Fort Myers Beach, Lee County will keep FEMA flood insurance discount
Fort Myers Beach Lee County property owners who have flood insurance policies through the National Flood Insurance Program will be able to maintain their 25% discount, FEMA notified the town and county Friday. The City of Cape Coral also received a similar letter.
The news followed an appeal by the county, Fort Myers Beach, Cape Coral, Estero and Bonita Springs of a FEMA ruling earlier this year which would have taken away the discount over concerns FEMA had over permitless repair work done throughout the county after Hurricane Ian.
According to spokespersons for the town and county, FEMA restored the county’s rating while the town and county continue to work on a plan to address some continuing issues. That plan will be due Nov. 18.
“We feel as though we responded to FEMA’s request for information and felt that the information was accurate while meeting the requirements that were established prior to Hurricane Ian; however, we do look forward to working with FEMA to address any outstanding issues as they continue to explore the future of the Community Rating System and focus on ways that they can improve,” Town of Fort Myers Beach Manager Andy Hyatt said.
“We believe this is a positive step toward keeping the CRS rating for our unincorporated Lee County residents while we continue to remediate outstanding issues with FEMA,” Lee County Manager Dave Harner said. “Essentially the notification today provides the county an extension to further clarify our processes and preserve the CRS rating in the future.” (more…)
Bonita Springs Mid-Year 2024 Market Report
For Bonita Springs overall, median prices continued to increase in the first half of 2024, while sales dropped back to pre-COVID levels.
The median Price per Sq.Ft. also showed increases in 2024, while the DTO – Days To Offer – the number of days a property is listed before an accepted offer is received – increased in 2024, but remained below 2020 levels. (more…)
Naples Mid-Year 2024 Market Review
Despite some media reports suggesting a decline in Naples’ property prices, the data on completed sales supports my view that the market remains stable in overall terms as far as prices, while sales have returned to pre-COVID levels. This table shows Median Prices and Sales for Single Family, Villa and Condos
The median Price per Sq.Ft. increased for SFs in line with median prices, and was stable for Villa and Condos.
DTO – Days To Offer – the number of days a property is listed before an accepted offer is received – increased, but was still below 2020 speeds. (more…)
The Federal Reserve’s Analysis Paralysis
In November 2023, I wrote: “The question now is whether the Federal Reserve, having been extremely slow to start raising rates and reversing Quantitative Easing, will be similarly late in easing (rates). The Fed claims to be data dependent, but data tells us what happened in the past – and the Fed’s actions impact the future.”
The answer to that question is “yes” – and here we are, 8 months later, and the Fed is still “data dependent”, although this year’s mantra has become “higher for longer.”
(more…)
Bay Forest: July 4 Sale!
Another Bay Forest Sale
To see how I present a property to the market Go HERE to see the photos and videos of the above property.
And Go HERE to see details of the one that is still available in La Jolla. (more…)
Bay Forest: 2 more Pending Sales, Boardwalk latest, and Open Houses
2 more properties have gone under contract this week as work continues on the new boardwalk.
Go HERE to read the latest progress report.
Bay Forest Residents enjoy over two miles of walking paths, extending through mangrove preserves and into estuaries of the Gulf.
Go HERE to visit the Bay Forest website
Go HERE to read the latest edition of the Bay Forest Bugle (more…)
It’s been an active week in Bay Forest!
2 more properties have gone under contract this week and 2 sales have closed, as work continues on the new boardwalk.
Go HERE to read the latest progress report. (more…)
Bay Forest Open Houses Memorial Day weekend
There are 10 properties currently Under Contract in Bay Forest, supporting my argument that this is a great time to buy, especially now that construction of the new $4.5 million Boardwalk is finally underway. (more…)
Assessments and Reserves
Costs
Every home on the planet needs maintenance, repairs, upgrades, renovations and improvements over time. No property is immune from this. Every homeowner knows that when a roof needs to be repaired, it’s wisest not to delay….. keeping a reserve fund for these inevitable costs is essential, whether a single family home or an apartment building.
Options
Owners of homes have two options as it relates to funding bigger cost items: either you build up a ‘savings account’ of sorts by adding a bit extra each month into the kitty to create a reserve fund, or you keep in the back of your mind the knowledge and certainty that at some point you will have to fund a bigger expenditure another way. In condo’s and co-ops that is done via an assessment….eg: A $1 million facade repair is split amongst 100 apartment owners so that each pays a percentage of that cost based on the percentage of the building they ‘own’ based on their offering plan or number of shares.
Financing (more…)
Bonita Springs Q1 2024 Market Summary
For Bonita Springs overall, median prices were broadly stable in the 1st Quarter of 2024, while sales dropped from 2023 levels.
The median Price per Sq.Ft. was also stable, while sales were slower.
