Hard to believe, but we just don’t have enough real estate inventory to satisfy the demand of all the buyers currently in the market here in Fort Myers. In many of our gated communities, much of the realistically priced inventory has been snapped up by eager buyers.
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The 2012 house pricing data released by the Federal Housing Finance Agency reveals that the Cape Coral-Fort Myers metro area had the fifth highest home price appreciation in the nation. According to the data which uses home valuations from both Fannie Mae and Freddie Mac mortgages for both new purchases and refinances, our prices appreciated by 6.73% in 2012.
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If fence-sitting home buyers need another data point about our real estate market recovery……..how about a 41.5% increase in new housing starts in 4Q12 vs. 4Q11. Housing data research firm Metrostudy reports that Lee County housing starts rose from 241 in 4Q11 to 341 in 4Q12.
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On average it cost just over $27,000 more to purchase a home in the Fort Myers area in 2012 than it did in 2011 with average selling prices increasing from $153,021 to $180,082. This increase of 17.6% in the average selling price is among the highest in the nation for the 2011 – 2012 time period.
[more] →I wish that I had a dollar for every time that I get asked, what will the owner take for that property? I usually pause, rub my hands over my virtual crystal ball and proclaim once again that over the last three years over 50,000 properties have sold in Lee County and the average selling price is 94% of asking price.
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There is a significant growing interest in 55+ active adult communities here in the Fort Myers area. Both web searches and page views for 55+ communities on our website are up over 20% in 2012 from the same time period in 2011. Our team has assisted numerous 55+ active community buyers this year and has collated some consistent themes
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The folks at the US Postal Service did a good job when they assigned zip codes to Cape Coral. The city has six zip codes, with three on the east side and three on the west side. The more populous Southeast and Southwest Quadrants each have two zip codes and the less populous Northeast and Northwest Quadrants each have a single zip code.
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Since its early beginnings, Cape Coral has been an attractive location for real estate investors. With relatively affordable property prices, a tight rental inventory and a growing pool of renters, it is possible for real estate investors to generate positive cash flow for their Cape Coral investments. Much of the housing stock in Cape Coral is not inside the gates of a communities with high HOA fees that eat into investor returns.
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The common theme from our team this past quarter was that buyer expectations were not aligned with the realities of the real estate market here in Fort Myers. Many out-of-town buyers showed up expecting to “steal” a foreclosed or short sale property for a HUGE discount off the asking price. The reality of the market [...]
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