Rebel investor

Not your typical REI

Frank McKinney is a rebel.....the shoulder length hair is a unique look in the world of real estate investing. In his latest book, "Frank McKinney's Maverick Approach to Real Estate Success: How You Can Go From a $50,000 Fixer-upper to a $100 Million Mansion" offers the following tips:

Don't expect to get rich overnight.

Do your homework.

Pay attention to details.

Plan for every contingency.

Be prepared to work very, very hard.

McKinney's latest project is a $125M spec waterfront mansion in the Palm Beach County town of Manalapan. The house has 14 bedrooms, 22 bathrooms and a 16 car garage.

Real estate rebel paves path to riches [Detroit Free Press]

Lee County home sales

Hurricane disruptions impact market

November existing home sales in Lee County bounced back after an October that was tremendously impacted by Hurricane Wilma.

In Lee County for the month of November, 810 existing homes were sold at a median price of $295,400. October figures were impacted by Hurricane Wilma as 264 homes were sold at a median price of $322,000. Some of the November sales should be attributed to October as many of the title companies were shut down and unable to process closings in the latter part of October.

There does appear to be a significant decrease in the number of buyers actively shopping the market. Figures from Sarasota and Manatee Counties for November reflect a 39% decrease in existing home sales for the month of November as compared to November 2004.

Home sales bounce back [News-Press]
Local home sales plummet in November [Bradenton Herald]
House sales are slowing down as inventories rise [Herald-Tribune]

Real estate reality TV

A wave of real estate shows on TV

Now anyone can fantasize about being a real estate investor. The cable networks have loaded up on real estate reality shows like there is no tomorrow.

I watched an episode of Flip this House a couple of weeks ago where a rich guy with a helicopter drops into a Greenville, South Carolina field and authorizes his assistant named Ginger to bid at an auction on a hill-side home. Ginger, who drove a Mercedes and lugged around a small annoying dog on the job-site, managed the renovation process and proved to be a complete idiot. The highlight of the show was the discovery of a major rat infestation throughout the house. Amazingly, the episode featured guest appearances by baseball players Ryan Langerhans of the Atlanta Braves and Doug Davis of the Milwaukee Brewers.

Other real estate focused shows include: Flip that House; House Hunters; What You Get for the Money; Location, Location, Location, Designed to Sell; Double Agents and the Adam Carolla Project.

TV's Hot Properties: Real Estate Reality Shows [Washington Post]

Housing Tracker

Residential housing market tool

Housing Tracker is a very useful tool to get a real-time snapshot view of the current pricing and inventory of housing in major metropolitan markets around the county. The data is derived from weekly MLS reports and reflects current asking prices.

Locally, Housing Tracker supports the Coral Coral Market defined as: Bokeelia; Cape Coral; Fort Myers; Matlacha; Matlacha Isles; North Fort Myers; Punta Gorda and Saint James City.

Today's summary figures for the Cape Coral market include a median asking price of $365,00, up 4.3% in the last 3 months and a current inventory of 10,802 homes, up a whopping 43.2% in the last 3 months.

Real estate tops in '05

Property flipping rules the day in 2005

The Naples Daily News reports that real estate was the top business story for 2005.

Call 2005 the year of the flipper. As Southwest Florida's hot housing market continued to soar, flipping real estate to make a fast buck became the talk of the town — at bars, at Little League games, at the office watercooler.

Those lucky enough to already own a home here began feeling a bit house rich as they watched Naples' median single-family home price hit $500,000 — the highest in the state and among the top 10 most expensive in the country, based on National Association of Realtors data.

What are the odds that real estate tops the list of SW Florida business issues for 2006?

Hot real estate market dominated talk in local business circles during '05 [Naples Daily News]

Cooling market

Investors viewing market with caution

Investor caution is suddenly in vogue in SW Florida. The days of multiple over-asking offers within hours of a property hitting the market are over. The word of the day is now "hold," replacing f-l-i-p, every investors favorite four letter word.

In this new environment, the savy investor patiently waits for "the deal." Stockpiling cash and being ready to move quickly when a below market deal emerges is the key to investing in 2006.

