UpdateCapeCoral Oct2013 Issue

8/11/2019 UpdateCapeCoral Oct2013 Issue

1/8


2/8

Comparative Data Unit 28 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ #" %!!&""" '!"#! #" %#(&""" * %!"&+"" '!"## + %#"&""" ,

!"#" ( %!"&""" +Most were in 2013 and prices went from $7,500 to $39,900.

Asking prices range from $15,500 to $72,500.

Unit 29Comparative Data Unit 29 non-waterfront Oct. 1

!"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ - %#"&""" '!"#! # %,&+"" #!!"## + %(&""" #(!"#" " ./0 1

Sales prices went from $8,900 to $22,000. Asking pricesstretch from $14,900 to $39,000 most between $15,000 and$25,000.

Comparative Data Unit 29 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ $ %!'&""" +!"#! $ %#'&""" #!"## ! %#'&'"" $!"#" # %#-&+"" "

Two lakefront sites sold for $70,000 and $79,000. The othersale, on a canal, sold for $29,000. Four lakefront lots are forsale and are asking $47,500 to $114,900. The one canalfrontlot is listed for $40,000.

Unit 30Canals have access to saltwater but it is a round about routewith several bridges to pass under.

There were no waterfront sales and one non-waterfront sale($18,000) in the last 12 months.

The only lots listed for sale are waterfront and the four arepriced from $62,000 to $103,000.

Unit 44One non-waterfront site sold for $13,500, the rst in years.Two are listed and asking prices are $29,000 and $35,000.

Comparative Data Unit 44 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ ## %+"&"""/%!""&""" (!"#! - %+"&"""/%#+"&""" #"!"## , ./0 (!"#" " ./0 ##

Sales prices on the canals went from $46,000 to $52,500.Lakefront sites sold for $150,000 to $285,000. Asking priceson the canals are around $100,000 and on the lake from$180,000 to $699,000.


!"#$ % '()* +,"$#-" .$/0" % 1/23"*

!"#$ #! %#$&+"" #(!"#! - %+&""" * %-&+"" !#!"## #$ %-&""" #'!"#" , %1&""" * #,&""" ##

Sales prices went from $5,500 to $19,900. Asking pricesstretch from $6,500 to $44,900 with most in the low-teens.

This Unit is one of the priciest in the southwest corner of theCape because of the wide canals and closeness to the boatlock.

Comparative Data Unit 45 waterfront Oct. 1

!"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ #1 %#,&"""/%("&""" #!!"#! #" %#!&"""/%,"&""" '!"## - %##&+"" #(!"#" + %##&""" * #-&""" #1

Only the canals EAST of Pelican Blvd. and SOUTH ofGleason Pkwy have saltwater access.Freshwater sites sold for $9,250 to $24,900 and the onesaltwater access sale for $80,000. The one saltwater accesslot for sale is at $120,000. Freshwater sites are mostlyaround $30,000 to $40,000.


!"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ #! %(&""" '!"#! $ %,&+"" '!"## #" %-&""" #"!"#" ! %-&'"" #1

Sales prices ranged from $6,000 to $11,900. Asking pricesgo from $8,900 to $19,500 with 5 under $13,000.

Comparative Data Unit 62 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ ' %#,&""" '!"#! #, %'&""" * %#!&""" ##!"## ( %#!&""" #1!"#" , %!,&""" +

All the canals and lakes in the area are freshwater. Salesprices ranged from $11,000 to $22,900. Asking prices gofrom $20,000 to $44,900 with four under $30,000.

(FOCUS ON UNITS continued on page 3)

(FOCUS ON UNITS continued from page 1)


3/83

(FOCUS ON UNITS continued from page 2)

Unit 63

This Unit does not have city water and sewer.Comparative Data Unit 63 non-waterfront Oct. 1

!"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ !% &'(""" * "(""" %+!"#! ' &,(""" %"!"## + &-(""" $$!"#" #- &,(""" * .(""" %"

Sales prices ranged from $5,600 to $35,500. Asking pricesgo from $7,500 to $99,900 with 9 less than $10,000 and 12over $30,000.

