Flipper tax consequences

IRS targeting flippers

Like a junkie needing the next fix, there are a fair number of people here in SW Florida that live for the flip. Be it vacant lots, pre-construction condos or even fixer-uppers.....you probably know someone who is lives and breaths for the next deal.

According to Lonnie Davis, a CPA with Philadelphia based CBIZ Accounting, Tax Advisory Services, there are tax consequences that flippers need to be mindful of.

When you complete several real estate transactions in a short time, don't be surprised to learn that the IRS might consider your property transactions as a business or trade rather than as an investment strategy, said Davis. In that case, there's no way to get out of paying the higher ordinary income tax rates.

So what's the business-versus-investment determining factor when it comes to property flipping? As with many tax issues, it depends.

"It's a facts-and-circumstances test," says Davis. "There's no rule of thumb that says: Buy three houses, you'll get capital gains; buy five and you're a dealer-trader. The IRS looks at whether the activity is really a business.

"Are you buying, renovating and holding multiple properties? What's the frequency of the buying and selling? If you're acquiring 15 properties in a year and that's pretty much what you do, then the IRS will likely determine that you're a dealer."

Here some food for thought, will investors that are realizing losses on several investments be targeted by the IRS as dealers as well?

Tax consequences of flipping real estate [Bankrate.com]

The language of real estate

Buzzwords power an industry

Is there an industry where words are more powerful than real estate? Alan Greenspan's "frothy" label is still routinely quoted six months after he used it to describe the real estate market.

How best to describe the condition of the......real estate market? Is it "cooling" or "melting down?" Will there be a "pause?" A "soft landing?" A "slow leak?" Are you a "bubble" believer or of the "frothy" faith?

The yearning for a smooth transition from the surging market is seen in the increasingly frequent use in the last six months of the phrase "soft landing."

As real estate marketing becomes more dominated by the Internet, spiders and crawlers are tracking and counting each and every word that is written in cyberspace.

As the author of a blog, I can track the keywords that are used in a search to find this site. Right now, searches leading to this site are dominated by phases like "SW Florida real estate bubble," "Is Lehigh real estate market healthy," and "condo oversupply." This is an interesting shift from 6-12 months ago when the majority of the searches were focused on "investing" and buying.

The Power of Words [NY Times]

2005 Single-family resales

SW Florida year-end round-up

The Ft. Myers-Cape Coral single-family resale market was turbo-charged in 2005. The region topped the State of Florida with a 26 percent increase from 9,612 to 12,128 sales. The Ft. Myers-Cape Coral market also led the State of Florida with a median price increase of 44 percent from $192,700 to 278,200.

With a fragile psychy as a result of rough back-to-back hurricane seasons, it is a stretch to expect sales volumes to grow from these lofty levels. I expect price leveling particularly in the more modest price ranges and volumes to fall back closer to the 2004 levels.

Florida's Home Sales Rise 2 Percent;Median Price Up 29 Percent for Year End 2005 [Florida Association of Realtors]

Hotel Indigo in Ft Myers

Boutique hotel planned for Downtown Ft. Myers

Holiday Inn Corporation is building a boutique-style hotel in Downtown Ft. Myers. The boutique chain, known as Hotel Indigo will be built on Main Street between Monroe and Broadway. The Hotel Indigo chain offers personalized serviced in a smaller upscale setting.

This project is great news for the continued revitalization of Downtown Ft. Myers. While our regions sprawl typically defined by new gated communities can stretch to places like Babcock Ranch and Alva, there is only one downtown Ft. Myers. I remain bullish on real estate investments in the Downtown area, particularly in architecturally interesting historic buildings.

Hotel to rise in historic section [News-Press]

Investor condo crunch

Tampa condo investors feeling squeeze


The Tampa Tribune reports on the overwhelmingly investor domminated condo market in Downtown Tampa. In one case, a project is so heavily dominated by investors that ground floor retail space goes unrented.

Indeed, real estate investors....are finding that the days of selling units, or "flipping" contracts on pre-construction condos within hours or days, are over, especially downtown. It's taking months, or longer, to find buyers, and some sellers are having to lower their asking prices, according to sales data and real estate agents who specialize in new condo sales.

I couldn't help but think that this article foreshadows the riverfront condo scene in Downtown Ft. Myers in a year or two. Too many projects, too many investors and a limited set of end-users.