Real estate market shows signs of cooling [News-Press]

New home sales off 11 percent

Largest tumble in decade

Sales of new homes tumbled 11 percent in November, the biggest drop in more than a decade, in another sign pointing to a slowdown in the nation's real estate market.

The decline, which was larger than forecasts from Wall Street economists, was from record sales in October. The last time there was an 11 percent drop in new home sales was February 1995.

The Census Bureau reported Friday that the annual pace of new home sales dipped to 1.25 million in November from the record high of 1.4 million in October, which was revised slightly lower. Economist surveyed by Briefing.com had forecast sales would slow to a 1.3 million annual rate.

New home sales tumble 11 percent [CNNMoney]

Builders slashing prices

Market dynamics now favoring buyers

In a sure sign that the market is shifting in SW Florida, builders are slashing prices for new homes to entice reluctant buyers. This is a monumental shift as buyers have had very little leverage with new home builders over the past couple of years.

Count this among the signs that, even in Southwest Florida's stock of new housing, more than just the weather is cooling: Home builders, big and all, are shaving prices and some are offering free furniture, cash discounts and well-below-market, 30-year fixed-rate mortgages.

It will be most refreshing to see some of the building driven demand creation programs like lotteries and limited releases quietly fade away. These artificially-hyped environments left a bad taste in the mouths of many home buyers. Builder price reductions are going to be most painful to pre-construction investors who have put their property back on the market and are competing with an aggressively priced builder direct product.

Builders cut prices to sell homes [Herald-Tribune]

Tribe eyeing Cape Coral

Cleveland Indians evaluating Cape Coral for spring training site

Imagine Coco Crisp and Victor Martinez hanging at Rumrunners, Mark Shapiro wheeling and dealing from Martinis Bar or C.C. Sabathia holding court with his crooked hat at the Leapin'Lizard.......this just might be reality if the Cleveland Indians decide to make Cape Coral their spring training home.

Two Cleveland Indians team officials were in Cape Coral on Monday scouting the city's potential as a spring-training site.

City officials gave them a tour of the city, but there are no deals offered or made at this point, City Manager Terry Stewart said."

It's like any business; they are going to do what's best for the business. We're going to do what's best for Cape Coral," Stewart said.

If the Indians do come to the Cape, can we begin to contemplate a team in Lehigh......never mind.

Cleveland Indians eye Cape as possible spring site [News-Press]

2006 real estate predictions

Housing still sweet spot in '06

Gruen Gruen + Associates, a research and consulting firm specializing in urban economic, market and land use/public policy analysis, makes the following predictions for the economy and real estate industry in 2006:

1. In 2006, the U.S. economy will be more buoyant than the contentious political mood of the country, with Gross Domestic Product growing between 3.4 and 3.8 percent. Local growth rates will vary above and below this positive nationwide output.

2. Areas waiting for high-tech employment to recover will begin to enjoy another upward cycle propelled by Internet-using innovations, acceptance of more biotech products, and the ability of chemical industries to avoid the drags of high oil prices.

3. Areas with global comparative advantages in entertainment, specialty manufacturing and logistics support will benefit from growth in exports and domestic demand.

4. Fastest employment growth will gravitate to suburban and exurban locations where local firms have strengths in these advantaged industries.

5. Except for condominium and town home products in areas where speculation from investors is more important than user demand, don't bet on a bursting bubble to keep housing from being the land-value-increasing profitable real estate sweet spot.

6. Immigrants, members of Generation Y, and a slowly rising interest rate will support apartment market growth in areas where employment growth is at or above the national rate.

7. Adaptive re-uses, the replacement of obsolete shopping areas in slow growth areas, and attempts to be the first center where suburban growth is still expected will motivate retail real estate activity.

8. Ample capital will push up values across the country, but profit-bringing demands for office, industrial and hospitality uses will vary greatly between regions, with positive returns to new products restricted to uniquely strong sites.

