The Real Deal

Live Like You’re Always on Vacation at Sandoval in Cape Coral, Fl

Michael Polly (Denny Grimes & Company) — Thu, 17 Dec 2009 13:39:08 -0600

If your family enjoys vacations, then why not live somewhere where the vacation never ends? Sandoval offers you a permanent tropical vacation in Florida's sunny Cape Coral. Sandoval is an exciting community where everyone no matter what age will have plenty to do and have tons of fun doing it!

Located just five minutes from the Gulf of Mexico and Pine Island, Sandoval is a resort style community that everyone will enjoy. In this family oriented community, your family will have lots of fun sliding down the 100 ft water slide at the Splish Splash Water Park, fishing for the "big one" at Calypso Lake, observing the Florida's beautiful wildlife along the paths of The Esplanade, or throwing a frisbee with your favorite pooch at Barkley Park, the community dog park. Sandoval also offers you lighted basketball courts, sand vollyball courts, a recreation field, tennis courts, Bocce Ball, a fitness center and is only a short walk or bike ride from the Cape Coral Sports Complex.

Come home to a vacation in one of Sandoval's carriage, single family or villa homes. Ranging from 1780 sq. ft. to 3474 sq. ft. and prices starting in the mid $100000s, Sandoval has the all the space your family needs to have fun and make memories in beautiful Cape Coral.

Michael Polly

mpolly@michaelpolly.com

http://www.michaelpolly.com

http://www.fortmyersrealestateagent.com

http://www.capecoralrealestateagent.com

Fort Myers Florida Real Estate - Catalina Isles

Michael Polly (Denny Grimes & Company) — Tue, 15 Dec 2009 13:45:26 -0600

Catalina Isles offers you the quality of D. R. Horton homebuilders who has been building quality homes for over 30 years. Fort Myers Florida presents a golden opportunity for this community located just minutes from Fort Myers Beach and Sanibel Island. As the largest homebuilder in the United States, D. R. Horton promises you that your Fort Myers home is built with integrity and value so that your family can focus on what is important and not have to worry about the functionality of your home.

No matter how big your family is Catalina Isles can accommodate your growing family in any one of its 13 floor plans ranging from 2,400 sq. ft. to 5,300 sq. feet.* Whether you need three bedrooms or 5, Catalina Isles offers you a variety of single family home options that allows you to find the home that best fits your family's needs right in the heart of Fort Myers. If you cannot find a ready-to-move-in home that fits your needs, you can purchase building lots and build your dream home at today's low prices.

Catalina Isles is a family oriented community that offers its homeowners several amenities to ensure that your family will have plenty of opportunities to create fun memories of their new home. Do not forget your sun block because your family will be enjoying the gorgeous Florida sun at the resort style pool and have your camera handy as well to capture the smiles your children will sport while enjoying the winding slide and monkey bars at the Tot Lot. Invite your friends and family to challenge your barbequing and entertaining skills under the BBQ Pavilion where you can enjoy a favorite Florida pastime with the people you love.

Catalina Isles is a gated, waterfront community that is located off Summerlin Blvd, just a short drive from beautiful Fort Myers Beach. Take advantage of Catalina Isles' great location and explore all the things that Fort Myers has to offer:

Coconut Pointe
Chloe's
Bell Tower 20 Theater
Gulf Coast Town Center
The Melting Pot
Barbara B. Mann Performing Arts Hall
Miramar Outlets
The Veranda
Fort Myers Beach

* Single family home prices range from $320,000 to $530,000.

Michael Polly

mpolly@michaelpolly.com

http://www.michaelpolly.com

http://www.fortmyersrealestateagent.com

http://www.capecoralrealestateagent.com

Botanica Lakes: “A Place the Whole Family Can Enjoy”

Michael Polly (Denny Grimes & Company) — Tue, 15 Dec 2009 12:07:54 -0600

Botanica Lakes is a family oriented, waterfront community that offers a variety of amenities to keep your family entertained and active. Envision yourself lying by the pool 300 days out of the year while your kids wear themselves out at the Children's Water Play Area. Or get your body ready for the beach in the aerobics studio and the fully equipped fitness center while your children work up a sweat interacting with other kids in the Children's Activity Center. If your family enjoys outdoor activities, explore the preserves with your family on the walking/bike trail or pump up your family's competitive side on the tennis courts, basketball court, or enjoy a friendly football game on the open sports field.

No matter how big your family is Botanica Lakes can accommodate your growing family in any one of its 14 floor plans ranging from 1,700 sq. ft. to 6,500 sq. feet.* Whether you need three bedrooms or 6, Botanica Lakes allows you to customize your home to your needs or has ready-to-move-in homes available to get your family settled even faster. Within this gated-community you will not have to worry about the safety of your family because all homes include an alarm system to protect your family from fire, carbon Monoxide and includes a medical emergency and fire alert to get you help fast.

This family oriented community is located in a quiet spot a short drive from the not so quiet hustle and bustle of the city of Fort Myers. Movies, restaurants, shops, boutiques, churches and sporting events are all minutes away. Botanica Lakes even has a future school site where your kids can develop their minds right down the street from your home.

*Single family home prices range from $150,000 to $370,000.

Michael Polly

mpolly@michaelpolly.com

http://www.michaelpolly.com

http://www.fortmyersrealestateagent.com

http://www.capecoralrealestateagent.com

Cape Harbour: Where Class Meets Nature at the Waterfront

Michael Polly (Denny Grimes & Company) — Tue, 15 Dec 2009 11:59:56 -0600

Nestled between the mouth of the Caloosahatchee River on the Gulf of Mexico and the barrier islands of Sanibel and Captiva, Cape Harbour is the ultimate boaters' paradise. Take in the beauty of Florida's wildlife amongst the preserves right from the balcony of your amazing new home. Or be your own captain and navigate Cape Coral's 400 miles of canals by boat. If waterfront real estate is what you seek, then check out all that Cape Harbour has to offer.

"Cape Harbour is the last of its kind, it is a brand new gated deep water yachting community with architectural controls to protect the select few who purchase here. Due to today's environmental concerns it is unlikely that this kind development will ever be available again. I've searched up and down both coasts of Florida and no other community offers what we have here; deep water - you can dock you boat right at your back door; architectural controls - you are assured of how this community will look; and finally - we're brand new. Everything in this luxury waterfront community is state of the art."

