Fort Myers Beach Archives - Page 41 of 41 - Fort Myers Real Estate and Homes For Sale

Is there a shift in SW Florida real estate market? Many agents I’ve talked to have complained that buyers thus far this year lack a sense of urgency. They’re making offers at times but then shutting off to counter-offers. For some listings, there are no offers at all.

Last year it was common to have multiple offers per property. Prices were rising and Realtors could price homes ahead of the last known sale. This year might be different. We’ve noticed a slowdown of offers on homes priced about $275,000 and up. One Realtor we talked to this week has noticed a slowdown on homes over $200,000.

Is the stock market affecting the real estate market? Some speculate yes, others aren’t so sure. Sometimes there is a flight to tangible assets like real estate when the stock market is in trouble. Other times the stock market affects consumer confidence and people are afraid to do anything.

Let’s look at some of the numbers. Just because Realtors start talking doesn’t mean the numbers bear out their suspicions.

Shift in SW Florida Real Estate Market February Pending Sales — SW Florida Pending Sales Feb 1-9 2016

Last year there were 1,537 new pending sales in February. As of February 9^th, 2016 there are 217 new pending sales. The average list price of those pending sales are $280,569. We know that closed sales were down 2.8% in December. Unofficial January numbers suggest sales were down 12.7%

This confirms that so far this year new pending sales are off as well. Of the pending sales, average price is down. We won’t know what these pendings close at until they close, and of course we’re not dealing with a full month. In December, the average closed sale price was $333,735. Official January numbers won’t be released until later this month. If the rest of the month holds true, it would confirm strength in the lower price ranges and lack of urgency above $280,000.

Shift in SW Florida Real Estate Market Closed Sales 2015 — SW Florida Closed Home Sales

What should sellers do with this information? They could wait and see if this is a temporary lag in the market. This sometimes happens as season picks up steam the latter half of February and into March. Or, sellers could reposition their home in the marketplace and be the first ones out in case buyers remain unmotivated.

In January we listed two condos in Reflection Lakes and sold both within a matter of days. Just because the overall market may see a shift doesn’t mean all properties are affected exactly the same.

If you’re putting your home on the market, it pays to look at what has sold and what your competition looks like. Look at it objectively like a buyer would. If you have had your home on the market, look back and see how you made your initial determination. Did you price ahead of the market expecting the market to increase?

Look at it like a basketball game. Just because your team had a good 1^st quarter doesn’t guarantee you a solid 4^th quarter. To win you have to be better at the end of the game, not just at the start. If your home has been on the market and not selling it’s either the marketing or the price. And even if it’s the marketing, chances are it still might be the price as well.

I’ve been tracking a few listings that interviewed with us and went with another Realtor who listed at a higher price. In each case, those properties are still on the market and they’ve reduced the price down to where we initially said. They are still on the market, and if buyers remain indecisive, they may end up reducing more.

Sometimes it’s best to be the first one out than to languish on the market and compete with all the other sellers reducing their prices. Of course, Season could kick in any moment and clear out the inventory shelves.

Check your competition for yourself at our SW Florida MLS Search Site or call us at 239-489-4042 We can help you sell your home and find your next home as well.

This Weekend’s Open Houses

Saturday 1-4 PM

6087 Waterway Bay Dr

Gulf access Home in Boating Community

Open Saturday 1-4 PM

12510 Kentwood Ave

Hampton Park in Gateway

SW Florida real estate home prices aren’t quite back to what they were in January 2006 however Southwest Florida home prices rise to highest level in years.

December 2015 median home sales price in Lee County came in at $231,000 which was a 21.6% increase over sales in 2014. Average sales prices rose 17.2% up to $333,735 in December.

Closed sales fell 2.8% in December and most attribute that to delayed closings due to new Federal regulations knows as TRID. We’ve written extensively on how TRID would delay or kill some closings and you can search those articles right here on our Blog

While overall sales fell 2.8%, cash sales fell 10.8%. We don’t really have an explanation other than as prices rise we tend to see more financed sales.

Each year listing inventory increases starting in January but this year we actually saw a 4.2% decrease.

