Late night real estate

Would 24 hour real estate work in Fort Myers?

Have you heard about the Manhattan broker whose real estate office is open all night. His name is Michael Shvo and his outrageous antics, including this late-night twist, are often the talk of Gotham City's real estate trenches.

This story led me to ponder whether an all night real estate brokerage would work in Fort Myers. Judging by the lack of evening crowds at most downtown establishments, we are probably not ready for something like this.

Fast forward about five years to a time when the high-rises like Beau Rivage and High Point Place are fully inhabited, First Street Village is teaming with residents and the Starbucks at First Street and Broadway has late night lines, this is the kind of environment for a late night real estate office. The time is now to invest in Downtown Fort Myers before the revitalization is complete.

It's 4 A.M. Do You Know Where Your Realtor Is? [NY Times]

Gulf access lots

Deals available in buyers market

If you are considering building a home in Florida on the water, now is a great time to secure a great deal on a piece of property. The lot inventory has grown considerably and buyers have the leverage right now to negotiate a favorable purchase.

With several hundred miles of gulf access canals, Cape Coral is on of the most affordable waterfront communities in Southwest Florida. Most gulf access lots in Cape Coral are .25 acres and are located on canals that are a minimum of 80 feet wide. Lots that are larger or located at intersecting canals or basins generally sell for a premium.


One of the best deals on a gulf access lot in Cape Coral is 1504 NW 33rd Place, listed at $224,900. This parcel is located in Unit 60 in northwest Cape Coral and is .25 acres.

Another gulf access lot deal is 415 SE 29th Terrace, listed at $269,900. This lot is located in Unit 26 in Southeast Cape Coral and is .248 acres.

Please e-mail or call if you are interested in gulf access property in Southwest Florida.

Getting rich slowly

Primer for the new investor

David Bach's seventh book, The Automatic Millionaire Homeowner, offers practical advice to anyone interested in investing in real estate for the first time. From questions to ask a realtor to explanations of the fine print in loan contracts, Bach offers universally good advice on how to begin saving and building wealth through homeownership.

The book is also wildly motivational; frequent asides urge readers to finish the book quickly and start accumulating assets. True to its promise, the book is a swift read, arming readers with everything they need to know in a simple, accessible manner.

Buying a home can make you rich slowly [USA Today]

Buckingham Village debate

Battle brewing over Buckingham development

A heated battle is underway over a proposed 631 unit town house project proposed for 59 acres near the Buckingham Airpark.

This area still has the look and feel of "old Florida" with one of a kind establishments like the The World Famous Buckingham Blues Bar and its beer drinking mule Bucky.

The developer is seeking a zoning variance to increase the per acre density of the project and for this privilege would be kicking in nearly $3M into the housing trust fund to develop affordable housing.

The existing residents are worried about traffic woes on the existing roadways, which are already very congested and overdue for widening. The catch-22 in this scenario is that a less dense multi-family project could still be built on the site without any contribution to the affordable housing fund.

This outcome of this project has ramifications for the entire Buckingham area as development moves east from I-75. Many larger parcels in the area have been acquired by developers and could change the face of the area. One project, Horse Creek, is an upscale 113 single family gated project being developed by Daniel Wayne Homes.

Lee density deal might not fly [News-Press]

Property taxes due

Time to pay-up Lee County property taxes

Just a friendly reminder that 2005 property taxes are due next Friday, March 31, 2006.

It is not a problem if you are like me and circular-filed those tax bills that came last fall. The Lee County Tax Collector has an on-line payment tool that will let you put multiple parcels in a shopping cart and make a single payment. They offer the option of using a credit card or via bank transfer. There are no additional fees with a bank transfer, but the credit card option does include additional charges.

Condo conversion craze

Fort Myers apartment shortage

Outstanding detailed coverage in the News-Press on the growing issue of rental shortages here in Southwest Florida due to condo conversions. It is estimated that 5,500 apartments have been converted in Lee County, further decreasing the supply of affordable housing.

I have never been a fan of investing in these re-habbed apartment buildings. Often times the conversion upgrades are cosmetic and complex still has tired infrastructure and systems. Many of the older complexes that are being converted were built before the stricter hurricane codes went into effect. I also don't like the investor ownership percentages in some of these projects, way too high for my appetite.

Condo conversions make Lee rentals scarce [News-Press]

Lehigh duplex codes

Westminster area neighbors push for stricter codes

The large number of investor owned duplex units in the Westminster area has brought a set new of problems to the area. Many of these duplex units have been constructed without paved driveways and lack any exterior landscaping.