-Will Stout

If you are searching for a community to fit your unique style, you will have plenty of fashionable building plans at your figure tips within Cape Harbour's three waterfront enclaves: Harbour Preserve, Harbour Pointe, the Marina at Cape Harbour and their, not yet built, newest residential neighborhood, the Funky Fish Houses. Find a home that fits your needs whether it is a 7,000 sq. ft. residential house, 4,000 sq. ft. condominium, or a Key West Style Beach cottage that extends 25 feet over the water all within a price range you and your family can afford*.

Cape Harbour residents will enjoy the luxury of taking advantage of great dining at Rumrunners, the Joint, Pignoli, Run Agrounds or a variety of other restaurants located at Cape Harbour. Whether you are shopping for a boat, something for the pooches, new art pieces or just need a new look for you or your home, you will find it all within a short distance of your gorgeous waterfront home. For all you boater's, the Marina at Cape Harbour offers 76 deep water slips, a pump-out station, a sheltered harbor, fuel, indoor boat storage, bait and tackle shop, as well as boat sales and service.

*Single family homes range from the mid $300,000 to $4 million and condos from $160,000 to $1 million for a penthouse view of the marina.

Michael Polly

mpolly@michaelpolly.com

http://www.michaelpolly.com

http://www.fortmyersrealestateagent.com

http://www.capecoralrealestateagent.com

Summer heat in the real estate market

Michael Polly (Denny Grimes & Company) — Mon, 20 Jul 2009 06:30:43 -0500

It was 94 today and my pool was 92. Hard to cool off even getting wet. The real estate market in Lee County is experiencing the same heat. Sales are registering a blistering pace with 1742 pending resale homes in Lee County.

Inventory fell to 10,300 single family resale homes. That's one percent less than last month. Pending sales were almost 2% meaning there is new inventory still out pacing sales.

Of the sales, over 61% were under $100,000. With out these, sales would be 1072 less. This is the market that is on fire and where buyers are seeing values they can't pass up. Homes above this price are still facing an uphill battle with some upper price ranges facing 100 months of inventory. Current available inventory is available in real time at HOMEY.com

Still seeing this level of demand speaks well for the interest of people to be near our waters and living in the hot sunshine of SW Florida. The heat that's here even when the artic wind blows in the north. Remember to put the sunscreen on when your on the beach New Year's eve.

Michael Polly

http://www.michaelpolly.com

What do the Fort Myers area and President Obama have in common?

Michael Polly (Denny Grimes & Company) — Mon, 09 Feb 2009 19:26:10 -0600

Tomorrow President Obama will visit Fort Myers for a townhall meeting. Here he will discuss the economy and our economic outlook. Both President Obama and this area have a long road to recovery ahead.

He is scheduled to visit Lehigh Acres and look at the foreclosure problem faced in this area. The media will no doubt talk about how bleak things look and no doubt they appear that way. However there is another view point.

Many people in this country and others would love the opportunity that is presenting itself if they only knew about it. When in the last 30 years can you remember a time when you could buy a newer home, close to the beach, where the sun shines on average 340 days a year. Where the temperature averages in the 70s and 80s and boats are almost as common as cars.

I think the media will focus more on the negative rather than the positive. So if you or anyone you know has ever thought about walking in the sand on a warm winter evening or playing some of the top golf courses in the country then tell them now is the time.

Michael Polly
Vice President

Denny Grimes and Company, Inc.

Check out our new search engine: HOMEY.com

Pulling the Wool Over Our Eyes

Michael Polly (Denny Grimes & Company) — Wed, 01 Oct 2008 21:22:58 -0500

Sheep, Comptrollers and Rum provide much needed relief to wallstreet.

My reasons why the new and improved bailout plan is our new hope. A chance for a new beginning and will save our homes and economy from impending doom.

1. Increase in limit on cover over of rum excise tax to Pureto Rico and the Virgin Islands

While not well written "cover over of" know that on our next cruise or visit to the southern carribean we'll all be in good spirits! I could probably not even go into point 2 and 3 of why this great plan will work! Directly from the bill I kidd you not.

2. Study and Report on Margin Authority

Directly from the bill "The Comptroller General shall under take a study to determine the extent to which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis."
It does not say what this will cost, I'm sure a fraction of the whatever billion. Doesn't it make sense to you that this would be something we would have already done to determine how to fix and prevent the current problems. Maybe before we put pen to a 451 page bill that contains more cr*p than a biomass refinery. Which by the way is also in the bill... that we would have already done as much analysis as possible before something of this magnitude.

3. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.

Now, there you have it. No pulling the wool over the public's eyes. We will all be rich next year from our tax break for the suspension on wool products and the wool research fund. I can't make this up.

Does this sound like I made this up. When I tell people about these subtitles and sub-sections they do not believe me. My dog looks at me this way when I try to explain carbon dioxide sequestration. If you don't understand this either search for "carbon dioxide sequestration" in the bill. You'll find it.

The bill is here in pdf format for your reading pleasure.

Do I think something needs to be done. Yes, when I make a bad decision there are consequences. There are people who need to pay for allowing this breakdown in our lending and banking policies. They were elected or hired to protect us from bad lending rules and wallstreet greed. There are CEOs and others that have profitted from this. Yes, we need intervention but we need accountability first or it will happen again.
There you have it. Housing and economic crisis has been averted. You can now go do your income averaging for amounts received in connection with the Exxon Valdez litigation. You guessed it, also in this bill.

Whew!

- Michael Polly

What makes 700 billion problems go away?

Michael Polly (Denny Grimes & Company) — Tue, 23 Sep 2008 22:00:26 -0500

My rants and raves with a bail out plan.

Three big questions are on everyone's mind today regarding the governments bailout of our financial institutions. 1) After a weekend to crunch options is this the best one? 2) Is it necessary? 3) Will it ultimately work? No one seems to have these answers.