January started out strong. Typically sales don’t pick up until about January 18^th or so, but this year it was early. If anything we perhaps saw a slowdown in the 2^nd half of January. Perhaps this was reaction to major stock market corrections? We don’t know, and we hesitate to get caught up in sales activity over a one or two week period. January isn’t the biggest month for sales anyway.

Sales tend to build in season. February becomes a very strong month and March builds on top of that. Mortgage rates have actually fallen with all the financial turmoil, so buyers may benefit from that when they go to purchase.

Official year end stats for 2015 won’t be released until February 17^th, so we’ll wait and report that breaking news on our Blog that day. You may wish to subscribe to our Blog so you don’t miss it. We know year end prices will be up; it’s just a matter of how much. Sellers like to know as it forebodes next year’s tax assessments. It also gives sellers a good idea in case they are considering selling.

If you’re considering selling you might like to check our the Market Reports section on our Southwest Florida MLS search website We wrote about this new feature last week and many signed up to receive real-time reports of active listings, pending sales, and solds in their neighborhood. If your neighborhood isn’t listed yet, you can create your own.

If you’re a buyer, you can use our website to search for properties. Buyers love it because it’s updated every 5 minutes. It’s fun as a Realtor to make a change in MLS and watch it update on our site in just a minute or so. A lot of national websites don’t update or don’t have all the listings, so buyers get frustrated when the home that interests them isn’t there or sold months ago.

That won’t happen on our website as long as Realtors have updated the MLS. While buyers love shopping on our site, there’s no substitute for sitting down with a knowledgeable professional who will listen to your needs and make suggestions. People who are not from here feel at a disadvantage because they don’t know the area. They want local help from someone who cares and knows the area.

That’s where we come in. We’re the Name You Know. We don’t try to sell you anything. We just educate you on the market and guide you in the right direction so you can make the best decision for you.

Call us today at 239-489-4042 or search online at LeeCountyOnline.com

Good luck and Happy House Hunting!

The Ellis Team is growing. We’d like to welcome two fantastic additions to our team. Ashley Johnson and Alisha Swientek have joined the team as buyer specialists. Both bring a wealth of real estate experience to the team. They look forward to helping you find your dream home, along with Kevin Ellis and Chris Herrington. We are deeply proud of each of our team members as they share our values and goals of helping our customers buy or sell the perfect home for them.

In the old days we used to send out market update reports to neighborhoods which would provide homeowners a list of nearby properties on the market, pending, and recently closed sales.

New Market Report for Home Sellers in SW Florida — Sample Market Report

Sellers loved the information because it gave them a handy reference guide of similar homes in their neighborhood. They could take it and drive by those homes and compare locations and appearance to their own home. People would track homes for months especially when they had a potential interest in selling in the near future.

We pioneered the online computer valuation estimate even before the big national online valuations came out. Sellers are now able to go online at sites like www.LeeCountyOnline.com or www.Ellisteam.smarthomeprice.com and get an instant price analysis of their home. These sites are great and sellers love them, but they don’t give you the list of comparables like those old reports did.

One of the problems with the old reports was they were somewhat outdated the day they came out. Agents compile the reports and send to printer. Once it’s printed, they get mailed, which takes time. They weren’t real-time.

We decided to bring back those reports, but not for just a few select neighborhoods. We want everyone to have them, and in real-time. And we’ve done it. Introducing new market report for home sellers in SW Florida.

Simply go to Market Reports section on our website. You’ll see several neighborhoods listed with more on the way. If you don’t see your neighborhood listed, don’t worry. Just click on a neighborhood, any neighborhood. At the top select Create Your Own Market Report. With just 2 clicks you can select your neighborhood and yours is created. You can even save it and have it sent to you monthly.

We’ve created market reports for neighborhoods like Reflection Lakes, Whiskey Creek, Cross Creek Estates, Danforth Lakes, Highland Pines, Caloosa Trace, Daniels Park, Botanica Lakes, and even the Downtown River District high rise condos.

You can see what homes and condos are listed for, which units are going pending, and what homes are selling for. You’ll get the price per square foot for each home along with the averages so you can compare your home to the market.

It’s all in Real-Time, just like our MLS search site. You won’t have to wait for properties to close, agents to compile reports, and the postal service to send them. Our database is updated every 5 minutes. Don’t believe it? Test it out. Within an agent inputting a listing or sale in MLS, our system updates.

