There are many factors which make a property a sound investment. The homes which I recommend are located in Fort Myers with Gulf Access canals. I look at different clues which make these stand out. My motto in this case is quite brutal: get the most for the less money. There are however other factors with which I make these recommendations.
Except for the property on Primo drive which I will mention in a next blog which is one of the lowest asking prices in Fort Myers Beach with a gulf access canal,the others may have similar priced homes in that square footage for example but they stand out with one unmistakable feature: they are on pilings and because we are on a barrier island I look at the worst case scenario. Homes which were build after 1992 have the stricter mandatory elevation of 14 feet and pilings on the Island and there may be concrete or frame homes which are not susceptible to normal flooding because of the natural elevation of the lot and are located often on the highest points of Fort Myers Beach, but why risk it?So if they are build before 1992, and I don't have a problem with that, they need to either be on pillings or the lot has to have a natural elevation.
Of course if an investors finds a home on the island which has some qualities and is not on pilings, then I would recommend to have an elevation survey and history background. Case in point: we do have some of these homes on pilings with so called "grandfathered in" first floor guest studios and in laws and these should also be looked at carefully and with an elevation survey. The facts remains that it is a gorgeous island and now is one of the best time to invest in Fort Myers Beach, granted you do the necessary home work with your agent.For example my home is on pilings and after all the exciting times of 2004 and 2005 with tropical storms and Charley, I never had the level of the water even come close to my front door and this home has only 5 foot pilings.The home was build in 1937 and moved to my street in 1962. People will always come to the island and it is here to stay.The natural ecological beauty of the island, its 7 miles beach, its canals, have proven over time over and over that with the right tools you will do very well investing here. The island population swells from 10,000 to 30,000 plus per month in the season and there is a reason.
As far as condos are concerned: my rule is simple keep away from 1st floor units which are smack at street level.Then you will do fine.
But why is it a good time to buy now a property in Fort Myers Beach? Strangely and due to the Charley, many iffy buildings, condos and single homes had to face the music and be upgraded to tighter codes and as a results many of the lesser constructions are now much stronger and also more appealing to the eye, that is without mentioning overall renovation the island has gone through the last 5 years in general regarding their properties in general. Much of the spending has been done and when an investors purchases now, much of the reassements have been done and many the single homes have been upgraded and brought up to code.
The other reason is that as we all know it is a buyers market and that means deals are to me made and the buyers are calling the shots. However, we also all know that this price readjustment trend will not last for ever and the general opinion of experts shows that we will see some rise in appreciation and steadiness in overall market demand in the next year to 2 years.
Its indeed a wonderful and fun time to look for these homes and be ahead of the next trend. We are already seeing a rise of one 1 % in the last quarter in appreciation value in Lee County for the first time since the early 2006, and average price in the county jumping from $260,000 to $280,000. Now one may purchase homes at the 2004 average and it shows the time is ripe for investors in Fort Myers Beach.
LLoyd Nichols
Real Estate Network Services
6360 Presidential Court, suite 4
Fort Myers , Florida 33919
cell: 239-810-2980
fax: 239-463-4826
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web site: http://www.mlsouthwestfloridahomes.com/
Real Estate Blog: http://activerain.com/lloydn
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