SW FL Real Estate

With a nearby FGCU appeal – the new Town Center is really “opening up”….

This post is only dealing w/ eating establishments in the new Gulf Coast Town Center.  So, you can imagine the overall growth in this mall......

Restaurants now open:

• Islamorada Fish Co. (in Bass Pro Shops)
• Miller's Ale House
• R.J. Gators
• P.F. Chang's China Bistro
• 55 Degrees (Wine & Cheese)
• McDonald's
• Cold Stone Creamery
• Kilwin's Chocolates
• Starbucks
• Subway
• Wok Express
• Hurricane Grill & Wings

OPEN AUGUST
• Red Robin Gourmet Burgers (Mon., Aug. 13)
• Pita Pit (Mon., Aug. 20)
• Shane's Rib Shack (Tues., Aug. 28)
• Moe's Southwest Grill (Thur., Aug. 30)

OPEN SEPTEMBER
• Cigar Bar
• Blu Sushi
• Bar Louie

OPEN FALL
• Juiceblendz
• Calistoga Bakery Cafe

OPEN IN 2008
• Outback
• Carrabba's
• Fire Pit
• Village Tavern

Me ol' "sainted" grand pappy taught me - if you can't something good about somebody - don't say anything.  But on that note - My dad tried -ever so diligently - to teach me to keep my mouth shut and make 'em wonder instead of opening it and removing all doubt.....

Realtors never cease to amaze me.  Nobody ever feels sorry for the realtor and that's ok - I almost understand.  They are dropping like flies - like this economy.  When you see realtors starving - you will also see this entire economy starve too.  So, just before you break out in a  belly laugh about a broke realtor, remember that.  If you think I am making that up, check the current economy - the people trying to make a living here from professionals to business owners to the workin' stiff.  If you think it hasn't gone to hell, you need a new optomitrist.

In every phase of this business, the realtors never cease to amaze me.  Here is a perfect example -

A conversation with a realtor recently went close to - "I spent all weekend with buyers and on Sunday afternoon they decided this market was so weak they better wait another 6 mos. and see how much farther these prices fall.  What's the matter w/ people?  Don't they know the seller will take their price?"  Hell no they don't know that!  What's more - if I were a buyer, I would likely say the same thing.  And, I am a licensed realtor and can't tell you what the price of a property will be in 6 more months.  Desperate times call for desperate measures and that is unfortunately the mindset of the realtor in this discussion.  As an FYI - as a buyer - you might need to know why that realtor is pushing one particular property so hard...... If you request the paper work, you will find it is the one with the biggest commission bonus.  If you find that to be true, fire them immediately and work with one you can trust to put your best interest ahead of their potential bonus (on top of commission percentages).

I had a client - buyer call me last Sunday morning and basically ask me that -along with all the short sales ads questions - and I told him: I don't know where the bottom is any more.   Push the seller and you we will find their bottom - that day.

I don't know what else to tell 'em.  What would you tell 'em?

It is all still gloom and doom.....

WCI, Monday unveiled a new board. The Bonita Springs, Fla., company, which is expected to report a huge second-quarter loss on Wed., 8/22, agreed to a board structure that includes Mr. Icahn, the company's largest shareholder; Don E. Ackerman, the current chairman; and seven others -- two from Mr. Icahn's side, two from WCI and three to whom both sides agreed.
From the $23. he originally offered to the @ $6.50 it is trading for, he will eventually get “deal”. Don’t you think?
This news about the lenders – to date at least 120 mortgage companies have closed their doors. This has wiped out at least 5 hedge funds, tens of thousands of jobs and led to millions of foreclosures nationwide with millions to come. What is the end result of that? Borrowers wanting non conforming loans will pay more for less of them. However, the media has indicated the entire mortgage industry has shut down and that, as usual, is incorrect. Borrowers can act swiftly to take advantage of lowering interest rates.
All this leads to further reducing prices and market depression. There has never been a more attractive buyers market in SW FL.

What do you think?

This is an open forum blog for YOUR opinion(s) about real estate.

Simply click the post a comment button and.... it will be..... all right here.....

Let's do it....  I want readers opinions......

Of course, developers have all kinds of incentive programs on new construction in this down market. One of the latest wrinkles comes from a developer/builder on a project in Ft. Myers. With the buyers uncertainty in this market, this developer/builder puts in writing: if – at a future date – (while they build this condo complex) - they lower the price of a property like the one you buy – they will write you a check for the amount they lower the price under what you paid for your property. Holy Crap! They have already lowered their most expensive units $63k!

If you are a buyer – and you intend to own the property for 3-5 years, there has never been a better time to buy in SW FL. Want “bottom feeder” prices? Those prices are between today and Halloween (that opinion is worth what you paid for it). What’s your opinion?

A local real estate "guru" says terms like bottom feeder are not accurate.  He says those are simply buyers looking for the best price.  Just because it is a down market is not relevant.  They would be the same buyer in an up market looking for the best buy they could get.   Ahhhh, yyyyeah, right, uh-huh.  And, they pay him to write that stuff?

The total is 1045 foreclosures. This number shows a steady increase each month and is 4 times the number from just one year ago.

In the same period of time, prices have dropped an average of about 25% and sales have dropped by over 45%. No silver lining here. The bad news is those numbers are based on one year ago. At that time, everyone hoped it was as bad as it would get. No, the thing to compound all that is the 15,000 properties are on the market, in Lee county alone.

I believe the primary portion of these foreclosure numbers can be tracked to investors that were late the dance. The people that either kept buying at the end of the boom or just started at the end of the boom. Either way, they are losing their properties, their investment, their credit and, their shirt. Of the total foreclosures, approx. 295 were homesteaded properties (perm. residents owning and living in the home). Approx. 50% of the total foreclosures were in Cape Coral (542) with approx. 25% in Lehigh (235).

You know - something that we haven't considered or ever thought about but......

A lender that you are using to purchase a property can go broke.  And, if they do, you are starting over and obviously do not have a lender.  If you think that can't happen.... how many people do you suppose were in the process of financing with American Home Mortgage on August 1, 2007?  They closed their doors on August 3.

Moral to the story?  Know who you are dealing with in all phases of a real estate transaction.

What are these based on? The MLS data for July, 2007.  This data includes all residential housing types.

What does this tell us?  Bonita Springs - Estero had a better July than a year ago (surprisingly) as pendings were up about 20% and sold up 4%. Naples was just exactly like a year ago.

      Bonita Springs - Estero

Pending - July         Sold - July           (Estero) pending (to date)

'07 -  97                     '07 -   84               (27)

'06 – 74                      '06 -  79                (25)

'05 – 225                    '05 - 196                (67)

'04 – 225                    '04 - 204                (49)

Naples  W. of I-75  N of Davis Blvd.

'07 - 196                     '07 - 186

'06 - 204                     '06 - 188

'05 - 446                     '05 - 433

'04 - 501                     '04 - 489

And..... you thouhgts are..............

The July housing permits for Lee county were released and are the lowest in at least a decade.

Cape Coral only had 45 permits issued.  That is the lowest since the '90's when the city was only about 25% its current size.

There were only 145 for the entire county.  That is down by 75% from a year ago.  About 45% of all permits were for Lehigh Acres.

Maybe this is finally a postive sign.  The builders/developers are not continuing to permit new construction.  This is the 1st step in a long process that must occur if anything postive is going to change for this market.

With WCI stock going from $22 to $8 and with all the rampant rumors on builder developers like - the parent of First Homes - Beazer homes, etc.... what are your thoughts?