Wink News covers the explosion of new businesses opening in recent months in the Downtown Fort Myers River District. While this has been a real long time coming…….it sure feels good to see the area gaining momentum and becoming something more than the seat of the Lee County Government and a home to hundreds of empty condos.  Everyone agrees that the street closings for new pavers sidewalks and planters were an inconvenience epic proportions over several years, but the fruits of this effort are real……Downtown Fort Myers now has a beautiful streetscape that is welcoming workers, residents and guests.

One of the lifestyle trends gaining meaningful momentum across the country is a move to living in an urban environment where residents can enjoy life without 100% dependence on an automobile.  Many American cities are experiencing an inner-revitalization and it sure feels like Fort Myers deserves a seat at the urban revitalization table.

While riverfront high-rises like High Point Place and the Oasis get much of the downtown real estate ink, there are a multitude of interesting options for urban living in Fort Myers.  Historic Dean Park is home to about 70 eclectic single-family homes built in the early 20th century, many of which have been meticulously restored to their original grandeur.  The River District is also home to one of the area’s few loft-style projects, Earnhardt Condominiums.

If you are interested in learning more about Downtown Fort Myers real estate options, here is a resource to search for a new condo or home in the Fort Myers River District.

Its fascinating to imagine the Fort Myers that Thomas Edison, Henry Ford and Harvey Firestone experienced back in the early 1900s.  No RSW, I-75 or air conditioning.  There was no Daniels Boulevard, Gulf Harbour, Sanibel Bridge or Estero.  Cape Coral was known as Redfish Point, uninhabited and dominated by stands of mangroves.  What did exist 100 years ago was iconic Mcgregor Boulevard, where both Edison and Ford elected to build their Fort Myers getaways.

With the wide Caloosahatchee River as a backdrop, McGregor Boulevard runs from Cleveland Avenue in the north to the Sanibel Causeway in the South.  Passing through historic Old Fort Myers, McGregor Boulevard is lined with majestic royal palms and stately riverfront homes.  McGregor traverses several of Fort Myers’ early neighborhoods including Allen Park; Burtwood; Edison Park; Riverside Park; Seminole Park and Valencia Terrace.   Many of the Mediterranean revival homes in these venerable neighborhoods have been meticulously restored to their early 20th-century grandeur by their owners.

With many Americans now favoring urban walkable neighborhoods over distant exurbs, the McGregor Boulevard corridor is an area in Fort Myers that supports this lifestyle.  Restaurants, parks, museums and Downtown entertainment venues and office buildings are walkable from McGregor Boulevard.

Housing options along McGregor Boulevard are available in a wide range of architectural styles and price ranges.  Several riverfront estates are currently available including 2474 McGregor Boulevard, which is located four houses away from the Edison Estate and features 4 BR / 5.5 BA and 5,572 SF of living space.  The negative edge pool and waterfall at this home was constructed by the contractor who built the Pirates of the Caribbean attraction at Disneyworld.

Here is a resource to view available McGregor Boulevard real estate listings.

The Residences at Coconut Point development continues to attract new buyers with 24 closings year-to-date in 2011 and 10 more sales presently pending.  Buyers are attracted to the urban lifestyle experience available at Coconut Point which is located above and adjacent to a 1.2 million square foot regional retail and office development.  Residents enjoy walking to a multitude of restaurants, clubs, shopping, cinema and office buildings.

The Residences at Coconut Point’s 290 units range in size from 1,000 SF to 2,000 SF and all feature private lanais or rooftop decks.  The communities’ amenities include a European-style swimming pool and a fitness center.

Currently both new construction and resale units are available at the Residences at Coconut Point.  Here is a resource to view active Residences at Coconut Point real estate listings.  Please inquire if you would like assistance in getting the best deal in this exciting and unique Southwest Florida community.

See larger image Retrofitting Suburbia, Updated Edition: Urban Design Solutions for Redesigning Suburbs (Paperback) By (author) Ellen Dunham-Jones, June Williamson List Price: $49.95 USD New From: $34.49 In Stock Used from: $39.33 In Stock

First Street Village is now accepting deposits for units at this new condo development in Downtown Fort Myers.  First Street Village will include both street level retail and 200 new condos in four mid-rise buildings.

