Easter Weekend Open House Saturday 10-1pm…..Egg-Ceptional Value, under $100 per SQ FT

The Top 3 Hottest Real Estate Markets

Trulia recently published its list of the 10 hottest real estate markets to watch in 2017, and-no surprise-several coastal markets made the list. Trulia based its ranking of the 100 largest metro areas across the country on five criteria: a high search interest, a decreasing rate of vacancy, high affordability, a high rate of job growth, and a high population of people happy with the outcome of the presidential election.

The “hottest” markets vary depending on who you talk to-Zillow’s ranking of the hottest markets of the year looked very different. But if you’re looking for coastal real estate in an affordable city that has few people moving out of it, this list of the hottest coastal markets of 2017 might offer some suggestions. If you’re looking to capitalize on the recovering housing market and purchase your dream coastal escape, consider these hot markets:

1. JACKSONVILLE, FLORIDA

Number one overall and number one on the coastal list, Jacksonville has a high rate of job growth and high interest from out-of-towners looking to move there. Best of all, it’s more affordable than other, similar markets in the state.

2. CAPE CORAL-FORT MYERS, FLORIDA

Coming in at number two both overall and for coastal metro areas, the Cape Coral-Fort Myers area on Florida’s Gulf Coast has the fourth-highest rate of job growth in the country and a falling vacancy rate as people flock to its sunny shores.

3. DELTONA-DAYTONA BEACH-ORMOND BEACH, FLORIDA

Number three for coastal areas and number three overall on Trulia’s list, this area on Florida’s Atlantic side has a rate of job growth to match the Cape Coral-Fort Myers area and a great ratio of people looking to move there vs. people looking to move away-not to mention its long, sunny days and high temperatures year-round.

4. TAMPA-ST. PETERSBURG-CLEARWATER, FLORIDA

The Tampa-St. Petersburg-Clearwater metro area is on the Tampa Bay, on Florida’s Gulf side. It came in at five overall but is number four for coastal areas, with great job growth and affordability.

5. CHARLESTON-NORTH CHARLESTON, SOUTH CAROLINA

Charleston has been in the spotlight as a tourist hotspot so much lately that it’s not surprising that it’s also a great place to move. Ranked number seven overall and number five for coastal areas, this Lowcountry port city has a huge number of people looking to move there (while few are looking to move away), good affordability, and decent job growth-and an amazing culinary scene.

The next five coastal cities share the previous five’s high interest, good affordability, and job growth. Read on for the next best coastal areas to live:

6. NORTH PORT-SARASOTA-BRADENTON, FLORIDA

7. WEST PALM BEACH-BOCA RATON-DELRAY BEACH, FLORIDA

8. FORT LAUDERDALE-POMPANO BEACH-DEERFIELD BEACH, FLORIDA

9. NEW ORLEANS-METAIRIE, LOUISIANA

10. SAN DIEGO-CARLSBAD, CALIFORNIA

This article was originally published on CoastalLiving.com

Cash Rules Southwest Florida Home Sales

Cash is king in Southwest Florida where the certainty of a quick, uncomplicated home sale can trump a higher offer that’s at the mercy of a bank loan officer.

That’s what local buyers, sellers and brokers alike say, and the sentiment is borne out by a recent report by Irvine, Calif.-based housing data company RealtyTrac.

Among metro areas with 500,000 or more residents, Cape Coral-Fort Myers is No. 1 with 73.6 percent of its home deals in cash in the first quarter, according to the report.

 

Screen Shot 2014-05-17 at 6.44.01 PM

The Naples area wasn’t included in the report because it has fewer than 500,000 residents.

“It’s amazing how much cash offers there are,” said Courtney Neuhausel, co-owner of Fort Myers-based Sandbill Homes, which buys and sells homes and property. “You would think things would be tighter” with the recession still vivid in people’s memories.

He cited an example of a purchase brokered by Sandbill in which the buyer “offered $20,000 under list price, and the seller took it just to have the comfort of knowing it was a done deal.”

But deals don’t always play out that way, Neuhausel said, because someone in no hurry to sell won’t be swayed by the prospects of a speedy transaction.

Still, he said, some sellers — especially of land — buy and sell at a rapid pace and won’t deal with anything but cash offers because they can’t afford the delays and the uncertainty that go with financing.

When Sandbill buys land, Neuhausel said, he has to close the deal quickly and irrevocably. “If I have a nonretractable contract and I put $5,000 down, I don’t want to walk away from that money.”

Jeff Tumbarello, owner/broker of North Fort Myers-based Steelbridge Realty, said the difference between cash and carry can cut both ways.

A cash buyer using his own money might be unwilling to bid up to the price needed to close the deal in a rising market, he said, while “a leveraged buyer will pay more” because he’s financing the deal with a loan.

In that case, Tumbarello said, “the narrative favors the leveraged buyers, who are able to respond more to the sellers.”

Bob Knight, co-owner of Cape Coral-based Paul Homes, said that for a buyer having a house built, there’s been a recent shift back toward financing.

“During the recession it was more cash for building new construction because it was difficult to get financing,” he said. “Banks were still reeling because of what happened. Now, in the past 18 months, the banks have opened up a lot more.”

As a result, Knight said, some of his clients who have the wherewithal to simply write a check are financing because low interest rates make that a more attractive proposition.

From a builder’s perspective it’s a wash, he said. On the one hand, “With the bank, the money’s in place and it will be to the end of the project. It’s more work, though, dealing with the bank’s regulations.”

Dealing directly with a buyer is generally simpler but the builder has to make sure he’s good for the total cost of the project,” Knight said. In the end, “It’s probably about the same amount of time.”

Mike Diamond, of Diamond Custom Homes, who builds upscale houses in Lee and Collier counties, said his clients generally can pay cash although sometimes they choose strategically to use a private banker or a line of equity. “Most of these people aren’t obtaining a mortgage.”

Also, he said, a lot of customers simply have a lot of cash lying around with no attractive options to invest it: interest rates are low and the stock market is arguably over-bought after five years of strong gains.

“There’s just a lot of cash on the sidelines,” Diamond said.

No Spring Slowdown for New-Home Sales?

Screen Shot 2014-03-03 at 9.48.56 AM

Single-family new-home sales surged in January to a five-and-a-half-year high, giving the industry new hope that the new-home sector isn’t heading for a slowdown this spring after all.

New-home sales rose 9.6 percent to a seasonally adjusted annual rate of 468,000 units in January, the highest level since July 2008, the Commerce Department reports.

Regionally, new-home sales  in the South jumped 10.4 percent.

“The fact that the cold weather that hit much of the country didn’t stop home buyers from going out and purchasing a piece of the American dream is a great sign,” says Kevin Kelly, chairman of the National Association of Home Builders. “However, the very low supply of new homes on the market and the continued concern of available buildable lots still have builders cautious about getting ahead of themselves.”

The inventory of new homes for sale held mostly steady in January, remaining at a tight 4.7-month supply at the current sales pace. Last month, housing starts had posted their largest decline in nearly three years, sparking concern that the new-home sector was headed for a downward spiral with rising mortgage rates and home prices.

But in January, new-home sales increased 2.2 percent from a year ago, and the median price of a new home rose 3.4 percent to $260,100 compared to year-ago levels. The pace of home-price rises has slowed in recent months, the Commerce Department notes.