Last week when the Federal Reserve and the US Treasury Department decided that we were in a mess and finally came to the realization of how dire a problem it is. This is my first problem. In a digital age where we wait for nothing, fast food, instant messaging and electronic everything, our economic system seems to still be using a quill pen. The definition of a recession to CNBC is 2 or more straight quarters of negative GDP. (Gross Domestic Product a measure of national income and output.)

To me that is like the TV weather reporter telling you it is clear out and it is pouring down the rain. STICK YOUR HEAD OUTSIDE AND LOOK BEFORE YOU SPEAK! Foreclosures, poor job outlooks, bad credit and failing banks have been here for months. Yet we have to wait until near collapse to be motivated enough to find try and fix it? We had to know in this age of instant everything, yet money puts blinders on many people. The plan does not seem to address people losing their homes. It does address saving big corporations who all have Wallstreet addresses.

Second problem I have with this type of intervention from our government. My father worked for 33 years for Bethlehem Steel from late 50s to the late 80s. He had a good job with a good US company. Foreign imports of steel and failure to be competitive caused the company to fail. My father lost his benefits and all that he had worked for. His retirement was worth zilch, zero, nada. No golden parachute for someone who dedicated his life to the company he worked for. In 33 years he had worked his way from shoveling coal to foreman of a mining operation when he retired. No government bailout either for this long time American steel company.

Last, lots of companies fail with good ideas and bad decisions. Some fail with bad ideas and good decisions. Yet they fail just the same. It is the price to be paid for mis-management. It is also the way our country was built. The strong survive, the weak, well they get bailed out in 2008...

I believe that Fed Chairman Bernanke and Treasury Secretary Paulson were on target to be afraid we were headed for a disasterous situation with our banks and money market funds. Maybe a year too late...

It takes a village to raise a President

Michael Polly (Denny Grimes & Company) — Tue, 23 Sep 2008 14:17:52 -0500

Wasilla's fame may indicate Sarah Palin's ultimate future

The Jeopardy category for $500 is Famous Hometowns. Alex Trebek reads the following answers: Indianapolis, Indiana; Carthage, Tennessee; and Casper, Wyoming. The contestants now have less than a split second to hit the button, signaling that they know the right answer (in the form of a question, of course).

I've discovered that you can't watch Jeopardy without playing along. My wife and I usually watch the show during dinner. Both of us are rather competitive, so we usually pay closer attention to the categories on the tube than the chicken on our plates. We try to be lightning-quick to be the first one with the correct answer. However, for the question posed above, both of us would sit in silence.

How about you? Would you know that the correct question is: "What are the hometowns of the last three vice presidents?"

What if the answer had been Plains, Georgia; Hope, Arkansas; or Crawford, Texas? Most of us would recognize these as hometowns of past or current presidents.

Don't you think it is strange that we know the hometowns of our presidents, but not the hometowns of our vice presidents? Sure, being the most powerful person in the world is a big deal, but the second most powerful person is still pretty high in the pecking order. Yet, less than half of Americans would be able to identify what side of the Mississippi River the vice president grew up on. That's sad, considering the odds of a correct guess are 50/50.

I wonder how many people know where Joe Biden grew up. Ask 20 people on the street, and 15 of them would probably ask who Joe Biden is. Even if they did recognize his name, few would be able to pick him out of a lineup, and an even smaller number would know where he is from. I don't recall seeing Greta Van Susteren or Geraldo Rivera running around Claymont, Delaware interviewing Biden's elementary school classmates. It wouldn't surprise me if Kristan Cole and Judy Patrick, both elementary school classmates of the Governor, have had more national air time than Mr. Biden.

Now, ask the same number of folks if they recognize the name Sarah Palin. Better yet, to make it fair, just show a picture of her. Unless someone just returned from four weeks in the bush, everyone would recognize the governor's picture or at least think it was Tina Fey portraying a vice presidential candidate on Saturday Night Live.

Face recognition is one thing, but it takes more than that to capture the interest of the nation. Jennifer Aniston may be one of the recognizable celebrities in the country, but most people's curiosity with her ends with wondering if she is still in love with Brad Pitt.

That is not the case with Governor Palin. America is starving for every tidbit of information they can find about her, her family and the town she grew up in. We know she wears Kawasaki 704 eyeglasses, uses Max lipstick and likes to crack jokes about pit bulls and hockey moms. We can recite the names of her five children (no easy feat if you are not a Van Halen fan). Her husband, the "first dude" as we have come to know him, has had more media exposure than Barack Obama's second dude.

However, what's most unusual is not our interest in the Palins, but rather our interest in the town that raised her. I have heard that since Sarah, as you locals call her, made her big announcement, you have had more reporters in Wasilla than moose. Anchorage is sold out of rental cars and the Windbreak Café is cooking up a storm. In fact, the only satellite uplink truck within 200 miles has been operating nonstop. Maybe a TV affiliate in Claymont, Delaware would consider selling its satellite truck to KTUU-TV in Anchorage, because they're not using it.

Some contend the media's main purpose for infiltrating Wasilla was to uncover information that could be used against the Republican ticket. I'm sure that was the motivation of many, but little did they know that the more air time they gave Wasilla, the more they raised the curiosity of the rest of the country, or as you call us, the lower forty-eight.

Wasilla has become the most talked about town in the U.S., and its name recognition is as strong as some recent presidents' hometowns. Is this a coincidence or could it be prophetic? Regardless of the outcome in November, what I have come to realize is that your governor - and possibly our next vice president - is the product of hundreds of good people like you, who call Wasilla home. The hand of God may have raised Sarah Palin to where she is today, but there is not a part of her life that doesn't bare your fingerprints.

Wasilla couldn't be located much further west from the center of the U.S., but it represents the same values, hopes and dreams of middle America. Wasilla isn't even considered to be in the "heartland" of our great country, although we are learning that you have a heart as big as your state. Your small town of 9,000 people has the attention of the world, and I believe that one day we will have much to thank you for.

Geographically, I live about as far away from Wasilla as you can get, yet I am proud to consider you a close neighbor. In fact, after some deliberation, I've come to the conclusion that you call the rest of the country the lower 48 for the wrong reason. You probably use that term because we are south of you, but I think it fits because the entire nation is looking up to you.