The project, located in the River District across the street from the new Downtown Publix, caters to those seeking an urban lifestyle experience.  The prime location on West First Street offers walking access to all the dining, entertainment and cultural attractions in Downtown Fort Myers.

Pre-construction units at First Street Village start at $149,900 and the developer is accepting refundable $2,500 deposits to secure a spot.  Here is a resource to view available First Street Village listings.

See larger image The Smart Growth Manual (Paperback) By (author) Andres Duany, Jeff Speck, Mike Lydon List Price: $24.95 USD New From: $13.14 In Stock Used from: $7.41 In Stock

Many top land planing experts, economists and local leaders met yesterday in Downtown Fort Myers to discuss land planning for the next 25 years in the Fort Myers area.  The general consensus was that a shift is underway in America back to urban city lifestyles away from suburbia.  Generation X wants to live in a vibrant urban setting with walkability very high on the list of desirable community characteristics.

Much of Florida has been developed as a huge car-dependent suburbia with gated communities located away from downtown cores.  As new developers come along, they have pushed development further inward away from the coast and downtown cores.  Collectively, Florida needs to figure out how to motivate re-development in and near existing downtown cores, rather than plowing in the next palmetto field.

A question that we often get asked is, are there any neighborhoods or developments in Fort Myers that promote a car-free existence?

While Fort Myers will never be confused with the car-free urban lifestyle opportunities in major cities like New York, Chicago and Washington, DC, we do have some developments that are highly walkable on a daily basis.  Here are our picks for most walkable Fort Myers area developments:

• Earnhardt Condos – Downtown Fort Myers loft-style condos
• First Street Village – Downtown Fort Myers Condos
• High Point Place – Downtown Fort Myers high-rise condos
• Patio De Leon Condos – Downtown Fort Myers condos
• Pointe Royale – Downtown Fort Myers high-rise condos
• Residences at Coconut Point – Condos at Coconut Point Mall in Estero
• Riverside Club -  Downtown Fort Myers condos
• Sunset Royale – Downtown Fort Myers high-rise condos
• Sunset Vista – Downtown Fort Myers high-rise condos

Neighborhoods with alleys and garages tucked behind homes are a growing trend in American architecture as reported by the Denver Post.  This design allows for denser communities with car-free front yards.  This configuration facilitates more neighborhood interaction and activity in front of the homes.

One of the things that strikes new-comers to the housing market in Southwest Florida is that a majority of our residents do not park their car in the garage like up north.  With no basements and attics, many Floridians have turned their garages into the de-facto storage area and the cars get left in the driveway.  Many dense neighborhoods appear to be a sea of cars when you first visit them.

While rear-loading homes are certainly not the norm in Southwest Florida, there are  some neighborhoods designed with this configuration including the village residences at Paseo in Fort Myers.  Paseo village residences offer a variety floor plan configurations including flats, town homes and split-level town homes.

A short visit to the Paseo community allows visitors to realize that the community design is different than much of Southwest Florida.  The front yards of Paseo village residences are not dominated by automobiles.  What a refreshing change…..it is a shame that more communities are not built to this standard.

A visit to Paseo should be on the to-do list of anyone looking for a new home in the Fort Myers area.   Here is a resource to learn more about Paseo real estate.

In a region known for its auto-dependent gated-community lifestyle, an urban walker-friendly condo option is now available.  The Residences at Coconut Point is a residential condo community located at the vibrant Coconut Point Mall in Estero, Florida.  The community features eight mid-rise Mediterranean-inspired buildings with 289 residences located directly above or adjacent to Southwest Florida’s largest retail center.

High-end finishes are found throughout the Residences at Coconut Point including 10-ft ceilings, marble top baths, eight-foot solid core interior doors, soaking tubs, walk-in showers, and private patios or Julliette balconies with french-style doors.

Residence at Coconut Point amenities include gated parking, fitness center, pool and beautiful grounds with fountains, palm trees and gardens.

New construction units are available in 1,2 or 3 BR configurations and start at $149,000.  Here is a resource to view active listings and learn more about the Residences at Coconut Point.

The much anticipated First Street Village mixed-use project in the Downtown Fort Myers River District is now moving forward.   The team developing this project is original developer Camaratta Properties along with Real Capital Solutions, a Denver-based real estate investment company.