Comparative Data Unit 63 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ !+ %(""" !,!"#! #$ "(""" * !(""" #'!"## ' "(""" #.!"#" ## "(""" * #$(""" !.

Sales prices went from $9,000 to $23,500. Asking prices are$13,900 to $100,000 with 12 under $20,000.

Unit 64

Comparative Data Unit 64 non-waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ ! &%"(""" $!"#! " /01 $!"## % +(,"" $!"#" # '(""" '

One sold for $30,000 and the other for $52,000. Askingprices go from $59,900 to $62,000.

Comparative Data Unit 64 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ % .,(""" $!"#! % .,(""" !!"## # ,-(""" -!"#" , -!(""" *#.,(""" %

The canals all have sailboat access to saltwater. Sales priceswent from $150,000 to $190,000. Asking prices are between$250,000 and $275,000.

Unit 65

Comparative Data Unit 65 non-waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ #" -(""" ##!"#! $ "(""" .!"## % &.(""" -!"#" - &.(""" ##

Sales prices were between $15,000 and $23,000. Askingprices are $24,900 to $69,900 with three priced at $30,000or less.

Comparative Data Unit 65 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ + #"("""0&!!,(""" #!!"#! #, &%"("""0""(""" #.!"## + &$'(""" !"!"#" - &-"(""" #'

The saltwater canals have direct access but there is a bridgeunder Cape Coral Parkway. Sales prices went from $55,000to $162,000 on the canals and $160,000 to $250,000 on thelake. Asking prices go from $69,900 to $325,000.

Unit 66

Comparative Data Unit 66 non-waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ !, &.(,"" * &+(,"" !$!"#! #. &%(,"" * &,(,"" !,!"## #- &-(""" !'!"#" #" &-(""" * .(""" !-

Sales prices were between $5,000 and $24,000, with mostunder $10,000. Asking prices are $12,500 to $49,900 withmost below $20,000.

Comparative Data Unit 66 waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ #- $(""" * ,(""" !!!"#! #% "(""" * !(""" !"!"## #- !(""" #-!"#" ## ,(""" #%

Prices went from $10,900 to $38,000 with 6 above $15,000. Asking prices are $18,000 to $124,900 with most between$30,000 and $50,000.

Unit 67

Comparative Data Unit 67 non-waterfront Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ $ &-"(""" #!"#! ! &$!(""" #!"## " /01 #!"#" ' &$"(""" * $,(""" %

Sales were priced between $50,000 and $90,000. The onelisted is priced at $74,900.

Comparative DataUnit 67 waterfront

Oct. 1 !"#$ % '()* +,"$#-" .$/0" % 1/23"*!"#$ $ &$,"(""" #!"#! - &!!,(""" $!"## ! &!.,(""" #!"#" % !,("""*$!,(""" .

The canals east of the 12th Avenue Bridge do not havesailboat access. Sales prices went from $210,000 to$400,000. The asking price for the one listed is $479,900.

(FOCUS ON UNITS continued on page 8)


4/84

Cape Coral Ranks No. 2On Realtytrac Housing

Market Recovery Index Cape Coral-Fort Myers is the only Florida metro area in theTop 20 list

Cape Coral-Fort Myers is one of the top metro marketsleading the nations housing recovery according to a newindex released by RealtyTrac(R).

RealtyTrac released its rst-ever Housing Market RecoveryIndex (HMRI) in mid-August, and Cape Coral was secondbehind Rochester, NY in showing the strongest signs ofrecovery.

Cape Coral-Fort Myers was one of the hardest-hit marketsin the last seven years. According to RealtyTrac, therecovery in the Cape Coral-Fort Myers market is being

driven by strong home price increases, which are beingfueled by a high percentage of cash and institutionalinvestor purchases, along with sharp decreases inforeclosure activity.

Cape Coral-Fort Myers ranked second on the list despitean above-average percentage of underwater homeownersand distressed sales.

Cape Coral-Fort Myers was the only metro market inFlorida on the Top 20 list, while four Florida cities postedrecovery index scores among the 20 lowest.

