Category Archives: Waterfront Homes

Palmetto Point Waterfront Community

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Sometimes we like to take a break from statistics and real estate market news and tell you about a neighborhood or area in SW Florida. Today we picked Palmetto Point waterfront community in South Fort Myers.

Palmetto Point Waterfront Community
Palmetto Point Waterfront Community

We don’t currently have any listings in Palmetto Point, we just love the neighborhood and enjoy selling homes in there whenever we get the chance.

Palmetto Point waterfront community is special because it offers deep waterfront access which accommodates large yachts and sailboats. It is located adjacent to Gulf Harbour Golf and Country Club so residents can join Gulf Harbour and enjoy their amenities like golfing, tennis, fitness, and fine dining without having to live in the country club.

I remember when I first moved to SW Florida in 1988. I used to drive through Palmetto Point waterfront community and say this is where I’m going to live one day. While that never quite worked out for one reason or another, my love for waterfront communities like Palmetto Point has only grown.

Most Expensive Home in Palmetto Point Waterfront Community
Most Expensive Home in Palmetto Point

Currently there aren’t many homes on the market in Palmetto Point. The most expensive home is on the market for $4,395,000 and features 5 bedrooms and 5.5 baths. It has approximately 7,292 sq ft living area, a 3 car garage, and overlooks the yacht basin with room for a 100 ft yacht in your back yard.

Least Expensive Home in Palmetto Point Waterfront Community
Least Expensive Home in Palmetto Point

The Least expensive home on the market right now is $329,000. It is considerably smaller at 1,645 sq ft of living area and is not waterfront although it does have a canal view. You won’t be able to park your boat behind this home.

There are other waterfront listings for $1,190,000 and $799,900. In case the existing inventory doesn’t suit your fancy, there are 5 waterfront lots currently available ranging from $695,000 to $2.25 million. If you’re looking for Fort Myers deep water access in a Fort Myers waterfront community, Palmetto Point might be just what you’re looking for.

If you’d like to see more information on any of the active or sold properties simply head over to Palmetto Point Market Report section. You’ll see that the highest sale in Palmetto Point in the 6 months sold for $3.75 million. You can click on any of the homes and see all the information about them. The site will give you days on the market, price per sq ft, sold date, and all the property details.

Palmetto Point Waterfront Community Market Report

Palmetto Point Waterfront Community Market Report
Palmetto Point Market Report

You can also find out what your home is worth on this site. Well, at least according to the best online computer models available today. Keep in mind that the computer has not been inside your home nor seen the updates you’ve done. For that, you’d want to speak to a professional like the Ellis Team. We’re experts at getting top dollar for nice homes in SW Florida.

You may have heard about the recent sale on Sanibel for $6.837 million. This past year we have seen several sales north of $1 million. While the $1 million+ currently has a 19.74 month supply of inventory right now, that’s actually pretty good historically speaking. It always takes longer on average to sell the larger homes as there are fewer buyers for them, but like anything else, if it offers what everybody wants, is in good condition, and priced correctly, it will sell.

If it isn’t priced correctly, properties will sit on the market. Proper pricing along with exposure to the market is what sells property.

If you’re looking for a waterfront gem but don’t have $1 million+ right now to spend on a home or lot, we have one in Overiver Shores that’s a beauty for $600,000. It’s 5 bedrooms, 3 baths with 3,363 sq ft living area and offers access to the river in seconds. There are buys out there if you know where to find them.

If you’re looking to buy or sell waterfront property in SW Florida, always call the Ellis Team at Keller Williams. We know the market and can guide you through searching for your piece of paradise. You can reach us at 239-489-4042 or search away at LeeCountyOnline.com

Good luck and Happy House Hunting!

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Check out other popular subdivisions in Fort Myers:

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Tanglewood

Tanglewood Market Reports

Is Your Price on Target?

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Last week we wrote about sellers in SW Florida who have had their home on the market this season and their home hasn’t sold.  We talked about market activity and closing statistics as well as the latest pending stats. In that article we mentioned one sentence that elicited responses from readers “We have a graph we send our sellers that shows typical showing activity.” This week we’ll focus on the question, is your price on target?

We have a lot of information we send our sellers that educates them on how the industry really works and how best to sell their home.  We don’t normally share all this information with the public, but in this case we’re going to share the pricing target graph.

Is Your Price on Target

This graph is based upon research and showing data over many years in many markets.  We know that the seller sets the asking price and the market determines the value.  Over time the market speaks to us.

Some sellers place their home on the market and receive lots of showings, while other go on and receive little to no showings.  Is the market speaking to you?  Perhaps this guide may answer some of those questions?

If you are getting showings but no offers it generally means you are in the range 3-5% above market value.

If your number of showings is low and you’re experiencing a lot of drive-ups but the buyers don’t come in to see the home, your home may be 5-10% overpriced.

If you aren’t receiving showings at all, then your home is likely priced 10% more above what the market will bear for your property.

Many sellers say things like “Well, we can always come down but you can’t go up”   , or “They can always make an offer”.  The reality is buyers don’t make an offer when a home is overpriced.  They make offers on other homes that are priced correctly.  Many times they don’t even view the overpriced listings because it’s not what they’re looking for at that price.

Overpricing a home hurts a seller two ways.  Legitimate buyers in that range are used to seeing other homes that offer more than yours.  When they view yours, it just doesn’t measure up, so they will never buy it.

