Home sales in the SW Florida real estate market set an all-time record in April 2009 with 1,468 single family home sales, eclipsing the mark set in March of 1,464.  Sales are literally off the charts as affordability is in the market.  In fact, median home sale prices in the Fort Myers Cape Coral area fell by 3.39% last month down to $85,500, down from $88,500 in March.  For a comparison of monthly home sales in SW Florida from 2005-2009 see the latest Fort Myers Cape Coral home sales chart.

Median prices in SW Florida are down 57% from last year, down from $200,300 to $85,500  Median single family home sale prices have fallen every month this year except for February when they went up 2.74%  See our SW Florida Real Estate Month Over Month Prices chart.  To illustrate just where median home sales prices are today Vs. where they have been every year since 2005, visit our SW Florida Real Estate Sale Prices 2005-2009 chart.

Condo sales in the Fort Myers and Cape Coral area were up 7% over last year, and probably would have been much higher if FNMA hadn’t changed financing rules making it increasingly difficult to finance most condominium associations throughout SW Florida.  It used to be we worried about whether or not the buyer was qualified for a mortgage, and this past year we learned it was much more difficult to get a condo association approved than it is to get the buyer approved.  Banks have over-reacted and will cause further problems in the condo market going forward, which may actually increase delinquencies as existing owners will not be able to refinance or sell to anyone other than a cash buyer. 

Condo median prices in Cape Coral and Fort Myers fell 33% from $195,500 last year to $131,800 this year.

Statewide single family home sales were up 18% and median home sale prices were down 31%, and condo sales were up 21% and median condo prices were down 40%.  As you can see, Fort Myers and Cape Coral are leading the state, as our home sales are up 81% over last year compared to the statewide average of 18%.  SW Florida condo median prices were down 33% compared to the state average of 40%

The Fort Myers News Press interviewed Brett Ellis of the Ellis Team at RE/MAX Realty Group in Fort Myers about Lee County’s all-time sales record.

Below is a graph of inventory levels in just Fort Myers and Cape Coral since 2004.  The blue line is the active inventory listed in MLS and the orange line is the pending sales listed in MLS.  As you can see, back in 2005 there were as many buyers in the marketplace as there were sellers trying to sell.

Listing Inventory in Fort Myers and Cape Coral MLS
Listing Inventory in Fort Myers and Cape Coral MLS

 These figures do not include all of Lee County Florida, but rather just the Fort Myers and Cape Coral areas of Lee County.  At the end of the graph you’ll see a slight increase, but this is due to us switching MLS systems and including slightly more data.  We’ll watch this trendline from here on out but we can say inventory has been decreasing for months and foreclosures have not been keeping pace with the record sales we’re experiencing here in SW Florida.

Bank foreclosure agents we’ve spoken with all are noticing a decrease in bank foreclosure inventory.  The Ellis Team has sold much of it’s bank owned foreclosure inventory and have just about 6 left.  We expect more in the future, but as of right now first time home buyers, second home buyers, and investors have scooped up all but 6 we just received.  The 6 bank foreclosures have bank financing available at 4% interest with a 7 year balloon and 5% down for a primary buyer, and 6% interest and 20% down for an investor, or buyers can obtain their own financing.

May 2009 Ellis Team SW Florida Real Estate Current Market Index
May 2009 Ellis Team SW Florida Real Estate Current Market Index

 

The Ellis Team May 2009 SW Florida Real Estate Current Market Index shows relative stability.  We switched the way we compile the data for this report, and it looks like the index held steady at 3.99, up slightly from 3.72 the month prior.  All signs point to big sales ini April once they are released.  We are tracking over 1,400 single family home sales in April, which far exceeds sales from last year.

In the coming days we will be releasing a Fort Myers-Cape Coral inventory chart which will show available inventory in just those areas, as well as pending sales activity.  Lee County overall single family inventory stands at 12,579 which is up slightly from last months number of 12,356.  Again, we switched data compilation sources and we now feel we’ll pick up a few extra listings by making the change, so it’s possible inventory didn’t really increase at all.

First time home buyers hoping to take advantage of the $8,000 tax credit are competing with investors trying to scoop up bank foreclosure bargains.  Pending sales currently are running high, and might even be higher if we weren’t running out of foreclosure inventory.  The lack of foreclosure inventory may lead to reduced sales going forward if foreclosures do not pick back up again soon.  Some think the banks will be taking possession of more foreclosures soon as they work through the process, but less are being filed each month.

