Since Hurricane Ian devastated Fort Myers Beach on September 28, 2022, there has been much progress in cleaning up and starting to rebuild the island.  Here are a few updates on the latest in the news:

• THE BEACHES: 
  • The town is working on obtaining easements from waterfront property owners to replace sand lost in the storm.  The project will provide some protection if another major storm were to come through, and therefore is being funded by FEMA and the State of Florida.  With turtle nesting season starting in May, the start date for this project has been pushed back so as to not disturb the turtle nests.  For more information, visit www.fmbgov.com/beach.
    • UPDATE:  The town started preparing for this project on March 20^th by stockpiling sand at the Wyndham Garden Inn on Estero Blvd, and beach traffic patterns are changing to accommodate the trucks bringing in the loads.  Stay alert and be safe!
  • It’s that time of year again!  Red tide is back.  Lee County has issued some precautions including but not limited to:
    • Look for informational signage posted at beaches
    • Stay away from the water, do not swim in waters with dead fish
    • Stay away from beaches if you have chronic respiratory issues
    • Wash your skin and clothes with soap and fresh water if you’ve had contact with red tide
    • Keep pets and livestock away and out of the water, sea foam, and dead sea life
    • Visit the Captains for Clean Water’s new Red Tide Conditions webpage for the latest information on red tide:  https://captainsforcleanwater.org/swfl-red-tide-update/
• STREET SIGNS
  • Local residents have made hand-painted street signs to help identify locations on the island.  Even though the city is required to replace the street signs with the legally required version, the hand-painted signs will also remain in place.
• LIBRARY
  • The work on the library is coming along.  It is now ready for insulation and drywall.  Flooring and shelving will be taken care of in the near future.  However, it looks like the elevator will not be repaired for about 5 more months.  The building cannot reopen to the public until the elevator is replaced/repaired as needed.  There are hopes of a curbside service in the meantime, once internet is restored.

*****STAY TUNED FOR UPDATES IN NEXT MONTH’S NEWSLETTER*****

In this episode of “Why We Love Where We Live,” we’re taking a closer look at JetBlue Park, a premier baseball stadium located in Fort Myers, Florida. As it turns out, Fort Myers is a lucky city, with not one, but two major league baseball stadiums that are used during the off-season for spring training. Hammond Stadium, located just a few miles away, is the practice facility for the Minnesota Twins, while JetBlue Park serves as the home base for the Boston Red Sox.

What’s particularly exciting about these stadiums is that during spring training, the teams practice against other professional baseball teams, which means that you can catch games throughout February and March, and maybe even get a chance to see your favorite team play. Imagine the thrill of watching the Red Sox face off against the Yankees, or the Twins taking on the Cubs!

But it’s not just the excitement of the games that makes JetBlue Park and Hammond Stadium so special. For the people of Fort Myers, these stadiums are a source of pride and community spirit. Baseball is a beloved sport across the United States, and to have not one but two professional teams practicing in your backyard is a real honor. It’s a testament to the city’s thriving sports culture, and it draws in visitors from all over the country who come to watch their favorite teams in action.

But even for those who aren’t huge baseball fans, the presence of these stadiums is a point of pride. They represent a piece of Fort Myers history, dating back to the early days of baseball in the region. And they serve as a gathering place for the community, with locals coming together to watch games, tailgate, and celebrate their shared love of sports.

All in all, the presence of JetBlue Park and Hammond Stadium is just one more reason why we love where we live. These stadiums represent the best of Fort Myers – a city with a rich history, a thriving sports culture, and a strong sense of community spirit. Whether you’re a die-hard Red Sox fan or simply enjoy the excitement of a good baseball game, there’s something special about being able to experience it all in your own backyard.https://www.youtube.com/shorts/Xz8LCxpN9lE

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Buyers looking for homes in Naples during February were met with more choices as overall inventory increased 131.4 percent to 2,835 properties from 1,225 properties in February 2022.

Broker analysts reviewing the February 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), attribute some of the rise in inventory to Hurricane Ian as many sellers were forced to address and remedy damage caused by the storm before the property was ready to welcome buyers. February’s overall median closed price is the same as January’s median close price of $600,000.

The gap in sales activity year over year continues to close thanks to continued confidence in the Naples real estate market. Overall pending sales in February decreased 16.8 percent to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2 percent to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15 percent in February to 36,574 showings from 43,032 showings in February 2022.

“February’s report revealed to us that there are still a considerable number of sellers who listed their property prematurely instead of fixing storm-related issues because they didn’t want to ‘miss out’ on winter buying season,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “This decision is backfiring because buyers today are less willing to accept and pay full price for a home in Naples with major defects.”

Wes Kunkle, President and Managing Broker at Kunkle International Realty, responded to Vellano’s remarks by adding, “We’re not seeing ‘as is’ contracts anymore like we did last year. Contract cancellation rates went up in February which tells me that sellers need to either fix the problems found during inspections or become more agreeable to negotiate on the price.”
The NABOR® February 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary.

As days on market for February increased 129.2 percent to 55 days from 24 days, the report’s pending sales data startled broker analysts initially because it reflected several sales contracts that were cancelled numerous times during the month. This behavior led the brokers to discuss possible causes and, in addition to the reasons outlined above by Vellano and Kunkle, a consensus was reached that, as described by Budge Huskey, CEO, Premier Sotheby’s International Realty, “people are sitting tight because there is a degree of uncertainty surrounding interest rates, banking stability, and heightened concern that we may still encounter a recession.”

“A lot of people are watching the news with concern about our banking system,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices. “Though in this current climate, a real estate purchase can be viewed as a viable investment alternative.”

Although unlike most of America, the majority of home sales in Naples are cash sales [62.1 percent in February] so the financial market’s uncertainty may benefit our housing market if high-net worth families turn to real estate as a more secure place to invest their wealth.

