If you follow me on Twitter (@SusanBCapeCoral), you’ve seen some of my recent posts about our local real estate market. In fact, yesterday, I posted about an article which lists Cape Coral/Ft. Myers as the #1 Real Estate Market in the USA! (see 5 Best Housing Markets in US) The good news continues, as our unemployment rate is dropping and we are seeing a reduction in single-family home inventory. If you drive around our city, you will also see many NEW HOMES being constructed. As a result of the lower inventory, residential land sales are up. Savvy investors and home builders are snapping up this inventory.

We have many quality homes, condos and lots in our inventory. Feel free to browse and search and let us know if you have questions or would like more information. Search Florida Homes, Condos and Lots

Here’s an excerpt from the newsletter of the President of the Cape Coral Chamber of Commerce, regarding our real estate market in Cape Coral, FL:

“Dear Member,

Recently I was emailed me the Cape Coral Market Snapshot for real estate activity.  Being kind of an analytical geek (training received at Keiser University), I looked at sales activity for single family residential, comparing the twelve months from 2010 to 2011.  I was kind of shocked when I discovered that residential sales for 2010, were 5,527 units, and for 2011, they were only 4,897 units, a reduction of 12%.  At first blush I was thinking, “This is not good”.  We want more people buying homes and transferring wealth to Cape Coral.

Next, for grins, I looked at condo sales comparing 2010 with 2011.  Condo sales for 2010 were 487, and for 2011, Cape Coral had 546 transactions, an increase in activity of 12%.  Okay, so I am scratching my head, and I open the tab for lot sales.  In 2010, Cape Coral sold 1,817 lots, and in 2011, we sold 2,239 lots, which was a 23% increase in activity.

Ah-Hah Moment, so as single family residential sales inventory diminishes, the cost goes of single family homes goes up, about 20% over 2010.  As the single family home inventory diminishes and the cost of single family homes goes up, it is less attractive to purchase existing homes in certain price ranges therefore; purchasing a lot and building a new home become a more practical decision. 

As we know historically, our local economy is cyclical, and very dependent on real estate and construction.  I would suggest that these real estate activity numbers are indicating an uptick in our economy.  Our local economy appears to be gaining some significant momentum, as it struggles to meet some pent up retirement housing demand.

In the Welcome Center, we are being inundated with visitors who have visited us in previous years and were waiting for the housing market to hit bottom.  Folks, I contend, not only have we hit bottom, but we are bouncing back rather strongly.  Funny thing about hitting peaks and valleys, you never know exactly where they are until they are behind you.  Happy New Year, things are looking brighter!

Mike “Q” Quaintance, President”

Count Your Blessings, Share With Others

As Thanksgiving approaches, we all think of family & friends, gathering to give thanks for blessings we’ve received throughout the year. 

            It’s been a wonderful year! I’ve enjoyed the use of a brand-new knee (installed Dec 2010) and the ability to play racquetball again. Rob has the upcoming birth of his first grandson to look forward to. We’re both grateful for the good health of our families and friends. 

            We’re also pleased with the successful business year we’ve enjoyed. Many of our customers have referred their friends and family to us – that’s a wonderful compliment to our service – and we appreciate these referrals greatly. Please, keep us in mind as you congregate and let us know if we may be of service to your family and friends. 

            Lastly, I am including some information about the Cape Coral real estate market. Inventory is extremely low and you can see the changes in the chart, linked below. November Inventory Analysis 2011 With high season approaching, buyers are seeking well-priced condominiums, single family homes, duplexes and vacant land.  Iin some price categories, inventory is down 50% from last November! 

            If you’ve considered selling in the past and have been waiting for market conditions to improve, now could be the time to contact us for a new market value analysis of your home. We’d be pleased to meet you and provide this information free of charge.

            Have a Happy & Blessed Thanksgiving!

            Susan & Rob

September 2011 is the latest, full-month real estate figures we can share. In our highest-demand price point, the under $150,000 single family home, available inventory is down more than 67% over last September. What about prices and new listings? 

