Lee County’s real estate market inproved slightly over May, further confirming that the market has leveled out.  For 4 straight months the median prices has remained around $280,000 for single family homes, and this month it grew to $286,500.

Here are some other interesting statistics:

 Lee County Florida Current Market Statistics.

Active Pending Months Supply of Inventory
Single Family 11,838 1,426 12.74
Condo 7,414 644 14.22

 

Number of single family home sales are down 24% from last years numbers, but they are up 8.41% over May’s numbers.  Each month builds on the next, indicating a market that has bottomed and leveled out.  Single family home prices in SW Florida are up 5% over last year, and up 2.14% over last months figures.

The median price has stabilized, however the mean average price could still change as some sellers are reacting to market conditions and correcting their price to compete against other sellers.

What’s changed is the short term investor is out of this market.  Buyers no longer compete with investors to buy homes, so there is less upward pressure and more selection.  With rates below 7%, buyers will look back on May and June of 2006 as the best time to buy.

Given the improving news, we don’t see a lot of upward pressure on prices.  The wild cards in this market are increasing interest rates, and increasing insurance rates.  Both bite into home buyers purchasing power, which limits how much more they can afford to spend on a monthly payments.  Some home buyers can’t afford to live here.

Because Florida is a destination state, we have no shortage of buyers.  We do have a shortage of workers, which does impact the quality of life eventually.  With ample supply of people buying here, roads, restaurants, hotels, etc. will be more crowded and serviced less.

Highlights of meeting minutes from 5/15/06:

ACC Report. Report submitted to the Board on May 15, 2006. There is one concern regarding a resident that turned their garage into a living area. This was not submitted for ACC approval. General discussion followed. Board asked Hayden to act on it.

S & W Comm- Budget/Picnic. F Palmer provided a brief update about the community picnic to be held on June 3, 2006. The committee is requesting $200.00 from the BOD to fund the event–approved. There was also a request to have one “teen night” per month to be held at the clubhouse from 6:00 to 9:00 p.m. -Approved–as long as there will be adult supervision and no-one in the pool after dusk nor any bikes/skateboards on the Clubhouse painted decking areas.

Building & Grounds– report provided for the month. Landscaping improvements were requested regarding the entry boulevard trees. K. Hayden suggested the committee meet w/Greenscapes to look at the master plan that is already being worked on for that area. Approval was given to the committee to maintain the 2 planters outside the front doors of clubhouse.

New member Kristin Mikovich was welcomed as she will now be part of the B&G Committee.

Mulch quote was rev’d from Greenscapes- determined to be high…questions were brought up if it was taken into consideration that the Blvd was already complete & there is already a separate quote provided for tot-lot. Also, B. Wilson asked if getting the mulch in bulk would be cheaper than the bags. Hayden to find answers for these questions as well as get two other quotes from vendors so there is something to compare to. Bench in place, drain in place, deadbolt on hall door in place. Power wash quotes reviewed for regular maintenance of pool deck, pool furniture, clubhouse decking & general maintenance of Clubhouse to include soffit/fascia…two more quotes coming.

Vandalism– F. Palmer reported on the recent damage and what was being done.

Berry’s Barbell Quote. K. Hayden was requested to obtain quotes for leasing equipment as opposed to purchase. He will report back to BOD before next meeting.

Downed Trees. K. Hayden provided a quote of $75.00 & a Board member provided a quote of $60.00 per tree. K. Hayden to contact Genesis Tree Removal ASAP at 823-5363 to set up time to stake trees. BOD would like completed before next meeting.

Entrance Sign– B. Condon provided a brief update. The sign should be completed by May 23, 2006.

Roundabout Update– K. Hayden is working w/ Greenscapes to get a plan and cost as well as a credit on what was spent.

Fountain Update– K. Oliver met with the contractor and is working on a resolution. She provided a brief update and cost on quarterly maintenance. For the 3 fountains only it would be around $1400 yr…does not include the bubblers that will be looked at separately & will not be replaced. The 2 in Westchester will be pulled to check the motors. To replace the fountains totally if needed will be around $8k each to include lights.

We finally rec’d all blueprints from Beazer for the entire Community so we are aware of the landscape plan as well as the irrigation setup.

Financial Review– there seems to be several residents that are well over $200.00 in delinquent dues and not at the attorney for collections. The Board asked what the process was once referred to atty and how long it takes to get into a lien.

Property Management Report. See attached reports for March & April submitted.

The next Board of Directors meeting is scheduled for Monday, June 12, 2006 at 6:30 p.m.

Developers are pacing themselves now as the market has cooled a bit, however they know they must keep buying land and building for the future.  This is why developers keep building.  A smart developer knows how much to pay for land depending on market conditions, and how much absorption there is in the market.  Absorption rates determine how much to build at a given time.

