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

239-357-3312
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October 2018 Market Updates

More Accolades Heaped on Cape Coral & Ft Myers

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WalletHub: Fort Myers #1 Fastest Growing City in the U.S., Cape Coral #12. This research was conducted over a seven-year period. Cape Coral has been in the top 5 fastest-growing cities in recent years. 

Real Wealth Network ranks Cape Coral as 4th Best Place to Buy Rental Property in 2018: Real Wealth Network reports that the best places to buy rental property for cash flow and equity growth have three things in common: job growth, population growth, and affordabilityThe Cape has all three. Another reason the Cape ranks high for rental homes is that home values haven't come back yet from the Great Recession, so it's still a very affordable vacation-style destination for the 10,000 baby boomers retiring every day. Cape Coral rents have increased by more than 26% over the last few years and the baby boomer population continues to be one of the fastest growing rental groups in the country. 

AllState Ranks Cape Coral 8th Safest Driving City: In their Best Driver Report for 2018 AllState found the Cape to be the 8th Safest Driving City in the U.S”. 

WalletHub Ranks Cape at No. 9 for “Best Places to Retire: WalletHub compared affordability, quality of life, availability of recreational activities and healthcare and other metrics in 180 cities.WalletHub found that workers in 2018 plan to retire at age 66 on average, compared to age 60 in 1995.

City’s Charter Schools Achieve “A” Grades from State: The state of Florida has released the grades for elementary, middle and high schools. All schools of the Cape Coral Charter School Authority received an “A”. The schools are Christa McAuliffe Elementary, Oasis Elementary, Oasis Middle, and Oasis High School. 

Sue: These are only the most recent praises about our Paradise. There were many more national tributes bestowed on the city earlier in the year, and we will undoubtedly receive additional honors before the end of the year.

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Cape Population Likely to Reach 200,000 Full-time Residents in 2019

The biggest city between Tampa and Miami keeps getting bigger, as Cape Coral’s full-time population is on track to pass 200,000 next year. Next year the Cape will reach roughly half of the city’s projected build-out population. Cape Coral’s current population of 189,648 has surpassed Fort Lauderdale (180,914)  and is right on the heels of Tallahassee (193,078).  Tom: Because approximately 20% of Cape Coral residences are owned by “Seasonal Owners" (and are not included in the population count), I believe our city is already more than 50% built out. The SE and SW quadrants are 75 - 80% built out. Per the U.S. Census Bureau’s projections, Cape Coral’s full-time residents should reach 300,000 in 10 years. Because the city is so large in area, with few multi-story structures. the Cape still has a relatively small town feel. 

Cape Coral’s current population is in stark contrast to 1965 when the city was only seven years old. A report in 1965 headlined, “Cape Coral Population Hits 5,000 Persons”. In 1965 there were only 1,717 single family Cape homes. In the past year alone, the city surpassed 2,000 new construction homes. 

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Fla. Ranks 4th in U.S. for ‘High-Earners and Affluent Families’

A recent study by RewardExpert names Florida as the 4th Best State for High-Earners and Affluent Families”. The ranking accounts for 20 data metrics regarding real estate prices and trends, school quality, public safety, local sales taxes and overall quality of life, in addition to state income taxes and exemptions. The top three states ranked for high-earners are Colorado, Nevada & Michigan

The report covered individuals earning $125 K - $250 K per year, and families with household incomes from $200 K - $500 K. The top reasons for Florida’s high ranking are:

* No state income tax

* Rebounding home values, up by 9.57% in the past year

* A low effective property tax rate of 0.82% and “generous homestead exemptions

* Public schools ranked fourth-best in the U.S.

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 Most Vacation Home Buyers Now Want Income - Not Just Family Getaways

According to a survey from HomeAway, buyers now prioritize rental income over purchasing exclusively for their own use. In the 1970's, nine out of ten owners kept their second homes to themselves. Even as recently as 2000, eight out ten owners never rented their vacation properties to travelers. Now two-thirds of owners rent their second homes for at least part of the year to cover some or all of their ownership costs. For the first time, owners' primary motivation for ownership is rental income potential versus strictly family getaways.

Traveler demands have also changed. With more travelers using online marketplaces for short-term rental accommodation the market has become much easier for owners to rent their properties. In the U.S.,Florida is at the top of the list for vacation home ownership, accounting for 14% of second homes, followed by California (distant 2nd place at 7%) and North Carolina (4%). 

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Cape Coral Rotary Community Garden Opens

Did you know that Cape Coral now has a community garden? On September 29th, the first-ever community garden in Cape Coral opened. The idea for a community garden was hatched five years ago and through hard work along with donations of time and money, the Rotary Community Garden became a reality. The garden was built by the Rotary Clubs of Cape Coral and is located near City Hall at the intersection of Cultural Park Blvd and SW 10th St. 