All over Lee County, housing inventory is down, a fraction of what it was last year.  Take a look at the under $150,000 housing availability in Cape Coral, for example: CHART for Cape Coral September Inventory. Pricing in that segment of the market is up 5.7% year-over-year.  How many months of inventory do we have, now that we are approaching our high “selling season?”  Cape Coral’s Under $150K

The average “price per square foot” of living area in this category is up 11.8% year over year. Click on this link to see the Vast Difference in Available Waterfront Inventory in Cape Coral. 

I LOVE STATISTICS and MATH, perhaps you don’t. So, let me just sum up: We are now approaching the BEST time to sell, when winter residents and vacationers are here. Use the month of November to make those easy repairs and touch-ups that will enhance your home (call us for a FREE pamphlet with these tips). Give us a call and we’ll be happy to stop by with a personalized analysis of your property’s value in today’s market.

Global interest is steady in SW Florida real estate. Allow your Local Experts with Global Experience to help you, your neighbors, and your friends with any real estate needs! 

All the best,

Susan Ball & Rob Ricca

While working with a buyer from out-of-town, I had an inquiry about owls. The buyer had heard that there are a type of owl in Cape Coral, Florida that can effect home building and using one’s property.

The City of Cape Coral has a great “Frequently Asked Questions” document about the Burrowing Owl, cute residents of our community.  Feel free to use this link to see photos and information about the owls. 

Burrowing Owls, Frequently Asked Questions

You’ve heard me talking about foreign direct investment in real estate in Florida many times. 31% of all foreign real estate buyers purchase in Florida. We are still, however, burdened with short sales and foreclosures, although our inventory has been shrinking a bit.  This new Senate proposal may help international buyers with their immigration needs while solving the nation’s real estate crisis.  Read the full article about the tourist visa program attached to real estate purchases.

Congress flags possible new route to America visa.

It’s great to have been in the airline business for almost 20 years!  There I learned a lot about the rest of the world and developed a comfort level with people from many different countries.  In the past few weeks, I had the opportunity to travel to Munich, Berlin and Dusseldorf, Germany and Istanbul, Turkey, where I met with professionals involved in transportation, tourism, and real estate. The overwhelming response that I received from everyone was the surprise at the values and great deals available in the Florida real estate market.

People from Malaysia, the United Arab Emirates, Pakistan, and Germany were all very surprised at the luxurious homes that are available well below $2 million.  For example, take a look at one of our Previews International Exceptional Residences, located here in SW Florida. Exceptional Waterfront Estate Home  This incredible home with 100 feet of waterfront boasts 4 bedrooms and 5 baths and is minutes from open waters leading to the Gulf of Mexico. 

While in Turkey, I toured the areas of waterfront properties, some of which approach prices of $20 million.  Yet, the quality and luxurious finishes and amenties that are available here are not present in those homes.  And, in Germany, city apartments often approach the cost of a luxury home in SW Florida.

It’s no wonder we are the benefit of so much direct foreign investment in real estate and businesses here in Florida.  Of all international real estate investors, 31% purchased in Florida last year.  Foreign buyers look for quality properties that they can enjoy as second homes or as income producing properties.  Our recent meeting of the European American Network featured speakers including Norma Henning, honorary German counsel and local real estate and immigration attorney, addressing the impact of foreign investment and tourism to our area. Shared, too, were concerns about immigration restrictions prohibiting investors from enjoying their second homes.  Read the full article, “Existing laws already hold back tourists coming to spend millions of dollars here,” as written in the News-Press.

I do know this: our area receives terrific interest and a multitude of inquiries from around the world.  I am utilizing the tools that Coldwell Banker provides to insure that my clients’ properties are exposed  to buyers from around the world and this, in fact, is one of the great pleasures of my real estate career: interacting one-on-one with buyers and sellers here and abroad.

SW Florida's Real Estate Market is ON FIRE!!

SW Florida’s real estate market is HOT! The month is not quite over, yet we’ve had 4 closings and 7 new listings! Buyers are extremely active in the market, which is unusual for this time of year. The sense of urgency is evident, as prices rise and inventory shrinks.

Land, condos and houses…it seems that buyers from all over the world are converging on SW Florida, making purchases now that they’ve seen the statistics on pricing and inventory. The global marketplace may be driven by news of gains in pricing and the desirability of our area.

