Factory sites for housing

Manufacturing sites prime for redevelopement

Gaylord Container Corp.'s story is a familiar one in the age of offshoring. Undercut by foreign competition, the 80-year-old cardboard box maker sold out to Austin (Tex.) paper-packaging company Temple-Inland Inc. (TIN ) in 2002. But then this month, Temple-Inland sold Gaylord's 17-acre box plant in Antioch, Calif., for $6.5 million to real estate firm Fowler Property Acquisition LLC, which plans to get the land rezoned for residential use. A homebuilder has already offered Fowler $17 million for the land once it's rezoned. No wonder: The site is in one of the country's hottest housing markets, the San Francisco Bay Area.

The combination of the U.S. manufacturing bust and the housing boom has turned industrial plants into prized real estate. Many prime locations on city waterfronts and in downtown neighborhoods are occupied by factories that are closing left and right as competition from Asia drives jobs offshore and manufacturers out of business. But young professionals and empty nesters flocking back to inner cities have "made whatever scarce land is available in urban areas more attractive," says Christopher Jones, vice-president for research at New York's Regional Plan Assn

Home Is Where The Factory Is [Business Week]

Housing boon waning

Signs evident across the nation

The frenzied bidding wars for co-ops in New York are mostly over.

In Pittsburgh, the rising inventory of homes on the market is dragging down prices, a boon for buyers.

These are all anecdotal signs that the exuberant housing market - one of the economy's most important pillars - finally appears to be winding down. Many analysts now expect that with a less vibrant housing market, the economy will be somewhat slower next year. If the housing market continues to lose fizz, it will also take some pressure off the Federal Reserve to raise interest rates next year.

Housing boom shows signs of finally waning [Christian Science Monitor]

Home market cooling?

Experts: price increases may be statistical anomaly

The median price of an existing home in Lee County shot up to $322,000 in October — up 65 percent from the same time last year. But some in the industry said it may have been a statistical anomaly and pointed to signs that the real estate market is beginning to slow after a long run.

Nationwide, the National Association of Realtors reported Monday that sales of previously owned homes fell a larger-than-expected 2.7 percent in October to the lowest level since March, evidence that rising mortgage rates and skyrocketing prices are putting buying out of reach for some. The inventory of unsold homes rose to the highest level since April 1986.

Home market may be cooling [News-Press]

Hermitage Cape Coral

Premier gulf access neighborhood

At the very southern end of Chiquita Blvd. in Cape Coral lies one of the finest neighborhoods in SW Florida, a gated community called the Hermitage. Currently comprised of 13 luxury homes, the Hermitage is a boaters dream with access to San Carlos Bay via the Casba Canal. Enjoy The Boat Parade Every Day!

Currently, one estate home is listed for $2.14M in this awesome community. It is located on an oversized lot with 150 feet on the water, southern exposure, gated and landscaped cul-de-sac street of brick pavers.

Deep water unrestricted access, unobstructed views of the river, excellent fishing from dock with 200 amp service. Large boat dockage with tide-slides and a second dock with lift.

Magnificent views from great room. High ceilings, formal dining area, den/office, gourmet island kitchen with breakfast nook. Large guest bedrooms, spacious master suite with sitting area, mirrored closets, separate tub and glassed shower.

Oversized side load garage, plus brick paver driveway, walkways, and pool deck.

NAR PR

Skepticism over market report

When real estate agents try to sell a home, they often zero in on the positives -- big closets, space for entertaining, potential to expand -- and hope everything from creaky floors to dated appliances gets overlooked.

It's the same tactic that the trade group representing many home sales agents, the National Association of Realtors, appears to be using right now: It asserts in a new report that a healthy housing market is here to stay and prices won't likely decline.

Real estate agents' reports meet skepticism [Sun-Herald]

Interest rates and valuation

What is the impact in SW Florida of rising interest rates?

L.J. Melody Capital Markets director Mark Scott discusses the impact of rising interest rates on SW Florida housing prices in a Naples Daily News editorial. Like many in the the region, Scott is confident that the market will sustain itself with the steady stream of boomers that will continue to stream into SW Florida.

