Cape area at top of list for affordable housing
Survey shows region ranked in the top 10 in the worldBy DREW WINCHESTER, dwinchester@breezenewspapers.com
The Cape Coral/Fort Myers area was recently recognized as being one of the top 10 most affordable housing markets in the world, according to an international survey.
The survey originated from Demographia Inc., which ranked Cape Coral/Fort Myers seventh in the world.
Lee County was behind some of the most economically depressed areas in the nation, including Detroit, Flint and Lansing, Mich.
According to Realtor statistics, the median home price in the greater Lee County area was between $89,000 - $90,000 in December 2009.
A total of 1,340 homes were sold in that month, an improvement of more than 300 homes from December 2008.
Realtors on both sides of the bridge are not surprised by where Cape Coral and Fort Myers ranked on that list.
They say now is the time to buy, especially if you're someone who's looking to stay in the new home for three to five years.
"It's extremely affordable right now," said Christie Knight, president of the Realtor Association of Greater Fort Myers. "We strongly believe our momentum will increase because of the extended tax credit for first-time home-buyers, and because interest rates are historically low. We feel very confident."
The inventory of existing homes has decreased year over year, and Realtors are feeling optimistic about 2010.
Most feel the bottom has already been hit, and there isn't anywhere to go but up, though a new round of foreclosures is expected to hit the market sometime soon.
Paula Hellenbrand of Encore Realty and a former president for the Cape Coral Association of Realtors said the number of foreclosures is deceiving, and that many of those properties are "evaporated" before they ever hit the market.
She added that now is the time for first-time home-buyers to seek out that dream home, as not only has the tax credit been extended, but companies like Fannie May are instituting 15-day waiting periods for owner occupied properties so home-buyers are in direct competition with investors looking to flip properties quickly.
"Our inventory is at a healthy level," she said.
David Diaz, real estate broker and CEO of Carney Properties and Investment Group, said the company's been selling 15 - 20 homes a month.
He said the key to the sustained success through the housing slump is providing buyers with quality homes and good service, things that aren't in abundance.
He added that Carney Properties' goal has been to never move a family into a home they wouldn't move their families into, and that has helped in the company's success.
He said that while the retail market is dangerous, if buyers can find the right company to help lead them to their first or second homes, now is the time to invest, especially with some of the values that are out there.
"I think people are going to be looking back and saying, 'I could never buy that home again at that price,'" he said. "No one knows how much longer interest rates are going to stay this low."
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dragonslayer212
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02-07-10 8:45 AM
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(cont.) Has the REAL inventory been reduced year over year? Quite the contrary and the foreclosures over sales "year over year" bear this out. Perhaps the inventory available to Realtors for listing purposes has been reduced, but that has little to do with anyone except Realtors and does not address the 'true' inventory of our local housing market.
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dragonslayer212
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02-07-10 8:38 AM
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1340 sales in December 2009 vs.1658 foreclosures. This is a trend that is recurring since early 2007. For the author to suggest "The inventory of existing homes has decreased year over year, and Realtors are feeling optimistic about 2010." is absolutely ludicrous and contrary to the cold, hard facts. How in the world can you consistently have more foreclosures than sales each month for three years and then say the inventory is reduced? Many months since the 'foreclosure boom' began in early 2007 consisted of foreclosures outnumbering sales many times over. Some advice for the Realtors who promote this nonsense. Stop trying to deceive the public with these outrageous statements. You only do a disservice to the credibility of your profession and reputation of our area. Better to remain silent than attempt to control the marketplace with this kind of horse hockey. Is the market improving and is there cause for optimism? Absolutely. Has the inventory been reduced year over yea
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lightswitch
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02-06-10 3:33 PM
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15 to 20 homes at an average of 90 grand. Not much profit for realator... just trading dollars. The poor smoos that are paying the almost 9.0 tax millage rate. Feel trapped yet!!!
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lightswitch
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02-06-10 3:32 PM
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15 to 20 homes at an average of 90 grand. Not much profit for realator... just trading dollars. The poor smoos that are paying the almost 9.0 tax millage rate. Feel trapped yet!!!
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RLofCC
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02-06-10 2:45 PM
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James Arft doesn't realize that the more "affordable housing" a community has the higher will be the millage rates shared by all to carry the burden of government. If I were you I would be advocating more upscale housing to make taxes more affordable for those less fortunate.
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grumpy19
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02-06-10 12:21 PM
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It is affordable housing. but for who? All I see is speculators buying, hoping to make a killing when the economy improves. I personally know one speculator that has bought 4 homes in foreclosure. He hopes things get better so he can sell at a high profit. As for affordable. who can get a mortgage now? The banks are not out there looking for anyone to take out a mortgage and most people can't afford one either. They all worry about their jobs and the unemployment rate is much higher than what the govt. wants you to think. Retirees are not the answer either. They are on fixed incomes and can't afford to buy or live where the taxes are high and the cost of everything else keeps going up.
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JamesArft
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02-06-10 9:28 AM
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Marketing the City Cape Coral is handed another honest statistic that should be used to promote the City. The City’s being recognized by Demographia as one of the top ten most affordable housing markets in the world is great news. But will this and other marketing gifts be used? The City’s web site needs to include a marketing section designed to attract the market segment of the national population which can emigrate here without the need of finding a job. That group is retiring or retired seniors who are seeking a low cost area to live. When the move here they will bring their retirement checks and savings which will eliminate the housing surplus and stimulate open and shuttered commercial spaces. This idea has been publically offered by me several times. It has likely been offered by others. Yet, the City’s web site continues on with the previous City Manager and Council approach. That is, do nothing. It is time to take action. We need a web site section
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