If you’re thinking about selling, www.LeeCountyOnline.com will be a great resource. There’s no substitute for professional advice though. Please call us and find out how our marketing is bringing more buyers and top dollar for our sellers.

If you’re a buyer, you’ll love the website too. It’s hard to find properties and beat out other buyers to hot new listings. Because our site is updated every 5 minutes you’ll have a distinct advantage over other buyers. Our agents are great and listen to your needs. We’re not here to sell you anything but rather find you what you’re looking for and help you get it.

Our people are the best, and our technology isn’t too shabby either. Call us and we’ll talk, or login and see the difference. Not all Realtors have the same people skills or the same technology. And they don’t all spend the money to market your home the way we do either.

Call us at 230-489-4042. Good luck and Happy House Hunting!

Large 5 Bedroom 3 Bath Home in Danforth Lakes

Danforth Lakes Market Report 5 Bedroom 3 Bath Pool Home — Danforth Lakes Pool Home 5 Bedrooms 3 Baths

While we’re awaiting the Fed’s decision on interest rates at the time of writing this article we thought we’d delve into year-end inventory numbers in SW Florida. Could this be a perfect storm for Southwest Florida home sellers?

We’ve been saying for quite awhile this may be the perfect time to sell your home as rates are low and inventory is low. Buyers have to compete against each other to win bids. In a normal market it feels like the buyer is competing against the seller and that’s just not the case right now.

As rates rise it will begin, albeit slowly, to price buyers out of certain price ranges. Ultimately this will begin the process of adding inventory to the market as there will be less buyers competing for each listing. It may force buyers down in price range and increase the number of buyers at the low end of the spectrum, but then again some buyers at the low end will be priced out completely, so that may wash.

We never know how many buyers become priced out. All we do know is that a 1% increase in rates equates to about 11% less purchasing power for any given borrower.

As you can see from the inventory graph, single family residential listings in Lee County Florida are down to 4,628 listings. This is down 10.3% from last year’s number, and down significantly from 2011 when we had in excess of 8,100 listings. It’s no wonder average prices rose 20.4% in October this year over last October. Median sales prices were up 14.0%

Month’s supply of inventory is also down 20.5% from last year. Currently it sits at 4.0 months, which is up from September’s 3.7 months. Last year supply was running around 5 months.

If you’re a seller, it’s really a “Perfect Storm” to sell right now. Listing inventory is down right now, and nobody knows how long it will be this low. The one thing we know for sure is that real estate is never constant. External forces influence inventory levels, demand, and ultimately pricing.

Rising rates is a big driver which influences demand. It affects affordability. It also affects consumer confidence. While higher rates slightly above zero percent shouldn’t affect buyers too much right now, the psychology of continued rising rates can influence consumer sentiment going forward.

Nobody is really concerned about the first Fed rate increase. It’s just that when they start raising rates, they usually continue. Nobody wants to see rates stay at zero percent forever, and yet everyone is afraid to begin the process. They cannot stay where they are, although empirical evidence suggests if you had a basis to place rates at zero for several years, there is still some evidence that suggests rates should stay there. And if you believe rates need to stay at zero then you’ll be against beginning the process now.

By the time you read this article, those arguments may already be settled. Regardless, one of these days, if not already, rates will begin to rise and it will cost buyers more to borrow. It will begin a process, and one day sellers may look back at today and say “I wish I had sold my home back when rates were lower and inventory was lowest.”

If I had a dollar for every time a seller said they should have sold back in time I’d be a rich man.

Let me be clear, we think we’re going to have a good market in 2016. Prices may rise. We’re not saying we have a Top to the market. All we are saying is it’s a lot more fun to sell when you have little to no competition from other sellers. You place all the competition onto buyers to compete. These days won’t last forever. You’ll still be able to sell when you’re competing against other sellers. It’s just won’t be as much fun.

Imagine if you played poker and you were dealt the hand of your life. You’d probably bet that hand differently than a normal hand. And you surely wouldn’t fold. If you’re thinking of selling, play that winning hand while you got it.

Call us if you’d like to talk 239-489-4042 or feel free to search the MLS at www.LeeCountyOnline.com

Good luck and Happy House Hunting!