Because land and development takes time, builders and developers cannot rest as they would be caught short without property as many were the last housing boom.

Many predict the second half of 2006 and 2007 to be very good in real estate, and builders want to have available properties to build when it does get good again.  This takes planning and foresight.

Naples Florida is the most overpriced market in the US according to National City Mortgage.  I found this article in Money Magazine, which covers most major markets across the country.

What’s their forecast for the rest of SW Florida real estate?  They predict Cape Coral – Fort Myers homes to appreciate 9.3% from June 2006 to June 2007.  This is in line with what the Ellis Team has been predicting.  Statistically we think the market has hit bottom and now is the time for buyers to buy in earnest as their is good selection and still relatively low interest rates.

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  • Tune in each week to The Future of Real Estate locally on AM 1240 in Lee and Charlotte Counties covering Fort Myers, Cape Coral, Punta Gorda, Port Charlotte, Estero, Bonita Springs, and Collier County AM 1270 covering Naples and Marco Island.
     
    Each week we present our featured listings and talk about real estate issues affecting you.  The show is hosted by The Ellis Team at RE/MAX Realty Group in Fort Myers Florida in SW Florida, Top Agents in real estate.
    If you’ like your question answered on the show, post a comment here.

    Myth:  Listing my home with a discount broker will save me money.

    Truth:  Listing your home with a discount broker can actually cost you money.  This is true for a variety of reasons.  We’ll explain just a few here.  First, discount brokers advertise your home less, and their low price more.  Often, ads are designed to get more listings, not to sell your home.  Second, discount brokers actually make more money selling one of our listings than selling your home at a reduced commission.  Which home do you think they’ll be motivated to sell?  Third, your home is an asset that makes their phone ring with buyers.  Once your home sells, the asset is gone, and with it the opportunity to sell one of our listings.   The longer it takes to sell your home, the better for the discounter.  Call us for a private interview and we can discuss all the benefits of working with The Ellis Team.  We have a chart which illustrates this process we can show you in the private interview.

    This is just one myth.  For a list of myths, please click on the enclosed link.  If you’d like your question answered here, please post a comment.

    Below is the meeting highlights from the April 17, 2006 Danforth Lakes Homeowners Association Board Meeting.


    Highlights from meeting minutes from 4/1706:

    B & G Comm- request made for Clubhouse baseboards to be painted by Carlos Rocha for $100. Request for $400 for Carlos Rocha to paint Exercise room(satin-eggshell) & molding/repair any holes.

    Request for J. Swedenburg to cement area coming into parking lot on right by sidewalk for $125 once sprinklers capped by GS.
    Clarified items for S. Dean to complete: 1. Gate in playground area needs to be fixed – Approved 3/6 for $75 per quote provided.
    2. Fix the Tot Lot water run off problem – Approved for $75 per quote to reroute pool drain out of playground (tot-lot mulching quote for $3750.00 was NOT approved–additional quotes being reviewed at this time) Hayden to ask about quote from GS to remove old mulch and add some rock directly under play equip before adding mulch..(already have quote for $348.74 # 15723 to add 94 bags of mulch)

    3. No Smoking Sign at pool – Approved .One indicates the actual smoking area just outside the Clubhouse and the other inside the pool area for no smoking.
    4. Dead Bolt needed on door in vestibule – Approved 4/15/06 meeting.
    5. Air Conditioning Vent in vestibule – Approved in Feb at the same time that the door was and in quote that was provided.
    G. Landon also request for another possible handyman helper to help with things around Commun.
    6. Fining Committee – Fining comm. will remain in place at this time with start of new
    Board year. Fining committee made recommendations to the Board from the first fining hearing held on 4/12/06 which included 5 homes. Board reviewed recommendations(per report).

    7.Property Mgt Report-Ken Hayden was not present to provide report for March. To
    provide for March & April at next schedule BOD meeting to be held on 5/15/06.

    8.Correction regarding rule #1 under USE & ENJOY OF LAKES has been amended per unanimous vote by the Board. The original verbiage read:
    1. "Owners, or the family members, guests, invitees and tenants of Owners, shall be permitted to fish in the lakes. Notwithstanding the preceding, an Owner of the Lake Lot (i.e. all or portion of their rear or side property lines lies common with a portion of a lake), may access the lakes from that portion of their Lot that shares the common boundary."

    THE VERBIAGE HAS NOW BEEN CHANGED AS OF 4/17/06 TO READ AS FOLLOWS:
    1. "Owners, or the family members, guests, invitees and tenants of Owners, shall be permitted to fish in the lakes on common grounds other than such areas that border either deeded preserve or deeded lake lots."
    2. "No persons shall encroach upon these areas (deeded preserve or deeded lake lots) without permission of the land owner. Nor shall any pets be permitted on these described preserve & lake lot areas. This does not apply to maintenance workers or those taking part in official duties. Notwithstanding the proceeding, an Owner of the lake lot (all or portion of their rear or side property lines lies common with a portion of a lake), may access the lakes from that portion of their lot that shares the common boundary."