Anybody Home? [Tampa Tribune]

Great American Land Auction

1065 lots sell for $29 million in Northport

In what was a surprise to those advocating a market downturn, 1065 abandoned lots in Northport were sold in the first phase of the Great American Land Auction. At an average of $27K per lot, prices were slightly below what is available in the MLS system.

The challenge will be when a large number of these lots hit the resale market in the next 60 days. Additionally, more Northport lots will be available via auction starting next week.

North Port lots sell high, go fast [Herald-Tribune]

Extreme home selling

Builder giveaways help seal the deal

What is a builder to do when new home inventories start to grow........well according to this CNN/Money article they are including creative giveaways.

My favorite giveaway is the the dual mode toilet that has a dual flush buttons, a water saving feature of course. Now if it could only put the seat down automatically as well.

I haven't seen too many really interesting giveaways yet in SW Florida where some developers of gated communities are still asking for lot premiums. I expect to see these premiums fade away and buyer incentives to start being included in the deal.

There is an lot buyer sending out postcards offering a free trip to a resort location if you sell him your lot. I haven't taken advantage of this offer, as it would mess up my the ROI column on my investing spreadsheet.

Extreme home selling [CNN/Money]

Lee home prices up

Have we reached the peak?

Lee County existing home resale volume rose sharply in December to an average of $322,200, up from $295,400 in November 2005 and $322,000 in October 2005. 1084 existing Lee County homes sold in December up from 810 in November and 264 in the hurricane impacted month of October.

With MLS inventories growing daily and wide-spread price reductions in vogue, it is unlikely that we will see prolonged growth in the existing home resale numbers. I expect the average price to decline in the coming months due to the shear volume of entry-level investor spec homes coming on the market in Lehigh Acres and Cape Coral.

Lee home sales peak [News-Press]

Home staging is hot

Home makeovers speed selling process

How many resale homes have you visited where every wall is painted builder white and clutter dominates every available horizontal surface?

An emerging trend in selling a home is the process of staging property prior to putting it on the market. Thank you to Brand Noise for this piece on home staging.

Home staging is the hot new trend in the real estate market. Before a house is put up for sale, a professional home stager prepares the home by performing a complete home makeover, designed to sell a home faster and for top dollar.

While homes at the high-end of the market are to some extent stages here in SW Florida, this trend has not yet caught on in the more moderate price range. As the market continues to favor buyers, expect staging to be the rage in '06.

Staging Sells Homes [Brand Noise]

Babcock Developer Syd Kitson

Meet the man trying to develop Babcock Ranch

Gulfshore Business has an indepth story about Syd Kitson, the former NFL lineman who is trying to build a new city at the Babcock Ranch. At 91,000 acres, Babcock Ranch represents one of the last remaining large contiguous parcels in SW Florida.

The Man who would Buy Babcock [Gulfshore Business]

Boomers and second homes

Middle-aged boomers driving vacation home sales

As with many other coastal and resort regions, SW Florida is highly dependent on in-migration for the continued growth and robustness of our real estate market. The coming of age of the baby boomer generation provides a steady stream of prospects looking for their place in the SW Florida sun.

Sales of vacation homes have surged in the past few years, accounting for 13 percent of all homes purchased in 2004, according to the National Association of Realtors in Washington. The median price of vacation properties purchased that year was $190,000.

Even with the clogged roads, escalating prices and back-to-back hurricanes, it is hard to imagine a scenario where people stop moving to SW Florida. There does seem to be an almost infinite number of people looking for a piece of places like Marco Island, Naples, Sanibel and Captiva.

Home sweet homes [Christian Science Monitor]

Golden Gate Estates build-out

Planners anticipate build-out by 2016

A surprising announcement from Collier County officials suggesting that Golden Gate Estates will reach full build-out by 2016. Golden Gate Estates has approximately 100,000 lots and about 50 percent now have homes built on them.

Southwest Florida is home to several massive plated communities including Golden Gate Estates, Cape Coral, Lehigh Acres, Northport, and Rotunda. As far as I know, this 2016 build-out projection positions Golden Gate to be the first of these communities to reach capacity.

It would be an interesting exercise to estimate the total amount of capital gains to be realized on all the vacant lots in these five Southwest Florida plated communities prior to 100 percent build-out. It is probably something like 900,000 lots x ($100,000 average price -$3,000 average initial price) = $87.3 billion.