Wasilla, Alaska ...hum, seems like all the other vice presidential hometowns are just "palin" in comparison.

Author: Denny Grimes, CRS, ABR, MBA. Denny is President of Denny Grimes & Company, which is located in Ft. Myers, Florida. He can be reached at denny@dennygrimes.com.

Residential Market Watch: Chance to buy newer home at low cost fading

Michael Polly (Denny Grimes & Company) — Tue, 02 Sep 2008 10:16:56 -0500

By Michael Polly

Tropical Storm Fay has come and gone, but the rain it dumped on Lee County lingers. The ground is saturated and some streets are flooded. As much as we needed the rain, we are anxious for the way things used to be, like being able to walk to our mailbox without wearing our slickers.

Likewise, we witnessed our real estate market raining inventory for the past couple of years. It rained so hard and long that you could forget about walking to the mailbox, because the only way to get to it required something with Evinrude on the back of it. Our inventory is still at record levels, but we may have reached the high-water mark. In fact, in some sub-markets, inventory is receding.

A few observations after looking over the resale home contracts for July:

The number of homes for sale in specific submarkets is starting to dry up. Buyers are recognizing the value being offered today. Our real estate market, like the recent rain, had a problem with "run off." Buyers would make an offer on a property and if the seller didn't accept the offer, the buyer would just "run off" and make an offer on a different home.

Single-family homes that went under contract in July sold within 2 percent of the original list price and were on the market less than 45 days.

In contrast, homes that sold for more than a 2 percent difference from where they were originally priced and where they were priced when sold, took 148 days to find a buyer on average. More importantly, they averaged only 80 percent of the original list price. What this tells me is that when the numbers are in line, so are the buyers. Being realistic up front can save sellers money and time.

Buyers are recognizing a value priced home. In July 40 percent of the homes that went under contract had been on the market less than 30 days and went pending within 98.8 percent of the original list price. There was no run off as the buyers absorbed the value-priced homes. Having young families and first-time home buyers own and live in these homes is a foundation our market needs to be strong.

Last month in Lee County, under $100,000 there were 138 homes sold that were less than 5 years old. At that pace there is 9 months of inventory, while for homes older than 5 years old there are 12 months of inventory. This is a sale and a beauty contest all at the same time. The prettiest house at the best price goes first. In this case the newer homes that are value priced are the first to go.

Looking at Cape Coral there is 12 months of inventory for homes under $100,000. However, there is only six months of inventory for homes built in 2003 or newer. This puddle is drying up.

The opportunity to own a home less than 5 years old under $100,000 is limited. Homes under $150,000 will be the next to dry up. Most of these homes are below reproduction costs. The rain has stopped falling as the number of building permits being pulled has averaged less than 50 per month. There is now less than 14 months of inventory and only 12 months of inventory of homes built in 2003 or newer. New construction starts at $100,000 or just under with most builders. This typically does not include the home site, sewer, and/or water expenses. Buyers, the time to take advantage of the value is now.

This is not just true for the lower-priced homes. Homes in certain areas and at different price ranges are being recognized for the value they represent.

If you are a seller, the critical time is during the first few weeks. Ask yourselves "How many showings have I had?" If the answer is zero or a low number you need to act quickly and get your property priced to get noticed by the buyers that are out there.

There are still foreclosures that are flowing into our area like tributaries feed rivers. Foreclosures look to continue to add to our inventory levels and slow the drying-out process. The quicker this storm passes the faster our market will recover.

The media may paint a gloomy picture but you can still get sunburned on a cloudy day. So buyers, listen up: If you ever wanted to own a newer home the time is now. You better get those Ray-Bans on and start looking because the ground is beginning to show in a few areas. Remember it is better to buy one day early than one day too late.

As published in the News-Press

Has help really arrived for 1st time homebuyers?

Michael Polly (Denny Grimes & Company) — Fri, 01 Aug 2008 15:51:41 -0500

This past Wednesday, July 30, President Bush signed the recently-passed housing legislation (H.R. 3221) into law.

The new first-time homebuyer tax credit went into effect immediately upon the President's signature. What is all means to for everyone is still being questioned. Many hope the credit will convert "Just looking, thanks" home browsers into purchasers. This is remains to be seen. The downpayment assistance now offered as 3% of the purchase price by FHA is set to go away October 1st. This should give many who are thinking about taking advantage of today's once in a life time buyers market prices something to get them out writing offers on homes.

Here are some items we do know:

1) The legislation has two principal objectives: to offer affordable government-backed mortgages to homeowners at risk of foreclosure, and to bolster Fannie and Freddie with a temporary rescue plan and a new, more stringent regulator.

2) A permanent increase in "conforming loan" limits. The law will permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,500 from $417,000. (Except in Lee county, the formula is 115% of the median price.)

3) A new home-buyer credit. The new law includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500.

4) The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments.

5) A ban on down-payment assistance from sellers. The new law eliminates a program that has allowed sellers to provide down payment assistance for FHA loans. This alone could reverse everything the bill was designed to do.

6) The law would also increase to 3.5% from 3% the down payment requirement for borrowers getting FHA loans. Again this only makes it tougher for some to find the money to buy a home.

7) Bolster Fannie and Freddie - A late and controversial addition to the new housing law provides temporary authority for the Treasury to lend a financial hand to Fannie Mae and Freddie Mac if the Treasury deems it necessary to help stabilize markets. Concerns over whether Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) will have enough money to weather future losses in the housing market has sent shares plummeting in recent weeks. Since the beginning of June, Fannie's stock price has dropped 55% and Freddie's plummeted 64%. For the past year, they're both down over 80%.

Michael Polly - Vice President Denny Grimes & Company

Serving Lee County Florida, Cape Coral, Fort Myers, Lehigh Acres, Bonita Springs and Estero

Selling in this market doesn't happen without pain

Michael Polly (Denny Grimes & Company) — Fri, 09 May 2008 10:17:09 -0500

Sellers can minimize discomfort by selling sooner

"Denny, you have had our home listed for two months and it's still not sold. Don't you think we need to come up with some creative marketing ideas?" These were the words from one of my sellers this week.