    FP to make correction on rules & regs and send to Ken. Community will also be notified.

    9. Soc & Wel Comm—K. Evers & J Miles provided a 2006 budget for board to review seeking funds to help assist with Community events. Board approved $75 towards the next 5 welcome baskets that will be needed for new residents. FP will chair the committee
    this year to help with organization & communication aspects. Discussed Family picnic at Lakes Park. Comm will get together to establish date, create flyer to determine how many will be interested…will then review with BOD as far as funds to be able to provide hamburgers & hotdogs for the event. Comm agreed they would meet with BOD on a regular basis (qtrly) to give updates and discuss any needs.

    10. 2006 Priorities/Reorg—discussed priorities for this year: Grounds/Fountain/Entrance
    Sign/addressing violations. BC/BW & FP will remain in their positions. KO is now Treasurer and JL-Director.
    11. Financials– Hayden not present to address a few concerns regarding delq dues & the status of utility deposits requested back in Feb.—tabled til next meeting. All BOA accounts are now closed.

    12.Roundabout Update—discussion arose about what took place w/roundabout and proposal #14446. BOD not happy as what was approved was not followed thru on. Hayden not present to discuss—tabled til next meeting 5/15.

    13. Blvd Planting– DFL Blvd planting— has begun today 4/17—to be completed by 4/21.

    14. Downed Trees– Discussed Greenscapes and to again request Hayden to instruct them to remove/stake all downed trees on common grounds as previously requested in Feb & Mar:
    •Involved areas include: 3 Trees on common ground areas around 12815 Aston oaks common ground area. (lot 136 area per site map)
    •Tree(s) on common ground around 8749 Fawn ridge but going straight towards Westchester on left (lot# 1 area per site map going into Westchester)
    • Tree right on Palomino Common Ground before Entrance–Big Oak tree hanging now touching the ground. Across from 8924 Cedar Hollow (lot 112) but on Palomino common ground

    BW is willing to meet with whomever while they are out to indicate areas if
    needed. IMMEDIATE action is requested for this work to be completed no later than next BOD meeting scheduled for 5/15. FP to email Hayden with request to have GS take care of next visit out.

    15. Sign damage to cul-de-sac roundabout. BC has spoken to the person who hit the sign. Resident is set up to pay back in monthly payments for the next 6 months due to no insurance. If he falters in any way case will be referred to the association’s attorney.

    16. Speed humps—have been completed. Cougar was out today 4/17 for final shaving.

    17. Fountain Update— BW spoke with George…fountain is waiting on one last part and can then be shipped back and immediately put back in. Should have update no later than next week.

    18. Violation review: Discussion of the newest violation list emailed on 4/13/06.

    19. Clubhouse Vand update—accused had hearing and will pay restitution until paid in full as well as Community service…(not our Community) other accused has denied and hearing to continue the end of next month.

    20. Entrance Sign—BC putting into permitting/design being finalized. Hoping to have completed by end of May.

    21. Insurance Update: KO & BW met w/Hayden to discuss current insurance with Oswald Tripp—requested he obtain other quotes to compare pricing.

    NEXT MEETING: May 15th, 6:30 PM at the Clubhouse

    You’ll enjoy all the benifits of living in a gated community like Reflection Lakes, plus the benefit of backing up to a quiet community preserve and Lakes Park.

    Reflection Lakes Home overlooking Lakes Park  

    This home features 4 bedrooms, 3 baths and an oversized lanai with plenty of room for a pool.  Large family room overlooks the preserve area.

    Lake View of Lakes Park Reflection Lakes Home

    Here is the Tiki hut, big enough to entertain large families or picnics located just behind the home.  This area is community maintained, so it’s like getting a large back yard for free.  There is no community parking, so no one ever uses it.  Hut has picnic tables and grills.

    Reflection Lakes Tiki Hut

    Home features a large family room, breakfast bar, and kitchen, also perfect for entertaining.  In addition to the formal dining room there is also an eat-in-kitchen.

    Family Room view of Reflection Lakes Home

    This fantastic home is priced at only $560,000 so check it out.

    Our client care manager works with Ellis Team sellers on a daily basis.  Activities include logging showings, getting feedback on showings, communicating with sellers letting them know exactly what is happening with their home.

    The Ellis Team provides the highest level of communication with their sellers, and they’re looking for a competent person with good communication and computer skills who can help.  We pamper our clients with personal attention and above and beyond service, and we need a like-minded person who enjoys working with customers who can fill this postion in SW Florida.

    Please fax resumes to 239-489-0281.