*Price change since the Market bottomed outThe HMRI was calculated based on seven differentfactors relating to the health of the real estate market:unemployment rate, underwater loans percentage,foreclosure activity percent change from peak, distressedsales percent of total sales, institutional investors share oftotal sales, cash purchases share of total sales, and medianhome price percent change from bottom.

RealtyTrac ranked 100 major U.S. metros based on thistotal recovery index. Median home prices have bottomedand now are rising in all 100 ranked markets. Foreclosureactivity also appears to be past its peak in the 100 rankedmarkets.

RealtyTrac is the nations leading source for comprehensive

housing data.

Southwest 6 & 7 Utilities Project Moves Ahead

Source On The Move city newsletter

Project has lowest assessment costs & interest rates

The Southwest 6 & 7 utilities extension project beganconstruction in September after City Council approved theproject on August 21. Through competitive bidding andqualifying for low interest loans from the state of Florida,the City was able to secure the lowest assessment costs(in todays dollars) since the utilities expansion began in theearly 1990s.

Property owners in Southwest 6 & 7 were noti ed of assessment amounts at the end of July. The assessmentswere $10,000 for the three utilities plus $6,750 for theCapital Facility Expansion Charge (for the typical two-lot,10,000 sq. ft. parcel).

The City is offering the longest prepayment period tominimize costs to the property owners. The rst ppayment period ends October 31, 2013, and the secondprepayment period (with some added administrative costs)ends July 31, 2014. Also, the City is offering a 20 percentdiscount on the Capital Facility Expansion Charge duringthe prepayment period, which lowers the cost to $5,400.

Property owners can pay any or all of the assessments(six in total) during the prepayment periods. On August 1,2014, the assessments will be added to the tax bills of eachproperty.

Seven contracts have been let for the 12 construction areasin Southwest 6 & 7.The City and construction engineer, Tetra Tech, have awebsite speci cally addressing the Southwest 6 & 7 project.The website will provide regular updates and informationas the project proceeds. The address iswww.sw6and7uep.com

City UnemploymentRate Average HomePrice Change*

Rochester, NY 7.0% 93%Cape Coral, FL 7.4 82

Albany, NY 6.4 44San Jose, CA 6.9 70San Francisco, CA 6.5 96Birmingham, AL 5.9 58

Atlanta, GA 8.9 57Ft. Collins, CO 6.2 21Flint, MI 10.1 64Oklahoma City, OK 5.4 41


5/8

5

Message FromCape Coral MayorJohn Sullivan(Source: On The Move Quarterly city newsletter)

When I rst came into of ce, the real estate market in CapeCoral and new construction had come to a screeching halt.We were the foreclosure epicenter of the United States.We had very little revenue to work with, and things werepretty tough. Now after just 3 years, it appears that thiseconomy has turned the corner. It has not yet reached thestreet level but the economy is getting better. There is hopethat the Great Recession has come to an end, and wenally are on an economic upswing.

If you look around you will see many signs of the economicrecovery in Cape Coral. Many commercial developmentsand high-end homes are coming out of the ground, andbusinesses are nding a home in Cape Coral. The propertyvalues have started to increase again after years ofsignicant declines. The economy continues to rebound,and we are seeing more and better jobs being created forour residents.

Attracting commercial development to our city is key toadding more jobs for our residents. This requires us to useall assets available to make Cape Coral a destination forbusinesses. We have several tools available to make thishappen.

We can leverage our Tax Free International Trade Zones,and highlight development opportunities surroundingPatriot Plaza and the Veterans Investment Zone (locatednear the VA Clinic). We also can offer customized incentiveplans to new businesses to locate in Cape Coral.

We also can improve our business processes byimplementing many of the recommendations that weremade in the Zucker Report a report from Paul Zucker.Zucker has 30 years of experience in public and privatemanagement and planning. He conducted a top-to-bottomreview of our permitting and inspections processes, and

made more than 200 recommendations to help improveour service delivery. These recommendations will resultin fair, fast and more ef cient service for developers andbuilders.