Estates expected to hit capacity in '16, study says [Naples Daily News]

Bonita Springs redevelopment

Finalists competing for Imperial Landing project

Two Naples-based developers are competing for the opportunity to redevelop former site of Bamboo Mobile Village in Bonita Springs. The redevelopment of the 5.3 acres site along both sides the Imperial River on old US 41 is expected to anchor a revitalized Downtown Bonita Springs.

The Naples-based developers competing for the chance to build this project are The Antaramian Development Group and The D'Jamoos Group. Both proposals include a mix of residential, commercial and parking.

Two visions, one choice [News-Press]
Our Community: Imperial Landing Proposals [Naples Daily News]

Builders acknowledge slump

New home market slowing

The Herald-Tribune reports on the changing sentiment in the builder community about the local new home market. This may be the first article in SW Florida where multiple builders speak out on the market slowdown.

Factors cited include the pullback of investors, the consecutive years of severe hurricanes and fears over rising interest rates. Buyer leverage and control is growing daily, particularly in this segment where national public builders are driven by quarterly earnings objectives.

I visited a new Ft. Myers exclusive gated community yesterday, the builders salesman that provided me with pricing, included a $72,000 premium for a homesite on a small lake. I am willing to bet that these types of highly profitable charges will fade away as builders look to move their growing inventories.

Local home builders say that slump has arrived [Herald-Tribune]

Blogging about real estate

Blogs impacting real estate

CNN Money has a piece on the growing influence of real estate blogs. Although Gulf Returns was not mentioned in the CNN article, many readers have arrived here courtesy of the Matrix Interpreting the Real Estate Economy, a blog mentioned in the article with a link to Gulf Returns.

One of the key consumer benefits of real estate blogs in the availability of information and opinions not generally covered by the traditional news media. In the case of SW Florida, it is our goal is to aggregate real estate information from many sources and provide a brief synopsis for our readers.

Many readers are coming here to search our archives for access to previously posted articles. It is interesting that searches about real estate scandals, pricing trends and waterfront communities regularly top items that are searched on.

Blog if you love real estate [CNN/Money]

Where are the investors?

Many returning to stock market

The common question echoing on the walls of every real estate office in SW Florida and across the nation, "Where are the investors?" An article in the LA Daily News highlights renewed investor interest in the stock market.

There's evidence that investors are already moving back to stocks. Mutual fund companies reported strong inflows through the second half of 2005. And in the first two weeks of 2006, E-Trade Financial Corp. said it has seen a 50 percent increase in walk-in traffic at its New York financial center. On Monday, when the Dow first topped 11,000, E-Trade's trading traffic saw a two-year high.

For me the key to any successful investment strategy is a balanced portfolio. I maintain a healthy balance of stock, bonds and real estate in my holdings. This approach takes discipline, particularly when the next great pre-construction deal arrives in my e-mail inbox. I believe that we will see growth in the Florida real estate market, people are just not going to stop coming down here to enjoy our wonderful weather and amenities.

Investors turn back to stocks [LA Daily News]

Shadow Lakes

Lehigh Acres gated community

Lehigh Acres is now attracting developers interested in building gated communities. MW Johnson Construction of Lakeville, Minnesota is developing Shadow Lakes, a gated and deed-restricted community, in Lehigh Acres. The project will include of 112 estate homes and 138 executive homes with two lakes and will be surrounded by a canal.

Lehigh Acres is on an explosive growth path now surpassing 72,000 residents and has home ownership levels approaching 90 percent. Lehigh appears to be following a similar path to Cape Coral in attracting developers that carving out gated projects that are surrounded by plated development.

Growth brings new housing development [News-Press]

Internet and real estate

NAR study shows growing buyer use of Internet

The National Association of Realtors (NAR) released a report detailing the growing use of the internet for buyers of real estate. In 2005, the Internet was used by 77 percent of all home buyers up two percent from 2004.

It is interesting to note that 9 out of 10 buyers also utilize a real estate
agent in the buying process.

“The Internet doesn’t tell you to put a coat of paint on your door or to clean up your home,” said Tom Stevens, NAR president. “Those are things that come back many folds in terms of returns.”

The Internet also doesn’t provide information about the market, neighborhood, schools and roads. That’s information that comes from experience and an understanding of the area.

No surprises here, in fact it would appear that the NAR is reporting the obvious. If you are reading Gulf Returns, you have discovered the power of the Internet for making real estate investment decisions. Surf on.

