Downtown Fort Myers High-rise Market Update

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Oasis Fort Myers Florida

The market for riverfront high-rises in Downtown Fort Myers is hot…..we are talking top of the stove…..Sahara Desert…..black car interiors in August hot.  The transformation of this market from a bubble-era bust to today’s robust environment is truly remarkable.

In the last week, CNN visited the Fort Myers River District and did a piece on the turn-around at the Oasis.  Also two riverfront parcels, the Billy’s Creek Condominium Project and the Cypress Club parcel, that were both targeted for development before the bubble burst have recently been acquired by developers that are formulating plans for new projects.

While prices have increased, waterfront high-rise units in Fort Myers are still selling for well below replacement cost.  The first quarter of 2013 saw a flurry of sales activity in the Downtown high-rise sector with 30 closed transactions.  The most expensive high-rise sale in Q1 2013 was a unit at High Point Place on the 32nd floor featuring 3 BR / 2.5 BA / 2,258 SF that sold for $445,000 ($197/SF).  Here is a summary by building of the Q1 2013 Fort Myers River District high-rise sales:

q113_ft_myers_high_rise_sales_summary

Currently there are 51 units listed for sale in the Fort Myers River District high-rise buildings.  Based on first quarter sales, this is only a five months supply of inventory, the lowest we have seen in nearly 8 years.  If you are interested in learning more about the Fort Myers high rise developments, here is a resource to explore each development and view active Fort Myers high-rise listings.  Our team is active in these developments and can provide detailed information about condo fees, building amenities and even which building stacks have the best views.

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