That is the question WINK News asked.  WINK interviewed Brett Ellis and wanted to know how bank foreclosures were affecting the local SW FLorida real estate market.  See WINK News report Local Housing Rebound?  Bank foreclosures are drying up, and first time home buyers are competing with investors for these good deals.  Inventory levels have continued to fall as home sales break all-time records.  Because builders are not building right now, it will be interesting to see what happens if we don’t have a continued pipeline of affordable bank foreclosures to sustain buyers insatiable appetite for housing in SW Florida.

Brett also did a newspaper article with the Fort Myers News Press about how Lee County’s Meltdown Turns Golden for home buyers. Agents are amazed at how far prices have dropped, and perhaps they have over corrected.  Listing inventory has fallen sharply in hard hit areas like Cape Coral, and Lehigh Acres is seeing a resurgence in home buying activity as buyers jump from Cape Coral in search of affordable houing in SW Florida.

Here are a few ways to search for bank foreclosures on our website:

Cape Coral Foreclosures Under$100k

Cape Coral Waterfront Foreclosures

Fort Myers Bank Foreclosures Under $200k

Fort Myers Bank Foreclosures $200k & Up

Reflection Lakes Foreclosures

Lehigh Acres Bank Foreclosures Under $100k

Lehigh Acres Bank Foreclosures $100k & Up

 

 
 

 

Lehigh Acres Foreclosures Under $100K
Lehigh Acres Foreclosures $100k and up

Single family home sales in Fort Myers and Cape Coral MSA were up 192% in March 2009 over March 2008.  The Fort Myers and Cape Coral MSA encompasses Lee County Florida. Home sales totalled 1,464 this year as compared to 501 last year.  Statewide sales were up 30% and median prices were down 30% from last year.  Fort Myers and Cape Coral is definitley leading the state in transaction increases.  Miami was next in line with a 101% increase in sales transactions.  For a complete chart of transactions by city and median prices, check out Florida Sales Report March 2009 Existing Single Family Homes. We’ve included a chart that shows home sales from 2005-2009 in SW Florida.

As you can see from our SW Florida Real Estate Sale Prices 2005-2009, sales prices are nothing like what they were in years past.  Prices declined 9.23% last month alone largely due to increased numbers of foreclosures selling in the lower price ranges, as you can see from our Month Over Month Sales Prices Chart.

Condo prices in Fort Myers and Cape Coral were down 36% from last year to a median price of $126,200, down from $196,400 last year.  Sales were up 53% this year as buyers reacted to the tremendous bargains in the market.  Many buyers have sensed the market has or is close to bottom and they better act soon.  See Condo Florida Sales Report.

Buyers have also responded to the $8,000 tax credit that essentially gives first time home buyers, or anyone who has not owned a home that was their primary residence in the last 3 years, a tax credit of 10% of sale price up to a limit of $8,000  Essentially the government is making the down payment for buyers, and buyers who put less than 10% down pocket the difference.  There are some income requirements.  See First-Time Home Buyer Tax Credit-What You Need to Know or watch our video explaining the First Time Home Buyer Tax Credit.

NBC  Nightly News recently did a report “Is Now the Time To Buy a Home” which can be fouond directly on our webpage.  there are some particularly good deal deals in Fort Myers real estate right now as pointed out in the NBC Report.

The Ellis Team at RE/MAX Realty Group in Fort Myers has long supported baseball in Lee County, and this year baseball has paid back.  Jason Ellis, Brett’s son played for the Junior Twins in South Fort Myers and the Junior Twins took home the County Championship this past week, which is a tremendous achievement.

South Fort Myers Little League County Champions Jason Ellis and Brett Ellis
Jason Ellis and Brett Ellis

South Fort Myers Little League County Champions

Paul Hobby managed the team and did an excellent job as he is a great role model with the kids.  The coaches all put in extra duty this year to get the kids ready for a winning season, and the kids worked hard too.  Brett Ellis and Matt Scott coached the team along with Paul.

Manager Paul Hobby, Coaches Brett Ellis and Matt Scott, and the Twins
Manager Paul Hobby, Coaches Brett Ellis and Matt Scott, and the Twins

South Fort Myers Junior Twins: The team won the Lee County Championship over the South Fort Myers Red Sox 13-3 on Friday. Of the 23 Junior Little League teams in Lee County, the South Fort Myers Little League had all four of its squads in the county semifinals. The Twins captured a 9-8 semifinal victory over the SFM Cardinals. The SFM Red Sox outfought the SFM Mariners for a 4-2 victory in the semifinals. Zach Belcher was the winning pitcher for the SFM Twins in the championship game, pitching five innings.