First Street Village brings true urbanism to Southwest Florida with 200 new condos joining the existing boutique retail on the site.   This downtown location, covering a block between West First Street and historic McGregor Boulevard, offers walking access to shopping, dining, entertainment, and many office buildings.

The residential component of this project includes four new mid-rise buildings with 200 new residences starting at $149,900.  Community amenities include a pool, spa, fitness center, club room and interior courtyard.  First Street Village pre-construction units are available starting November 12, 2010 and can be reserved with a $2,500 fully-refundable deposit.

History
The history of the Oasis is one of bad timing, a stubborn developer, a suspect location and a product not in tune with the Fort Myers market.  While the concept of bringing South Beach to Fort Myers is intriguing, we are town more closely aligned with conservative values brought here by throngs of retiring mid-westeners.  Downtown Fort Myers feels more like a mid-western city such as Toledo, Des Moines or Grand Rapids rather than a high-glitz place like South Beach.

Oasis came on-line late in the game, as the market was busting in Fort Myers.  While prices were tumbling around them, Jorge Perez and the team at Related stubbornly refused to drop prices to battle it out with the other high-rise projects for the remaining buyers still in the market. The unfortunate result of this strategy was almost no sales in the Oasis twin towers.

Location
While the views across the Caloosahatchee River from Oasis units are stunning, the location of the Oasis project has proven problematic for prospective buyers.  Oasis sits furthest to the east on SR 80 of any of the six major Fort Myers high-rise projects.  This location weighs in with a WalkScore of 32/100, classified as “Car-Dependent.”  Competing high-rise development, High Point Place, which is located furthest to the west of Oasis weighs in with a WalkScore of 95/100 and is classified  as a “Walker’s Paradise.”  Outside the front door of High Point Place, residents can find a Publix grocery store, Starbucks and the First Watch Restaurant.  While there are new sidewalks along First Street near the Oasis, this location does not lend itself to an urban car-free existence.  This significant difference in walkability has proven to be a major draw for High Point Place vs. the Oasis location with our clients.

Valuing the Competition
Over the past 12 months 88 condos have sold in the five downtown high-rise projects that compete with the Oasis.  The four projects east of Downtown along First Street have all sold on a $/SF basis in a very tight range between $96 SF – $104 SF.  High Point Place with its superior location and upscale finishes has commanded selling valuations of $153 SF.

Fort Myers High-rise Valuations

Valuing the Oasis
As there have been no sales at the Oasis in the past year, there are no comps to draw from in pegging a value for these units.  While the finishes at the Oasis are the best of the competition, the location is the least desirable with the lowest WalkScore rating.  Much of the pre-auction hype from the Oasis marketing organization has suggested values closer to High Point Place than First Street adjacent projects like St. Tropez and Riviera.  I believe that the best comp development for the Oasis is St. Tropez which sold on average over the past 12 months for $104 SF.  While Oasis is definitely more upscale with better finishes, St. Tropez has a slightly more desirable westward location and significantly less risk associated with the ongoing viability of the condo association.  For my valuation analysis, I am discounting the target price for Oasis units by 10% to cover the buyers premium that will be assessed to your bid price at the auction.

Reccomended Ceiling Bids for Oasis 11/20/10 Auction

Auction Representation

If you are planning on bidding at the November 20th 2010 Oasis auction, the above buyers premium adjusted comps would be the ceiling that I would advise a client to bid.  If you would like low-pressure information-rich Realtor representation at the auction or to look at other high-rise options, we would welcome the opportunity to work with you to find good value in this market.  Please drop us a note if we can be of service.

In TV terms the wonderful suburban neighborhoods of Leave It To Beaver, The Brady Bunch and Bewitched are fading and the urban lifestyles of the Odd Couple, Mary Tyler Moore and Frazier are coming of age.

What does this mean for the Southwest Florida and the greater Fort Myers area?  While no one is ever going to confuse Southwest Florida with the Upper West Side, we do have some really dynamic urban areas like 5th Avenue in Naples.  In recent years, a handful of urban-oriented projects have been developed or renovated that address this shifting lifestyle demographic.

Developments in the Fort Myers area offering an urban lifestyle experience include:

High Point Place – Riverfront high-rise in downtown Fort Myers walk to restaurants, Publix, Starbucks, offices, parks, theatres and museums.