Rising rates may impact values in Southwest Florida. "May" is the 0perative word. Historically, as interest rates rise, prices on commercial (and residential) real estate fall. Real estate cycles generally in the past have followed rises and declines of interest rates. Many factors - strong demographics, rising construction costs and the rise of real estate as a desirable asset class - may help Southwest Florida stave off a rise in capitalization rates (cap rates) and a decline in property values.

Rising rates may impact local real estate values [Naples Daily News]

Southwest Florida player

Marvin Kaplan is on the move in SW Florida

When there's a hot business opportunity or a smoking real estate deal in Southwest Florida, local bankers and brokers grab their BlackBerrys to speed-dial a short-list of hometown movers and shakers: the ones with the inclination, credibility and wherewithal to jump on a deal.

One increasingly on the list, along with the likes of David Band, Mark Kauffman, Nate Benderson and Vern Buchanan, is Marvin Kaplan.

Doughnuts, real estate and prayers [Herald-Tribune]

Investor due diligence

Rule No. 1: Look before you buy

The Buffalo News reports on scam tactics that flippers are practicing to lure inexperienced out-of-state investors. In this case, the pictures displayed on an on-line auction site did not represent the properties being sold.

Hard to believe that a newbie investor would buy a house sight unseen from an on-line company that they had never dealt with before. A key to any successful investment is extensive due diligence up-front. A careful review of the fine print on the on-line auction site would have uncovered the statement that pictures displayed do not actually represent properties being sold.

We are truly blessed in SW Florida with the level of detail that is available for every property on the Property Appraiser site.

Scott Rocheville learned a hard lesson about real estate last year when he purchased a four-unit property on Buffalo's East Side.

The listing in the online auction site included a picture of what he thought was a pretty yellow house, well-kept with a beautiful, manicured lawn and three of the four units already rented.

What the Boston, Mass., police officer-turned-investor found after buying it sight-unseen was quite different. In fact, the Web site's fine print warns "image does not depict actual asset."

City aims to make flipping flop [Buffalo News]

Talking luxury real estate

Ultra-rich still bullish

Real estate broker Olivia Hsu Decker guided guests through an $8 million fixer-upper last weekend at an invitation-only open house in Presidio Heights, one of San Francisco's toniest neighborhoods.

Decker just sold the house with drop-dead San Francisco Bay views to Richard and Barbara Pivnicka, developers who plan a $3 million redo before putting it back on the market next year for perhaps $15 million. Sounds audacious, given mounting evidence of a real estate slowdown amid rising interest rates and fears of a housing bubble.

But the market for homes selling for $10 million or more won't be easily pinched. Supply is tight, and demand nearly insatiable among increasingly rich corporate tycoons. "A great target market," Barbara Pivnicka says.

High-end real estate market still sizzling [USA Today]

Fortified homes

Lehigh ground zero for fortified homebuilder

In this rapidly developing swath of former Florida swampland, home builders Joe and Mike Redburn are selling more than modest three-bedroom castles: They are selling fortresses.

The otherwise ordinary-looking homes have windows that can withstand 130-mph winds. Extra-beefy garage doors roll down like armored shields. Roof decking is held fast with special nails so hard to pull out that they must be cut to be removed. The back of a pickup truck the father-and-son team uses for its Fort Myers, Fla., home-building company boasts: "Our houses don't blow away."

New 'Fortified' Homes AimTo Withstand Nature's Assaults [Real Estate Journal]

The lure of the latte

Starbucks investing in downtown Ft. Myers

Any long time Gulf Returns reader has endured my whining about the lack of Starbucks in SW Florida. It seemed to me that this area was one of the last populated places left on earth without an invasion from our friends in Seattle.
Well that has changed in a big way this year with the opening on College Parkway, an event that I memorialized by saying "We have arrived." Starbucks hasn't stood still, soon there will be three Starbucks in the Market Square Area at the intersection of US 41 & Daniels Parkway.

