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September 2014 Market Update

 

Cape Coral/Naples in top 5 Spots for CEO’s

 

1U.S. census data rated five Florida towns in the “top 10 list of areas favored by Corporate CEO’s”. Naples/Marco Island landed in the #4 spot, and Cape Coral garnered the #5 position. Tom: Our area is famously known for tropical weather, miles of water, fishing, etc. To be rated so high in this business report is as surprising as it is welcome.

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25% of International Investors Buy a Home in Florida

2A continuing recovery of the world’s economy and the relative affordability of U.S. properties have driven foreign home buying by 24% in the past year. 25% of those foreigners chose Florida to purchase their home. Canadian buyers accounted for the largest share of international buyers (32%), followed by Western Europe, with 24%. Tom: With all that Florida has to offer visitors, it is no surprise that the state dominates (and continues to expand) its share of foreign home buyers.

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First-Time Buyers Stuck as Entry-Level Homes Dry Up

 

3Although U.S. home inventory is at a two-year high, first-time home buyers still find themselves shut out of the housing market. As foreclosures & short sales have faded and cash investors have continued to buy up-low-priced homes (which they convert to rentals), first-time buyers find themselves stuck on the sidelines. National home builders are rushing to catch up to the demand for lower-priced housing, but this will take quite some time. Tom: Cash buyers in the Cape were at 62.5% for August (2nd highest in nation behind Miami) and well-priced, lower-end housing literally flies off the local market. This in turn has the domino affect of raising prices on mid & upper level homes. Housing markets are always dictated from the bottom.

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Monthly Stats/Facts

 

4Farmers Almanac predicts cold winter, warm summer:The Old Farmer’s Almanac, 223-year-old chronicler of climate, is predicting a colder winter and warmer summer for much of the nation. The New Hampshire-based almanac predicts a “super-cold” winter in the eastern two-thirds of the country. The west will remain a little bit warmer than normal. Most of the Northeast is expected to get more snowfall than normal, though it will be below normal in New England.

 

Hurricane season isn’t expected to be especially active, though a major storm could hit the Gulf Coast in late August. The Almanac has about an 80% success rate in forecasts, based on 30-year averages.

Sue: We empathize with our northern family, friends and clients. When we moved to Florida 14 years ago we would never have anticipated that the northeast would average more hurricanes than Florida during that period.

 

5Strong market signs remain in SW Florida despite off-season: Home inventory in our area for August remained at 4 months supply, with Cape Coral having five continuous months of inventory decrease. Prices continued to rise. Days on Market (DOM) were low, and list-price to sale-price was at 96%. These are all signals that our real estate market remains strong and that we should have an highly active “high season”. Tom: If a home is not selling in this strong market it’s an indication that something is wrong with either the home, the location or the price….usually the price.

 

U.S. Distressed home sales down to 9% in July: This was the lowest rate of distressed sales since 2008. Distressed sales, which tend to drag down neighborhood prices, accounted for 36% of home sales in 2009.

Lee County Garbage Collection Fees for residential and commercial will rise 1.01% on Oct 1, 2014.

Tubs passe’ as more owners opt for walk-in showers: A survey by Houzz Inc found that 4 out of 10 homeowners now opt to forego bath tubs during renovations – even in the master suite. “Millennials don’t take baths, only showers”. Older people don’t want tubs because it’s uncomfortable/difficult to step over them. Real estate insiders say removing tubs used to be taboo, but they agree this design choice no longer necessarily lowers property value.

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 2017-07-28.

© 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 2017-07-28 02:37:10.

© 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 2017-07-28.

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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.