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September 2015

SEPTEMBER 2015 - CONTACT US TO RECEIVE FUTURE UPDATES

Shortage of SWFL Seasonal Rentals Gets More Severe

For the past few years we've advised clients about the shortage of rentals during our high vacation season, which has expanded from four months to six months. Each year clients contact us in a panic during high season because they didn't book in advance and found very limited, and less than desirable rental options. We are once again suggesting that you book your winter rental ASAP, not only for 2016 (which we are told by rental companies is pretty much fully booked for the nicer homes), but for 2017 as well. Clients ask us whythere are fewer rentals available than in past years. Here are some reasons:
Baby Boomers Retiring: As Baby Boomers retire they are now living full-time in their SW Florida homes/condos that they used to rent out when not using them. This has removed many nice rental properties from the market.
 
Improved Economy: As the economy improves, more people can afford to vacation to the Sunshine State in the winter months, and for longer vacation periods.
 
Shortage of New Construction: As many more people buy seasonal and full-time SWFL homes, new construction has not come close to keeping pace. In our opinion, it will take perhaps a decade before enough homes will be built to keep up to home sale and rental demand.
 
Typical Northern Winters: Old Farmer's Almanac is predicting another brutal winter. Enough Said!!!
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Fla. "Save Our Homes" Tax Break Kicks In Again As Home Values Rise
 

With Florida home prices on the rise again, so is the value of the Save Our Homes property tax break. The 20-year old policy, voted into Florida's constitution, says a homesteaded property's taxable value can't rise by more than 3% a year (or the national cost of living, whichever is less).

This time around, however, Save Our Homes is unlikely to turn into "Slaves to Our Homes", where homeowners would be taxed at a much higher rate if they relocated. That's because Florida voters in 2008 approved "portability", which lets homesteaded owners to take up to $500,000 of their Save Our Homes break to a new homestead (see our web site for "portability" explanation). Tom: All properties are re-assessed at the start of each year, and because home values are rising substantially is one reason we recommend new buyers of Florida homes to close before the end of the year if possible.
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Cape Coral 4th Best Large City for Retirees...Yet Once Again
 
Personal finance website WalletHub recently rated the 150 largest U.S. cities as "Best Places for Retirees". Cape Coral has been ranked in the top 5 by numerous recent retirement surveys. There were 24 criteria, including affordability, quality of life, health care and recreational activities. The top five cities included three from Florida. Here are the best and worst retirement cities according to WalletHub:
 
BEST CITIES                                                                        
1. Tampa                         
2. Scottsdale                    
3. Boise                          
4. Cape Coral                 
5. Orlando 
 
WORST CITIES
1. Detroit
2. Worcester, MA
3. Boston
4. Chicago
5. Yonkers, NY                      
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Cape Coral New Home Permits Rise to 2007 Levels
 

There were 129 Cape construction permits issued in August, the highest level since November 2007 (153). Ever since the real estate crash, permits have plummeted from a high of 858 in March 2005 to as few as 10 - 15 a month during the bottom of our real estate market.

Based on data from the U.S. Census Bureau, combined with Cape Coral's severe shortage of inventory, we estimate that it will require at least 300 new homes built each month to keep up with demand. Until such time as enough new homes/condos are built to keep up with demand, Cape Coral inventory will remain very low and prices will continue to rise, likely by double digits.

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Buyers Who Want New Construction Homes in SWFL Need Patience
 

The average timeframe from selecting a local builder, finalizing floor plans and securing construction financing, to finally securing Certificate of Occupancy has reached the one year mark, and will likely only increase in the future. The reason for the increased time to build a new home are higher demand, lack of sufficient contractors, and more time-constraints on city inspectors. Sue: not only have we helped many clients with the new home construction process, but we are in the process of building our own new home (and another investment home shortly), so we know first hand about the process and related delays. We can guide clients toward reliable, honorable builders who provide good value.

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Facts & Stats
                                                           
SWFL Real Estate Season - Now 10 months or Longer: In past years our normal real estate season coincided fairly closely with high vacation season - 4 to 5 months. Our real estate market would start to slow down in June, was practically dead during July - Sept, and gradually picked up in October before hitting full-stride again in December. This year, and we expect for at least a few more years, it looks like we will have at least 10 months of strong real estate activity, with perhaps only holiday weeks being a little slow. As stated above, our vacation high season has expanded as well.

Foreclosures at lowest level in Lee County Since Housing Crash: According to recently released statistics, in 2014 Lee County had the lowest rate of foreclosures since before the housing crash began in 2007. There were 2,321 foreclosures filed in 2014, down from 2013's 4,213, and a tenth of the 26,125 when the wave of foreclosures crested in 2008. There haven't been this few foreclosures since 2006, when 1,903 were filed just as the implosion in real estate prices was beginning.
 
Realtor & Home Sales Stats: There are currently 1,117,550 Realtors in the U.S. In 2014 they sold 4.9 million homes, or roughly 4 home sales per Realtor. YIKES!!! Thanks to our great clientele we are fortunate to sell many more than 4 homes per year. Just in the past two weeks three clients refered family or friends to us. A high percentage of our business comes from client referrals and we greatly appreciate it. Our #1 SWFL Realtor ranking on Angies List is another source of many of our new clients.
 
Only Hire Home Inspectors with Errors & Omissions Insurance: We always recommend that buyers hire a home inspector prior to purchasing a home, with the possible exception of a new home that has a Home Warranty. Our top inspector carries Errors & Omissions Insurance, which protects all parties in the event of an oversight by the inspector. 

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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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.