Often, the landscaping gets set aside at the end of the project to either cover project cost overruns or is rebated by the builder back to the owner to do themselves. In this second scenario, the work just never gets done and the duplex investor pockets the rebate

Area residents complained about these problems to the Lee County Commissioners, who have directed staff to develop a stricter set of codes surrounding duplex construction. Look for this increased zoning to slow duplex construction activity, as ROIs are already pretty skinny for this type of product right now in Lehigh.

Duplexes to face stricter codes [News-Press]

Boat slips - Fort Myers

Growing demand for boat slips

A real estate category that is seeing steady growth is for private boat slips. Slips at the top locations such as Gulf Harbour Marina in South Fort Myers have recently sold for prices in the upper $200,000s.

Currently slips are available at Island Cove Condominiums in Cape Coral starting at $50,000 for a 25 foot slip. Slips are available at Hibiscus Pointe in Bay Beach starting at $85,000 for a 25 foot slip. Both Island Cove and Bay Beach have residency requirements.

Available options at Gulf Harbour's 186 slip marina include 50 foot E-8 for $275,000 and 48 foot F-11 for $280,000. A membership for a dock that can accomodate an 81 foot yacht is available at St. Charles Harbour is for $629,000.

Please drop me a note if you are interested in a boat slip in the Greater Fort Myers area.

South Seas re-opens

Famed Captiva resort back in business

The much awaited re-opening of South Seas Island Resort, the grande dame of Southwest Florida tourist destinations, is today. The opening is being coined a "soft opening" as some of the resort is still in the process of being repaired from Hurricane Charlie devastation.

There is nothing soft about the full-page advertisements that South Seas is running in some large northern city Sunday newspapers. Certainly caught my attention!

Repairs are not complete at one of my favorite areas of South Seas, Lands End Resort, which is expected to open in the July time frame. There may be no better time than the present to acquire a treasured Lands End condominium. At this time the only Lands End unit on the market is #1654, a 3BR/3BA Penthouse listed at $1,799,500.

South Seas reopens, still work in progress [News-Press]
Resort opening brings hope to island businesses [NBC2]

Cape Coral commercial land

What would you build?

An interesting question arrived from a reader in our mail bag yesterday about what to build on a vacant commercial lot in Cape Coral.


First off, the commercial market in Southwest Florida and particularly Cape Coral remains very hot. Commercial vacancy rates are in the low single digits in Cape Coral. Commercial zoning represents less than 10% of the Cape's developable land, creating significant shortages throughout the entire city. Nearly 60 percent of all Cape Coral workers have to leave each day to go to work, clogging the bridges during the commuting hours.

With regards to the mail bag question, "What would you build on a vacant 1.5 acre commercial lot on Cape Coral Parkway near Chiquita Boulevard?" One of my colleagues recently met with Cape Coral Economic Development Director, Mike Jackson and asked the same question about a similar lot. The feedback from Mr. Jackson was overwhelmingly in favor of either general or medical office space.

I am in complete agreement that Cape Coral needs more office space. I would welcome any feedback from any readers on this question. If you have an opinion on this please click on comments at the bottom of this post. It is painless!

MLS inventory bulging

Buyers in the drivers seat

Buyers rule the day in the current real estate market here in Southwest Florida. The growing inventory has pushed all the leverage to the buyers side of the balance sheet. Just how big has the inventory of available property gotten here in Lee County?

For illustrations sake, let's assume that you are interested in buying a home in Lee County. Also lets assume that you want to look at every property that is currently for sale and have a super-organized, GPS guided uber-agent that can show you a house every 15 minutes. How long would it take to see them all? Assuming a 16 hour day of viewing properties, it would take 282 days. That my friends is a buyers market.

Fort Myers on the Sopranos

Are we a gangster kind of town?

Fort Myers was prominently mentioned during the Sopranos new season kick-off episode that aired last night.

The premise was that foot soldier Eugene Pontecorvo has inherited $2 million from his aunt, and he and his wife Deanne see his inheritance as a way out of the mob life. Gene goes to Tony with a gift and a request for a favor: permission to retire to Fort Myers. Tony's not thrilled, but when he agrees to think about it, Gene gives Deanne the green light to make an offer on their Fort Myers dream house located on River Road. The episode does not end well for Eugene and Deanne.

If you are curious about what kind of homes are available on River Road, here are a couple that might be suitable for a New Jersey wise guy with an inheritance. 12808 River Road in Fort Myers Shores is a 5br/4ba 3,800 sq. ft. riverfront ranch and is listed at $1,600,000. Another option would be this "Gone With the Wind" estate at 20150 S River Road in Alva. It is a 5br/4ba 6,000 sq. ft. riverfront home listed at 1,950,000. A more modest option is this new construction Fort Myers Shores canal front home at 12413 River Road. It is a 3br/2ba + den home with 1,930 sq. ft. and is listed for $599,000.

