Exciting Prediction for Ft Myers Properties

I’m Excited!

Real Estate UPdate from Chris Quackenbush, your Golf and Gulf real estate expert from Fort Myers, Florida. 

Stats don’t lie and new stats bode well for a booming recovery in the Ft Myers area.  From the feeding frenzy top of the market in 2005, the average price has declined a remarkable 48.42%.

Data from 1/1/2010 to 9/8/2010, one year ago, shows total sales in Lee County which includes hard hit areas of Lehigh Acres and Cape Coral amounted to $1,948,904,385.  The following chart from the same period this year shows total sales rose to $2,041,362,025.  Not only that, but the average price rose 12.7%.

Other: 0 Total: 14117
Bedrooms Bathrooms Square Feet List Price Selling Price DOM/CDOM
Minimum 1 1.00 326 $1,000 $1,700 0/0
Average 3 2.16 1,673 $147,146 $138,054 90/120
Median 3 2.00 1,574 $92,500 $90,000 41/51
Maximum 7 8.00 12,838 $4,950,000 $4,250,000 3391/3391
Total Dollar Value $1,948,904,385
Here’s the data from 1/1/2011 to 9/8/2011 in Ft Myers MLS Sold: 13121
Bedrooms Bathrooms Square Feet List Price Selling Price DOM/CDOM
Minimum 0 1.00 350 $4,900 $500 0/0
Average 3 2.20 1,724 $166,463 $155,545 100/135
Median 3 2.00 1,605 $100,800 $99,000 53/69
Maximum 9 9.00 10,500 $6,950,000 $6,087,500 1931/2582
Total Dollar Value $2,043,086,856

When the market was boiling over in 05, we were told demand from aging baby boomers wishing to share Florida’s Famous Sunshine would continue to buoy the markets for the foreseeable future. http://findarticles.com/p/articles/mi_m0KXG/is_3_7/ai_n15762680/

This article from 2008 Sun Sentinel sites similar projections:  http://www.tcpalm.com/news/2008/aug/04/new-wave-baby-boomers-ready-descend-florida/

This article claims the peak of the baby boom move to Florida would be 2011 and would last for 10-11 years.  This may be accurate, but the authors didn’t imagine the melt down of the economy would forestall the decision for several years in the meantime.  This pessimistic article from the Miami Herald showed that result:  http://www.miamiherald.com/2011/01/31/2043029/fewer-people-moving-to-florida.html

Now, we have pent up demand with all those who chose to wait it out and work longer.  News articles are a barometer of the past, but the demand is about to explode again for these reasons:

Florida has a new Governor, Rick Scott, who is doing a marvelous job cutting spending and producing jobs in the state. 2012 is shaping up to be a dramatic shift in Federal government from tax and spend liberals to a conservative rebirth like none before in our history.  The shift began in the last elections and continues to accelerate with national sentiment swinging to the right in advance of 2012.

Once the Conservatives control of the Executive branch and the Senate, the job will be overwhelming, but very manageable with the right ideas.  Living in the Carter years and transitioning to President Reagan, I have seen the changes can be dramatic and results swift.

For these reasons, I see the light at the end of the tunnel and new days are coming for the beleaguered real estate market of Southwest Florida.  Investing now in the incredibly low-priced market with historic lows in interest makes enormous sense.

Chris Quackenbush

Your Southwest Florida Golf and Gulf Real Estate Specialist

Sandals Realty



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