Pending Home Sales Leap 5.5% in February

WASHINGTON (March 29, 2017) — Pending home sales rebounded sharply in February to their highest level in nearly a year and second-highest level in over a decade, according to the National Association of Realtors®. All major regions saw a notable hike in contract activity last month.

The Pending Home Sales Index,* www.nar.realtor/topics/pending-home-sales, a forward-looking indicator based on contract signings, jumped 5.5 percent to 112.3 in February from 106.4 in January. Last month’s index reading is 2.6 percent above a year ago, is the highest since last April (113.6) and the second highest since May 2006 (112.5).

https://www.nar.realtor/news-releases/2017/03/pending-home-sales-leap-55-in-february  

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

The good ole days……. so they thought

Like any frontier town, Cape Coral’s first businesses included a grocery, a bank, a newspaper and, well, like any Florida frontier town, a realty—aptly named Wonderland Realty, as most early buyers were wondering what they had gotten themselves into. They seemed to be abandoned in the middle of a strip-mining operation. In one direction, nothing but miles of white sand and raw canal banks; in the other, glittering water. They were marooned in “Wonderland.”  more

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

Daniel’s Land Project

Changes in county land use rules that could bring another 2,000 homes to sites near Daniels Parkway will go before county commissioners in the coming weeks.

Neighbors of one are battling against the change, while the other faces little opposition.

A county panel that makes recommendations to county commissioners on changes in the Lee Plan, the county’s basic land planning document, has endorsed the development of 1,315 new homes on a site at Daniels and State Road 82 that’s currently a part of the protected Density Reduction/Groundwater Resource area.

The Local Planning Agency gave a negative recommendation to a county proposal that would rezone an area at Palomino and Apaloosa lanes off Daniels to allow an additional 693 housing units.


Read More:
New Daniel’s Complex

 

 

Forclosures Decline, Home Sales Up!

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The median price of an existing single-family home in Lee County was $200,000 in June — an 8.1 percent increase from $185,000 in June 2013.

Also, sales of existing homes in Lee County in June spiked up from the same period last year, according to numbers released Tuesday by the Realtor Association of Greater Fort Myers and the Beach. However, the number of sales and the size of inventory decreased slightly from May.

Steve Koffman, broker and associate for Century 21 Sunbelt Realty in Cape Coral, said only the median price is up.

“If you look at waterfront properties, those prices are looking pretty flat,” Koffman said.

In May, the median price for a house was $195,000.

In June, there were 1,213 single-family sales, up 15.3 percent from last years’ 1,052 sales. Despite the increase, single-family home sales are down 6.2 percent from May 2014’s 1,293 sales.

“Buyers, in general, are declining,” Koffman said.

Short sales and foreclosures made up 20.1 percent of single-family home sales in June, while traditional sales made up 79.9 percent. Short sales and foreclosuresmade up 22.3 percent of sales in May 2014.

“Foreclosures and short sales are declining,” he said. “Those were remnants of people affected by the real estate crash.”

In Collier County, the median price for a house rose to $392,000 from $322,000 in June 2013.

 

The existing homes market is starting to level off from the real estate crash eight years ago.

The inventory of single-family homes for sale in June was 5,229, up 5.5 percent from June 2013. June’s inventory was down 311 from May 2014.

Increased prices gives people a chance to put their homes up for sale and then become buyers.

 

Foreclosure rates in Cape Coral-Fort Myers decreased for the month of May over the same period last year.

Information compiled by CoreLogic reveals that the rate of Cape Coral-Fort Myers area foreclosures among outstanding mortgage loans was 4.02 percent for May, a decrease of 3.11 percent in May 2013 when the rate was 7.13 percent. Foreclosure activity in Cape Coral-Fort Myers was higher than the national foreclosure rate, which was 1.73 percent in May.

Also, the mortgage delinquency rate in Cape Coral-Fort Myers decreased. In May, 7.27 percent of mortgage loans were 90 days or more delinquent compared to 11.25 percent for the same period last year, representing a decrease of 3.98 percent.

Source: CoreLogic

Highlights from reports

  • Highlights from the June 2014 existing homes reports:
  • In Lee, the median price of condos increased 5.6 percent in June to $171,000 from the $162,000 it was in June 2013.
  • The percentage of sellers getting the original listing price was 92.8. This is a 1.1 percent decrease from the 93.8 percent it was in June 2013.
  • The median days home was on the market in June was 53. This is a 7 percent decrease from June 2013, which was 57 days.
  • In Collier, closed sales on houses jumped to 419 from 408 in June 2013. Sales at $2 million or more declined to 16 from 22 in June 2013.

Sources: Realtor Association of Greater Fort Myers and The Beach; Naples Area Board of Realtors

Cape Coral-Fort Myers Leads In All-Cash Home Sales

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Cape Coral-Fort Myers leads the nation in all-cash home sales, according to statistics released today by Irvine, Calif.-based housing data company RealtyTrac.

Nationally, the share of all-cash sales reached a new high in the first quarter even as the share of institutional investor purchases dropped to the lowest level since the first quarter of 2012, said RealtyTrac’s Q12014 U.S. Institutional Investor & Cash Sales Report.

Among metropolitan statistical areas with a population of at least 500,000, those with the top five highest percentages of cash sales were all in Florida: Cape Coral-Fort Myers (73.6 percent), Miami (67.1 percent), Sarasota, (65.1 percent), Palm Bay, (64.1 percent), and Lakeland, (61.8 percent).

“Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” Daren Blomquist, vice president at RealtyTrac, said in a written release.