Regardless of whether or not you are a New Jersey wise guy looking to retire, if you are interested in a home in Fort Myers please send me an e-mail.

Blowbacks exiting Lee County

Residents are cashing out

Tired of the congestion, the hurricanes, high prices, and/or the lack of seasons, Lee County residents are cashing out and moving away. Up north, they are calling these relocating Floridians, blowbacks, as many are motivated by the recent hurricanes.

With astounding equity gains, cashing out and moving to a less expensive area can be a great way to build an instant retirement nest egg. While the blowback concept makes interesting newspaper reading, I don't expect the numbers of exiting residents to have a material impact on the real estate market.

Paradise lost for some [News-Press]

Odd-shaped vacant lots

Creativity required for left-over parcels

They are the real estate equivalent of an orphaned child, unwanted and left to fend for themselves. We are talking about those strange shaped lots that are leftover when an area is developed.

In Southwest Florida, many odd-shaped lots in both waterfront locations and with commercial zoning are in demand for development. Often times a trade-off in reduced pricing for odd lots lots is offset by higher construction costs associated with building on them.

Developers cash in on strange-shaped sites [Post-Gazette]

Real estate reality check

Above the fold pricing is key

The peak real estate season is upon us here in Southwest Florida and the general consensus is that we are experiencing a complete shift to a buyers market. The days of multiple over full-price offers within hours of a property hitting the hotsheets are over.

In fact the treasured hotsheets, which provide a consolidated view of all the new listings, have become as bloated as Elvis in the late '70s. Yesterday, more than 500 new properties hit the Fort Myers MLS system, disabling the one-click to hotsheets function.

Property is moving in some sectors of the market, particularly homes at the lower end of the pricing spectrum. The key to selling property in this market is positioning the property in the top couple of price positions relative to its peers. With inventory levels growing daily, not many Realtors and their buyers are doing "below the fold" searches. If your listed property requires a scroll to be found during a search, don't expect a contract anytime soon.

Buyers, Sellers Need To Be Realistic [Washington Post]

Harborage - Fort Myers

Gated freshwater ski lake and gulf access community

Harborage is a neighborhood for the outdoor water-loving family. With two fresh-water, aquifer-fed lakes totaling 104 acres and a depth of approximately 30 feet, residents can fish for large mouth bass, bluegills, and catfish. Each lake has its own launch ramp, swimming raft and sandy beach and Jet skis are welcomed.

Harborage offers a private, secure boat storage area with a boat launch to the canal which provides salt water access to Estero Bay, Fort Myers Beach and the the Gulf of Mexico. Other amenities include tennis, volleyball, and basketball courts, swimming pool, gazebo, and picnic area. A path for jogging, walking and bicycling circles the 167 acre community.

Harborage homes for sale in the Fort Myers MLS range from the mid $500,000s to over $1.5M.

Harborage is located on US 41 south of Alico Road in South Fort Myers. Please drop me a note if you are interested in learning more about this wonderful neighborhood.

Lee County Property Appraiser

Gold standard for on-line tools

One of the things that I don't like about buying real estate in Lee County are those survey forms from Ken Wilkinson that without fail show up in my mailbox after making a purchase.

Looking past the surveys, the Lee County Property Appraiser Website, leepa.org, is the gold standard for online property record viewing. We all owe a huge county-wide group hug to Ken Wilkinson and the entire team at the Appraisers Office in Fort Myers for this awesome resource. Have you looked at any of the tools in other Florida Counties or elsewhere in the country? If the answer is yes, you will appreciate my praise for our resource.

For those of you who have not visited leepa.org, I encourage you to take a look. When you get to the site, select database search and search for a property via strap number, owner name or site address. Everything you wanted to know about the property including images of previous warranty deeds are available for free.

I especially like the aerial viewer and the ability to scan an entire neighborhood using this tool. The 2005 aerial views were a much welcomed update last fall as the views in some of the fast growing neighborhoods of Cape Coral and Lehigh were getting stale. For the technically inclined, the data services department sells the database records which can be delivered via an FTP feed.

Pine Island Corridor

Cape Coral commercial corridor screaming

The Pine Island Corridor in Cape Coral is bustling with construction activity. With commercial zoning limited in Cape Coral, this 2,400 acre corridor is emerging as the new "main street" for future generations. For me, it is easy to visualize a buildout along the entire nine-mile length of Pine Island Road.

The Cape Coral Economic Development Office has designated the Pine Island Corridor as an investment zone. This investment area has infrastructure in place and is separated into a mixed-use village district and a corridor district. Each district is intended to host high-traffic generator businesses and serve as compact urban centers for shopping, entertainment and employment opportunities. The Pine Island Road Master Plan is available on the Cape Coral website.

Corridor of progress [News-Press]

Title insurance costs

How much is it and why do I need it?