From a real estate perspective, the Starbucks announcement that perks me up the most is the plan to open a store at the intersection of First Street and Broadway in downtown Ft. Myers. During each visit to downtown Ft. Myers, I think about unrealized potential and about the opportunity to invest.

Heading out to party in Ft. Myers doesn't exactly elicit the same level of enthusiasm as say South Beach, Rush Street, Georgetown or the Village. A downtown needs more than a few restaurants and a club or two and a really cool cigar bar to matter. I think that Starbucks will pull along other establishments that could very well make Ft. Myers relevant. The smart money is already has a stake in this hidden gem that is about to explode.

Starbucks plans store downtown for 2006 [News-Press]

Housing-sector job growth

Economic growth tied to housing

It oftem seems that almost everyone in SW Florida has some connection to the housing industry, be it through their job, as an investor or through a family member that sells real estate. Over the past four years, the growth in housing-focused jobs has turbo-charged our economy.

Asha Bangalore, an economist at Northern Trust in Chicago, tallied figures from the Bureau of Labor Statistics for sectors like construction, building material and garden supply stores. She found that from November 2001 to October 2005, housing and real estate accounted for a whopping 36 percent of private-sector payroll job growth. "In four years, 2.3 million private-sector jobs were created in the U.S., and 836,000 were related to the housing sector," she said.

Yes, it is truly remarkable that over a third of all new private sector jobs over the last four years were in housing and real estate. It will be interesting to see what happens to all these jobs as the boom slows.

As the McMansions Go, So Goes Job Growth [NY Times]

Ft Myers riverfront

Green-roofed riverfront landmark

Ask anyone who has ever traversed the Intracoastal Waterway up to Fort Myers from the Gulf about the white three-story green-roofed home, and they'll know exactly what you're talking about.

This stunning 5.35 acre estate is uniquely located on the point of a peninsula at the south to west bend of the waterway, enabling unprecedented 9-mile views of Fort Myers to the north and reflections of Sanibel to the west.

Secluded by native mangroves and a gated quarter-mile private driveway, the six bedroom, five and a half bath, three-story home is visible only from the water. Huge private basin has approximately seven-feet of depth at mean low tide and can accommodate multiple vessels in excess of 100 feet. Potential to sub-divide. Asking price is $10.9M.

Lee price leveling

Lee County pricing gains slowing

Real Estate continues to be a major money maker in Southwest Florida as home values continue to soar. The median home price continues to rise. But is the real estate bubble ready to burst?

"This is the hottest area to be selling real estate. We can't be happier to be putting signs up and down. It means property is moving," said Andrea Signorelli of Miloff Aubuchon Realty.

Real estate agent Brett Ellis believes the tide has turned. "In September, we had a $280,000 median sales price. In July we had a $287,500 price. So virtually no change," said Ellis. It tells me, perhaps the market has peaked. The market has leveled off," said Ellis.

Real Estate Bubble ready to Burst? [NBC-2]

Casa Yucca Sanibel

Sanibel Waterfront Estate for $18.9M

Casa Yucca, the former Sanibel home of CIA Director Porter Goss, is listed for $18.9M. This is currently the highest asking price for a home in SW Florida.

The nearly 3.5 acre waterfront site has 315 feet of gulf frontage along Sanibel's gold-plated West Gulf Drive.

The home has six bedrooms, seven baths and two half baths. Casa Yucca features a 75 foot pool, tennis court and a separate guest house with three bedrooms and three bathrooms.

The Most Costly Home for Sale [WINK-TV]

Property Shark

On-line real estate information aggregator

The Property Shark is taking a big bite out of Manhattan real estate with it's information aggregation service. Want to get the straight scoop on your new landlord, just enter the address on Property Shark and a plethora of information about the property is immediately displayed on your screen.

Information provided by Property Shark includes: owner; title; history; taxes; violations and permits. The Property Shark also aggregates hard to find property foreclosure information for the markets it covers, eliminating the needs for investors to scour small town newspaper ads.