Study: Internet not hurting Realtors [Naples Daily News]

Marina Village Resort

Hotels Condos a hit in Cape Coral at Tarpon Point

Hotel condos, a popular concept on Florida's East Coast has come to Cape Coral in a big way. The project, Marina Village Resort at Tarpon Point, is being constructed by Gross Point Development.

On Saturday, a drawing was held to select buyers and 133 units were sold. This equates to 75 percent of the project. Units were proceed from $630,000 to $1.4 million and were between 1,200 and 2,200 square feet.

It will be interesting to see if other developers jump on the condo hotel concept to try and replicate the initial success of this project.

Buyers grab 133 Cape hotel condos in first day [News-Press]

Affordable housing woes

County study to evaluate options

With affordable housing becoming further out of the reach of more Lee County citizens, the County government has commissioned a study to evaluate options. Clarion Associates, a national land-use and real estate consulting firm, will evaluate the impact that residential developments have on the need for affordable housing.

Expect a showdown between building trade association groups and the County over potential affordable housing assessments for residential projects.

Consultant: Lee housing woes getting worse [Bonita News]

Buckingham Park

Treasured country living

Tucked away off Buckingham Road between Ft. Myers and Lehigh is the neighborhood of Buckingham Park. Access to Buckingham Park is via Astoria Ave just west of the intersection of Buckingham Road and Orange River Road.

Buckingham Park has many beautiful homes and the feel of a gated neighborhood without all the typical fees of deed restricted communities. Access to I-75 is convenient via Buckingham Road to Immokalee Road (SR 82).

Buckingham Park homes for sale are currently available in the $270,00 - 300,000 range. The majority of the vacant lots in Buckingham Park are 1/4 acre parcels and are available in the $60,000 - $80,000 range. Currently listed lots include 6601 Cedarwood Ave for $69,950 and adjoining lots 14171 Cherrydale St for $74,950 and 14181 Cherrydale St for $74,950.

Cape Coral commercial space

Growing demand for class A space in Cape Coral

While Cape Coral doesn't need anymore real estate offices or title companies, there is a significant under supply of class A office space. Cape Coral needs modern corporate office buildings like those lining Summerlin Boulevard in Ft. Myers.

McGarvey Development of Bonita Springs is constructing a seven office building project in Cape Coral. The location for this project is just west of Hancock Bridge Parkway and Pine Island Road. The buildings with a total of 175,000 square feet will be arranged in a campus setting surrounding a lake.

Other notable McGarvey Development projects include Westlinks on Daniels Parkway near Gateway; the Mid Metro Business Center on Metro Parkway and the Riverview Corporate Center in Bonita.

Cape Coral will certainly benefit from projects such as McGarvey's. The volume of vehicles commute over the bridges and out of the Cape each day is staggering. Diversifying the base of taxable property from its residential dependence is another important benefit. Class A buildings on Cape Coral Parkway replacing some of the early buildings would go a long way towards beautifying Cape Coral and improving first impressions of the city.

Office space under way, but more still desired [News-Press]

SW Florida economic growth

Quality job creation drives housing growth

Hardly a day goes by in the SW Florida real estate trenches when you don't hear someone commenting on high real estate prices. Yes, the prices are significantly higher than last year. Yet on a relative basis, the prices in Greater Ft. Myers are still a bargain when compared to prices in the Washington DC - Boston corridor, Southern California or the Bay Area.

In my opinion SW Florida has a quality job problem rather than a housing price problem. There are some shining stars creating quality jobs in the local private sector including Chicos, Gartner Group and Miva, but list just isn't long enough for a region as large as this one.

There is reason for optimism with the formation of The Regional Business Alliance of Southwest Florida, Inc. This group of retired and active chief executives and other senior business executives has formed to attract businesses to the region. The group has spun-off a venture investment arm called Florida Gulfshore Capital, which is looking to place bets on SW Florida start-ups. This is great news for the region and should fuel the creation of quality jobs.

Venture capital group looks for promise [Naples Daily News]

West Lehigh - hot neighborhood

Proximity to Ft. Myers & I-75

The western-most neighborhood in Lehigh, bounded by Lee Boulevard, Alvin Avenue and Buckingham Road is a hot sector of the SW Florida real estate market.

Location is everything and this neighborhood is less than four miles to I-75 exit 136 via Colonial Boulevard. Shopping is very convenient from West Lehigh, particularly with the new Crossroads Shopping Center Publix located at the intersection of Colonial Boulevard and Immokalee Road.

