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

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February 2017

SW Florida Home Prices Keep Rising - But Inventory Finally Improves
For an unprecedented 73 rd straight month, home prices rose in our area compared to the same month of the previous year. Average Cape Coral home prices for January were $273,000, compared to $256,000 in January 2016. Some very positive news for buyers is that home inventory has increased to about 6 1/2 months, a much more neutral market than what we had for most of last year, and a wider home selection for buyers. However, as we are entering our peak real estate season, it is likely that inventory will drop again in the coming months. 
Cape Royal Homeowners Buy Royal Tee Golf Course
The Royal Tee Golf Course, which was closed in August, was recently purchased by the Homeowners Association. The 27 hole course consists of 225 acres with a clubhouse, separate maintenance building and a parking lot. The HOA has been maintaining the grass since the closure. Contract price and terms were not available, but reports are that it will only cost each property lot an additional $295 per year to keep the course open, a worthwhile investment considering the beautiful golf course and lake views enjoyed by the residents.
According to state law, 75% of the homeowners had to approve the purchase, and according to HOA President Ed Harrington, "91% backed the purchase". The HOA is now seeking a golf course vender to lease and operate the golf course and clubhouse. There are current negotiations with two vendors and the HOA hopes to finalize a deal soon. The course will likely not be playable until late summer or early fall. Cape Royal gated community is located on Pine Island Rd, just east of Veterans Pkwy.  Tom: It's very good news that the course will re-open, especially since it is looking more likely that the old Golf Course may become a home development by Lennar Builders. As I've stated previously, our two Cape Coral golf courses will be insufficient for a city that will be approaching 200,000 residents in the next few years.   
Quartz Countertops Now More Popular Than Granite
The engineered stone of quartz has taken over long-reigning granite as top-choice for kitchen countertops. Quartz is harder and less porous than granite, offers homeowners greater consistency, is stain-resistant, and doesn't require extra sealing during regular maintenance like granite and marble do. More people are opting for a contemporary look in the kitchen, and the clean look of quartz goes best with that. Granite works better with traditional decor. The most popular colors are gray, black, white and off-white. Quartz is more expensive than granite or marble. Quartz can range from $65 - $140 per sq ft, including labor. Granite can range from $55 - $95 and marble from $55 to $95 per sq ft.Sue: I used to prefer bold granites with a lot of movement, but after seeing so much quartz in upscale homes lately, I am definitely now a huge quartz fan. I'm loving the softer, more subtle look. I selected quartz for the bathrooms and quartzite for the kitchen in our new home.
Florida's Population Keeps Rising, But 8 States Lose Residents
A recent study reports that Florida, along with Nevada, Utah and Idaho, were among the states that saw high population growth in 2016. Meanwhile, Wyoming, West Virginia, Vermont, New York, Illinois, Connecticut, Pennsylvania, and Mississippi saw population decreases. California, Hawaii, Alabama, New Jersey, Louisiana, Maryland, Massachusetts, North Dakota, Oklahoma, and Virginia all had anemic growth last year.
Economy & jobs, weather and taxes are the main reasons people stated as to why they decided to relocate or to stay in a state. Family ties are another big motivator. Tom: Florida is in very good shape with weather, economy & jobs, and overall taxes, but family ties is the main reason most everyone in the country hasn't moved here....well, at least haven't moved here yet or full-time.
North Utility Project in Cape to Start This Spring
The North 2 utilities project has been bid out to contractors and construction should begin by Spring. The public water and sewer installation north of Pine Island Road is expected to take 18 - 24 months. Construction will start in a few months on the western section (unit 58 and lower half of unit 59), and should be completed before the end of 2018. The remaining eastern section will start in 2018 and be completed sometime in 2019.
The project was delayed and modified to include the "7 Islands" developmentwhich we've mentioned what a prestigious boon the "7 Islands" will be to the northwestern section of the city. Additional information and updates will be posted throughout the project on the City's UEP website (  Tom: Once the public utilities are installed, I expect the westernmost section, especially gulf-access lots, to see many new homes built. This will lead to higher prices for gulf-access lots and homes in unit 58 and lower half of unit 59. 
Fact & Stats
Florida Homestead Exemption Reminder: Anyone who bought a Florida home in 2016 as their primary residence has until the end of February to file for Florida Homestead Exemption. Florida Homestead laws provide nice advantages to residents. For further Homestead info see our web site or give us a call.
Florida's Distressed Home Sales at 9 Year Low: In 2015, 10% of Florida's housing inventory was distressed. In 2016 it was down to 5%, and all indications are that distressed sales will continue to drop in 2017. Tom: SWFL, which had one of the highest number of distressed home sales during the bust, now has very few foreclosures or short sales.
Six Main Reasons Buyers are Stressed: According to a new TD Bank survey of real estate professionals nationwide, here are the six stressors causing clients the most anxiety:
Confusion about paperwork required: 32%    Unexpected Costs: 22%   Financing Concerns: 21%
Appraisal & Inspection: 12%      Meeting a closing date: 7%     Credit Approval: 6%

January 2017
Cape Coral Home Prices Increase 10% in 2016 - Cape Coral Home Prices Rise 72 Straight Months - New Home Permits Skyrocket   

December 2016
Seven Islands Project OKd by Cape Council - SW FL Now Has 12 Month Real Estate Season - U.S. Home Prices Pass Pre-Recession Peak

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.



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