One of the most common questions and searched phrases on this site is about the cost of title insurance. Typically in SW Florida, the seller pays the title insurance cost and is one of the key items commonly referred to as "closing costs."

Just what is title insurance?

Title insurance is an insured statement of the condition of the title to your property and the ownership rights to that piece of property. A title insurance policy describes your property in detail, and states what limitations there are to your ownership. For a one time premium, the title insurance company agrees to reimburse you and/or the lender up to the amount of the policy for loss suffered due to defects that existed prior to the date of your policy. Your lender will require title insurance coverage to protect the amount of the loan. An owner's policy of title insurance will be offered to you at your settlement to protect your interest in the property.

Current rates for title insurance are as follows:

up to $100,000.......................................$5.75 per $1,000
Over $100,000 up to $1,000,000.............$5.00 per $1,000
Over $1,000,000 up to $5,000,000.........$2.50 per $1,000
Over $5,000,000 up to $10,000,000.......$2.25 per $1,000
Over $10,000,000..................................$2.00 per $1,000

The minimum premium is $100.00. For a $300,000 house the cost of title insurance would be $1,575.00(100 x $5.75 + 200 x $5.00 = $1,575.000).

It is extremely important to have title insurance policy in place for all real estate purchases. Just in the past year I have seen a several scenarios where title problems were uncovered. In one case, a friend of mine unknowingly bought a lot from Ben-Ari, of Delray Beach, FL, who was forging signatures on deeds of deceased lot owners. My friend no longer owns the parcel, but was a bit surprised when the FBI showed up at his door to investigate as they were following the chain of ownership on the lot.

There are many very good title companies operating in SW Florida, I have repeatedly received excellent service from the team at Bay Title Services in Cape Coral, tel. 239-772-1115.

Airport centric real estate

Airport adjacent locations booming

One of the hottest national trends in commercial real estate is development around airports. It used to seem that many airports were located way to far from downtown for any meaningful development beyond airport use. That perception is changing all across the country on a grand scale.

Today airports are serving as the major anchor to entire new communities. Here in SW Florida, the potential for growth around RSW seems almost unlimited. A whole new class of office space is on the way around the airport and will continue to shift the "economic center" of our region eastward.

The new residential communities that are sprouting up close to the airport including locations along Tree Line Avenue and Alico Road will require amenities and services in this area. Many of these projects are high-end and will contribute to an eastward shifting of our economic center. The smart play today is finding a parcel in this area to invest in, development and appreciating values around RSW are inevitable.

Why Airport Location No Longer Tarnishes A Property's Appeal [Investor Business Daily]

Lee tourism off

Many see seeing soft season

If you have spent time stuck in traffic on US-41 lately, you will find it hard to believe that tourism officials are reporting a slower than normal season.

Factors contributing to the tourism slowdown include a reduced number of airplane seats from key markets including Pittsburgh, Indianapolis and Boston and the continued shutdown of South Seas and its 1,000 daily guests.

The quantifiable real estate activity numbers would indicate a slower than normal season......I wonder just how interrelated tourism and real estate are in SW Florida. Common sense would indicate that the growth of the real estate is highly dependent on new entrants to the market. These new market entrants often get the urge to enter the market while on vacation escaping frozen northern climate.

Slow start for tourism season [News-Press]

Snowbird workforce

Migratory workforce is growing trend

What's not to like about this deal, work for the winter in Southwest Florida and the other three seasons in New England. Major employers are developing programs that provide for this type of seasonal transfer.

About 300 workers at both CVS and Home Depot are part of a snowbird programs that supports seasonal shifting to hotspots like Florida and Arizona. This is a creative concept that solves a number of problems associated with the retention of skilled workers and staffing for seasonal demand.

Snowbirds at work [Boston Globe]

Home prices drop in January

Existing homes resale prices drop 10.9 percent

The Lee County existing home resale market cooled in January, with the average sale price dropping from $322,300 in December to $287,200, a decrease of 10.9 percent. Sales volume was off 30 percent dropping from 1,084 to 751.

The question that remains unanswered is if this dramatic drop in January sales was impacted by the double counting issue that surfaced in early February. If in fact some sales in Lee County were being counted by both the Cape Coral and Ft. Myers Boards of Realtors, then previous numbers may have been incorrectly skewed upward for quite some time.

The inventory of unsold homes in Lee County is approaching 9,000, which equates to a nearly ten month supply based on 11,000 total sales in Lee County during 2005.

Collier County existing home resale prices were up 3.9 percent to $511,400 from $492,300 in December. Sales volume remained virtually the same with 264 in January and 266 in December.

Lee existing-home sales, prices drop in January [News-Press]
Naples home sales down 31 percent [Naples Daily News]