A high percentage of the homes in West Lehigh are newer with many more currently under construction. A real sense of community exists with many blocks built out to capacity. This is a feeling that is still missing in other parts of Lehigh that are less developed.

Homes for sale in West Lehigh are currently listed in the $250,000 - $300,000 range. Vacant lots in West Lehigh start are currently listed in the $58,000 - $70,000 range including 5212 Billings Ave at $59,000, 1026 Acroft Ave at $59,500 and 1002 Adeline Ave at $65,000.

Investor exodus

Many investors are exiting market

The Dow hit 11,000 this week, want to know why? In part it is because investors are exiting the real estate market and heading back into the stock market.

According to David Berson, chief economist with mortgage company Fannie Mae, "We expect housing activity to drop about 8 percent this year - it's primarily because of investors' slowing purchases."

"We can't find a period when the investor share of home sales has been higher than in the last year," Mr. Berson said. "In the fourth quarter, it looked like investors were starting to step back."

I have not seen any recent figures for the percentage of investor owned real estate in SW Florida, although I expect it is higher than the national average. In particular, plated vacant land and high-rise condominiums that are so prevalent in our region typically have a significant investor presence.

Housing troubles expected [Dallas Morning News]

Boca Grande Iguanas

10,000 iguanas call Boca Grande home

With homes routinely selling for over $1 million, Boca Grande tops the charts for exclusivity in SW Florida. Home to the areas best tarpon fishing and art galleries, Boca Grande is home to an estimated 10,000 iguanas.

This army of non-native reptiles roams the island eating and burrowing anything and everything that stand in its way. The iguanas are causing havoc with the environment, destroying fragile dunes and eating the eggs of gopher tortoises. A plan to eradicate the inguanas is in development.

Scales of justice tilt against invasive Boca Grande iguanas [Herald-Tribune]

Sanibel Passage Condominiums

New luxury high-rise announced

Plans have been released by MLG Development of Brookfield, Wisconsin for a 15 story luxury condominium located on Summerlin Road just east of the Sanibel Causeway. This location is adjacent to the Sanibel Harbour Resort & Spa.

Sanibel Passage joins Riva Del Lago and Mastique as Ft. Myers area condominium towers that are located in preserve areas and not directly on a beach. Sanibel Passage units are expected to start at $1M.

High-rise to go up near Sanibel Causeway [News-Press]

Florida real estate boom

Experts opine on real estate market

The Herald-Tribune SW Florida expert interviews about the current state of the market are must reads for any real estate investor. The general consensus is increased inventories due to investor sell-off, a slowing of price appreciation and challenges in the condo market particularly in Miami.

Included in the piece are opinions from:

• Grant I. Thrall, University of Florida geography professor, real estate market analyst;
• Hank Fishkind, economist with Fishkind & Associates, Orlando;
• Mark Vitner -- Wachovia senior economist;
• Marvin Rose, president of Rose Residential Reports in Tarpon Springs;
• Joseph Kalish, senior macro strategist for Ned Davis Research in Venice;
• Jack McCabe, chief executive of McCabe Research and Consulting in Deerfield Beach;
• Nicholas Buss, senior vice president, PNC Real Estate Finance

The real estate boom is over [Herald-Tribune]

Developer name game

Name change spurs sales

How important is a development name? Have you ever wondered how many creative marketing types sit around a table drinking lattes trying to decide the best name for a new development. I am sure it is especially challenging in a place like SW Florida where the good ones like Gulf Harbor and Renaissance were used many years ago.

The News-Press reports that WCI Communities realized a tripling of sales after it changed the name of its Sun City Ft. Myers project to Pelican Preserve. Certainly attracting a more diverse mix of age groups to a community is a positive for any developer. Many of the new developments that are coming on-line are catering to families and children, a true reflection on the changing demographics in our region.

Builders changing tactics [News-Press]

Fundrace.org

Meet the neighbors.....before moving in

Want to understand the political make-up of a neighborhood before making that big purchase? Check out fundrace.org to learn what presidential campaigns your neighbors contributed to in the 2004 election. The site pulls data from the Federal Election Commission database and utilizes Google mapping for the user display.

After checking out this site, you will be thankful you didn't write a check to some off-beat presidential candidate like Lyndon Larouche.

2005 housing starts

Lee starts up 46 percent

2005 was a remarkable year for the construction industry in Southwest Florida. New housing starts were up 46 percent over 2004 and fueled a significant valuation increase for vacant land.