Being a curious cuss, I asked them what they meant by "creative." They quickly shot me a couple of ideas like providing owner financing or being willing to lease-purchase the home. They even offered to vacate themselves, their kids and pets from the home, leaving their furniture and accessories behind. My puzzled look quickly prompted the explanation that they would be willing to move to a furnished rental so they (she) could have their life back. Cleaning the grout with a toothbrush every morning before work was cutting into the joy of home ownership. These sellers are not having fun. They are not alone.

Selling isn't for sissies, especially in this market. On the fun scale, putting the home you live in on the market ranks somewhere between being forced to attend a wedding (even your own) on any weekend day that happens to be sunny and a root canal without Novocain. It would stand to reason that if something caused that much distress a person would want to be put out of their misery as fast as possible.

Too many sellers make the choice to prolong the pain caused by the inconvenience of selling in order to avoid the greater pain of accepting the fact that the market value of their home is less then what they want or need. That's what prompts them to look for any alternative, other than a price change, that will shorten the sales time. There is no miracle cure, although I have heard that the maker of Night Diet, the diet pill you take at night that causes you to wake up skinny, is coming out with Night Sale. If you're lucky, they will throw in a set of steak knives with your order.

During the first quarter of 2008, there were approximately 2,500 pending home sales and 40 percent of those sellers were able to sell their home without changing their initial listing price. That does not mean the home sold for the asking price, because it probably didn't. It does mean that the listing agent gave good advice, and the sellers listened.

There is no such thing as painless selling in this market. The goal for sellers should be to minimize the pain. The successful sellers mentioned above had to deal with pain too, but they bit the bitter pricing pill at the beginning of the listing period, instead of months later. Their pain was short-lived because 60 percent of these sellers' property sold in the first 30 days. That is a manageable length of time to keep your home looking like nobody lives there.

Statistics also show that the faster you sell, the closer to the asking price you will get. For example, homes that sold in less than 30 days sold for 98 percent of the original asking price. But that percentage dropped to 94 percent, 89 percent, 86 percent and 79 percent for homes that were on the market 30, 60, 90 and 120 days respectively.

Another interesting fact is that if the property is not sold during the first 30 days the probability that it will sell without lowering the asking price drops by 66 percent. Of the 16,000 homes for sale it is alarming to see how many have been on the market for months at the same asking price. The real estate definition of insanity is to keep your property listed at the same asking price and expect different results.

Another benefit of selling fast is that you are eliminating market risk. Prices are declining, therefore the sooner you sell, the higher your selling price is going to be. I know a lot of sellers who wished they were realistic with their asking price 12 or even six months ago. The irony is that some of these sellers are still price resistant. I guess one can get used to driving a car by looking in the rear view mirror.

Success in this market is a team effort. The agent is responsible for an accurate representation, an appealing photo presentation and dissemination of the information to agents and prospective buyers. The seller controls the asking price, therefore the seller is the only one who can control the speed of the sale.

If your home hasn't sold yet, then you are facing one of two pricing scenarios. The first is that you have very little showing activity. This means that your home is priced so far out of the market that it is not even coming up on the buyer's radar screen. Your only course of action is a significant price reduction. The second scenario is that you have regular showings, but haven't received an offer. The good news for you is that your asking price is closer to market value, but you will have to tweak it a little in order to motivate a buyer to act.

I wish there was a magic potion, but that's it; there are no other answers, no painless quick fixes. I can come up with some creative marketing ideas such as hiring the Blue Angels to do delta rolls over the seller's home, but that won't cause it to sell. It will just make the day-sleeping neighbor mad.

Keep the Faith.

Denny Grimes - President Denny Grimes and Company

Residential Market Improves - In Spite of What You May Read

Michael Polly (Denny Grimes & Company) — Tue, 29 Apr 2008 06:58:28 -0500

I head up our research department and let me tell you I was glad Denny wrote this article. It is hard explaining the differences buyers and sellers when they read so much different information. It is our job to try and keep our clients ahead of the market and the investment we make in our data research plays a big part in this.

First Quarter posts double-digit improvement over ‘07

My voice mail message light was blinking when I arrived at my office one Monday morning four weeks ago. Believing optimism trumps pessimism, I envisioned the message would lead to new business; it would be a great beginning to a new week.

I was right, sort of. I could tell by the tone of the man's voice in the message that he was actually giving me the business because he did not like what he read in my latest article. I've learned that any message that begins with the words "Mr. Grimes" wouldn't be one I'd want to build my week on.

He basically accused me of lying in my article that came out in Sunday's paper, just a day earlier. I reported that pending sales for the first two months of the year were up 16 percent over the previous year. He was then kind enough to read from The News-Press that was tossed on his driveway early that morning. He gleefully read that "existing home sales have fallen since the beginning of 2007." I couldn't help but wonder why he chose to believe the more pessimistic of the two stories. He must be a potential buyer.

I'm a glutton for punishment, because I stand by my comment. In fact, let me update my report by saying pending home sales for the first quarter of this year are up 29 percent from the same period last year. Don't worry; there is plenty of room in my voice mail box, so if you feel you need to call and ball me out, be my guest.

Before you do, let me explain the reason for the discrepancy in the sales numbers. Notice, I use the word "pending sales," which means contracts that have been written but have not closed. The News-Press receives their monthly sales reports from the Florida Association of Realtors, and those reports use closed sales, although the word "closed" is omitted. I am trying to encourage them to add the word "closed," so it will be less confusing for the public.

Solid arguments can be made for both methods of measurements. Those that use the closed sales approach rightly state that a sale shouldn't be counted until it closes. Therefore, they only count closed sales. The disadvantage of that method is that closed sales measure what happened 30 or 60 days ago, not what is happening now.

The closed sales for January and February were lackluster because they reflected the market's velocity from last November and December, which are typically slower months. You will soon hear that sales (closed) are showing improvement. Why, because pending sales have been increasing, therefore there will be an increase in closed sales. It's not rocket science.