The Property Shark was initially launched in NYC and has expanded to: New Jersey; Los Angeles; Florida (Ft Lauderdale, Broward, Miami-Dade, Orlando, Palm Beach); Austin; Baltimore; Boston; Dallas; Houston; Philadelphia; Seattle; and Washington, DC.

This service is all about empowering the consumer, and is another fine example of how technology is transforming the real estate industry.

Real estate online

The net is empowering consumers

Before the Internet, selling real estate required driving through neighborhoods, doing walk-throughs on dozens of homes, interviewing Realtors and completing the transaction in person. Now most of those steps can be done from home by anyone with a computer and an Internet connection. And more and more consumers are choosing to buy real estate that way.

According to a recent National Association of Realtors study, 74 percent of homebuyers use the Internet for research before entering the market. Another study done by the California Association of Realtors shows that 96 percent of consumers feel the Internet puts the buyer in more control.

Real estate on the net: The 'home' shopping network [Naples Daily News]

Buyers in drivers seat

Market evolving

The Herald-Tribune comments on the changing SW Florida real estate market that has seen a shift in control away from sellers to buyers.

Home buyers back in driver's seat [Herald-Tribune]

Buyers Market

Lee County third in nation for home price increases

Give the Ft. Myers/Cape Coral area a bronze medal for achieving third place for home price increases. Median home prices in the area shot up 42.5% from $194.8 in Q3 2004 to $277.6 in Q3 2005.

These price increases have been a key factor in the transformation of the market from that of a sellers market to one where buyers are increasingly gaining control. In some senses this is a healthy change , although it does appear to be a bitter pill for some in the industry that had grown accustomed to property flying off the shelf in a matter of days after hitting the market.

A transition from a seller's to a buyer's market is underway, and agents
say they are spending more time trying to get clients to understand the market
has changed. They note homes are sitting on the market longer and price gains
are slowing as higher interest rates make buyers balk at exorbitant
prices.

Many sellers don't want to hear that their windfall might not be as big
as they expected. To drive that point home to clients, real estate agents are
arming themselves with real-time "market intelligence" — measures such as days
on the market, price per square foot, the gap between sale price and asking
price — that objectively captures the current state of the market.

Home sales shifting into buyer's market [USA Today]

Marco auction a bust

No accepted bids at auction

The recent Marco Island real estate auction was a bust as no properties were sold at the event.

In an apparent indication of a softening real estate market spawned by Hurricane Wilma, an auction of 14 residential properties valued at $450,000 to $2.3 million has yielded no successful bids.

Premier Plus Realty Co. owners Frank Schultz and Erik Hansen blamed the lack of sales on post-Wilma jitters, a scarcity of serious bidders and lowball bids at a scheduled four-hour auction conducted Nov. 12 at the Marco Island Yacht Club.

Auction is a tough sell on Marco [Naples Daily News]

Appraisal appeals

Property owners challenging valuation increases

The real estate boom that has created significant wealth in SW Florida over the past couple of years. Now we are all paying the price for these gains with significantly higher tax bills.

The dilemma in SW Florida right now is that no adjustments to the tax rates have been made by local government to account for the near triple digit valuation increases. This lack of accommodation by taxing entities will have tragic consequences for some living on the edge.

Lee appraisal appeals grow along with values [News-Press]

Broker vs. Realtor

Just what is the difference

Thanks to the Motley Fool for this explanation of the difference between a broker and a Realtor. Many people incorrectly use these terms to refer to real estate professionals.

Ever wonder whether a real estate broker and a Realtor are the same thing? Well, they're not. Not exactly, at least. Someone with a real estate license is a licensed real estate professional, or an agent. This person may also be a Realtor but isn't necessarily one.

We often think of any real estate agent as a Realtor, but to be one, he or she must be a member of The National Association of Realtors, which has trademarked the word "Realtor."

A real estate broker, meanwhile, has had additional training and holds a different license. Don't think that you need a broker and not an agent, though. Either can serve you very well. Although many people casually refer to those who show and sell homes as brokers, they're often actually agents. Most people use the terms interchangeably.

