #9 for "Best Cities for Pizza Lovers": SmartAsset.com
  • #7 "Best Cities in the U.S. for Retirement": WalletHub
  • #17 "25 Safest Cities in America": Business Insider
  • #2 "Top 10 Cities Where Retirees are Moving": SmartAsset.com
  • #11 "Safest Cities for Drivers": NerdWallet
  • #5 "Top 10 Cities for Vegans": SmartAsset.com
  • #5 "Top 10 Cities for Boat Owners": SmartAsset.com
  • #9 "Top 10 Cities Where Millenials are Buying Homes": SmartAsset.com
  • #4 on "America's Best Drivers Report": Allstate
  • 1 of "10 Best Places to Retire with Only a Social Security Check": U.S. News & World Report
  • #1 "10 Best Cities for Future Job Growth": Forbes.com
  • 2nd Highest Real Estate Market to Watch in 2017: Trulia

 

DECEMBER 2016 Market Updates

Seven Islands Project OKd by Cape Council
 
Despite objections from some neighborhood residents, the long awaited Seven Islands Project along the Spreader Canal is finally moving forward. The City Council approved an 8 story multi-family housing development that will include a marina, community center and a resort hotel. There were several smaller proposed developments on the table, but the Council elected to go with what they feel will be another "destination development" similar to Tarpon Point and Cape Harbour.
 
One of the next big decisions for the city will be whether to develop the Seven Islands itself, create the infrastructure and then turn it over to a developer, lease the property to a developer, or install some kind of public-private partnership. Tom:  This is wonderful news for our citySeveral other major developments in the city are in various stages. Among them: Bimini Basin Project, Luxury RV Resort at Tranquility Lakes, the Chiquita Boal Lock Removal or Enlargement (most likely removal), Public Utility Expansion, and Burnt Store Road widening. Cape Coral, "the big city with a small town feel",continues to grow and improve. We'll have more to report on these projects and some others in the coming months
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It's Official: SW Florida Has a 12 Month Real Estate Season in 2016
 
Based on sales numbers in November, combined with Pending Sales, it's safe to say that SWFL will have a year-round real estate season for 2016. Not only are sales numbers (and prices) high for this time of year, but visitors (aka "future buyers") seem to be here much sooner and in larger numbers than normal.
 
Will this be a one year phenomenon, or will SWFL continue to have a year-round real estate market? Based on several factors, which we'll report more in depth in our year-end report, we feel this trend will continue. In fact, unless unforeseen drastic events occur, we believe 2017 could well be one of the strongest real estate years in many years. That is a bit of a bold and risky statement considering that SWFL will reach its 6th consecutive robust real estate year this January. We will provide our 2016 Year-End Report and our Projections for 2017 in January's Newsletter. 
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Road Work at Ft Myers Beach to Extend into Tourist Season
 
Various delays have pushed the completion date of the first phase of the massive Estero Boulevard project into the first quarter of 2017. Originally scheduled for completion in October, the construction work on the first of eight multi-year phases will extend into the heavily populated tourist season.
 
A major part of the project is reconstruction of a maze of individual underground utility systems, including telephone, electricity, cable television, water and sewer services. If you have a vacation planned in the early part of next year be prepared for longer than usual traffic delays.
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Cape Coral Annual Boat Parade
Also called the "Cape Coral Holiday Boat A Long", this year marks the 40th year of this spectacular tradition. Saturday December 17th is the date for this must see event that creates a magical evening for people of all ages.
 
Bedazzled, decked out, lit up boats of all sizes and varieties line up in the Bimini Basin at sunset - about 7:00 p.m., then glide through a number of designated canals in south Cape Coral.  
 
The colored lights sparkling on the water are absolutely beautiful, with typically over 100 boats participating in this special Cape Coral event. Whether you're participating in the parade or watching from shore, it's an unforgettable way to spend a December night in Southwest Florida. For more information about the Cape Coral Boat Parade, you can call the city's Parks & Recreation Department at (239) 573-3123. Sue: Go see the parade! You will enjoy it - guaranteed!
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U.S. Home Prices Pass Pre-Recession Peak
 
According to a Standard & Poor/Case-Shiller housing report, U.S. home prices have fully recovered from their steep plunge during the housing bust and Great Recession. As of September, home prices are slightly above the peak set in July 2006. U.S. home prices plummeted 27.4% from the peak through February 2012. Some sections of the country are still below their peak prices, and SWFL is among that group.
 
 Tom: Five years ago no one agreed with me that home prices would eventually recover and surpass the country's previous peak prices. The comments were along the lines of "you're crazy Tom, we'll never see those prices again in our lifetime". Unfortunately for me none of the naysayers were willing to place a wager on their predictions. As our long-time clients have read many times over the years in our reports, never in recorded history have new peak prices not surpassed the previous peak prices....often by substantial margins. I anticipate this will also be the case this time around, as there are no indications that home prices are leveling off. We'll report on the peak/bottom of the SWFL real estate market in January, as our local market does not mirror the national trend.  
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Facts & Stats  
 
23% of Florida Owners “Equity Rich”: ATTOMData Solutions’ Q3 2016 U.S. Home Equity Report finds that 23.2% of Florida homeowners with a mortgage are equity rich, meaning their loan-to-value ratio is 50% or lower. Conversely, 16% of Florida owners with a mortgage are still “seriously underwater”, meaning they have a loan-to-value of 125% or higher.
 
“Median home prices increased on a year-over-year basis for the 18th consecutive quarter in Q3 2016. Cape Coral-Fort Myers was notable for being the only city in Florida on the list of seven metro areas that saw the number of equity-rich homeowners increase by more than 10%, as the area logged an 11.5% increase.
U.S. New Home Construction: Biggest Jump Since 1982: U.S. home construction soared 25.5% to a seasonally adjusted 1.3 million new homes in October, according to the U.S. Commerce Department. Americans are clamoring to buy homes, buthere there are few to choose from.
 
SWFL New Homes Surge To Decade-High Levels: Tom: Locally we are witnessing a high housing demand from millenials, "Boomerang Buyers" and retirees. New Homes in SWFL are being built at an accelerating rate, which will increase our very low inventory, which will hopefully moderate home price hikes.
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               Thank You for Giving us Another Great Year in Real Estate
We want to express our deep gratitude to our loyal and trusting clients for providing us another successful year in real estate. Many of you have relied on us to represent you in what is usually the most expensive purchase people make in their lives. Some of you have referred friends and relatives, and others have trusted our judgment to locate a knowledgeable and experienced Realtor in other parts of the country.
 
Your reviews to Angie's List have kept us as the #1 rated Realtor in SWFL. Because of your support we were able to garner the prestigious RE/MAX Platinum Award (over $250,000 in commissions in a calendar year) by early October. Less than 2% of agents in the country achieve this award. Thank you so much. We will continue to provide the high level of service, honesty and experience that earned your trust, and we are always here to help you or your friends/family when needed.
 
 

November 2016
Inventory Shortage Eases Slightly But Not Prices - Upscale Duplexes Being Built on Cape Coral Lots - Homebuyers Losing Taste for McMansions

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

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