Your reporting method of choice will depend on when you like to receive your information. If you would rather watch The Masters via your TiVo over the Labor Day weekend, then you will prefer the closed sales approach. My preference would be to watch it live. Therefore, I prefer tracking pending sales because they reflect more of a real-time picture of the market's temperature. Sure, some of the sales will fall out and not close, but that percentage is as predictable as expecting Tiger Woods to be in the hunt during the final round. The bottom line is that sales are increasing, so why not talk about it now instead of two months from now?

Tops and Bottoms

Michael Polly (Denny Grimes & Company) — Wed, 02 Apr 2008 20:50:05 -0500

The news today that foreclosures may have peaked spawned the headlines "Lee's housing market bottoms out."

Working in the industry and studying the market intently I often sit back and wonder what this means. Correctly put I believe that it should say Lee's housing market may have hit the TOP of the foreclosures. (Maybe)

We are really looking for different signs that point to recovery. At the end of the article there is a mention that baby boomers may in a couple of years come back into our market and revitialize it. I would argue that they already are!

The reason they left or stopped buying in the first place was our market became overpriced and was seen as overvalued. Our cost of ownership put many out of the market with insurance and tax costs. Now as our market corrects we are seeing the buyers come out and buy. Many are baby boomers from all over the country. Evidence of this was seen in the recent liquidation sale at Coral Lakes.

We may be seeing the top of the foreclosure market only time will tell. We need to see the top of the inventory growth and we have not yet seen that as our inventory grew again in March to just over 16,150 for single family resale homes. Sales were good but no enough to create a drain on the inventory.

We are feeling and seeing the bottom of the builder market as they are building and selling as low as we will see. As fuel and transportation costs rise so will builders costs and so will the cost to the buyer. If there is a builder with inventory or putting footers in the ground today, it may be the bottom for this sub-market.

We still have to work through the bank sales and short sales and this process is like trying to suck peanut butter through a straw.

Sellers are still hurting adjusting to what the market will offer for their home. This is hard as these foreclosures are really putting pressure on prices.

These tops and bottoms are all good signs just like watching a wound heal. Our market is healing and buyers are starting to realize that the deals are here and now.

Michael Polly - Vice President Denny Grimes and Company

Good News for our Market

Michael Polly (Denny Grimes & Company) — Mon, 24 Mar 2008 11:40:05 -0500

Where are the buyers?

That question has been asked a lot over the last 2 years. Well, the answer is in and the buyers really did not go anywhere. The market and pricing left the buyers but the buyers didn't leave the market. Last Wednesday Coral Lakes, a gated community with nice amenities, went up for liquidation sale. Priced at levels that rolled back pricing to 3-4 years ago. The response has been overwhelming!

Buyers flocked to scoop up these tremendous deals. There were 116 homes and townhomes to be sold. The townhomes starting at $86,000 were the first to sell out. As of this post there are less than 30 homes remaining. These homes were priced at a 50-75% discount to what the builder was selling these homes at.

The response says volumes to the interest that is out there for people wanting to own a home in SW Florida. Cape Coral, Fort Myers and surrounding areas are full of deals like this and the news of this interest as it reaches the national level will be a great boost to our area.

Recent statistics show that our population continues to lead the state in growth. While our inventory levels remain high and many submarkets have a ways to go to be competitive in price, there are buying opportunities out there. Smart buyers are finding them and buying them.

Almost 1,000 people have expressed interest in Coral Lakes and that speaks volumes to the notion that buyers went away. Buyers are here and when the price is right they will act. Those that do not will look back and wish they had.

For more information on Coral Lakes http://www.dennyspicks.com

Michael Polly - Vice President Denny Grimes and Company 239.689.7600 http://www.michaelpolly.com

HOT Gated Community Blow Out Sale

Michael Polly (Denny Grimes & Company) — Tue, 18 Mar 2008 21:33:21 -0500

WHY CHASE BANK SALES AND FORECLOSURES?

In the next couple of weeks we will be releasing a gated community that will be sold at 50-75% discounts to what the developer was selling these homes at. They range in size from 1300 to over 3000 square feet. Loaded with upgrades that are basically free at these prices! These homes have never been lived in and are ready to move in. Close quickly and start calling it home. Prices will range from the low $100,000s to just over $200,000.

Ammenities include a spectacular club house, resort style swimming pool, lakes, tennis courts and more. These are the deals you have been waiting for. Information will be sent to those who have registered at http://www.dennyspicks.com

Maybe it's called Amendment 1 because it's just the beginning

Michael Polly (Denny Grimes & Company) — Tue, 29 Jan 2008 19:58:45 -0600

Proposal falls short, but is it a good start?

Floridians will have the opportunity Tuesday to give themselves a tax break. Amendment 1 increases the amount of the homestead exemption and initiates portability. A few other goodies were thrown into the proposal as well that will cause us to pay less in taxes. On the surface, it seems like a no-brainer, but anytime government is giving, versus taking, a "Proceed With Caution" sign should pop up in our brain.

I have scanned the editorial pages and the Mailbag of the local paper, as well as the online forums, so I have a basic idea of what certain groups think about Amendment 1. Ironically, there are more opinions than the number of dollars the average homeowner will receive in tax savings. That's surprising; because it's not often we get to vote to put money back in our pockets. One would think everyone would be in favor of that.

Based on what I have read, opinions seem to fall into one of four categories. They are: 1) yes, 2) yes ... but, 3) no and 4) no... but. Sounds like the vote could be split 50/50, doesn't it? But it won't be split. Let me tell you why.

Most of the "yes" voters are in favor of this proposal for two reasons. The first is that it returns dollars to the property owner, and the second is that this reduction in taxes will stimulate our sluggish real estate economy. This group is half right.

Property owners will save money, and that is a good thing. However, you couldn't buy enough Die Hard batteries with the tax savings to jumpstart a neighborhood, let alone the entire real estate market. That does not mean that a small savings isn't a step in the right direction.

The fact that Florida is taking a proactive step to lower the cost of ownership is great news, which is something in short supply these days. In fact, if good news is water, then we are in the middle of the Sierra Desert. A thimble full of water may not quench our thirst, but as parched as we are, would we be foolish to turn down anything to drink?