Real Estate Brokers vs. Realtors [Motley Fool]

Balanced market

Sarasota-Bradenton sales off 15%

Here is an interesting term in this Herald-Tribune article to describe the current real estate environment, "balanced market." I have not heard this term used recently, but I kind of like it. Probably more consumer friendly than my "hurricane hangover" verbiage.

"It is just a more balanced market than we have known for the past two years. We were undervalued compared to similar market areas around the country. When you catch up, you've caught up."

"A balanced market is six to seven months of inventory," she said. "That means it is not a buyer's market, and not a seller's market. It is an even playing field, which is healthy."

Housing market slows [Herald-Tribune]

Short-term rental suit

Merritt Island homeowner challenges short term ban

An interesting suit is underway in Brevard County where a Merritt Island homeowner is challenging the legality of a restriction on short term rentals. I wonder if Brevard County seriously considered the economic impact to property owners or they just figured they could jam out-of-state investors.

An Illinois couple is challenging Brevard County's ban on short-term vacation rentals, saying it violates their constitutional property rights.

Eric and Colleen Lee, who own two houses on Merritt Island they rent out to tourists, filed suit Monday, 12 days before an ordinance banning short-term rentals takes effect. Pacific Legal Foundation, a public interest legal organization dedicated to protecting property rights, filed the suit on their behalf.

Owners sue to rent out Brevard houses [Florida Today]

$17M home

Ambassador to Portugal lists Ft Myers waterfront home

Al Hoffman who has recently been appointed as Ambassador to Portugal has list his Ft Myers riverfront home for $17M. This is believed to be the highest listing ever in Lee County. Hoffman is the former CEO of Bonita Springs development company, WCI Communities.

Not sure if marketing the home with the tagline "W ate here" will help much these days, but my money is on a deep pocketed conservative republican type stepping up for this property. Ft. Myers just doesn't seem to have enough action to attract a Clinton Hollywood type.

Home's yours for $17 million [News-Press]

Realtor investor

Former management consultant invests in luxury

Craig Adams had a career-changing decision to make in the early 1990s. A management consultant for PricewaterhouseCoopers, Adams was assigned to Mexico City but he wasn't happy. He wanted to be back home and in control of his own destiny.

The fact that Adams grew up in Sarasota and understood the housing market made his career choice simple. Plus, his father, Ted Adams, was a real estate agent.

Real estate agent spends half his time investing [Herald Tribune]

Boat Condos

Fast growing real property segment

With prices for gulf access lots in Lee County now starting at over $300,000, the boat condominium craze has hit the area. These slips look to be an interesting investment until they reach prices which reflect the incremental difference between an off-water lot and gulf access lot. The minimum pricing difference between these two types is currently about $200,000.

The private dock movement is at high tide in Lee County and around the country as boat owners and investors snap up increasingly rare access to the water.

"We've actually had nine price increases since we went to market," said Steve Knight, co-owner of Sanibel Harbour Yacht Club at Punta Rassa near the Sanibel Causeway, where the smallest dry docks — capable of handling a 30-foot boat — have sold out at prices that started at $97,500 and reached $121,500.

Private docks flood market [News-Press]

NAR economist optimistic

NAR Economist says no Southwest Florida bubble

The boys at the NAR think tank do not believe that there is a real estate bubble in SW Florida.

Not sure where I weigh in on this one but certainly there have been major changes in the market over the last two quarters. It seems like the entire market is in a holding pattern waiting for the snowbirds to arrive. It will be interesting to see if things bust open over the next couple of months as the snow starts to fall up north.

"If there is one region in the country that I am least concerned about the prospect of a home price decline, it would be in the Florida market," said Lawrence Yun, economist for the NAR.

Experts: No real estate bubble in Southwest Florida [Naples Daily News]

Bubil on the market

Inventories rising and affordability woes

It's blowing this way and that, like the unsettled breeze we feel when a hurricane is a bit too close by in the Gulf. More and more homes are for sale -- that's good for buyers, but bad for sellers and investors needing to flip.

