Lee Home Prices Up 10%

Fort Myers News Press.
According to figures released Friday by the Florida Association of Realtors, Lee County home prices are up 10% from March 2007 to $283,200.
This reflects a 1% increase in prices from a year ago and is the first time since May 2006 that the price was higher than it had been the year before.
Keith Olson, an investor, who lives on Fort Myers Beach stated "The next 90 days will be golden days for buyers." As prices are still way off their peak.
Keep in mind the inventory of existing homes still remains high. Peggy Hummel, CEO of the Realtor Association of Greater Fort Myers and the Beach said the inventory of unsold homes should be gone in 2008.

Fence Sitters, Wake Up!

Fort Myers News Press
Fence-sitters, this is your wake up call! You are being put on notice that the bottom is approaching (or past) in existing properties and new developments.

New Developments
Opportunity exists with existing inventory in the dozens of new developments around town. The developers backlog of sales is turning into a backache as many initial buyers are walking from their deposits and leaving the developer with unwanted homes for sale. Unlike a homeowner, developers have no emotional attachment to these homes, and the smart buyers are taking full advantage by getting discounts as much as 30 percent off the sticker price! Timing is everything in real estate. Builders will discount inventory, even if it means selling it at a loss. However, they will not enter into a building contract to build a home knowing it will be for a loss.
It is now possible to purchase a new home in Lehigh Acres or Cape Coral for well below $200,000. Some have sold in the $160,000 range! That is roughly 50 percent less than a similar home would have sold for at the peak of the market. Which sounds better to you: "1/2 off sale" or "Buy one, get one free"?

Therefore, this will be your best opportunity to own a new construction at a price that we may never see again.

Existing Homes
Our market suffered its fall alomost two years ago, and it has been painful for property owners to see their values plummet. Yet, the market is coming back.
Currently Lehigh has more than 300 homes for sale that are 2006 or newer and priced under $200,000, and there are only 87 in Cape Coral. It is still a buyer's market in Lehigh, as there are 19 months of inventory in this price range. However, Cape Coral's sub-200 market is definitely a seller's market, as there are only five months of inventory for sale.
OK, then why act now?
Because you can buy existing inventory below replacement cost! Hello, McFly!....This opportunity does not come around very often, so you fence sitters should take advantage of it while you can. Forget about buying wholesale because for a limited time you can buy below cost!
How much better can it get?
Save money and visit our websites where you can view many of these special prices
Fort Myers Real Estate
Lehigh Acres Real Estate

30 Year Mortgage Rates Edge Lower

Mortgage giant Freddie Mac reported Thursday that 30 year fixed rate mortgages averaged 6.15 percent.
Rates have fallen in three of the past four weeks.

Home Prices in Lee County might start to rebound

Fort Myers News Press
The number of permits pulled for single family homes in April was down 69% throughout Lee County, but, experts say that could be a good sign for battered home prices.
"Hopefully now that we have been skating along the bottom like this, basically going back to the number of four year ago, now it will pick up". Said Michael Reitmann, executive vice president of the Lee County Building Industry Association.
Brad Hunter, Metrostudy, the drop in units under construction suggests that a significant decline in finished vacant inventory will soon follow, providing substrantial relief from the downward pressure on prices."

Lee Housing Inventory Falls

Fort Myers News Press 5/1/2007
A study issued Monday shows that Lee County's inventory of vacant house started to fall in 2007, while the number of homes under construction declined sharply.
Thst's good news for the area's ailing housing industry said Brad Hunter, who directs market research operations in Southwest Florida for Metrostudy.
He also noted that the number of people moving into homes increased from 1,274 in the fourth quarter of 2006 to 1,349 in the first quarter of 2007.
Meanwhile, the inventory of vacant lots fell from 7,939 in the fourth quarter to 7,885 in the first quarter - still much higher than the 6,210 reported a year ago.