Copyright 2005 Gruen Gruen + Associates

Watermeier & D'Alessandro split

Trouble brewing at the local think tank

A major rift has developed at between the SW Florida mover and shaker team of Janet Watermeier and Frank D’Alessandro at Florida Gulf Coast Group, LLC. To the casual observer it appeared that these guys had it made, garnering big consulting bucks to provide developers with their stamp of approval on a prospective deal.

Real estate broker Frank D’Alessandro says in a lawsuit that longtime business associate Janet Watermeier looted an escrow account in their consulting company and went behind his back to set up a competing firm.

But D’Alessandro says in a lawsuit filed Oct. 21 that he discovered Watermeier, her husband Thomas and her sister Jerilyn Schnitzel have been secretly operating a competing real estate company, International Capital Group, that also solicited real estate business in Southwest Florida.

In a motion filed today in Lee circuit court, D’Alessandro charges that Watermeier — without D’Alessandro’s consent — withdrew $71,190 from an escrow account and deposited it into Florida Gulf Coast’s operating account.

Not mentioned in the News-Press article, but the Florida Gulf Coast Group website is currently off the air. It may not be evident today, but neither party is going to come out a winner in this deal. The loss of credibility for these two players is worth far more than the amount of escrow in dispute.

Real estate big-shot D'Alessandro sues business partner [News-Press]

Splitters own multiple homes

A new class of home owner

Anyone who has visited homes for sale in SW Florida knows about the new class of homeowners that have been coined "splitters". These folks own more than one home and split their time between the properties.

Splitters evolved from post-World War II migratory trends in the United States. How many places have they lived since birth? How many of their extended family still live in the same town?

About 70 percent of splitters own a second home and 20 percent, identified as "super splitters," own three homes.

A recent study from the National Association of Realtors projects a twofold increase in second homes by 2009, which would account for nearly 12 million homes by the end of the decade.

How can an investor in SW Florida benefit from this growing class of homeownership? The obvious answer is to invest in property that is attractive to an out of town buyer. This includes property on the water, in gated communities and where ammenities like golf are available.

I am particularly bullish on some of the emerging developments in Ft Myers along the Daniels corridor and near The Shops at Bell Tower. These emerging areas are centrally located with great dining and shopping, without the price tags many developments closer to the Gulf.

'Splitters' not content with just one place to call home [Las Vegas Review Journal]

Wealthy Floridians upbeat

Demand drivers different in Sunshine State

If the millionaire next door is no fool, then Southwest Florida real estate is still a good bet.

So says a survey of wealthy Floridians — many from Naples — to be released today by PNC Financial Services Group Inc.

Nearly three out of four wealthy Floridians expect to see their homes appreciate in the double digits in the next five years, a much higher level of optimism than others polled in the nationwide survey of almost 1,500 wealthy respondents.

Only 5 percent said they expect any decline in their home price in the next five years, the survey, which included more than 200 South Floridians, found.

Real estate survey: Floridians more upbeat than other millionaires [Naples Daily News]

Boomers and 2nd homes

Boomers expected to sustain market for 2nd homes

In spots like Oceanside, Calif.; Pompano Beach, Fla.; and Beach Haven, N.J., seasonal homes have become some of the hottest commodities going. Prices have soared along both coasts, as well as in well-known ski areas and resort communities. "You see appreciation in unique areas that are simply irreplaceable," said Peiser.

In 2004, 1.8 million second homes were bought primarily for investment, according to the National Association of Realtors. That was 23 percent of all homes purchased last year.An additional 1 million second homes changed hands for personal use, or 13 percent of the total.

Taken together, all those Donald Trump wannabes and cocooning Baby Boomers accounted for 36 percent of home sales overall.

Boomers feel right at (2nd) home [Chicago Tribune]

Charlotte County commercial

Effects of Hurricane Charley still felt

Thurston Martin, an agent with Coldwell Banker Commercial Sunstar Realty, has been operating in the Charlotte County market since 1990 -- the past eight years as a commercial real estate agent.

Q: Could you explain how Hurricane Charley disrupted the Charlotte County commercial real estate market?

A: It reduced retail, professional office and industrial space by 30 percent, and about 50 percent of that is still missing. That's created a situation where demand is still greater than supply, which has led to higher lease rates and prices per square foot.