But what really bothers me -- in fact, it hurts -- is to hear the plight of hard-working, and, in many cases, college-educated young people who work in Sarasota but can only dream of buying a house, not just here but in many places in the region.

Feeling an ill wind [Herald-Tribune]

MLS mess

SW Florida MLS dysfunction

In a world where customer-friendly graphical user interfaces and relational databases rule the day, the state of the SW Florida MLS systems are a disaster.

The various Realtor boards in the area remind me of medieval fiefdoms that seem to have forgotten their sense of purpose. They are in place to serve Realtors that fund them, not build empires at the expense of their members. The net-net is that members are forced to belong to multiple boards, enter data into multiple systems and learn how to use multiple systems.

Technology is going to fundamentally change this industry and significantly weaken the powers of these boards. Services like Trulia and Realtors like ZipRealty are coming to SW Florida. These services have slick interfaces that empower users to identify property on their own. As we have seen with self service gasoline, on-line shopping, on-line banking and many other industries, costs go down when consumers are empowered.

Maybe it is time for the big dogs of SW Florida real estate like Denny Grimes and Dave D'Alessandro to step up fix this mess.

Listings in Southwest Florida still out of sync, irking agents [Naples Daily News]

House pricing futures

Chicago Mercantile Exchange to offer housing price futures

Worried that the value of your home may fall? Go ahead, bet on it. Or if you don't, maybe your mortgage holder will.

The Chicago Mercantile Exchange, a financial marketplace dealing in the value of everything from interest rates to foreign currencies to pork bellies, has committed to offer trading next year in a category many consumers take personally: sky-high U.S. home prices.

New investment hedges against downturn in U.S. housing market [Herald-Tribune]

Northport lot auction

Details on 2,000 lot auction released

More than 2,000 home sites in North Port that nobody wanted for years are now prime real estate.

That was evident Tuesday night when close to 350 people, a third of whom were real estate agents, crammed into the North Port Performing Arts Center to learn about the sale of 2,130 tax-delinquent lots, which has been dubbed the "Great American Land Auction."

Doubts raised about lot sale [Herald-Tribune]
Residents concerned lot auction unfair [Sun-Herald]

Risky investing

A lesson in riskonomics

Here is a lesson in how not to invest. If you are heading down this sort of path, it is time for a 180.

Tricia and Glenn Downes just moved into an expensive new house. Tricia, a stay-at-home mom, is expecting another child. Glenn's engineering job has been phased out, and his severance will run out by year's end

The couple already has started down a new, if somewhat risky, career path: Dazzled by the stunning real estate market in Florida in the last several years, the Orlando couple has formed a company that buys run-down residential properties, rehabs them, then resells or rents them out."

We have not reached a point where this is a profitable venture for us," Tricia wrote. "In the meantime, we are highly leveraged and cashing out almost every financial vehicle we have to take this risk."

Renovation business a risky venture [Chicago Tribune]

Marco real estate auction

13 properties on the block

Thirteen waterfront homes, lots and island properties on Marco Island are going on the auction block Saturday, November 11th.

The properties will be sold at "reserve auction," meaning there will be a minimum bid below which the seller isn't obligated to go through with the deal. At an "absolute auction," the property goes to the highest bidder no matter what the bid is.

13 Marco properties going up for auction [News-Press]

Agent glut

10,000 Realtors operating in Lee County

With the double digit real estate price appreciation that has been realized over the past couple of years in Lee County, many new agents are flocking to the industry. Currently over 10,000 agents are operating in Lee County, up from 6300 just six years ago.

One of the more amazing statistics is that there are now over two agents in Lee County for every one home listed in the multiple listing service. I expect the agent ranks to be thinned as the market cools and traditional marketing skills and a deep rolodex become important again.

Number of realty agents balloons [News-Press]

Marion County boom

Investors are flocking to Ocola area

Answer: Marion County

Question: What is the hottest investor market in in Florida right now?

Real estate firms from South Florida and other areas have invaded Marion County's booming market in massive numbers. An estimated 60 have joined the county's real estate listing service in recent months.