Featured Property of the Week

8740 Banyan Bay Blvd

3 Bed 2 Bath Pool Home- Former Model

The number one complaint we hear from sellers is that they listed with a Realtor and never heard from them again. The number one complaint we hear from buyers is that either the Realtor doesn’t return their calls or their Realtor is out of town and can’t show them properties.

Buyers and sellers aren’t being unrealistic. They need help and that’s why they go to a real estate agent. Because buyers and sellers have questions, it’s not enough for the agent to know the answers but keep the knowledge locked up in a vault. That knowledge and information must be communicated with the customer.

In the old days we provided each of our clients with a communication binder where they would store all the reports, ads, and feedback we’d send them through the mail or personal delivery. We would discuss the reports with the clients, but there was a delay because of they way they were sent.

Communication the Key to a Successful Real Estate Transaction

Today communication is better and immediate. Our sellers receive a communication portal which is essentially a website we setup for each of our listings with private access by each seller. They login and see the marketing activities, the showings, and the feedback. They see the timelines and what is left to do on the checklist and what our team has already completed. There are links to the PDF of their ad in the newspaper. They can view each ad just as it’s printed. We can also post links to websites all over the Internet. When we list a property we place it on dozens of websites. The seller sees as we post these ads. They can preview their ad on Zillow, Trulia, realtor.com, Craigslist, News Press, LeeCountyOnline.com, REMAX.com, and all the other websites we place it on.

Sellers love viewing their printed newspaper ad online. They can send it to friends, or just have it for their records. All communications between sellers are stored there as well for easy reference.

When the property goes pending, the transaction gets another website. Inspection reports are posted along with progress on buyer’s loan if applicable, timelines, etc. When we speak with clients they can actually see what we’re talking about. It really helps make our sellers a more educated seller, and that’s a good thing.

We have systems for buyers as well. While they’re shopping for a home we have a client portal. In that portal they can store favorites, take notes, and be alerted when matching properties enter the market or change price immediately. This helps buyers get a leg up on other buyers who are shopping for the same thing. The early bird gets the worm.

When the buyer finds a property and goes under contract, we also setup a web portal where they can log in and check their progress. We are in constant communication regarding their loan, inspections, insurance, HOA or Condo Association deadlines, etc. We’ve taken a complicated process and made it easy to follow along and understand.

It all starts with communication. When buyers and sellers understand the process and know ahead of time what to expect, they begin to trust. They trust their agent and they trust the process. When buyers and sellers trust the process, they’re not surprised and they can make adjustments when necessary without freaking out because they were caught off-guard. Yes, unexpected surprises can happen in a real estate transaction, but being prepared and proper communication upfront goes a long way to solving surprises later on.

Many transactions have few if any surprises, and that’s the way it should be. Each Realtor has their own systems they like to use. When selecting a Realtor, just make sure you ask about communication so you know what to expect. Have them show you their systems. Selecting a Realtor based upon communication systems and skills might be the single best criteria you could use to determine which Realtor to work with.

You can always reach us at 239-489-4042 or search the MLS at www.LeeCountyOnline.com

Good luck and Happy Selling/Buying!

Our team is growing again. We need a closing transaction coordinator. Full-time position. Call us at 239-489-4042 if you are looking for a job and have real estate, mortgage, HOA or title experience.

New Listings:

31 Lagoon St

31 Lagoon St North Fort Myers– 5 Bedroom 3 Bath home on the water seconds from the river with pool.

31 Lagoon St Single Property Website

Virtual Tour 31 Lagoon St

31 Lagoon St North Fort Myers on Instagram

12724 Aston Oaks Dr

5 Bedroom 3 Bath Home in South Fort Myers

12724 Aston Oaks Dr Single Property Website

12724 Aston Oaks Dr Virtual Tour

7479 Twin Eagle Ln

Eagle Ridge 5 Bedroom 4 Bath Golf Course Home

7479 Twin Eagle Ln Fort Myers Single Property Website

This past week I attended the joint Fort Myers Beach Town Council and Lee County Commission workshop to hear a bold proposal by developer Tom Torgerson that was dubbed an opportunity of a lifetime at Fort Myers Beach.

After viewing the presentation I would concur that is indeed true. There were some things that I liked and a few things I didn’t like. I still have a lot of questions. The presentation was an overview. It was not complete.