The "no" voters fall into two groups. The first seem to be associated with unions that represent firefighters, police, education and other public service entities. Their mantra is that they won't have the money to provide adequate services as our area expands. They may not have to worry, because if we don't rein in the cost of ownership and government spending, we won't have to worry about urban sprawl. If you used to think growth was a problem, wait until you see the problems a lack of growth causes.

The second "no" group believes that any proposal that does not abolish Save Our Homes (SOH) will get an automatic no vote from them. They believe that longtime residents are not paying their share of the tax burden; therefore newcomers and part-time owners have to pay more than their share of taxes. They want to even out the tax burden by raising taxes on homestead property and lowering it on non-homestead property. I bet most of these folks live somewhere else most of the year.

The reason their idea will never pass is that someone will come out and call this proposal what it really is. It should be called "Adopt a Snowbird Program." The way this program would work is that SOH would be intact, but each SOH beneficiary would agree to pay part of the tax bill of a non-homestead owner. If I have to pay part of a snowbird's tax bill then I get dibs on one that owns a lot in Lehigh Acres.

The "yes...but" and the "no...but" voters are not as opposite as you would think. Both groups recognize that Amendment 1 falls short of being the miracle cure for all that ails us. The "yes-buters" are optimists. They will take what they can get now, hoping our legislators will give us something better next year. This group also believes the Miami Dolphins will be in the Super Bowl next year.

The "no-buters" aren't as optimistic. They keenly understand the need for tax reform, however they don't subscribe to the theory of a little now and more later. They believe a thimble full of water now will do little good, or worse yet, do more harm than good. For them, it's a Big Gulp to drink or nothing. The no-buters will be the deciding factor in this election. If this Amendment fails, it will be because the proponents failed to reach this group.

What message will we send to the world Wednesday morning? Will our headlines read "Florida Votes To Cut Taxes" or "Florida Defeats Tax Cut"? Neither will change our market dramatically, but I wonder which headline has a better chance of inching our market forward?

Keep the faith.

- Denny Grimes is President of Denny Grimes & Co. and specializes in residential real estate. He can be reached at 239-689-7600. Michael Polly Vice President 239-689-7691

Fort Myers Beach Sand Sculpting Competiton

Michael Polly (Denny Grimes & Company) — Thu, 08 Nov 2007 20:22:33 -0600

Fort Myers Beach is hosting a sand sculpting championship this weekend entertaining artists from around the country. Master sculpters will gather to show their talent in the warm sun along the south end of Estero Island. This annual event showcases artists works that will leave you saying that can not be sand.

They will setup behind the Outrigger Beach Resort and be working each day now through Sunday. Final judging will be on Sunday.

Fort Myers boat show

Michael Polly (Denny Grimes & Company) — Thu, 08 Nov 2007 20:06:27 -0600

Starting today November 11th, 2007, the Fort Myers boat show begins. It is a great time to visit the downtown area and a great time to check out over 800 boats. A little over 100 vendors will present boats of all types and marine products of all types.

The main entrance will be from Hendry street. The weather is great with highs in the upper 70s and low humidity. You just can't beat the combination of nice weather, water, and boats. There will be food vendors and activies for the family.

For more information check it out: http://www.fortmyersboatshow.com/

Fully furnished Golf Course Condo

Michael Polly (Denny Grimes & Company) — Thu, 08 Nov 2007 19:53:05 -0600

Enjoy all that Gateway has to offer in this wonderful first floor Model A condo with garage. This unit is being sold FURNISHED for an added bonus. Move right in and start enjoying! Walking distance to the great community clubhouse and pool. This unit has a spacious feel with the open living and dining area and a great Master suite with dressing area and walk-in closet. A covered lanai adds the finishing touch!
Listing Agent and Office: Michael Polly, Denny Grimes & Company

Devonwood Estates Home

Michael Polly (Denny Grimes & Company) — Thu, 08 Nov 2007 19:39:44 -0600

Great home on almost one acre located in Devonwood Estates

4 Car Garage!

Address: 6801 Lake Devonwood Drive	City/ST: Fort Myers, FL	Zip Code: 33908
Location: 6801 Lake Devonwood Dr.	Property Type: Single Family Home	New or Resale: Resale
Square Footage: 3309	Bedrooms: 3	Bathrooms: 3 full, 1 half
MLS# 200767110

This achievement in luxury is meant for the most selective of buyers! Every feature of this home is an upgrade! You must view this home to truly see all that it has to offer. With the separate guest quarters including another kitchen, this home is perfect for a live-in family member or those guests that just seem to always visit when you live in Florida. With the volume & trayed ceilings, crown molding, chair rail, custom master closet, arched & transom windows, built-in wall cut-outs, paver driveway, side loading 4 car garage, and beautiful lanai with gorgeous pool this home is in a class by itself! This prestigious neighborhood with all executive homes also features a community boat ramp, tennis & basketball courts,and a community clubhouse. This home in a lovely setting is loaded with luxuries!
Listing Agent and Office: Michael Polly, Denny Grimes & Company

Staging your home

Michael Polly (Denny Grimes & Company) — Thu, 08 Nov 2007 19:33:45 -0600

Make sure you first impression is your best impression

In a tough real estate market it is even more important to make sure your home is seen at its best. Here are a few tips to help anyone with a home for sale make the most of each opportunity.

#1 Fix things. If you have any imperfections like a crack in the tile, a faucet that drips, or paint that needs touching up. Make sure to take care of these things. Moving into a new home puts a lot of things on the buyers mind and home maintenance when they first move in one they would prefer not to have to do.

#2 Remove Personal Clutter. It is hard to not live in your home while you are selling it but the truth is the more you can make it like a model home the better it will be received the the potential buyer. Go to a model home and look and see what they do. They hire professionals to make the home look inviting. No mail on the counters, no refrigerator magnets, and no family photos. If you can remove one half of your "stuff" you'll be close to creating that model home look. Notice the difference between the shelves at Kmart and Macy's. The selves at Macy's just seem to be more expansive and clutter free.

#3 Polish the door knob. People form first impressions of everything. The first impression of your home will be formed when they prospective buyers pull in front of the home. Stains in the driveway, weeds in the mulch beds or cobwebs around the door entrance help set the stage for a poor impression. Freshen up the mulch, apply a fresh coat of paint on the door and trim to help create a positive first impression.

