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November 2015 Market Updates

 Strong Seller's Market - Truth or Consequences

 
We often get expressions of disbelief from out-of-state buyers when they realize the steep increase in SWFL real estate prices over the past several years. Buyers who haven't been here for a year or more are surprised (sometimes shocked) at how high home prices have risen. Some can no longer afford to buy a waterfront home, or they have to pay a much higher price. Their surprise about pricing comes despite our detailed monthly reports.
 
 
 
The expectations over the past 4 or 5 years have gone from getting "a steal" to getting "a good deal", and the best a buyer can now expect is a "fair deal". Although I (Tom) have developed excellent negotiating skills over 43 years in real estate sales and investing, and will do much better than average for our clients, a buyer shouldn't expect miracles in such a strong seller's market.          
 
       
For five years beginning in early 2006 we had to tell sellers: "sorry, but your home is worth less than it was worth a year ago, or even six months ago". That all changed when SWFL hit the bottom of the real estate cycle in December 2010. Prices have risen steadily ever since with no imminent end in sight. The good news for buyers who sat on the fence is that based on every reliable indicator we are years away from the next peak.
 
When we report the steady rise in home prices this is not a sales ploy, no more than it was when we had to tell our sellers in years gone by that their home value dropped significantly. We report data accurately so that you can decide when/what to purchase and not be caught by surprise by a changing market. At some point in the future we'll reach the peak of the cycle and we'll again be in a "buyer's market", but with less than 4 months of inventory and homes selling at almost 98% of list price, that is definitely not the case today.   
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Annual Rents in Cape Coral/Ft Myers Rise by 23% - Highest in U.S.
 
According to data released by RentRange, the average annual rent in Cape Coral/Ft Myers spiked by 23.6% in the past year, making it the highest increase in the U.S. The average single-family rent in our area for the third quarter of 2015 was $1,540 per month, up from $1,246 a year ago. Cities in the South and West had the greatest increases in home rental rates, while cities in the Midwest and Northeast experienced smaller increases.
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Luxury Recreational Vehicle Park Approved for NW Cape Coral
 
The Resort at Tranquility Lake, a five-star luxury RV resort park that has been talked about for years, cleared its final hurdle with the city council's blessing in early October. The 188-acre development at the southwest intersection of Durden Parkway and Burnt Store Road, will feature 275 RV sites with cabins, most of which front on a 98-acre lake.  The project will be built in six phases, with the first phase likely starting sometime in 2016.
 
The average luxury RV utilizing this development will cost $400,000 to $2.5 Million. Owners of these RV's will be potential buyers of upscale homes. Commercial outlets include retail stores, rental shops, restaurants, a clubhouse, bait shop, veterinarian office and kennel. This is another in a continuing string of major economic enhancements to the city. In the coming months we'll report on three other major developments planned for the Cape.
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The New Resident Club of Cape Coral provides opportunities for new residents of Cape Coral to become acquainted and make friends by participating in group activities such as boating, dinner/dances, game night, sporting events, book clubs, golfing, bowling and more. The club is open to people who have lived in Cape Coral 3 years or less, is open to full and part-time residents and welcomes both marrieds and singles.The club meets at 9 a.m. on the first Tuesday of each month at the Cape Coral Yacht Club, at 5819 Driftwood Parkway. Speakers are invited to share with the club information regarding public safety, the government, wildlife and more. Membership is $35 per person for two years. For more information, visit online: www.capecoralnewresident.com.
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November Facts & Stats
 
Economists Predict Market to Stay Strong through 2017: 49 of the real estate's top economists and analysts expect that overall real estate conditions are expected to continue expanding through 2017. Single- family housing starts are projected to increase to 745,000 in 2015, 842,000 in 2016 and 900,000 in 2017. These new housing starts are still below the 20-year average. Tom: Because our market is not as dependent on job growth as other parts of the country,  and because so many homes are bought as vacation or second homes, I predict we'll have at least another 4 - 5 years of real estate growth in SWFL.
 
50% of Today's Renters Plan to Buy Within 2 Years: According to a survey released by TD Bank, 50% of renters are likely to purchase a home within the next two years - and many have already taken steps toward homeownership, such as saving for a down payment. Higher rents are directly connected to increased homeownership consideration.
 
Ft Myers/Cape Coral Still in Top 5 of "All-Cash" Buyers: Although recently dropping from the #1 spot, Ft Myers/Cape Coral are ranked #5 in the country in "all-cash" buyers, with 47.9% of all real estate purchases being the "all-cash" variety. Florida cities hold all top 5 spots.
 
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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

June 2015
New Homes A Good Option - Two SWFL Beaches in Dr. Beach Top Ten - Lee County Housing Market Continues To Climb

May 2015
 SW Florida Peak R.E. Season Extended - $400k Becoming the New $300k for Cape Coral Gulf Access Homes - Freshwater Homes an Affordable Waterfront Alternative

April 2015
Northern Winter Puts Further Strain on SWFL Seasonal Home Rentals - Monthly Payments on a $500,000 SWFL Home Today...and in One Year - Million Dollar Homes Selling Again in SW Florida  

February 2015
2015 SW Florida Market Porjections - National Online Search Sites Not Accurate - SW Florida Ranks High In Safest FLA Cities

 December 2014

 Book Your Waterfront Vacation Home For 2016 - Allegiant Air Expanding Routes - Upcoming Developments

Copyright 2017 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS\' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-07-24.

© 2017, The data relating to real estate for sale on this Website come in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. BR data on this website is provided by on behalf of Tom Demogenes. The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of Naples, Inc. Copyright 2006 M.L.S. of Naples, Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Data last updated 2017-07-24 20:38:46.

© 2017 Bonita-Estero MLS All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-07-24.

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Tom & Sue Demogenes

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 Copyright 2014 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.