I did not see renderings of Crescent Beach. It looks like some open space remains but perhaps not in its current form. Like Commissioner Mann, I wonder how adding 700 hotel rooms would reduce trips on the road.

The four new hotels will be a Holiday Inn Resort at the South end of the property. Next to that will be the Marriott AC property, followed by the Hilton Resort which will have a Hampton Inn inside the Hilton Resort. The parking garage will connect to the Hilton Resort. The Holiday Inn Resort will hold 200 rooms, while the Hampton Inn would hold 85 rooms and the Hilton Resort 76 units. I couldn’t write fast enough to get the Marriott number. All told I’ve read we’re looking at about 476 new rooms at the beach.

I can see how the new traffic flow would be a big boost to traffic snarls at the beach. Traffic impacts quality of life and improvements there would go a long way to allowing me to make compromises, but we need more facts.

Last year I took a road trip to Siesta Key in Sarasota. What I didn’t like was that the Gulf views were obscured by businesses and hotels. I fear that Fort Myers Beach will go the same route. I hate to lose that beautiful beach access.

Oh, the developers have opened up access points to the beach. I’m talking about the views. It will look more like a downtown shopping district in front of these hotels and businesses until you go in back on the boardwalk.

I’d like to see a virtual reality rendering of what this all looks like. I’d like to see the access to the beach and see how closed off it really is.

I also worry that the trend would continue further down the beach and we’d add more high-rise hotels, further blocking beach view access. If we do this project, is there a way to make it stop? This is a CPD (Commercial Planned Development). Is there a way to restrict further CPD’s?

Opportunity of a Lifetime at Fort Myers Beach Boardwalk — Proposed Boardwalk

For the most part, driving over the big bridge would afford similar views to what we have now. It’s when you’re at street level that you begin to feel like you’re boxed in. It almost feels like First Street Village in Downtown Fort Myers. There are arches in the renderings that looks like it could open up to beach views at street level. And of course, there is the boardwalk. I just want to make sure there is enough open space to not feel boxed in and lose that beach feel. As opposed to downtown, the beach is the draw, not the businesses.

Opportunity of a Lifetime at Fort Myers Beach Parking Garage — Proposed Parking garage and Pedestrian Walkway

There are parking benefits. I’m not sure I like valet parking versus self parking. If Lee County residents are going to give up so much, I’d like to see residents be able to buy parking passes like Collier County does. This may bust their revenue budget, but everything is a negotiation at this point. The developers know there will be some give and take.

I can see benefits to traffic flow, storm water improvements, parking, and tax revenues. There are a lot of plusses to consider. It’s just that we’re being asked to trade-off and lose that small town feel and some views for the sake of development.

Traffic flow would benefit in a number of ways. Pedestrians would not be crossing Estero Blvd at choke points anymore. They’d be using the elevated walkways. Left turns from Estero onto side streets would also be done away with. Traffic would also be diverted away with the use of the round-about and behind the garage area. The traffic plan actually does look like a well thought out plan.

Opportunity of a Lifetime at Fort Myers Beach View Looking up Beach — View Looking Up Beach

Like I said, it’s complicated, and it is a opportunity of a lifetime at Fort Myers Beach. Nobody knows how much they’re asking the state and county to contribute. They make mention of tax revenues exceeding what is needed. That is code for asking for tax dollars, and of course some land swaps. They propose giving the county the parking garage in exchange for Seafarer’s Village Property, Crescent Beach, and some right of ways.

If Lee County is going to be doing some land swaps, perhaps there is an opportunity to acquire more land down the beach adjacent to one of the parks. This way the County could expand an existing park more like Lynn Hall Memorial Park but down the beach. Then locals would have a quiet place with parking if they wanted to escape all the hustle and bustle of the new project.

It will be interesting to see what the Town of Fort Myers Beach thinks as well as Lee County residents. I see some positives, and if I were in charge I’d be willing to let go of a few tings in return for some assurances on others. Both ways it’s a quality of life issue, and we need to make sure we get this right.

Fort Myers Beach Proposal — View Looking Up Old Estero Blvd

Plans are ambitious. They would like to start sometime between October- December 2106. They would need FEMA approval for the seawall change which they believe they could get within about 4 months from application. That seems pretty fast for FEMA.