Charley's effects linger in Charlotte [Herald-Tribune]

Condo conversions

Many are being forced out of rentals

Diana Perez got the letter a few months ago: The apartment complex where she and her family live was converting into condominiums. They had to leave if they couldn't pay a 20 percent down payment on their two-bedroom apartment, now selling for $185,000.

That's $37,000 up front on the apartment they now rent for $900 a month - too much for the 36-year-old who works in a nail salon and her car salesman husband, so they're looking for someplace else. But in the red hot Florida real estate market, they're having trouble finding anything comparable nearby.

Condo conversions make rentals scarce [Bradenton Herald]

Lease options

Rent-to-own deals can have pitfalls

Almost every cable TV real-estate guru pitches them as great moneymaking techniques: lease-option contracts, also known as ''rent-to-own'' programs.

In some metropolitan areas, lawn signs, telephone poles and newspaper advertisements hawk them aggressively to modest-income and credit-challenged consumers who want to buy a home. Stripped to its basics, the lease-option concept is sound: Buyers who have imperfect credit histories or insufficient cash for a down payment on a standard mortgage can rent a house for one or two years, pay a fee to the landlord for the right to purchase the property at a set price during the lease term and even have portions of the monthly rent count toward a down payment.

Caution urged in 'rent-to-own' home contracts [Miami Herald]

North Star Yacht Club

New towers rising in N. Fort Myers

A new high-end development will start taking shape in North Fort Myers as construction begins on two 13-story condo towers overlooking the Caloosahatchee River.

CR Hancock Bridge LLC broke ground Friday on the North Star Yacht Club. Kemp Deming, CR Hancock Bridge's vice president in development, said the $94 million project is estimated for completion by June 2007.

N. Fort Myers high-rise work begins [News-Press]

Mixed-use developments

Live, work, shop and play

Gated communities have served as the development staple for at least two decades in South Lee County. But as a man once wrote, "The present now will later be past ... For the times, they are a-changing."

Representatives from the Lee County government put down notions Monday evening that the county's land development and zoning regulations prohibit building communities where residents can live, work, shop and play. The communities, called mixed-use by builders and planners, represent a return to the town or urban center where residents wake up, step outside a short distance to buy a coffee and newspaper, get to work on foot or via public transportation, and pick up their children from a school that is within walking distance from the home.

Resurgence of mixed-use developments likely [Bonita News]

The Fountains Development

4200 homes proposed for area south of Lehigh

SouthStar Development Partners of Coral Gables has filed an application to build a new community south of Lehigh and adjacent to Gateway and SW Florida Regional Airport. The proposed development titled The Fountains would cover 2,769 acres and include 4,215 homes.

Kimball Woodbury, managing director of Coral Gables-based SouthStar Development Partners, acknowledged that the major hurdle for the project is that most of it is in the county's Density Reduction Groundwater Recharge area.

Houses there are limited to one per 10 acres of dry land or one per 20 acres of wetlands to help preserve the county's water quality.

There ought to be a creative way to fill in Lehigh neighborhoods before opening up major pristine parcels like this one to residential development.

New East Lee community iffy [News-Press]

Experts predict slowdown

Sharp price declines not anticipated

Southwest Florida's housing market is in for a slowdown in 2006 as interest rates and inflation continue to rise.

That's the message Orlando-based economist Hank Fishkind presented Tuesday at the 18th annual Regional Economic Conference by the Chamber of Southwest Florida. About 300 people attended the event at the Barbara B. Mann Hall at Edison Community College.

"We're talking about a housing market that's peaked," he said. "There clearly is a housing bubble."

Expert predicts housing slowdown [News-Press]
Economist: Gradual moderation of real estate market likely [Naples Daily News]

Naples most overpriced

Naples tops pricey list

The debate over whether a real estate price correction is around the corner is continuing with no definitive answers, but a new study says Naples is the most overvalued market in the country.