2009 South Fort Myers Junior Twins Championship Team Photo
2009 South Fort Myers Junior Twins Championship Team Photo

Read News Press coverage of Title Game.

Brett Ellis appeared recently on NBC’s Today Show on April 19, 2009.  The report focused on housing deals in SW Florida and if now is the time to buy.  One Realtor talks about the buying frenzy and the bank foreclosure deals to be had presently in SW Florida, but time is running out.

Additionally, the report focuses on the $8,000 tax credit, and buyers competing with investors for the bargain buys. Brett Ellis of the Ellis Team at RE/MAX Realty Group in Fort Myers stands in front of a home that is priced 1/5 the price of what it sold for just a few short years ago.  Because of the tremendous buys, many buyers are bidding on properties.  One buyer in the report bid on 14 properties until they were successful.  The best bargain buys go quickly and many receive multiple offers, so you have to act quickly and have your ducks in a row.  This means getting pre-approved for a mortgage through the correct lender, and using all the forms the seller requires and filling them out correctly.

There are tips to being the successful bidder, and experienced agents in the foreclosure business know what these tips are.  Listen to the advice you receive from your agent, and if they tell you there are multiple offers on the property, believe it.  It’s far better to get your 1st or 2nd choice then your 15th.

Contact the Ellis Team at RE/MAX Realty Group in Fort Myers for bank foreclosure buys in Cape Coral, Fort Myers, Lehigh Acres, and all of SW Florida.

800-860-4042

Visit our website Topagent.com

Due to a shortage of U.S. manufactured drywall between 2004 and 2007, many builders were forced to buy drywall imported from China. The “Chinese drywall” has been linked to seeping sulfide gases that can corrode electrical wiring and components of air-conditioning and other household appliances. Some residents have been forced to move from their homes, and a few builders in Florida have begun gutting homes and replacing the drywall.

We have found some helpful information put out by the Florida Department of Health that may be help to answer some questions the public may have regarding if Chinese drywall is present in your home and what the health implications may be, as well as where to turn for help.

See Frequently Asked Questions:  Here is a sample question.

How do I know if I have “Chinese drywall”?

Unfortunately, there is no easy answer to this question. The most definitive method to date is finding a “made in China” marking on the back of sheet of drywall. DOH observed some drywall in several homes with no discernable markings. The origin of the unmarked drywall is unknown. DOH observed that homes with marked Chinese drywall also contained drywall marked as made in USA. Remember that we do not know how many sheets of the suspect drywall can cause problems. DOH did observe at least one home with marked Chinese drywall with none of the associated corrosion or odor problems. The bottom line is we think the question should really be “Does my house have corrosion problems?”

How to File a Consumer Complaint: Useful information on who to contact if you’d like to file a complaint.

Case Definition and Pictures (Does My home fit the investigation criteria?)

We will continue to provide additional information and resources as they become available.  You can also listen to The Future of Real Estate each week as we bring you important information and news regarding real estate in SW Florida.

 

 
 

 

The News Press is sponsoring an online marketing workshop for Realtors and other local business people that could help grow your online business.

On Tuesday, May 12 from 9am-11am Mike Blinder will deliver an excellent seminar for a small group of business people in the Lee County area (place TBD).

If you are interested in knowing more about Mike Blinder go to http://www.blindergroup.comand you will see enough to know that you want to be there.

Call your sales executive now to reserve your spot.

Industry experts Brett Ellis of the Ellis Team at RE/MAX Realty Group in Fort Myers Florida and Adrian Jacobs from Countrywide Home Loans in Fort Myers Florida outlines successful strategies in identifying short sale candidates, structuring your offer so the bank can accept it, and compiling the short sale package the way the banks want to see it.  We also go into qualifying the seller, getting pre-qualified, and talk about lien searches and why they’re important.

Brett is a CDPE (Certified Distressed Property Expert) and has helped dozens of homeowners sale their properties in SW Florida.  Working with a CDPE is a good idea and Brett encourages agents to obtain the accredidation.  The more agents with this knowledge the more it helps the entire market.  Both the listing and selling agent must have detailed knowledge about the process to make a short sale work.  Making mistakes can cost the buyer several months, kill the deal, and the buyer has lost out on many other properties they could have purchased during the time they waited for the failed short sale.  The seller faces likely foreclosure in a failed short sale, so the results are tragic on both buyers and sellers.  Working with a CDPE helps improve the success rate by only focusing on qualified short sale opportunities and putting together a package that works for the banks.

Watch Tips on Short Sales.  We also talk about buying bank foreclosures in SW Florida, Fort Myers, and Cape Coral as well.