Gulf Coast Associates' Blog: Local SW Florida

The following are tidbits of information we've come across that may be of interest for buyers or sellers of Southwest Florida real estate.

• A year after the Cape Coral utility expansion project came under fire and the federal government launched an investigation, the costs for water, sewer and irrigation lines have dropped from about $22,000 to $13,690.
• A weakened dollar combined with the slow real estate market continues to attract foreign buyers to Florida. The state ranked #1 in a recent survey as the most popular place for foreigners to buy property.
• U.S. House Bill HR 920 - The Multiple Peril Insurance Act of 2007 – moved out of the Financial Services Committee and has the potential to dramatically change the Florida property…

The mid year city of Naples real estate sales statistics for both homes and condominiums are listed below. Naples is considered the "Crown Jewel" of Southwest Florida's coastal cities. It is very well known for its 5th Avenue shopping, artists, world class resorts, mansions, and famous residents.

Naples Home Sales Jan-Jun 2007:

• 856 Closed Sales
• Average Sales Price - $1,057,057
• Average Days on Market - 197
• Price/Sq. Foot - $350.93

Naples Condominium Sales Jan-Jun 2007:

• 1058 Closed Sales
• Average Sales Price - $628,726
• Average Days on Market - 179
• Price/Sq. Foot - $308.76

In comparison with 2006 sales data, we've seen a 4% decrease in the average price for homes and a 10% decrease in the average price…

The mid year real estate market statistics for both The Vineyards home and condominium sales are listed below. The Vineyards is an upscale gated golf community with excellent amenities located in Naples, Florida.

The Vineyards Home Sales Jan-Jun 2007:

• 22 Closed Sales
• Average Sales Price - $872,922
• Average Days on Market - 193
• Price/Sq. Foot - $326.21

The Vineyards Condominium Sales Jan-Jun 2007:

• 25 Closed Sales
• Average Sales Price - $408,120
• Average Days on Market - 158
• Price/Sq. Foot - $216.42

In comparison with 2006 sales data, for this same time period, we've seen a 23% decrease in the average price for homes and a 28% decrease in the average price for condominiums. Average days on market rose…

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…