As the economy recovers, our residential home-buildingalso is on the upswing. In FY 2009, permits for new single-family residences had dropped to 159 for the year. For FY2013, our Building Department has issued 353 permitsthrough 10 months. In two of these months, we issued 54

permits, which are highest monthly totals since June 2009.

Although, we do not ever expect to approach theunprecedented level of home building that occurred in2005 (7,694 permits), the increase in home constructionwe are experiencing today is a positive and welcome sign.

I am optimistic about the future of our city and ourcommunity. We seem to have weathered the economicstorm, and we are starting to see the light at the end of thetunnel. I know many residents continue to struggle, and westill have work to do. But we will get through this economicchallenge, and Cape Coral will continue to be great placeto call home.

Pine Island Road (Sr 78) Four-Lane Project

The Florida Department of Transportation is widening StateRoad 78 (Pine Island Road) to four lanes from west of BurntStore Road to west of Chiquita Boulevard. Ajax PavingIndustries of Florida is the contractor.

At completion of this job, Pine Island/Bayshore Road will befully four-laned from Burnt Store Road to I-75. This roadwayserves the areas residents, visitors, and businesses as animportant economic corridor and signi cant east/wetravel route in northern Lee County.

The state transportation project includes widening andresurfacing existing lanes, which will become the newwestbound lanes for Pine Island Road. Just south ofexisting lanes, crews will build two new eastbound lanes.

A 46-foot grass median will separate eastbound andwestbound travel lanes. Crews also will add a four-footpaved bike lane on both sides of the widened roadway.

Drainage improvements include roadside swales to collectstorm water, which will ow to storm water ponds built inthis project.

Construction crews are working during the day. Some workwill require periodic nighttime/overnight lane closures from7 p.m. to 6 a.m. Estimated project completion are fall 2014.Cost of the job is $8.1 million.


6/8

6

Waterfront - North of Pine Island Road

Unit Block Gulf Access Price

33 2234 No $13,00036 2146 No 13,00036 2543 No 13,500

40 2801 No 9,25043 2998 No 22,50049 3660 No 15,90054 3949 No 17,20059 4156 Yes 27,00059 4146 Yes 38,00059 4149 Yes 60,00060 4251 Yes 79,90061 4323 Yes 50,00080 5093 No 11,50082 5252 Yes 65,00084 5559 No 12,50085 5658 No 11,500

87 5682 No 10,50090 5477 Yes 52,50090 5424 Yes 38,00091 5526 No 12,20091 5511 No 12,00097 6079 No 10,90098 6161 No 15,500

Waterfront - South of Pine Island Road

Unit Block Gulf Access Price

19 1219 Yes $98,50024 1014 No 24,000

26 866 Yes 75,00026 847 Yes 75,00026 879 Yes 77,24028 1921 No 14,90045 1900 No 27,00063 4352 No 18,50063 4375 No 16,00065 3342 Yes 162,00066 3290 No 23,00069 4582 Yes 229,00070 4680 Yes 43,50070 4694 Yes 79,00071 4782 Yes 40,00071 4778 Yes 40,00074 4874 Yes 130,00089 5381 Yes 47,00092 5891 Yes 32,00093 5985 Yes 122,00093 5984 Yes 85.00093 5792 Yes 92,00093 5969 Yes 74,00093 5969 Yes 98,00095 6029 No 19,90095 6029 No 15,000

Non Waterfront - North Of Pine Island Road

Unit Block Price

32 2127 $8,60032 2126 6,50036 2300 7,35036 2325 8,30038 2623* 12,50038 2643 8,800

38 2652 7,99938 2670 8,50039 2700 7,50048 3637 7,49952 3817 6,50053 3888 7,30054 3927 11,00057 4085 13,00058 5353* 16,80058 5313 12,90059 4128 4,70059 4184 12,50060 4205 20,00060 4246 13,90061 4294 11,50080 5110 7,40080 5125* 7,40083 5192 14,50083 5182 11,70084 5580 10,00084 5581 10,00085 5657 10,00085 5654 7,90087 5694 10,00087 5716 10,00087 5738 10,00087 5689 9,00088 5784 10,00090 5454* 8,70090 5439 11,70097 6097 7,25098 6137 7,499