The third-quarter study, which examined 299 metropolitan areas in the country, puts the Naples market at No. 1, with homes being 84 percent overvalued. The Cape Coral metropolitan statistical area came in at No. 28 for the third quarter of this year, with home prices 51.9 percent over their value. That's up from No. 35 in the second quarter.

Study: Naples most overvalued market in nation [Bonita News]

Future housing predictions

Some trends to consider

With the world changing so rapidly, predicting what life will be like even a few years down the road is not all that easy.

Movers and shakers in real estate do not shy away from predicting the future, even though few of them ever imagined that the most recent boom would go on as long as it did.

And if I could claim only half the advances paid by publishers for "bubble" books - pro and con - I'd be lying on a beach somewhere instead of praying for one more warm day to finish painting the outside of my house.

What are those in the know seeing in their crystal balls?

On the House Forecasting the future on the home front [Philadelphia Inquirer]

House Poor

Journal real estate columnist touts housing bust

June Fletcher has an advantage among the crowd of authors telling Americans "how to survive the coming crisis." Her book, "House Poor" (Collins, 212 pages, $21.95), describes a disaster that really might be in the making.

Fletcher, who writes about housing for the Wall Street Journal, pulls together ample evidence that the more than four-year boom in U.S. home prices has passed its peak. She weds her warnings to straightforward advice about home buying and selling, keeping to the icy channel of common sense

Author takes hard look at the boom [Detroit Free Press]

Construction material shortages

New construction plagued by shortages

Home construction dropped sharply in November in Collier County, thanks in part to material shortages made worse by Hurricane Wilma and a maturing market that continues to see a slowing of growth here.

The number of single-family houses and condominiums permitted in November in Collier fell to levels nearly half what they were last year, Collier County building permit data shows. Collier builders received final permits, or certificates of occupancy, for 271 homes and condos in November, compared with 513 for the same month last year.

Material shortages cause home construction slowdown [Naples Daily News]

Hosing costs prohibitive

Survey highlights affordability challenges in SW Florida

Affordable housing in Southwest Florida is quickly becoming a misnomer, according to an October survey of employers.

High home prices are chasing people away and hurting productivity at work, the survey by the Southwest Florida Economic Development Office found:

Employers decry cost of homes in SW Fla. [News-Press]

Cape Coral utilities

Complete coverage by 2017

The city of Cape Coral announced a plan to have city water and sewer service available throughout the city by 2017. This plan is positive news for all vacant land investors in the Cape. A schedule for utilities removes the uncertainty for potential home buyers particularly in the newly developing areas of the Cape.

City officials hope their new utilities extension plan will prevent a repeat of the program's past controversies and help people plan for the five-digit financial impact coming their way.

By the end of 2009 all of Cape Coral south of Pine Island Road should have water, sewer and irrigation service. By 2011 parts of Cape Coral north of Pine Island Road also will have service. By 2017 the city hopes to complete all of northern Cape Coral.

City unfolds second phase [News-Press]

Lee home permits drop

Key issues are affordability, construction cost risk and financing

In a sure sign that the market is cooling, new single-family housing permits have dropped for the third consecutive month in Lee County.

The number of permits issued for single-family homes in Lee County dropped again in November, but some are predicting the lull may be short.

Lee County issued 703 permits, down from 861 in October, but still up from the 662 issued in November 2004. Those numbers include Fort Myers Beach and Bonita Springs.

Cape Coral issued 391 permits, down from the 464 permits issued in October and the 430 issued in November 2004.

The total number of permits issued has declined each month since August, when 2,051 were issued.

There a number of factors that have contributed to this slowdown in new housing starts, but the key issue for many is simply affordability. For decades, Cape Coral was the affordable place to live in SW Florida. With property price increases that are among the highest in the nation, Cape Coral is no longer within the reach of many. Lehigh is still viewed as affordable, but vacant land prices have risen dramatically in Lehigh as well.

Another factor impacting housing starts has been the uncertainty surrounding construction costs. Builders have been looking to pass cost increase uncertainty onto the home buyer. This increased risk may work for the high-end buyer but is very problematic for the starter home market that has been so strong in our area.