Residences at Coconut Point – Condos located on the upper-levels of the Coconut Point Mall which has emerged as the destination in South Lee County.

Rapallo – Gated condos and villas adjacent and very walkable to the dynamic Coconut Point Mall

Cape Harbour – Waterfront boating community with vibrant boardwalk featuring restaurants, retail and community events.

Patio De Leon – Downtown Fort Myers renovated historic condos located above commercial space.

Earnhardt Condominiums – Downtown Fort Myers renovated historic condos located above commercial space

When the market turns and development starts up again, it would sure be wonderful to see more project like these completed rather than starter homes on random 1/4 acre plated lots in the hinterlands.

The lonely resident is a New Jersey firefighter who spends part of the year in Fort Myers.  Most owners in his Oasis I building have swapped their unit for a like one in the adjacent Oasis II building. Unfortunately, his lender did not go for the swap idea and he is stuck owning in an otherwise empty building.

Every mention of the Oasis  pulls this Maria Muldaur song from deep in the recesses of my mind:

http://www.youtube.com/watch?v=VUd3sX9mn9U

Unfortunately for the lonely NJ firefighter, it must seem like Midnight at the Oasis all the time!

Here is a resource to view current inventory at all the Fort Myers High-rise buildings.

• Leasing activity is increasing – drawing in younger tenants
• High Point Place sales are brisk – at slightly moderated prices
• First Street Village – will move forward in future
• Riviera – 75 units to be auctioned on 05/14/09

We have seen significant price reductions throughout the high-rise community in River District and a significant uptick in interest from potential buyers. Traffic on our Fort Myers high-rise web page has been particularly strong in recent weeks. The units at Alta Mar, Beau Rivage and the Riviera priced under $150K have been drawing significant interest.

It is most exciting to drive around Old Fort Myers and see the early architecturally important homes undergoing restorations. This renewal is happening in many of the venerable Old Fort Myers neighborhoods including Allen Park, Dean Park, Edison Park and Seminole Park. This renewal is most pleasing as so often in Florida, old neighborhoods fall into disrepair and are lost forever.

Another exciting Old Fort Myers development is the reinvigorated Edison Restaurant that has opened at the “Fort, ” the oldest country club in Southwest Florida. The new team at the Edison Restaurant has created a fun place to grab a meal or catch up with old friends or make a new one.

Exploring Historic Homes [News-Press]
Desirability of neighborhood withstands test of time in Fort Myers [News-Press]

Unlike some of our older livable cities like New York, Chicago, Washington DC and Boston, much of Florida was developed around the automobile. For many years, we have specialized in suburban-orientated, amenity-rich, gated communities, not urban focused settings.

The News-Press ran an uplifting story today about the growing urban scene in Downtown Fort Myers. I truly enjoyed reading about some of our residents who are enjoying an urban lifestyle. Many housing options are available in the downtown River District including high-rise condos and single-family homes in Historic Dean Park.

Downtown Fort Myers offers convenience with a historic vibe [News-Press]

First and foremost, Estero is close to the Coconut Point Hyatt where the Sox brass including Larry Lucchino stay during spring training. No more schlepping up US 41 through all those lights for the Red Sox bigwigs.

With one of the proposed Estero sites, it may be possible to share some parking with Germain Arena during spring training. This is a major plus for those concerned about the paving over of our paradise for a facility used only a few times a year. The access to I-75 from the proposed Estero locations is also outstanding, easing one of the major flaws associated with City of Palms Park.

Estero is home to the wonderfully upscale Coconut Point Mall, itself becoming a destination location for Southwest Florida. There is some really cool synergy in that Bob Kraft built a BassPro Shop next to Gillette Stadium in Foxboro…..it certainly makes sense to me that John Henry should build the Sox spring training home next to the BassPro Shop in Estero!

There are also linkage opportunities between the Red Sox and Florida Gulf Coast University. Having the Red Sox next door would certainly help put FGCU on the map up north in Red Sox Nation. An Estero location also expands the Red Sox drawing card to all of Collier County including Naples and Marco Island where many Beantown snowbirds like to hang.

A couple of neighborhoods in close proximity to a proposed spring training site that would prove very appealing to upscale Red Sox fans are Miromar Lakes and the Residences at Coconut Point. Miromar Lakes is recognized as one of the finest developments in Southwest Florida, with both a country club and magnificent freshwater lakes. The Residences at Coconut Point offer an interesting and unique urban living experience.

