Recovery is in Full Swing in Lee County Florida

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Mike Pfaff Mike@CapeFunding.com  239-541-5307 Hit Counter

2008 Is improving at a pace faster than the increase in 2005.

Homes are selling, interest rates are raising, now is the best time to buy.


Median price in Lee up 6 percent in May

 

 

Nation trails Lee County.    Nationally Existing home sales edge up 2 percent in May

 

 

 

Lee County showing more improvement than even 2005.

 

It took a year for unit sales to double in 2005.

2008 has seen a 400% increase in 5 months.

 

You know you reached bottom when

Unit sales increase  Up 400% since January

Homes on the market decrease Down 16% since February

Fewer price concessions  Watch for this magic turning point - coming soon.

Home are affordability  Homes were never more affordable. 

 

 

 

 

Inventory of homes plunges!  Down 16% since February.

 

 

Pending sales continue to grow.  In April they were 1,678 now 1,824!

Cape Coral active listings drop by 16% since February. 

May closings up 41% over May 2007

April Closings up 54% over April 2007

 

 

Now is the best time to buy a home because: 

Prices are below cost,

Selection has never been better,

Interest rates are low

Recovery is in full swing. 

AND Interest rates are expected to raise fast and significantly at the end of 2008

 

Property taxes headed down?  Lee Property values down 12.4%.  Cape Coral down 26% Lehigh down 23%.

 

Construction Permits Up 70% in May.  News Press

 

Tide is turning - 4 months of sold growth of sales - What is selling?  Answer Everything.

LeHigh, Cape Coral, Pine Island, Condos, Mega Homes, low priced homes.........

 

May preliminary closing numbers  indicate another gain over 2007.  Currently MLS showing partial data indicate that closings are up at least 20% over May of 2007.  Pending sales remain steady at 1,842.

 

15 Mega homes closed in May (so far),  Here is the breakdown for the year.  January 11 closings, February 14 closings, March 13 closings, April 18 closings.  71 Mega homes sold so far this year.

 

 

News Press Denny Grimes  When to buy is the most important question to answer

"Theoretically, opportunity is always present, regardless of the market's condition. However, it doesn't always knock with the same intensity. Guess what? Opportunity has just picked up a sledgehammer."

 

US Home sales rose unexpectedly in April. 

Sales increase 41 percent over April 2007 News Press May 24, 2008 "We found it cheaper to buy than rent"

Not only are sales up during the year they are up year to year!

Single Family homes sales up 41% condos up 57%!  May looks strong too.

 

"It's bottom-fishing time, I think," says Mr. Case. "There's got to be bargains in Florida, Arizona and Nevada."

 

The Housing Crisis Is Over

 

The Bounce Back Affect - Wow! Even Lawrence Yun, the Chief Economist for the National Association of Realtors,

feels the faster prices hit bottom the faster we will recover.

Yun noted, "Peak to trough, we'll be looking at 20% or even greater" and then continued with, "Because the prices are going down so fast, we'll be hitting the stabilization point sooner".
 

Thomas Lawler, a VA based economist says "Wouldn't it be nice  to just get it  {price declines} over with? It might be that that's what we're seeing."

 

May 13, 2008 Fox 4 The Housing Crisis is Over!

 

55 Mega Homes sold from January to April 30th 2008 totaling $84,000,000. 

 

1003 Residential Closings take place in April.  The best number of closings in 22 months.

 

Cape Coral: A piece of the american dream –– cheap  Bulk sales of homes continue as Comfort Homes sells to investors.

 

The Good News for Lee County Keeps Growing

May 4th Dollar is gaining against the EURO. Foreign Nationals better hurry.

Warren Buffett

Euro shows signs of end to bull run

 

Fed indicates that interest rates are at the bottom  NEW YORK TIMES

The Fed made clear, though, that investors and borrowers should not expect another drop in interest rates anytime soon. In the statement accompanying their action, policy makers said they believed that with the short-term rate at 2 percent, they had already unleashed enough economic stimulus to “help promote moderate growth.”

Foreigners find bargains in SW Fla. real estate market  No Loan is easier than a Foreign National Loan.

Inventory of unsold home plunges to 9 months. Did you blink and miss the bottom of the market?

 

You know you reached bottom when

Unit sales increase

Homes on the market decrease

Fewer price concessions

Home are affordability

 

News Press Existing home sales rise in Lee County. 

Prices INCREASED 1% in March.

 

1783 Pending Contracts for residential properties in Lee County.

 

Join the Million Dollar sales club. 