The tightening of mortgage standards has also impacted housing starts. I am not seeing nearly as many 95% and 100% financing deals for new homes. These financing arrangements were very popular in 2004 and the first half of 2005.

Home permits in Lee drop for third month [News-Press]

Region tops price gains

Cape Coral/Ft Myers 2nd in nation for home price appreciation

Naples isn't No. 1 anymore. But another Southwest Florida metropolitan area has made a fast climb to No. 2.

The Cape Coral-Fort Myers market saw the second-largest home price appreciation gains in the nation for the year ending Sept. 30, increasing 33.16 percent since September 2004, according to a new study by the Office of Federal Housing Enterprise Oversight. The Cape Coral-Fort Myers metro area jumped to No. 2 from a ranking of No. 9 in June.

Naples no longer at top in home appreciation [Naples Daily News]

Lehigh growing fast

600 new homes permitted each month in Lehigh

New homes have been rising at a breakneck pace in Lehigh Acres for months, but commercial growth along Lee Boulevard, the area's main corridor, has been slow to catch up.

But with the construction of the Shoppes of Lehigh, a new 25,000-square-foot shopping center at the busy corner of Lee Boulevard and Gunnery Road, some are hoping a new trend of more rapid commercial growth will begin.

Lehigh growing fast [News-Press]

Investors propel boom

Out-of-town investors are key to market

I was at a holiday party Saturday evening and was chatting with a gen-x financial planner type that told me "real estate investing is so out....so last year." I didn't really know how to respond, but think that I will forward him this Herald-Tribune article.

Florida's favorite pastime? Not football, golf or fishing. It's real estate, and everyone's doing it.

When Manatee Community College offers a class called "Flipping Houses" -- and it is -- you can bet everyone is in the tank.

Tycoons, famous authors, sports legends are doing it. So is the soon-to-be divorcée down the block and her broker/lawyer/lover. Aged rock stars calculate internal rates of returns with sliding interest rate assumptions on fully leased condo clusters.

Investors propel real estate boom [Herald-Tribune]

Well water vs. city water

How important are municipal utilities?

A News-Press article discusses the merit of property with septic and well vs. municipal utilities. The key point that was missed by the article is the long-term challenges posed by the septic systems when our plated quarter-acre communities are filled in.

"Location, location, location" is the motto for many people who are house or property hunting. Often they consider neighborhood conveniences such as proximity to work, school or shopping centers when deciding where to buy or build.

But their decision also involves another important resource: water. Though Lee County residents have preferences about city and well water, longtime real estate brokers said those tastes aren't influencing buying or building. Indeed, homes with city and well water are equally appealing because people ultimately thirst for the best deal.

City or well water? [News-Press]

Quail West lot auction

266 golf community lots to be auctioned

An auction of Quail West estate home lots in Naples this weekend will be a good litnus test for the strength of the local luxury home market. This is a unique approach by Orlando based Ginn Company to market a high-end community.

Lot prices range from the $600,000s to $1.3 million. They're available in two sizes — one acre and a half-acre. They include a full golf membership to Quail West's country club valued at $175,000. Club membership is required.

Orlando-based Ginn Co. will unveil its new vision for the upscale Quail West residential community at the Collier-Lee county line. And for the first time since acquiring the development and spending millions on improvements, the company will offer estate-size lots for sale.

About 1,000 registered to buy the lots, so Ginn stopped taking reservations from interested buyers three weeks ago. About 40 percent of the reservations have come from local residents. All of the potential buyers coming to the event have put down a $500 deposit. But there are only 266 home sites for sale at the master-planned, golf course community off Bonita Beach Road, a half-mile east of Interstate 75.

"Our goal is to sell every one of those 266 lots," said Tom Brosnan, vice president of sales for Quail West. "We are confident in saying that we expect sales from this event to be well over $200 million."

There are currently 17 re-sale lots listed in Quail West ranging in price from a low of $650,000 to a high of $1,490,000.