* Three-lot site

Non Waterfront - South Of Pine Island Road

Unit Block Price

23 1110 $12,50023 1109 12,50023 1138 16,00025 950 21,80028 1982 11,45030 1628 18,00045 1847 13,90063 4396* 10,00063 4464 6,10069 4617 43,000

(LOT SALES continued on page 7)

September Lot Sales Activity


7/8

7

Economic News The September 2013 report issued by the Florida Gulf CoastUniversity Regional Economic Research Institute stated thatmany of the economic indicators are positive for SouthwestFlorida and we continue to experience a slow to moderaterecovery.

Single-Family Building Permits

A total of 236 single-family building permits were issued inLee County in August 2013, an increase of 108 permits from

August 2012.

Sales of SingleFamily Homes and Median Sales Prices

Sales of 1,069 units were reported in Lee County for August2013, at a median price of $165,000. Unit sales were up 19percent from August 2012, while the median price rose 27percent over the same period. Sales were six percent abovethe previous months gure of 1,005.

Labor Force, Employment and Unemployment

Seasonally-adjusted unemployment rates in August 2013continued to show noticeable improvement over thecorresponding month of the prior year.

Lee Countys unemployment rate was 6.8 percent in August2013, down from the July 2013 gure of 7.1 percent, as wellas from 8.8 percent in August 2012. Employment in Lee grewby 6,207 persons from August 2012 to August 2013, while thenumber of unemployed decreased by 5,747.

Taxable Sales

Lee County taxable sales rose to $813.6 million for June 2013,a six-percent increase over June 2012.

Tourism Tax Revenues

Lee County tourism tax revenues for July 2013 were$1,904,296, up 10 percent from July 2012. Lees year-to-datetourism tax revenues are up $1,415,613 over the same periodin 2012.

In 2012, the U.S. Congress passed the Flood Insurance Reform Act of 2012 that calls on the Federal Emergency Management Agency (FEMA), and other agencies, to make a number of

changes to the way the National Flood Insurance Program(NFIP) is run.

As the law is implemented, some of these changes havealready occurred, and others will be implemented in thecoming months.

Key provisions of the legislation will require the NFIP traise rates to re ect true ood risk, make the program mor nancially stable, and change how Flood Insurance Rate Map(FIRM) updates impact policyholders.

The changes will mean premium rate increases for some butnot all -- policyholders over time.

According to an article in the Miami Herald, Under the law, 13 percent of the 2 million homeowners who carry ood insurance in Florida will be affected by the rate increase compared to 20 percent of all policyholders nationwide.

Those homeowners will see their rates rise 25 percent upon renewal until they decide to sell their homes, then the new buyer will have to pay the full cost of that insurance in somecases as much as 3,000 percent more than current rates to

reect the true ood risk of their property.

The result is having a chilling effect on real estate sales as buyers balk at closing on purchases of older homes that nowcarry the subsidized rates, said John Sebree, senior vice

president at the Florida Realtors Association.

The impact is going to be huge, he said, warning thatdeclining home sales could stall Floridas slowly recovering realestate market.

The new rates are designed to bring the ood insurance program, which has been running a $24 billion decit sinceHurricane Katrina struck New Orleans in 2005, back into

solvency by phasing out subsidies in high-risk zones andupdating ood zone maps across the United States over the

next ve years.

For properties in low-lying areas, especially near the coast,annual rates may double or go up ten-fold, depending on base ood elevation, exceeding $20,000 a year in some cases.

Non-Waterfront - South of Pine Island RoadContinued From Page 7

Unit Block Price70 4732 $ 17,00071 4826 7,69972 5026 39,00074 4876 27,50092 5885 17,00092 5880 11,50092 5908 9,00095 6027 7,50095 6024 8,000

Flood Insurance Rates SetTo Sky-Rocket Because Of

New Federal Law


8/8

UpdateCapeCoral Oct2013 Issue

Documents

Transcript of UpdateCapeCoral Oct2013 Issue