Historic Distric of Fort Myers
IN South West Florida and particularly in Fort Myers-Cape Coral our appreciation rate in 2004-2005 just went through the roof.I think it was around 47% for these 2 years and now its easy to see that the Lee County real estate market was steaming up to strongly. The problem seems to be almost national.There are a few exceptions like Asheville I heard. The more it went up, the more it is falling.Las Vegas was next to us then as one of the top cities in the USA with the strongest appreciation. These were the days! Actually I wish it didn't go up so fast and so high.
Historic Distric of Fort Myers
We have been readjusting our prices since the end of 2006 and we are selling about 70-90 properties a day for around 170+ new listings a day in Lee County. It used to be 40+/day some 2 months ago and Amendment 1 which passed in Jan 28th has helped some. Homes are now around at the 2003 to early 2004 prices now and I feel for these who have lost all their equity, not to mention their homes! On the plus side the deals are exceptional these days.We will see if this rise in sold properties will hold up.
Pine Island Bokeelia Key West home on acreage
I will keep a very close eye on how the ratio of new inventory vs. properties sold fares in the next months. I check every day. When the new inventory every day falls bellow 100-120 a day and the sold nears the 100 mark we will start seeing a recovery. Strange as it seems I heard that Cape Coral has one of the top percentage of foreclosures in the market in the country, which is not an honor we want to keep.We are all affected by the numbers of foreclosures and short sales and specially these who lost their homes.
On the other side Cape Coral is one of the top 2 fastest growing cities in the USA. That means that commercial properties are doing okay. All this influx of new blood in our cities of Fort and Cape Coral will have to change the tide: renters want to buy a home at one point or another.
North Fort Myers
As I look more closely the values of single homes and condos today and how they were a few months ago in Lee County, it seems that we are getting closer to bottoming down. A few of my investors also see that the market, even though still soft, is no longer dead. They know its a good time to buy. For more information about the Lee County market, where the good deals are, send me your questions and I will gladly answer them for you. Otherwise I am available on my cell unless my wife has honey does for me and I get back to you promptly.
Many agents have seen more activity these last 5 weeks. The deals are exceptional.
Fort Myers Beach FL
Active Rain Blog: http://activerain.com/blogs/lloydn
Website: http://www.mlsouthwestfloridahomes.com/
Website Blog: http://ftmyershomesandgardens.blogspot.com/
LLoyd Nichols
Right Choice Realty LLC
6360 Presidential Court, Suite 4
Fort Myers, FL 33919
cell: 239-810-2980
Fax: 239-463-4826
home office: 239-463-5217
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