“The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers — including individual investors, second-home buyers and even owner-occupant buyers — to fill the vacuum of demand left by institutional investors,” Blomquist said.

15 percent of all-cash purchases in the first quarter were properties in the foreclosure process, and 10 percent were bank-owned properties.

Other findings in the report:

  • 11 percent of all-cash purchases in the first quarter were to institutional investors, investors buying at least 10 properties in a calendar year.
  • 52 percent of all-cash purchases in March (most recent month’s data only available for this metric) were sold to buyers with a different mailing address than the property address — indicating investors or second-home buyers. That compares to 34 percent of all sales — cash and financed — sold to investors or second-home buyers in March.

The average sales price of an all-cash purchase in the first quarter was $207,668 — 13 percent below the average estimated full market value of the properties that were purchased: $237,900.

Condo Market In SW Florida On The Rebound

Cape Harbour 1

Mike Banson recently handled the last sale of a bank-owned condominium at the 13-floor North Star Yacht Club on the Caloosahatchee River in North Fort Myers.

That’s a sign of the times in Southwest Florida, where the condo market has enjoyed a resurgence in the past year as single-family prices bounced back from the depths of the recession.

“I was the on-site agent for about six years, selling out all the bank-owned units,” said Banson, of Vision One Realty Group — the last unit, a penthouse, went for $531,000.

Naples-based land-use consultant Michael Timmerman, president of MJT Realty Economic Advisors, said the condo sector is doing well for sales prices, although for larger projects the cost of construction still makes it impossible to build new ones.

Projects building on a smaller scale have had better luck.

Jeff Barney, spokesman for Santa Luz LLC, said the company’s condominium Santa Luz, which started sales in February, is sold out of all but two units of the 20 in its first phase.

The project, off Daniels Parkway east of I-75 near JetBlue Park, consists of buildings with four units in each one.

“We had a very busy season,” said Barney, adding that another eight units will go up for sale within three weeks with 36 more to come.

“Most of the buyers we have are snowbirds and what they really get drawn to is the maintenance-free lifestyle,” he said. “They can leave for six months and come back and everything looks exactly the same.”

Because of its location in Gateway, Barney said, “We’re getting some young families. The last two we sold have been to folks about 40.”

Commercial real estate broker Steve Luta said he thinks there will be interest by builders in smaller projects in and around downtown Fort Myers.

That could offer a more urban lifestyle with buildings situated near the jobs, restaurants and nightlife of downtown, he said. “Some people don’t want the single-family home, lawn maintenance, pool, and all that stuff.”

Gary Tasman, founder and executive director of Cushman & Wakefield Commercial Property Southwest Florida, said new construction such as Santa Luz and Neill Communities’ Villa Palmeras, are selling well in Lee County.

“There are already home builders building condos and they’re selling as fast as they can get out of the ground,” he said.

There would be a market for new high-rise condos as well, Tasman said, but that sector — hard hit when the market imploded at the end of 2005 — is still being sold cheaply enough that the cost of new construction is far more than buying an existing one.

Banson said that’s the case at North Star, where “a lot of the units may be in the $150-per-square-foot range. It would take $300 a square foot to build this product again.”

Towers will first rise again directly on the Gulf of Mexico between Estero to Marco Island, he predicted.

For that type of construction, “The prices need to push $500 a foot to be viable right now,” he said. “It’s probably $400 right now.”

Still, Tasman said, prices are rising fast and new Gulf-front towers may come sooner rather than later. “It wouldn’t surprise me if we hear an announcement of a new Gulf Front tower within the next 12 months.”

Connect with this reporter: @DickHogan (Twitter) or email dhogan@news-press.comBy Dick Hogan

Condo costs

The cost per square foot of building a Gulf-front skyscraper condominium:

• $250 hard construction costs

• $75 soft costs (marketing, advertising etc.)

• $81 25 percent developer profit

• $101 land

Lee County Home Sales Jump In March

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TechVenture Real Estate is happy to inform you that Single-family-home sales jumped in March, according to statistics released today by the Realtor Association of Greater Fort Myers and the Beach.

A total of 1,068 homes were sold in March, up 37.1 percent from 779 in February.
However, the March sales were down 7.1 percent from March 2013, when 1,150 were sold.
The median sales price was $185,000 in March, the same as February but up 8.8 percent from March 2013.

Median price for condominiums in March was $162,000, up 4.5 percent from $155,000 in February.
Single-family homes spent a median of 48 days on the market before coming under contract in March, and the average home sold for 93 percent of its listing price. In March 2013 those numbers were 54 days and 93.6 percent.

Condo Revival Slowly Emerging

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The condo market is on an upswing, but sales are still more than 30 percent short from its peak.

From 2009 to 2013, condo sales increased more than 55 percent, while total existing home sales rose by 29 percent during that time period, according to National Association of REALTORS® data. In comparison, during the boom years between 2001 and 2005, condo sales rose more than 50 percent and existing-home sales increased by 37 percent.

While the share of condo sales to total existing-home sales is nearing pre-recession levels, the number of sales is still not at its peak, the CoStar Group notes.

“Today’s condo market does not involve the irrational speculation of the mid-2000s, when renters fled apartments to get a share of the expanding home price pie,” CoStar Group reports. “A portion of the current sales are often to foreign investors in condo-rich markets like South Florida and to current home owners looking to downsize.”

In its latest existing-sales housing report, NAR reports that the median existing condo price was $198,600 in December, up 10.9 percent over year-ago levels.