Let’s hope that Ray Judah and the rest of the Lee County leadership have the skills and resources to pull off a deal with the Red Sox in Estero.

Estero sites key to Lee County’s Red Sox designs [News-Press]

The misfortune of these high-rise quick-flippers creates an opportunity for today’s end-users looking for a Fort Myers high-rise deal. Currently, price start at $235,000 for a 3/2 at Beau Rivage and 149,900 for a 1/2 at Alta Mar. These prices are well below replacement cost for this type of waterfront construction. This is truly an end-user buying opportunity.

Economy Low Blow for High-rises

The Oasis condo finishes also set a new bar here in Fort Myers. Tower II high-end finishes include floor-to-ceiling windows, glass railing balconies, granite counter tops, stainless steel appliances and imported Italian cabinetry.

Currently, five resale units are available at the Oasis starting at $579,000.

The Downtown area of Fort Myers along the Caloosahatchee River has been formally named the “River District.” The goal of the new name is to accentuate the positive riverfront location and bring more people and businesses to the area.

The new River District logo released by the Fort Myers Redevelopment Agency is both catchy and visually attractive. I applaud Don Paight and his team at the Redevelopment Agency for recognizing the importance of segmenting the area around the river from the greater downtown.

If you are interested in living in the River District, your condo options include: Alta Mar; Beau Rivage; High Point Place; Palm Beach Landings; Point Royale and St Tropez.

For a single-family home in the River District, consider the lovely Dean Park Historic District.

Downtown Fort Myers no longer exists [NBC-2]
Downtown FM now ‘River District’ [News-Press]

With lackluster resale results at Fort Myers first downtown tower, Beau Rivage, the Vue investors are breathing a sigh of relief at the return of their deposit. Ultimately, a scaling back of the number of riverfront tower projects will help make the existing ones stronger.

High-rise investors offered refund [News-Press]

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]

First Street Village brings a fresh exciting approach to development in Downtown Fort Myers. The mixed-use project will include 356 luxury residential units, 38,000 square feet of office space, and 98,000 square feet of retail space to be anchored by a Publix supermarket.

Located on 12.5 acres between McGregor Blvd. and West First Street, I expect this project to have a similar impact on Downtown Fort Myers that notable projects like The Inner Harbor in Baltimore, Faneuil Hall in Boston and South Street Seaport in Manhattan have played in revitalizing downtown neighborhoods.

The developer of First Street Village is Ohio-based Cameratta Properties, who is also developing the Highpoint Place riverfront tower.

Please drop me a note if you would like to be added to the First Street Village registration list to receive ongoing updates about this exciting project.

Downtown Fort Myers Historic District is home to many of the oldest buildings in Lee County. This is an area that I remain bullish on for real estate investments. Just like waterfront property, they are not making any more historic downtown buildings.

With several renovations complete it is exciting to see national companies announce plans to open franchises in this area. The Starbucks opening later this year in the Kress Building will serve as a natural drawing card for other establishments. Quiznos is also opening a restaurant in the Kress Building.

Old city, new face [News-Press]

At 32 stories, High Point Place will be the tallest residential building in Ft. Myers and will contain a total of 273 units. Condo units are two and three bedrooms ranging from 1760 sq. ft. to 2230 sq. ft. The project is 100% pre-sold and pricing is estimated in the $850,000 to $1.5 million range.

High Point moving quickly [News-Press]

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]

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]

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]

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.

Kudos to Matrix for this post regarding a study by Sacramento State University that suggests overall region-wide housing costs drop if a central or downtown area has a 10% growth in housing. These findings differ from the long-standing belief that reducing sprawl drives up housing prices.

The study suggests that if sprawl is controlled housing prices could be expected to fall as buyers would purchase homes in a more dense setting. If sprawl is allowed buyers will seek out larger homes on larger lots, which are usually located further out from the urban center.

It will be interesting to see if the theory plays out here locally with the development underway in downtown Ft. Myers along the Caloosahatchee River. In theory, the buyers of a riverfront condo would probably be looking at a single-family gulf access home if the condo alternative was not available. With all the planned projects it seems feasible that we will approach the 10% downtown growth threshold.

Study: Growth control does not mean high housing prices [Central Valley Business Times]