The garden which is in the shape of a Rotary wheel consists of 52 4’ x 8’ plots, a large shaded tiki hut, compost and mulch bins, and a storage shed for tools. Plots are rented for $100 per year on a first come, first serve basis and gardeners are allowed to plant anything they want – vegetables, fruits or flowers. The City of Cape Coral Parks & Recreation Department will maintain the garden and will manage all garden bed rentals. If you’d like further info you can contact Rotary Park at 239-549-4606

Sue: For certain, this garden is filling a need in the community. I’m guessing it won’t take long for all the plots to be rented if they’re not already.

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Facts & Stats

New-to-Fla Homeowners Should Update Their Estate Plan: There are several great tax reasons to move to Florida. No state income tax, very favorable Homestead property tax savings and no death tax. However, it is essential for new Florida residents to update their Revocable Trust documents because of the state’s descent and devise laws surrounding Florida homesteads. Tom: We can refer a trusted estate attorney to clients who need one

Builders: Labor Shortages are “Significant and Widespread”: According to an industry-wide survey by the Associated General Contractors of America (AGC), 80% of construction firms are having a hard time filling hourly craft positions that represent the bulk of the construction workforce. Tom: Labor shortage has added several months to the local construction time frame and many thousands of dollars to construction cost and borrowing costs (more months to build equals more months of construction loan payments). I don’t see this problem easing up anytime soon. The good news is that about 75% of the number of new homes needed to meet high buyer demand is currently being built in the Cape. There has been an average of 220 new home permits issued each of the last 3 months, only about 50 short of the new homes required each month to satisfy population demand (per the U.S. Census Bureau).  

U.S Home Prices Rise at Slowest Pace in a Year: Rising interest rates are one factor. Home prices are rising at twice the rate of wages, which has also contributed to a cooling of the market. The combination of rising home prices and higher mortgage rates has made homes less affordable. Despite these headwinds, U.S. home prices have risen 5.9% in the past 12 months.

Fla's Jobless Rate remains at 3.7% - for each of the last three months, lower than the national unemployment rate of 3.9% (3.8% as of Oct 5th) 

Federal Reserve Issues Third Rate Hike of 2018: The Fed's recent rate hike this year has pushed 30-year mortgage rates to 4.71% (as of this writing). This is the highest interest rate in 7 years. It's predicted the Fed will issue one more interest rate hike this year and three in 2019. On the positive side, economists believe the country is on track for annual growth this year of around 3%, the best performance since 2005. 

September 2018
Local Real Estate Market Holding Steady - Kiplinger Ranks Fla. No 8 for Job-Growth Rate - U.S. Tax Overhaul Causing High-Income People to Flee Many States

August 2018
Chiquita Boat Lock Update - 2018 Property Tax Rates Released - 95% Likelihood Home Prices Will Rise Over Next Two Years

July 2018
Low & Mid-Priced Home Sales Very Strong in Cape Coral -  Baby Boomers Top Retirement Concerns - New $25K Florida Homestead Property-Tax Break on Nov. 6 Ballot

June 2018
Cape Coral/Ft Myers 2nd “Best Place People are Moving to in 2018” - Cape Home Prices Rise $22K Over May 2017 – Ft Myers/FtMyers Beach Up $40K & Construction Costs Rising - Florida Ranks No.1 as “Best State for Military Retirees”

May 2018
Cape Coral Real Estate Bounces Back from Weak 1st Quarter - Tax Reform Already Boosting Demand for Florida Real Estate - Keep Interest Rates in Perspective

April 2018
Home Prices And Sales Numbers - Florida's Stringent Building Codes Thwarted Hurricane Damage - Foreign Buyers Still Loving The Sunshine State

March 2018
Want To Buy A Home In SWFL While Still Living In Your Current Home? - Florida Property Taxes Are Average In Comparison To Other States - Pickleball In Cape Coral

February 2018
SW Florida Real Estate Once Again Showing Strong Signals - 12 Reasons SWFL Real Estate Will Stay Strong - Be Wary Of The Builder You Choose

January 2018
Cape Coral/SWFL Recap & 2018 Projections - Will Tax Reform Affect SWFL Real Estate? - Cape Coral Rated #1 Boomtown In U.S.

December 2017
Why Aren't Homeowners Becoming Sellers? - Profile Of International Buyers In Florida - Local Home Market Synopsis

November 2017
Interesting Florida/Cape Coral Population Stats - Despite Irma, Local Unemployment Rate Drops to 3.5% - Bubble? Nowhere in Sight for U.S. Housing Market

TIMING THE REAL ESTATE MARKET 2018


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