Fort Myers Beach Mid-Year 2024 Market Report
Fort Myers Beach has been in recovery and rebuilding mode since Hurricane Ian hit with devastating effect in September 2022, as is still evident when driving through FMB.
“Every street on the island has a house that’s either been erected or is being erected, with many more permits in place to go to build,” said Mayor Allers.
This amount of growth reflects itself in (assessed) property values. They’ve increased nearly 50%, which is much higher than the county average of a 5.86% increase.
“We were obviously excited to see that number, it gets us closer back to where we were before the storm,” said Allers. “We’re still not all the way there yet, but it’s a testament to our aggressive (attitude) in getting people in their houses with their permits and getting businesses back open.”
The chart below shows the median price of the properties that have sold, bearing in mind that these range from fully renovated properties to those being sold “as is.”
The median Price per Sq.Ft.(PSF) has decreased since Ian, reflecting the mix of renovated and as is sales. (more…)
Collier County property values up 20% in last year
Despite the destructive force of Hurricane Ian, property values in Collier County have not only held steady but have actually increased significantly. According to the county’s tax roll data released on July 1, property values have risen by 20% since last year, reaching a total of $222.5 billion, up from $185.3 billion in 2022.
Several factors have contributed to the rise in property values in 2023. High construction costs, increasing land values, a tight inventory, and higher sale prices have all played a significant role in this upward trend, as reported by the Collier County Property Appraiser’s Office.
Concerns that Hurricane Ian would negatively impact property values have been proven unfounded. (more…)
Fort Myers Beach May Market Summary
All numbers are 3-month rolling averages:
Single Family
Condos
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- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
www.TheFeinsGroup.com
www.OliverReportsFL.com
m: 617.834.8205
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800 Laurel Oak Drive, Suite 400, Naples, FL 34108
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Licensed in Massachusetts
www.OliverReportsMA.com
What I like about Living in a Gated Community
When people are thinking of buying a property in Florida one of the questions is whether to buy in a community with a Homeowners’ Association or a stand alone property. Here’s what I like about living in a gated community.
The gate
While it can at busy times cause a delay for service vehicles entering the property it also provides a sense of security for residents knowing that every car entering the property has to be cleared with an owner
Landscaping
Wednesday is my favourite day of the week – it is the day the landscaping crew of 3 comes. In addition to cutting the grass, they prune and trim trees and plants and will do other work on request.
Just this last week the palm trees were pruned and – best of all – mulch was laid throughout. No more trips to Home Depot for me! (more…)
Fort Myers Beach Q3 2021 Market Report
Fort Myers Beach sits on a little barrier island, about seven miles long, and the beach is fabulous – wide, gradually sloping, and thick with the area’s justifiably famed sand.
The median price increased significantly in 2021, especially for Single Family homes.
Foreign Buyers May Return in November
WASHINGTON – President Joe Biden will ease foreign travel restrictions into the U.S. beginning in November, when his administration will require all foreign nationals flying into the country to be fully vaccinated. Fully vaccinated passengers will not be required to quarantine.
In my recent market reports I wrote: “As buyers from more foreign countries are allowed to visit the US again, those buyers – who were largely absent last year – may well add further demand to an already extremely tight market.
As for the future what remains true is that “as it’s now possible to work from anywhere in the world, why not live and work in paradise?”
Traffic is starting to pick up in Southwest Florida as we see the first of the winter arrivals. If you are interested in buying please contact me to beat the rush!
Read these recent articles:
Naples Housing Market August Review
Mortgage rates back to 3% – again
Yes Virginia, it is Still a Sellers’ Market
Andrew Oliver
REALTOR®| Market Analyst | DomainRealty.com
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
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Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Whay are people moving to Southwest Florida?
“Both Collier and Lee counties have been among the very strongest population growth markets in the entire nation over the past five years,” said Brian Alford, Florida director of market analytics for CoStar Group, which specializes in worldwide real estate data. “There have also been numerous corporate relocations and expansions over the past decade, including large expansions over the past couple of years by firms such as Gartner and Arthrex, adding even more jobs.” (Naples Daily News)
Some of the workers live in Bonita Springs, about halfway between Naples and Fort Myers. Incorporated only at the start of this century, Bonita for the first time barely edged into the Top 50 of the most populated in Florida, joining Cape Coral, Fort Myers and North Port.
“Demand to move here has always been strong, but lately, low interest rate policy, and coupled with lockdown fatigue up north, increased demand even more, which explains the larger-than-expected increases in population down here,” said economist Christopher Westley, dean of Florida Gulf Coast University’s Lutgert College of Business. (more…)
Real Estate: It’s Not a Bubble Unless it Pops
A bubble, by definition, pops and prices plummet.
“Look at buyer demand. Look at homeowner equity. Prices could stop going up for a bit – but it’s not a bubble.” (more…)