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

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October 2014 Market Update

Luxury Waterfront Team” Expands to Bonita, Naples, Sanibel & Marco Island


unnamedWe are pleased to announce that as our “Luxury Waterfront Team” has expanded in personnel, we are likewise expanding the waterfront towns that we will service. Looking out for our client’s best interest, until now we have only confidently and comfortably sold homes in Cape Coral/Ft Myers.


We now have the manpower, web site improvements & MLS integration to professionally service Bonita, Naples, Pine Island, Sanibel. We will personally assist clients in all these local waterfront towns, and have associated with an outstanding agent in Marco Island. We look forward to helping our clients find homes/condos in these wonderful waterfront communities.


Welcome Lisa Sawyer, Luxury Waterfront Team’s Newest Team Member


unnamed (1)After an extensive search process, Sue, Kim and I would like to introduce Lisa Sawyer, the latest addition to our realty team. Lisa has 20 years of residential, commercial and new construction experience. She possesses the high level of personal service, real estate knowledge and communication skills that are requisite for our team…and too often difficult to find today.


Lisa will be specializing in commercial properties, off-water and freshwater homes & condos, as well as assisting us with gulf-access properties. We are proud and pleased to have her join our real estate team/family.


Cape’s Assessed Property Values Increase By 8.63%

Increase exceeds City estimate of 4.67% and adds $2.6 Million in Tax Revenue


unnamedIn July the Lee County Property Appraiser released the taxable values for the county, and Cape Coral’s assessed values increased by 8.63%, a substantial increase of an earlier 4.67% projection. This is great news for the City’s General Fund, as it adds an additional $2.6 Million to the city coffers. However, the news is not as joyful for property owners who are not Homesteaded, as we’ll be seeing an increase in 2014 (and future years) property tax bills.

To keep the assessment numbers in perspective: in 2007 the taxable assessed value in Cape Coral was $21.6 Billion. Seven years later we are at $10.3 Billion, less than 50% below the highpoint of the market.

Tom: As clients have often read in our reports, Assessed Values are about two years behind market values. I’m expecting an even higher property tax increase for 2015 and 2016 based on MLS sales numbers for the past few years. If a buyer is considering purchasing in the coming months, they can save substantial ongoing property tax dollars by locking in to 2014 assessed rates by closing prior to the end of the year. Any closing after Dec. 31 and the property tax rate will be at 2015 assessed values.


Westin Cape Coral – World-class resort in the heart of the city

unnamed (2)Out of nearly 1200  hotels and resorts, Westin at Marina Village at Tarpon Point was recently recognized as a Top 10 Resort in the United States and Best for Family Adventures. Out of 1 million people who voted, only 67 hotels were among the resorts who received awards. It was the latest in a series of recognitions for the local Westin.

The most widely used amenity at the hotel is the Silver King Water Taxi, which takes guests to and from Ft Myers Beach. The taxi service is included in the resort service fee.

In addition to Westin Kids Club, the resort has gained popularity as a destination wedding site. The resort offers a perfect spot for taking vows, a beautiful gazebo that overlooks the water.

See more at:

Sue: Overlooking the marina, the resort’s Nauti Mermaid Dockside Bar and Grill is a great place for a few cocktails while catching a fabulous Southwest Florida sunset. I’ve toured several suites at the Westin and was impressed by the kitchens with granite countertops, along with the screened, private balconies. Many of our clients have stayed at the resort and have been very pleased with the amenities and the setting.


Seasonal Rentals in Short Supply in SW Florida

unnamed (3)If you are planning to visit our area for vacation or to buy a home, we strongly urge you to book your rental ASAP. There is a severe shortage of quality rental homes and hotel availability. We are told by our two top seasonal management companies that they have every home booked for all of 2015 season…and already many bookings for season of 2016. It’s wonderful that our area is in such HIGH DEMAND !!!



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* Tourists greatly help Florida residents:15% of the Sunshine State’s sales tax collections come from tourists. Tom: The high percentage of tourist dollars is a major reason why Florida is able to avoid a state income tax. Thank you, thank you, thank you to all the visitors who love and keep returning to our Tropical Paradise.

* Homebuyers Beware: ‘Nanny cam’ could be listening: ‘Nanny cams’ could be providing home sellers in some states with an edge during negotiation, according to a real estate attorney. Many homeowners with young children have hidden cameras tucked into everyday objects to surreptitiously monitor the person minding their children. However, the cameras could be turned on unsuspecting, would-be buyers as they attempt to have a discreet, private conversation about a home they like. As a result, the cameras could tip the house-hunter’s hand it they want to make an offer. TomEven though this practice is illegal in Florida, it is prudent for buyers to wait until we have left the home to make too many comments about the home.

* Jumbo Mortgages are cheaper, easier to get: CNNMoney reports that wealthy homeowners now pay lower average rates on high-dollar loans (jumbo mortgages over $417,000, or $625,000 in high priced areas). In some cases, lenders have also reduced their down payment and credit score requirements.

* September marks 6th consecutive months of drop in home inventory in Cape Coral: Heading into high season with only 4 months of inventory is very good news for sellers…not so good news for buyers. If you are planning to list your home in season you should contact us soon to get staging and TLC advice.

* Investors scaling back home purchases: Investors, who have been pushing out traditional home buyers from the real estate market, are slowly cutting back on their home purchases. There is still a lot of investor activity, but it’s declining.Tom: We view this as a positive change, as it means there will be more selection and stabilized prices for traditional home buyers.

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