If you can follow these three rules your home will present itself much better to anyone who is consider buying it. You have to move your "stuff" anyway so boxing some up now will save you time later.

Lee County Resale Homes and Condo Marketwatch Update W/E Oct 28, 2007

Michael Polly (Denny Grimes & Company) — Mon, 29 Oct 2007 20:15:38 -0500

Lee County Resale Home Market Data W/E October 28, 2007
Inventory (Homes on the market) were 533 listed last week
Sales for last week compared to the same week last were down 91 vs 153 LY
Inventory continues to outpace pendings sales.
Denny Grimes & Company Office Statistics
Denny Grimes & Company showings
Internet Activity (Buyer leads)
The total absorbtion for the county is down -37% for September. Typically resales account for 40-50% of the total absorbtion of single family homes. This year the number are slightly less as builders are dumping inventory rich with deep discounts and incentives. Condos and Villa homes that went pending last week were 22 while new listings were 248. We expect the condo inventory to push through 9000 again as sellers reach out for seasonal buyers between now and Easter.

Driving while staring out the rear view mirror

Michael Polly (Denny Grimes & Company) — Mon, 29 Oct 2007 20:12:08 -0500

by: Michael Polly Lagging indicators keep sellers behind the market You can't see what's coming if your watching what has happened. The National Association of Realtors and the Florida Association of Realtors have released the September sales numbers for the Fort Myers, Cape Coral and surronding Lee County areas. A year over year comparison of the September numbers show a 53% decline in sales with 327 homes sold. The numbers also show an 11% decline in median home price coming in at $231,600 down from $261,400 last year.

These number are widely used and indicators of how the market is doing. You should be careful as these are lagging indicators of our market condition and momentum. These numbers represent homes and condos that have closed in any particular month. Most closings are set for an arbitrary time period convenient for the buyer and seller. It could be 30 days or 90 days or anything else that fits the situation.

The important fact in this is that the momentum of the market, the point in time when the market accepted the asking price was at the time the contract was written and accepted. This is far more important than when the closing occurred. For years we have been using our Pending Sale Index (PSI) as a guide to the market conditions and momentum. We track sales as a function of when the contract was written. Based on the previous months PSI we would expect softness to continue in October and November. We have said before that trying to get ahead of this market is like trying to catch a Slinky standing on the top of the steps. (See Where Do We Go From Here post) Denny said it in his recent article Differing Opinions Create Confusion, that we must watch the instruments. I agree and looking out the front window is much better than looking in the rear view mirror.

Differing opinions create confusion - Lee County Home Condo Sales

Michael Polly (Denny Grimes & Company) — Mon, 29 Oct 2007 20:09:34 -0500

Third-quarter data indicates market direction

What word best describes your feelings about our residential market? Would it be depressed, confused, excited, frustrated, optimistic or pessimistic? You may have experienced most, if not all, of these feelings depending on who you listen to or what your favorite media source is dishing out on that particular day. You may even experience opinion swings of 180 degrees, all in the same day.

Can this be possible? Yes. It can happen because we are constantly bombarded with contradictory information and differing opinions, some of which are mutually exclusive. For example, in the past several weeks, one expert gave us the impression that our market was showing signs of hitting bottom, and a few days later another expert said he expected our market to drop another 30 percent. So, with such inconsistency, how can we feel confident in anyone's assessment of the market?

All news seems to be suspect, even if it's accurate. Real estate practitioners are accused of being overly optimistic and self-serving in their assessment of the market. The media is branded with the bias that the world is going somewhere hot in a hand basket, so they are accused of making everything sound worse than it is. Whose opinion can you trust?

If you're smart, you won't trust anyone's opinion, not even your own.

You should do what good pilots do, that is trust the instruments. Talk to any pilot, and they will confirm that when they are flying without a reference to the ground or the horizon (for example, in the clouds), their senses will lie to them, and they can develop vertigo. This can be a costly mistake.

Our market has an instrument panel as well. And like an airplane, it has primary and secondary instruments. The primary instrument for our market is inventory. Inventory acts like a compass in that it tells us the direction our market is going. If inventory is growing, our market is heading toward a buyer's market. If inventory is constant, it means that there is no change in market direction. A shrinking inventory suggests a direction toward a seller's market.

Take a look at our single-family inventory, what do you see? Remember, you're a pilot now, so you must forget what you feel, hope or want to believe. Trusting your feelings and other's opinions could be a costly mistake.

Does it look like our market has hit bottom? According to the chart on this page, there has been a steady growth of homes for sale since the peak of our market, which was during the summer of 2005. If you want to be overly optimistic, you could look at the minor fluctuations that happened this summer, because inventory did in fact decrease by a few hundred homes. But when you compare that with prior years, you will see that that is a normal seasonal fluctuation. An objective pilot would have to admit that our market has not made a change in direction.

The two supporting, or secondary, instruments are ones that predict what the inventory may do in the future. These instruments are the rate of home sales (which reduce inventory) and the number of homes coming on the market in the form of resales, foreclosures, short sales and new homes (which increase inventory).

Home sales are treading downward. Sales through the first three quarters of '07 are down 32 percent as compared to '06 and down 54 percent from the peak year of '05. Last month's home sales were the lowest for a single month since we began tracking data in 1999. And we project the number of home sales for this year will be near the level sold in 2000.

The pipeline of homes coming on the market suggests that inventory has a better chance of growing, not shrinking. According to RealtyTrac, Lee County has more than 6,200 homes in pre-foreclosure, which is an increase of 72 percent since August of this year. Many of these homes have not hit the market yet, so they are not counted in the inventory graph. In addition, there are countless others that haven't even shown up on the foreclosure radar screen yet.

The conveyor belt of new homes for sale is adding to the inventory of unsold homes. However, the good news is that there are a finite number of these homes in production and the end of the conveyor belt is getting closer every day.

Has the market made a turn yet? Not according to the instruments. When will it make a turn? The secondary instruments suggest that it won't be soon. But when it starts turning, I believe it will turn quickly.

Originally published on October 21, 2007 News-Press by Denny Grimes - Research by Michael Polly VP