17,833 new permits were issued in Lee County (excluding Ft. Myers) in 2005, up from 12,201 that were issued in 2004. The overall dollar value of construction permits in 2005 was $4.7B up from $3B in 2004.

This flurry of new construction activity has been a very positive factor in the overall health of the Lee County economy, which topped the charts in Florida for low unemployment. I expect a drop-off in the quantity of new construction starts in 2006 as the market needs to absorb existing and new product that is coming on-line.

Building permits hit high in 2005 [News-Press]

Lehigh lot owners pay-up

Value increases lead to increased delinquent tax collections

Lehigh Acres is one of a kind, 90,000 vacant residential lots and nowhere to build new schools. With 50,000 current residents and capacity for around 300,000 residents when fully built out, Lehigh is expected to need around 25 new schools over the next 20 years.

The plan was for the County to acquire delinquent lots from owners that owed back taxes and then trade them with other lot owners to assemble parcels to build schools. With the rapid value increases in Lehigh lots, owners are more diligently paying back taxes and Lee County has not been able to acquire delinquent parcels.

If anyone at the Lee County Lands Office reads Gulf Returns, I have some awesome lots that are available, just give me a call.

Lehigh lots slip away [News-Press]

Cape Coral property values

The lure of waterfront property

Property values vary widely in Cape Coral and are most impacted by the properties relative location to water. Riverfront and salt water canal front property in Cape Coral are located in the Southeast and Southwest sections of the city. It is these neighborhoods that command the highest price premiums.

A recent News-Press survey of home sales detailed the range of home prices in Cape Coral. The highest priced area was the Southeast in zip code 33904 with an average selling price of $391,794. The second highest area was zip code 33914 in Southwest Cape Coral with an average price of $350,756.

The more affordable Cape Coral neighborhoods were in zip code 33909, north of Pine Island Road and east of Santa Barbara Boulevard with an average price of $227,000 and in zip code 33990 between Hancock Bridge and Veterans Parkway with an average price of $287,111.

Housing prices vary by ZIP [News-Press]

Cape Coral property rights

Controversy brewing over boat parking

With over 400 miles of navigable canals, Cape Coral is the boating capital of SW Florida. Should Cape Coral boat owners be allowed to store boats in their side yards? Currently boats must be stored behind a home and not in a side yard. A zoning ordinance amendment proposed by Council member Mickey Rosado was unanimously rejected by the Cape Coral Planning & Zoning Commission.

Cape plan for boat parking rejected [News-Press]

Self-serve real estate

A real estate revolution in Madison

Fascinating story from the America's heartland about a real estate revolution. Two cousins in Madison Wisconsin with a rudimentary web site now control 20% of the residential re-sale market.

The site FSBOMadison.com, allows homeowners to advertise their home for a one-time fee of $150. The fee includes a listing on the site and a yard sign installed by one of the cousin's former gym teachers.

Owners' Web Site Gives Realtors Run for Money [NY Times]

Time for investors to sell?

Timing is everything...

Jim Keene, who co-authored real estate investing book "Retire on the House, Using Real Estate To Secure Your Retirement," suggests that now is the time for investors to sell excess investment property.

Keene remains bullish on real estate investments at the lower end of the cost spectrum and less confident about price appreciation for high-end product. His confidence level is lower for property located along both coasts:

The more volatile markets include both coasts, Keene said, from Florida to
Boston, and San Francisco to Los Angeles and San Diego.

"If you're in those markets and you have multiple homes, sell some of the excess homes. You don't need the risk particularly and the outlook is not as good," he said.

"You have costs to carry the home, and so you're relying on appreciation for your
return. That's going to moderate, at best, going forward, if not, in some
specific situations, go down a little bit," he said.

Playing the housing boom [Market Watch]

Corkscrew Road booming

Location and amenities abound

As Ft. Myers and Naples each stretch their respective boundaries to one-day become a single gulfcoast metropolis, Corkscrew Road is strategically positioned in the center of the action.

Investors who placed bets in this area are being rewarded handsomely particularly in the stretch from I-75 west to Three Oaks Parkway with five major projects under development in this stretch.

Residential communities in the Corkscrew Road area include Grandezza, Wildcat Run, Stoneybrook, Bella Terra and Cypress Shadows.

This area is bustling with action and is close to both the Miromar Outlets, Germain Arena and Florida Gulf Coast University.

Corkscrew bustling with activity [News-Press]