Besides creating competition for local Realtors, the firms have been aggressively selling Marion County property to bargain-hunting investors, who have been partly credited with driving local housing prices to new highs.

Marion attracts out-of-area investors [Ocola.com]

Sarasota condo market

High-end inventory growing

There is one planned condo unit for every 19 people in Sarasota. But does that constitute a glut?

Interesting question raised by the headline creator at the Herald-Tribune. Certainly those who are looking to flip $1M+ pre-construction condos prior to closing may have a major problem on their hands when it comes time to close. It appears to me that many markets across the country are experiencing a shortage of $1M buyers.

And the condos keep on coming [Herald-Tribune]

Home staging

Professional redecorating to accelerate sale

Real estate agent Charlotte Hedge tried for six months to sell the 1920s waterfront sea captain's house. Narrow hallways and small rooms made it difficult, because “people couldn't visualize what to put in these nooks and crannies and little rooms,” she says. So Hedge tried a hot new marketing tool: She had the house professionally staged with new furnishings and accessories. The result? “It sold within a week,” she says.

Stage Magic [Sarasota Magazine]

Lee permits drop

Sharp drop in October

The number of permits issued in October for single-family homes dropped sharply in both Cape Coral and Lee County as contractors struggled with rough weather and a tough new statewide building code.

Lee County issued 861 permits, down from 1,181 in September, but still more than the 641 in October 2004. Those numbers include Fort Myers Beach and Bonita Springs.

In Cape Coral, 464 permits were issued in October compared to the all-time high of 765 in September, and 573 permits issued in October 2004.

House permits plummet [News-Press]

Seawalls

Seawalls damaged by Wilma surge

Seawalls are required prior to building a home on a canal-front lot in Lee County. Typically, the cost of a seawall can be approximately $10,000 or more depending on design and size. Currently the lead time for a seawall can be six months and at this time requires approval by the Army Corp. of Engineers.

Many older seawalls that do not have plastic coated steel members collapsed during the Wilma storm surge. The construction of a seawall is a feat all to itself, but reconstruction on a property with an existing home is significantly more challenging. The equipment used in construction is large and can often not fit between the home and property line. Reconstruction costs escalate if repairs are completed via floating barge.

Seawalls increasingly become storm victims [News-Press]

Florida population growth

Near record growth continues in Sunshine State

Despite threats from people in storm-ravaged areas to move away, new University of Florida (UF) research shows that the devastating 2004 hurricane season had little or no effect on Florida's 2004-2005 population growth.

"Florida's population grew by more than 400,000 last year," says Stanley Smith, director of UF's Bureau of Economic and Business Research. "This is one of the largest increases in Florida's history."

The Bureau bases its population estimates on building permit and electric customer data, combined with data from the 2000 Census. This year it supplemented its data by conducting 11,560 telephone interviews with residents in the 13 counties most heavily affected by the hurricanes.

Florida grows at near-record pace [Planet Realtor]

WCI profits up

Bonita Springs-based builder profits up 38%

In the midst of significant construction industry insider trading and earnings misses, local developer WCI Communities checked in this week with strong performance for Q3 04 with profits up 38% over the previous year.

The company's backlog, which is the estimated value of contracts not yet closed, is valued at $2.51 billion, up 34.2 percent from the same time last year.

The average home price increased 28.6 percent to $882,000, but the number of new unit orders was down in the third quarter by 24.8 percent.

Developer WCI states profit rose 38 percent [Naples Daily News]
3Q 2005 Earnings Presentation [WCI Communities]

Post Wilma speculation

Speculative buying not expected on Marco

After Hurricane Wilma, Marco Island won't experience the flurry of speculative investor buying that characterized the Cape Coral area after last year's devastating Hurricane Charley, real estate agents say.

In addition, two local experts don't believe there will be much fluctuation in the Marco housing market itself.

Bob Clausen, president of the Marco Island Area Association of Realtors, acknowledged that some speculators will eye Marco for possible lowball sales, but said it is unlikely to be a widespread tactic because of the higher pricing on the island.

Real estate agents expect little speculative buying after storm [Naples Daily News]