Good luck to the Town of Fort Myers Beach and Lee County. We’ve got some work to do. To search the Fort Myers Beach or Lee County MLS, visit www.LeeCountyOnline.com

What are your thoughts on the Fort Myers Beach proposal? Is it a opportunity of a lifetime at Fort Myers Beach or a bad idea that will destroy the way of life as we know it?

More renderings below:

Fort Myers Beach Proposal Skyline with scale — Proposed Fort Myers Beach Skyline with Scale Drawings

Proposed Fort Myers Beach Master Conceptual Plan — Master Conceptual Plan

Fort Myers Beach Proposed Roundabout — Proposed Roundabout

Looking Up Island Toward Roundabout — Looking Up Island Towards Proposed Roundabout

Once in a Lefite Opportinity Back View of Proposed Parking Lot — Back View of Proposed Parking Lot

Public input upcoming at December 14 meeting on Fort Myers Beach

Grading Period Ends Friday! Do those words bring back memories from your childhood school days? Were you one of those students that began searching for lost assignments the last week and began studying for that all important test so you could catch up and get that acceptable grade before your parents saw your report card? Perhaps you were organized and on-time and the reminder from teachers didn’t faze you much.

As the parent of two students in the school system I get these notices emailed to me so we can remind our children. It does bring back memories, although it seems my generation worried about grades and assignments just a little bit more than today’s kids seem to. I don’t recall having assignments not turned in, but my kids do, and other parents I talk to say the same thing.

Real Estate Grading Period Ends Friday!

Did you know that there are report cards in real estate too? One such grade you might want to pay attention to if you’re a seller is the Days on Market class.

As you can see from the attached chart, the average days on market for a foreclosure (REO) is only 33 days. This means they sell almost as fast as they come on the market. Buyers know it’s best not wait too long to make an offer on these properties or they’ll be gone in a blink.

Traditional Sales

The good news is traditional sales are down to 40 days on average. We have a shortage of homes on the market and a home that’s priced at the market will sell almost as fast as a foreclosure will. Short sales take a little longer, 109 days, as some buyers can’t afford to wait and see if the bank will take their offer. Some buyers need housing now and can’t wait for a yes/no/maybe answer for several months; all the while new listings hit the market and sell each week.

If you’re a seller and you see the average days on market is 40 days and your home has been on the market 200 days, it might be time to ask yourself some important questions. Your sale is failing the test. The market has not accepted what you’re doing.

Is it the Marketing?

It could be the marketing, the presentation, or the price. Of course, all the marketing in the world won’t sell a home that’s dramatically over-priced. Usually it is the price. If you’re going to pass the test, it’s wise to study the market and evaluate where your property stands in the market, not in your eyes as the seller but in the market’s eyes. It never mattered how smart I thought I was, what mattered was what the teacher thought. And believe me, the teacher’s thoughts mattered to my parents. There’s only so much fast talking you can do when the grades don’t come in.

You might ask yourself. Who am I fast talking? Am I selling myself on the value of my own home, or the buyer? If you’re selling yourself, you’re essentially buying your own home back at an inflated price. You wouldn’t do that if you were buying someone else’s home, so why do it to yourself? If the buyer’s aren’t buying and your home has been on the market a long time, you probably know the answer.

All Real Estate is Local

In school grading there is a district wide average and then there is a class average, and in real estate there is a county or city wide average and a smaller neighborhood or type average. This is important too. Perhaps $1 Million + homes take longer to sell, which they do. Golf course properties with high mandatory golf fees do as well. If your maintenance fee is high, that can add time. Be sure to compare the grades of like kind properties. Although, if you live in a home or community that has an average of 1.5 years to sell, you might want to price your home so it is the Next to sell, not # 14 on the list.

We hope this helps explain the Days on Market class grading system. If you have questions or considering selling your home, feel free to call us. 239-489-4042. We’ll be glad to help you get that perfect report card. You can search all the homes for sale at Ellis Team Website.

Fort Myers Real Estate and Homes For Sale

SW Florida Real Estate Market Updates & News

Category Archives: Fort Myers Beach

Shift in SW Florida Real Estate Market?

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