Gulf Coast Associates' Blog: Local SW Florida

Despite continued good economic growth here in Southwest Florida, existing single family home sales in Lee County were down in June. The area, known as Southwest Florida's Lee Island Coast, includes the cities of Bonita Springs, Cape Coral, Estero, Ft. Myers, Fort Myers Beach and Sanibel & Captiva.

The volume of single family homes slipped 37% from a year ago to 558 sales. Also, the median price dropped to $253,900, down 5% from June 2006. However, the price in Lee County stills fairs better than most other areas within the state, where the median price for all home sales fell to $243,200.

What appears to be happening is the market is beginning to balance - you can't continue to compare the 2005 levels as something that would be a "normal" selling year -…

The mid year real estate market statistics for both Pelican Landing home and condominium sales are listed below. Pelican Landing is an upscale gated golf community with excellent amenities that is considered one of Bonita Springs' premier communities. Its properties are highly sought after for purchase by savvy buyers looking for the best of living in Southwest Florida.

Pelican Landing Home Sales Jan-Jun 2007:

• 24 Closed Sales
• Average Sales Price - $771,600
• Average Days on Market - 174
• Price/Sq. Foot - $313.81

Pelican Landing Condominium Sales Jan-Jun 2007:

• 20 Closed Sales
• Average Sales Price - $367,963
• Average Days on Market - 138
• Price/Sq. Foot - $215.32

In comparison with 2006 sales data, for…

Home sales are sluggish, prices are dropping, but buyers still are not making the move! What's up? The number one reason is price - this one is very obvious. Many Southwest Florida sellers still don't accept that the boom of 2005 is over! The days of buyers standing in line to make offers passed with more than a whimper - it was an explosion. So, if your agent and the data say the home is too high - if you truly want to sell you need to lower your price to be more in line with what the market will bear.

Now, that does not mean you must give away your property, but it also doesn't mean that you should expect to double what you paid for it only 3 or 4 years ago either. Most real estate markets are efficient and over time will tell you the real value of your…

It should come as no surprise that Lee County in Florida is the third fastest growing Metro area in the United States. Combining absolutely year round gorgeous weather (average mean temperature 83 degrees), 50 miles of white sandy beaches, and being named as one of the Top 10 U.S. Travel Destinations has produced a 30% increase in residents during the past six years. Already known as a retirement mecca, the Lee Island Coast, encompassing Bonita Springs, Cape Coral, Estero, Ft. Myers and Lehigh Acres, is rapidly growing due to increasing employment opportunities and peoples' desires to live and work in a sub-tropical paradise.

Both Bonita Springs and Estero accounted for the most increased population in the late 1990's, but now Cape Coral and Lehigh Acres…