The actual buyer for your home never sees it, because it’s not on their radar screen.  It’s priced above where they are looking.  So you miss the mark 2 ways.  Sellers that overprice never had a chance.  So when we hear things like “They can always make an offer” we know that they won’t be receiving that offer.

A lot of sellers call us blaming their crappy real estate agent because their home hasn’t sold.  It may not be your agent’s fault.  Have you listened to your agent and had the pricing discussion?

Now if your agent suggested a higher price and never communicated with you how your home is stacking up against the competition, you might have a point.  Many times it’s the owner who wants more than what the agent says, or they Realtor shop until they find one that agrees with them.

You’ve heard of Doctor shopping for pills.  That’s a bad thing, and so is Realtor shopping for an agent that will write you a price prescription.  That prescription never works and can do you more harm than good.

Our suggestion is call a good Realtor who knows the market.  You may not like the medicine he/she recommends, but a bitter pill only last a few seconds while taking the wrong medicine can hurt for months or years.

Plus, we live in paradise.  Life’s too short not to move on and get what you want.  When you overprice you delay your goals.  You’re not moving on to where you should be.  You’re trapped in your current circumstance, just because you wanted more than what the market would bear.  That’s usually an ego thing.  It’s human nature.  We all do it.  The real question is, are you going to let ego and greed hold you back?  Some people do and they regret it for years, and some accept the market, take their medicine, and live their dreams.

If you’re looking for a Realtor that will tell it like it is, call us 239-489-4042.  Our marketing is pretty good, and chances are we can get you where you want to be if we work together.  You can search the MLS at www.LeeCountyOnline.com

Good luck and Happy House Hunting!

This Week’s Featured Listings

31 Lagoon St

Luxury Waterfront Home seconds to the river
Seconds to the river and just minutes to work in Downtown Fort Myers

 

 

 

 

 

 

 

6087 Waterway Bay Fort Myers

6087 Waterway Bay Fort Myers

Lee County Florida Real Estate Cash Sales Fall 23%

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Lee County Florida real estate cash sales fall 23% in September 2015 and that’s a good thing.  We said several years ago one of the signs of a recovering economy is infusion of capital.  We’ve been watching a fairly steady decline in cash sales for the past few years.  Back in the doldrums of the market reset cash sales accounted for about 70% of all sales. Lee County Florida Real Estate Cash Sales Fall

Investors came in with cash and bought up everything they could at rock-bottom prices.  Cash was good because back then banks were nervous about lending.  Today banks are encouraged to lend again and prices are nowhere near rock bottom, so buyers have less competition from flippers and long-term investors.

Competition is still fierce for properties and inventory is limited.  It’s just not concentrated at the low end of the market like it used to be.  These are all signs that the SW Florida real estate market has recovered and on solid ground now.

In fact, median days on market is down to 34 days in September, a 10.5% drop since last year.  If you look at the graph, drops of 20% or more have been common this year versus last year.

Lee County Florida median days fallWe have a rising market in prices and because more deals are financed it presents a new set of challenges.  Appraisals are commonly an issue in rising markets, and with low inventory sometimes there aren’t comparable sales in the same neighborhood to compare against.

Also, in a rising market, each new sale stands the chance to set the bar higher, and yet appraisers struggle with how to account for this.  Appraisers are excellent at looking in the rear view mirror to substantiate prices.  The problem is, the rear view mirror helps explain where the market has been, but does little to justify where it is and where it’s going.

When the market was headed south, appraisers were quick to use a time value adjustment because prices were falling.  We believe they need to use this on the way up as well, and some do.

We’ve also seen an increase again in out of town appraisers.  We’ve fought this before.  One tactic agents would use would be simply to decline to make the home accessible when an out of town appraiser called.  You could hardly blame the Realtor for slow-playing access because more appraisals were screwed up by appraisers who were not from here and did not know the market.

If an appraiser failed to do the appraisal in a timely manner, it would be assigned to another appraiser, hopefully one in town.  There is a rule that appraisers should be familiar with the market but it doesn’t always bear out.  We’re not blaming appraisers.  We still blame the Dodd-Frank Act and many of its stupid rules.  Dodd Frank needs to be repealed and more practical rules put into place.

Hiring an experienced Realtor to work with you when buying or selling is essential.  It’s a beautiful thing when experienced Realtors work together to make a smooth transaction for their clients.  We love working with other agents who know what they’re doing.  The consumer rarely knows if their agent is good, but they find out later when things go bad.

Make sure you ask probing questions when selecting an agent.  Are they full-time?  How do they handle such things as code violations, permitting, defective drywall, septic systems, and inspection and repair items?  Do they have a list of contractors they can recommend?  How many homes have they sold in the last 5 years? The answers to these questions may help you decide if your agent knows how to get you out of trouble before you even get in it.

The market is up.  Listings are hard to find but new ones are coming online everyday at www.LeeCountyOnline.com The database is updated every 5 minutes from MLS.

You can reach us at 239-489-4042 if you’d like to buy or sell in SW Florida.  Good luck and Happy House Hunting!

November 2015 Future of Real Estate market Update

View our Latest Cape Coral waterfront Listing

View This Cape Coral Waterfront home on Instagtram

River views with pool-Featured Property of the week.

 

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