April 18 2008 Realtor sells 116 residences in less than 2 weeks

 

April will close more sales than January February and March combined!

 

Setting the record straight.  Taken directly from the Lee County MLS.  These numbers are the real story.

 

April 13,2008  Sales of home strongly accelerating! 

Ignore the headlines, here are the real facts!  Straight from the MLS.

Cape Coral

    19% of all Cape Coral home have an ACCEPTED offer!

    Homes on the market have dropped 9% since December 15th.

    Cape sales are actually better than Lee County

Lee County

   13% of all of Lee County Homes have an ACCEPTED offer!

 

There are 1,678 total pending sales right now in all of Lee County.

 

 

April 2, 2008  News Press Lee’s housing market bottoms out, experts say

 

March residential closings skyrocket!  Up 117% from January!

Bargain-Hunters Descend On Cape Coral-Fort Myers, Fla.;

 

March 30, 1008 News Press Eighty sales in four days sparks hope for all

 

April Appears Poised for an even stronger showing.  Pending sales are ahead of  closings by 20% per day.

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March 26 2008.  National sales down 13% Lee County Up 32%!

Are we leading the country back?

  March 25 2008 News Press

Lee transactions up 32 percent from January.

March 24, 2008 AP news Home Sales Rose in February  Sales of existing homes increased unexpectedly in February after six months of decline, but private economists said it was too soon to say that the prolonged slide in housing is coming to an end.

March 15, 2008  News Press Estero area sees boom in homes and business

Naples Daily News, GREAT TIME TO BUY

 

Sale of $14,200,000!  Thanks to Phil Maxwell of South Seas Sanibel and Captiva 

"

February 26, 2008, News Press Recovery is in sight.

  February 15, 2008 Naples Daily News Sales up in Naples area in January, attitudes are upbeat  In January, pending sales for homes under $300,000 increased more than 40 percent to 182, from 128 a year ago.

 

Unit sales of direct access waterfront property have increased 43% since 2006.   Waterfront unit sales at 2nd highest level in Cape Coral History.  Thanks to Jeff Marconi of Century 21 Sunbelt. for providing the analysis on this segment of the market. 

 

Napes Daily News Article "I see a huge turn-around in the market, and we wanted to be ready for it,” said Marlene Graham, who borrowed against her home to open the new Downing-Frye offices.

Mad Money's Jim Cramer Predicts a Housing Shortage?  Can he be right yet again?

   February 2, 2008 quote from the News Press "......I'm smiling all over," said Diane Keene, a 55-year-old registered nurse who just bought a three-bedroom, two-bath foreclosed house with a pool in Cape Coral for $135,000....  This is a mixed bag of information but shows that sales are taking place and realtors are busy.  

January 31, 2008 NBC2 WBBH-HD news clip Amendment 1 sparking real estate rebound?  This Article dove tails with what is happening in dozens of Real Estate Offices, title agencies, home inspectors and even mortgage brokers.  Thanks again to Craig Alexander on this page link.  craig@villarealty.com  I did receive this from another source also  from appraiser Rhonda E. Rechkemmer  R.Rechkemmer@att.net

January 30, 2008  Jim Cramer of Mad Money recommends buying houses!  Now is the time to buy with the rate cuts and low housing prices!   ".....he's so confident in the economy he's considering buying what might be "the most loathed and toxic investment around": a house. The additional cut, which came just a week after another 75 basis-point emergency cut, has made a turnaround in housing "inevitable," he said."  See the clip yourself.

January 30, 2008 Deltona Corp buys 812 lots for future development in Cape Coral  (How can such a big story have slipped by with virtually no notice?)  Thanks to Craig Alexander of Villa Realty Group for pointing this out.  craig@villarealty.com
 

 January 27, 2008 News-Press Worst may be over for Southwest Florida economy
January 27, 2008 News-Press  Big spenders have choices

 

January 16, 2008 WINK TV Reporting Fort Myers Cape Coral Real Estate Market has Bottomed

January 20, 2008 Overseas Investors Buy Aggressively

   December  23, 2007 article.  Outlines how we got where we are but has hopeful quote.  "This place is Awesome."

  

 
 
Thank you to all the kind people who have supported and contributed to this page.  There is strong evidence from many of us in the real estate business that improvements are happening before very our eyes.  I welcome additional information from everyone who wants to share why now is a great time to buy in our community.  I will set up links to everyone (If they wish)  who contributes to our shared success.  
  People have visited this page since January 31, 2008