Hundreds coming for weekend bids on lots [Naples Daily News]

Craigs List real estate

Fee for real estate listings

Craigs List has not yet taken off in the Ft. Myers market the way it has in other cities like San Francisco, New York and Boston. I expect this to change as more SW Floridians discover the site and realize that property can be advertised for FREE. Currently, there are 1086 postings on the Craigs List Ft. Myers Housing section.

Craigs List is about to monetize its real estate listing success in New York City by charging a nominal fee of less than $10 per posting. Considering the costs associated with other advertising alternatives, this is still a great deal.

The changes are meant to instill discipline in cluttered categories. But they're a good example of how Craigslist, which practically goes out of its way not to cash in, is causing major heartache in the newspaper business. Craigslist's numbers are mind-boggling. Ten million Craigslist users click on an estimated 6.5 million classified postings each month at 190 local sites in 35 countries, generating three billion page views.

Wanted: Some hope for newspapers [CNN/Money]

Riva Del Lago

Luxury high-rise in South Ft Myers

Riva Del Lago is the first luxury high-rise to be built in the area on a site that is not either a gulf-front or riverfront location. River Del Lago is located just off U.S. 41 between Cypress lake Drive and Gladiolus Drive. This area close to the Bell Tower Shops is quickly becoming the primo location in Ft. Myers.

Riva Del Lago features two 21 story luxury high rise towers overlooking more than 300 acres of lakes and preserve. The two buildings contain 161 three and four bedroom units that range from 1,612 to 2,312 square feet. Riva Del Lago features a 13,000 sq. ft. multi level amenity complex, concierge services, lighted har-tru tennis court, resort style heated pool with 2 spas, canoe and kayak launch and a fishing pier.

Currently eight units are on the market for resale ranging from a low of $459,500 for Unit 702N to a high of $634,950 for Unit 1903N. The average asking price at Riva Del Lago is $523,000 and an average asking price per square foot of $299.

Living the high life away from water [News-Press]

Beau Rivage Ft Myers

Riverfront luxury scene

Like an early arrival at a high school dance, Beau Rivage is out on the floor waiting for the party to begin. Several other luxury high-rise projects are under development in close proximity to the Beau Rivage. Over time this neighborhood figures to become ground zero for luxury condo living in Ft. Myers.

The yellow and white high-rise towers over the banks of the Caloosahatchee River providing amazing 24 x 7 views to its residents. The Beau Rivage consists of 124 units spread across 22 floors.

Currently, 22 units (18%) are listed for re-sale in the MLS system. The prices range from a low of $449,500 for unit 202 to a high of $898,000 for unit 2203. The best deal at this time appears to be unit 1902 listed at 462,500. The average asking price at Beau Rivage is currently $340 per sq. ft.


According to the Lee County tax records, Beau Rivage ownership is heavily geared toward investor & second home owners. Approximately 19% of the units are currently owner occupied.

Builder survival strategy

Staying power in evolving housing market

As a young man, Donald J. Tomnitz watched the arrival of Wal-Mart Stores Inc. doom his aunt's local drugstore in Mexico, Mo. Today, as chief executive of one of America's biggest home builders, D.R. Horton Inc., Mr. Tomnitz likes to compare his company to the steamroller that put his aunt out of business.

Both Wal-Mart and Horton were founded by folksy entrepreneurs rooted in Arkansas. Both cater mainly to moderate-income customers and have relied on high volume and rigorous cost controls to crush less-efficient competitors. Both have stellar long-term records: Horton, which sells more new homes than any other company in the U.S., says it has recorded a rise in earnings for every single quarter since it was founded in 1978.

How Big U.S. Home Builders Plan to Ride Out a Downturn [Real Estate Journal]

Pine Island and Burnt Store

Cape Coral's booming commercial intersection

Formerly thought of as too far away from bridges, too rural and practically useless as home sites, the area around a Pine Island Road intersection is rumbling with construction.

With Cape Coral rapidly filling up from an influx of a reported 10,000 new residents a year, one of the last large areas of vacant land near the crossroads of Pine Island Road and Burnt Store Road has become very attractive as home sites and commercial developments spring up. A Publix store is scheduled to open in two weeks.

Future arrives at intersection [News-Press]