(DTO- Days To Offer – the number of days a property is listed before an accepted offer is received.)
Please contact me for a market report that includes properties in your area which were recently listed or sold.
Andrew.Oliver@Compass.com
NAPLES Q1 2024 MARKET SUMMARY
For Naples overall, median prices were broadly stable in the 1st Quarter of 2024, while sales dropped a little from 2023 levels.
A similar, stable trend was seen in the median Price per Sq.Ft., while sales were a little slower.
(DTO- Days To Offer – the number of days a property is listed before an accepted offer is received.)
Please contact me for a market report that includes properties in your area which were recently listed or sold.
Andrew.Oliver@Compass.com
Florida Home Values Skyrocket
The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the U.S. went from around $200,000 to $400,000, according to a new study from Point2.
However, in Florida, it took much less than a decade for home prices to achieve a twofold increase.
Average home values across Florida have undergone a seismic transformation, doubling in value within the short span of just six years. This surge, saw Miami’s average home price soar from around $290,000 in 2018 to the current median of $583,000. In Tampa, homes went from $213,500 in 2018 to $430,000.
For their study, analysts looked at historical data to calculate how many years it took for home prices in the 100 largest U.S. cities to double — and Tampa tied with Miami for having the third fastest price doubling among the country’s largest cities.
The trend of rapid price doubling extended to other big Florida cities, with home prices in St. Petersburg, Orlando and Jacksonville, increasing twofold in the past six to eight years.
Median home prices in St. Petersburg doubled within 6.6 years. In Orlando home prices doubled within 7.5 years — and in Jacksonville it took 7.9 years to see a twofold increase.
The research notes that, “Fluctuating mortgage rates, steep property prices, or supply deficits are no new challenges. But they have never unleashed such a rapid-fire onslaught on homebuyers in the U.S. as they have in today’s housing market.”
Among the top 10 states attracting new construction buyers, Florida draws significant attention, with approximately one in every eight new construction buyers opting to purchase their homes in the Sunshine State. In November, the U.S. Census Bureau reported that for the year, more than 1.5 million new residential construction projects broke ground across the state — a 9.3% increase from the year prior. (Florida Realtors).
According to my research, Naples was a little closer to the national average, taking around 8 years for prices to double :
- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com - AndrewOliverRealtor.com
m 617.834.8205
Licensed in Florida and Massachusetts
BAY FOREST Condo Open House TODAY 1:00 -3:30 PM
Bay Forest has long been a popular community West of 41, between Wiggins Pass and Bonita Beach Road.
The exciting news is that construction of the new $4.5 million Boardwalk has begun. (The seller will pay the final assessment)
Go HERE to see the video and photos for 15405 Cedarwood Ln, 101:
15405 Cedarwood Ln, Unit 101: 2 bed +Den, 2 bath, 1377 Sq Ft: now $370,000
(Bermuda Bay 1)
Open House Sunday: 1:00 – 3:30 PM
Go HERE to view the Bay Forest website, read the latest Newsletter, and watch the 4-minute video of Bay Forest.
Go HERE to see the video and photos for 325 Carinosa Court;
325 Carinosa Court: 3 bed +Den, 3 bath, 2066 Sq Ft: $725,000 UNDER CONTRACT
Contact me for a private showing:
- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com - AndrewOliverRealtor.com
m 617.834.8205
Licensed in Florida and Massachusetts
8 new Property Insurance Companies approved to enter Florida market
Following historic legislative reforms designed to promote market stability, eight property and casualty insurers were approved to enter Florida’s insurance market. Ovation Home Insurance Exchange, the most recent approval, joins Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Companies as newly approved property and casualty insurers.
“Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” said Insurance Commissioner Michael Yaworsky. “OIR remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders.”
In addition to new companies entering the market, OIR approved the acquisition of Florida domestic property and casualty reciprocal insurer, Trusted Resource Underwriters Exchange, to allow the existing company to grow its footprint in the state and expand its underwriting capacity. As a result of OIR’s approval of the acquisition, more than $1.25 billion of capital is being invested into Florida’s property and casualty insurance market.
Citizens Property Insurance Corporation
Citizens Property Insurance Corporation (Citizens) is showing improvement in their financial strength over the previous years. For instance, Citizens’ surplus increased by approximately 17.5 percent from previous years and Citizens posted a net income in 2023 of $746 million compared to a loss of $2.2 billion in 2022. Additionally, Citizens’ combined ratio improved from the previous year from 204.4 percent to 59.5 percent.
As the market continues to stabilize, OIR is seeing a continued interest from authorized insurers in the Citizens Depopulation program. In 2024, OIR has approved 13 companies to assume more than 354,000 policies from Citizens. In 2023, more than 275,000 policies were assumed from Citizens, reducing Citizen’s exposure by more than $113 billion.
Florida Domestic Company Strength (more…)