A recent NY Times article titled In Defense of Home Ownership makes a strong case for home ownership vs. renting. Four key ownership benefits mentioned in the article are:
1. Lock in Housing Expenses – Fixed rate mortgages lock-in monthly payment and don’t increase like rents do
2. Forced Savings – Mortgage payment allocated to principal is a forced savings plan
3. Landlord Headaches – Landlords are a mixed bag, particularly the ones around here that collect rent and don’t pay their mortgages
4. Neighborhood – It can be challenging to find rentals, particularly those with 4 or 5 bedrooms for a growing family, in desirable communities
A new book, Exiles in Eden: Life Aong the Ruins of Florida’s Great Recession, offering an insiders view to the Florida housing crisis is hitting the shelves this week.
The Fort Myers area is prominently covered by author Paul Reyes including a look at a mostly abandoned, upscale gated community. A book about the housing bust would not be complete without an examination of Lehigh Acres, where the authors parents purchased a vacant lot in 1969 on the $10/month plan while honeymooning in Miami.
[more] →A huge shout-out to Coronado CA Realtors Christine Van Tuyl and Margaret La Grange for their blog post about why it is a good time to buy a vacation home. While they were specifically writing about Coronado Island in Southern California, the fundamentals are applicable to our market here in Southwest Florida.
Here is the post written by Margaret and Christine:
1. Prices down 20-40%. In places like Coronado, CA and greater San Diego Fort Myers and Southwest Florida, you can pick up a beach cottage or high-rise condo at extremely low prices. That’s only the beginning. Lower prices and less competition are the tip of the iceberg-sized list of factors that make it a good time to consider a vacation home buy.
2. Interest rates. Rates, of course, are at historic lows. Lock in a good rate, buy a vacation home in a desirable location, and watch your asset appreciate over the long-term.
The most expensive home to sell in Lee County, Florida during July 2010 was a Sanibel gulf front home located in the Gulf Pines subdivision. This 3,716 SF home located at 906 Snowberry Lane Sanibel, FL features 4 BR / 4.5 BA. The selling price was $2.4M / $646 SF.
Congratulation to selling Realtor Eleanor See of John R. Wood Island Real Estate for closing the most expensive residential property in July 2010.
Honorable mention for 2nd most expensive Lee County home sold in July was a single-family home located in Bonita Springs the Quail West community at 28901 Girard Terrace, Bonita Springs, Florida. This home is 4,600 SF and features 4 BR / 4.5 BA with water and golf course views and a stunning porte-cochere covered walkway. The selling price was $1.3M / $283 SF.
[more] →An article in the The New Brunswick Business Journal titled Becoming a snowbird can make good sense offers tips to Canadians looking to buy a second home in the US. The article details why it is a good time to buy in the US right now and an organized approach to completing a purchase.
The Fort Myers market on Florida’s southwest coast is very popular with Canadian second home buyers. Our climate is tropical, so chances are you are going to experience warm weather throughout your winter visit. The beaches of Southwest Florida are beautiful and a magnet for young and old alike.
[more] →USA Today covers our local market in an article titled “Fort Myers has home bargains as market recovers from bubble.” The article cites market improvements of 121% for home sales from June 2008 to June 2009. The article also discusses is an 18% drop in homes sales in June 2010 and attributes this decrease to the end of the home-buyer tax credit, a lapse in the National Flood Insurance Program and concerns about the oil spill.
[more] →The latest report on the Lee County rental market released by RealFacts of Novato, CA detailed shifts in our rental market for 2Q10. Lee County apartment occupancy rates in 2Q10 climbed 4% to 90.8%, the fourth highest in the 12 major Florida markets. Lee County rents for the same period dropped 9.1% to an average of $762/month. This decline in rental rates was the highest in Florida during 2Q10. The Fort Myers-Cape Coral market now ranks 9/12 in average rental rates in the 12 major Florida metro markets.
[more] →New home sales at Bella Terra in Estero have continued at a strong pace in 2010. Bella Terra developer Lennar recently announced that it has sold 100 homes in the community since December. Bella Terra new construction housing options range in size from 1,400 SF villas starting in the $160s to single-family homes with 3,800 SF priced in the $500s.
[more] →Fort Myers MLS Map Search
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