Money Magazine released an article naming the Top Places to Retire. (Click to read the full article) Based upon cost of living and other factors, 10 US Cities were selected. Cape Coral, Florida came in as #2 on the list! Mind you, the article uses 2010 housing statistics. The median price of a home in Cape Coral has risen significantly this year, up almost 30% from last year!

If you’re thinking about selling, now is the time to put your property on the market. Inventory has shrunk and, even more importantly, the number of distressed property (foreclosures and short sales) on the market has lessened. Timing is critical: we are approaching our busy season, with winter residents and vacationers returning to our area. Placing your property on the market now will allow us to feature it in upcoming magazines, real estate publications, and Internet sites where winter buyers are already shopping and planning their buying trips.

Allow us to provide you with the maximum exposure for your property, posting it on over 350 Internet web sites and international real estate search sites. Remember, Florida is the #1 choice for international buyers, with 31% choosing to buy here. The agency listing your property for sale must have a strong global presence in order for your property to tap into this excellent source of buyers.

Please take a look at our new listings and the visual tours:
Great SW Florida Homes, Condos and Land and let us know if we can speak with you about selling your property!

Great 3 BR 2 BA plus 2 Car Garage, on lake and golf course!

The BEST community for “55 and Better” residents in SW Florida! We sold this BRAND NEW 3 BR, 2BA, 2 car garage home for LESS than a resale! Call me for information about Pelican Preserve condos, single family homes and villas. 27-hole golf course (non-equity membership), community center, and lots of fun!

Call us for information about new construction and resales in this great community. I highly recommend it for year-round and seasonal residents!

It’s no secret that Cape Coral, Florida has become very popular with buyers from Canada, the United Kingdom, Germany, and Scandanavian countries.  Many buyers make their purchases with cash, due to the inability to obtain financing for their foreign real estate purchase.

Today, I spoke with a local mortgage broker, Michael Pfaff, who works with Innovative Mortgage Services, Inc. and Mike tells me he has a platform for loans that is available for buyers from the United Kingdom and Canada.  These buyers can currently obtain financing for a purchase here in Cape Coral, Florida for up to 65% loan to value ratio.  Interest rates for this product (as of today) are 6%.

We are working with many buyers from Canada who are taking advantage of good exchange rates.  In fact, our most recent buyers from Canada purchase a completely remodeled 3-bedroom, 2-bath pool home located on an ocean access canal for only $256,000!  We welcome buyers from all over the world to our area and we are confident our full service real estate practice will make their home search and home buying experience successful and easy!  Give us a call!

Watch your mailboxes carefully, because the Property Appraiser’s office of Lee County, FL will soon be mailing out Truth In Millage (TRIM) notices to all property owners in cities like  Cape Coral, Fort Myers, Lehigh Acres, Bonita Springs, Estero, North Fort Myers, Sanibel and Pine Island and all of unincorporated Lee County.

This notice advises property owners of proposed 2011 tax liability. The form consists of 3 columns: one for last years taxes, column 2 shows this year’s taxes if there are no budget changes, and the 3rd column shows this year’s taxes if the proposed budget changes are made. Remember, 2011 property taxes are based upon sales that occurred during the previous calendar year. So, for this year’s assessed values, sales of property during 2010 are considered and used to determine assessed value.

When you receive your TRIM notice, there are THREE important things to make note of: #1, look at the postmark on the envelope and make note of the mailing date. #2, check the assessed value of your property, #3 , check for the deadline date listed below the columns for filing an appeal.If you disagree with the property appraiser’s assessed value of your property, you have only until that date to file an appeal.

 The Property Appraiser’s office states: “If you disagree with your property’s assessed value, please attempt to discuss it with a staff member of the Property Appraiser’s Office. If you petition the VAB for a change in value, the Clerk must RECEIVE the petition by the deadline date. Please see your proposed notice for the deadline date. (NOT MERELY POSTMARKED).”  Here’s a helpful link to information on the appeal process: The Value Adjustment Board (VAB) Process

How do you know if your assessed property value is correct? You can attempt to find out using some of those online valuation sites, however, not all of those paint a true picture of valuation, since many of these are not kept up to date.  I would suggest that if you have any questions about your property’s value, just give us a call and we’d be happy to provide you with a complimentary market value analysis. We are local experts and pleased to provide you with up-to-date information!  We look forward to hearing from you!