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Gobble, gobble, gobble

By
Real Estate Agent with Select Real Estate

It's not a turkey making that sound but investors, folks.  Yes, INVESTORS are back in SW Florida and are gobbling up the good home buys.  When investors come back, that's a very good sign.

To quote the business section of the Bonita Daily News for today, "realtors sold a record 1,705 homes last month.  That was up from 719 in June 2008, according to the Florida Association of Realtors."  Condo sales are up as well. 

But, to accomplish this, the median price of homes has declined.  Some of this decline is due to short sales/foreclosures and some of it is simply due to the economy.  One of the communities this article speaks about is "The Meadows".  Condos in this community are quite large - over 2,000 sf each - and were selling in the $600,000 range a few years ago.  Today, they are going for less than $200,000. 

While you're at it, check the Local & State section of the Bonita Daily News for stories about the buy-outs by some communities.  As you may know, some of the developers here were running into problems over the last few years with product not selling, shortage of cash, and lack of turn-over in operating their clubs, golf courses, etc.  So, they have offered to sell the clubs to their members.  Most communities have been very responsive to these offers and are now in the throes of negotiations.  Once the facilities are puchased from the developer, the clubs will be allowed to operate their facilities as they see fit.  On the other hand, the sales will free-up cash to the developer for its operations.  A win-win situation?  It seems like it. 

Clubs such as Wildcat Run Golf & Country Club have been member owned for quite some time and appear to be running smoothly and to be financially sound.  Wildcat, for example, has been member-owned since 2003.  From then until now, the residents have spent about $8,000,000 to renovate the clubhouse, add new locker rooms, pro shops and grill room, add a state-of-the-art fitness center, renovate the common area landscaping throughout the community, and, just last year, completely renovated the Arnold Palmer designed golf course at the community.  Today, the residents stand proud of all they have accomplished, and rightly so.  It wasn't easy but it was necessary for the rebirth as a private member-owned club.  I wish the same for our sister communities in this area.

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