During the 12th annual Catch the Vision event at Cape Christian on Monday March 13th, attendees were given a firsthand look at the exciting developments that are set to take place throughout the city of Cape Coral. Hosted by Bill Johnson Jr. and Gloria Tate, the presentation took the sold-out crowd on a virtual tour of the city, showcasing what residents can expect to see in the coming years.

According to Tate, the future of Cape Coral is looking very promising, with a wide range of new housing options set to become available. She also highlighted the quality of the new developments, noting that the fact that restaurants from Naples and Fort Myers are coming to Cape Coral is a clear indication that the city is on the map.

Johnson also expressed his excitement at the level of growth that the city has experienced over the past five years, and he believes that there is a lot to look forward to in terms of both commercial and residential development. He specifically mentioned the Pine Island Corridor as an area of great potential for commercial development.

Prior to the main presentation, attendees had the opportunity to network with local businesses and entities via a trade show. With roughly 600 people in attendance, it was clear that there is a great deal of interest in the future of Cape Coral.

Here are some upcoming projects in Cape Coral:

• Boat House: set to reopen by the end of April after hurricane damage.
• Victory Park: a 140-acre site in Northeast Cape Coral that will have medical facilities, a hotel, apartments, and town homes.
• Nor-Tech: expanding with a 30,000-square-foot facility in North Cape.
• The Sage at Coral Lakes: a 34-acre site for 55+ housing starting at $2,000 per month.
• Cape Coral Fire Department Training Facility: a new five-story training facility for local firefighters.
• Cape Coral Police Department Intelligence & Analytics Center: a new facility at police headquarters.
• Gator Mikes: a new dinosaur mini-golf course and a Mellow Mushroom restaurant coming by December 2023.
• Cape Coral Animal Shelter: expanding by 15,000 square feet.
• Civitas: a 96-unit workforce housing project on Pine Island Road.
• The Club: a new 200-unit apartment complex on Pine Island Road.
• Coral Grove: a mixed-use project on Pine Island Road with office, retail, hotel, and residential space.
• Seven Islands: a 48-acre site with plans for a hotel, apartments, condos, restaurants, and retail.
• The Water: an independent living site on Veterans Boulevard and Chiquita Boulevard.
• Red Fish Pointe: a 350-acre site near Rotary Park with plans for a mixed-use development.
• Lee Health: investing $150 million in expansions at Cape Coral Hospital and other facilities.
• Bimini Square: a development with apartments, medical offices, and a marina.
• The Cove at 47th: a new apartment complex with restaurants, offices, and a resort-style pool

Evidence of growing confidence in the Naples real estate market revealed itself in January as a wave of new sellers entered the market during the month. New listings in January rose 74.5 percent compared to December 2022, and 3.2 percent to 1,338 new listings from 1,297 new listings a year ago according to the January 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). But the rise in home options during January did not stymy home values as median closed prices rose 11.1 percent to $600,000 from $540,000 in January 2022.
“The good news is that the new listings coming onto the market are evenly split between single family and condos,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Inventory in both these areas have doubled since last January so buyers looking to purchase in either sector this year will have many more options.”

Closed sales in January decreased 33.8 percent to 555 homes from 839 homes in January 2022. But the spike in new listings is a promising turn of events as they pushed inventory in January up 122.7 percent to 2,699 properties from 1,212 properties in January 2022. Broker analysts reviewing the report are optimistic and say it potentially could result in a better-than-expected winter home buying season.

“Inventory between December and January grew nearly 10 percent,” said NABOR® President Nick Bobzien, a broker associate at Downing-Frye Realty. “With the number of showings nearly doubling in January 2023 compared to December 2022, buyers were excited to see new listings come on the market and took advantage of the opportunity as seen by the huge increase in pending sales over the same period.”

After seven months of equable activity, pending sales rebounded as the new year began. In fact, pending sales in January were remarkably higher than pending sales not only in December (682), but also compared to January 2019 (660) and January 2020 (892). Though compared to last January’s phenomenal sales activity, pending sales this January decreased 20.5 percent to 1,092 pending sales from 1,373 pending sales in January 2022.

“Looking at sales over the last 12 months, the current report shows an entire group of homes [those under $500,000] are nearly gone and will likely never come back to levels we enjoyed before the pandemic,” said Budge Huskey, CEO, Premier Sotheby’s International Realty.

Pent-up demand was evident in January. While showings decreased 20 percent compared to January 2022, they nearly doubled compared to December’s reported showings. Of course, another factor contributing to increased contracts (pending sales) during January were the 1,092 price decreases reported for the month, which brought the overall percent of current list price value down to 95.8 percent, a 4.2 percent decrease from 100 percent in January 2022.

“Investors were first to start decreasing home prices in January and this helped provoke an uptick in sales for the month,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty.

Title Tip 1 – Email Fraud – Red Flags

Title Tip 2 – Moving Tips

Title Tip 3 – Real Estate Dictionary (Part 1)

Title Tip 4 – Real Estate Dictionary (Part 2)

Title Tip 5 – Real Estate Dictionary (Part 3)

Title Tip 6 – Types of Ownership

Title Tip 7 – 10 Common Title Problems

Title Tip 8 – What is FIRPTA?

Title Tip 9 – What is a 1031 Exchange?

Title Tip 10 – Homestead Property Tax Exemption

Title Tip 11 – Florida Transfer/Documentary Stamp/Intangible Tax

Title Tip 12 – NOTICE OF ELIGIBILITY FOR LOWER REISSUE RATE

Title Tip 13 – Wire Fraud

Title Tip 14 – Role of Title Agents

Title Tip 15 – What is a title commitment & how do I read it?