9 Core Realty Featured Lot of the Week: Lehigh Acres Parcel Perfect for Investors & Developers

Lakeridge Lehigh AcresThis week’s 9 Core Realty Featured Lot takes us just east of Fort Myers, to Lehigh Acres, Florida and a huge parcel of undeveloped land.  Located at 212 Lakeridge Blvd. Lehigh Acres, FL 33972 it is close to golf courses, shopping and restaurants and is a perfect Lehigh Acres Land lot for investors & developers.  Listed for the extremely low price of $29,000 and being located in such a desirable area of Lehigh Acres, this lot is expected to sell quickly.

Lehigh Acres is a diverse community of approximately 80,000 residents.  Just 12 miles east of Fort Myers, Lehigh Acres boasts ponds, lakes and canals.  With 175 miles of canals and 16 well-stocked lakes, Lehigh Acres is a perfect place for both fishing enthusiasts and beginners alike to call home.  For a change of pace, the Gulf of Mexico and its nearby barrier islands provide spectacular saltwater fishing opportunities, with bountiful grouper, mackerel, redfish, snapper, snook and trout.  Lehigh Acres’ is also home to four championship golf courses.  With parks, lakes, tennis, and safe roads for bicycling or walking, this charming suburban enclave is the ideal community for families or seniors seeking an affordable and laid-back lifestyle.

To learn more about this lucrative Lehigh Acres lot for investment purposes contact a member of the 9 Core Realty team at (239) 333-2221.

Lee County Home and Land Prices Jump 19%

Tight inventory in February continued to contribute to the ongoing rise in Lee County median home and home site prices according to February 2014 sales statics recently released by the Realtor Association of Greater Fort Myers and the Beach.  The number of new listings (245) in February was 11.8 percent below January, but still showed a strong month in year over year comparisons.  The median price for single-family homes in February was $185,000, a 19.4 percent increase compared with the $155,000 median price in February 2013 and an increase of 27.3 percent (or $5,050) from January.  The median price of condos increased 10.7 percent to $155,000 in February compared with February 2013.

As prices continue to rise and inventory remains tight, desirable homes are selling quickly.  It is anticipated that this will be the case through April, as seasonal visitors are making the decision to purchase, which is challenging to Cape Coral and other Lee County residents, especially first time buyers, facing higher prices, rising mortgage rates and tighter credit.

Single-family homes of all types spent a median 52 days on the market before coming under contract in February and the average home sold for 93 percent of its listing price.  In February 2013, those numbers were 57 days and 93 percent, respectively.

Thinking of purchasing property in Cape Coral, Fort Myers or elsewhere in Lee County?  Gratia Group can help!  Give us a call at (239) 333-2221 to get your property search started today!

Housing Market in Florida Continues to Grow

Florida’s housing market continued its upswing in October 2013, with more closed sales, higher median prices, more new listings and a stabilizing supply of homes for sale, according to the latest housing data released by Florida Realtors.

Statewide closed sales of existing single-family homes totaled 18,728 in October 2013, up 6.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis Report.  Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales, contracts that are signed but not yet completed or closed, for existing single-family homes last month rose 3.4 percent over the previous October, and new listings increased 16.4 percent.  The statewide median sales price for single-family existing homes last month was $169,000, up 16.6 percent from the previous year.  The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in September 2013 was $199,300, up 11.4 percent from the previous year.  In California, the statewide median sales price for single-family existing homes in September was $428,810; in Massachusetts, it was $325,000; in Maryland, it was $256,672; and in New York, it was $230,000.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,598 units sold statewide last month, up 3.1 percent from October 2012.  Meanwhile, pending sales for townhouse-condos last month eased slightly, down 3.6 percent compared to the year-ago figure, but new listings rose 9.8 percent.  The statewide median price for townhouse-condo properties in October was $130,000, up 22.1 percent over the previous year.

Inventory was at a 5.5-months’ supply in October for single-family homes and at a 5.6-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.19 percent in October 2013, up from the 3.38 percent average recorded during the same month a year earlier.

Gratia Group Acquires Zadooland.com and Adds Variety of New Land and Lots in Florida to Online Catalog

Land sales specialist, Gratia Group recently acquired Zadooland.com, allowing the firm to add a multitude of land parcels and available land for sale in Cape Coral and throughout Southwest Florida to their already robust catalog of lots and land for sale.

The acquisition of Zadooland.com has allowed Gratia Group the ability to offer more available land for sale to domestic and foreign investors including lots with direct Gulf of Mexico access, canal lots, freshwater lots and dry lots.  Many of the newly acquired lots are located in the most desirable areas of the Southwest Florida region with many lots available in close proximity to area schools, parks, shopping, dining and entertainment.

Southwest Florida is an up and coming area that is experiencing an uptrend in land sales after experiencing a down turn in the region during the housing crisis of 2008.  Unemployment rates are down and many national corporations including Hertz are relocating to the area.  Life in the region is easy going with access to some of the best fishing and beaches in Florida.

To learn more about Gratia Group and purchasing available land for sale in Florida contact a member of our expert land sales team at (239) 222-3331.

 

South Florida Real Estate Scene Drawing in International Asian Investors

It’s still a long way from Asia to Florida, yet a growing number of Asians are joining the throng of foreign investors buying Florida real estate, according to a recent study done by the National Association of Realtors in cooperation with Florida Realtors.

While still a minor player in Florida real estate, China has joined Latin American nations like Venezuela, Brazil and Argentina in becoming a growing source of foreign-national buyers in the state, the survey found. Meanwhile, Europeans from the United Kingdom, Germany and France “have figured less prominently compared to previous years.’’

The number of Florida property transactions by foreign nationals dropped 15.8 percent to 22,572 from 26,806 a year earlier, the survey says. Still total foreign sales rose 3.8 percent to $6.43 billion from $6.20 billion a year earlier, reflecting higher prices.

Among all foreign sales, the Miami area accounted for 21.1 percent in the year ended in August, followed by the Orlando-Kissimmee area, which accounted for 13.5 percent and greater Fort Lauderdale, which accounted for 8.5 percent.

Canadians continued to lead the pack among foreign nationals buying Florida real estate, accounting for about 30 percent of foreign sales in Florida, while Venezuelans totaled 8 percent, the survey of 977 Realtors conducted July 9 to Aug 16 revealed.

Asians accounted for 11 percent of foreign purchases in the Fort Lauderdale area over the past year); 10 percent of those in the greater Orlando area; and 5 percent in Miami, the survey said.

If you are a foreign investor looking to learn more about investing in South Florida contact a member of the gratiagroup.com sales team at (239) 333-2221.

Southwest Florida Real Estate Market Report-August 2013

It looks like the recession of the housing industry is in full recovery especially throughout Southwest Florida.  Unemployment remains high in many areas of the country and GDP growth is slow.  But the housing market is looking good.

Higher demand paired with lower inventory has led prices to increase across the board.  This limited inventory is mainly due to two factors: years of repressed new home starts and lower foreclosure rates.  Land sales throughout the region including Cape Coral land sales are seeing growth in sales numbers and sales prices.  It’s as simple as the law of supply and demand.  When demand outpaces supply, prices rise. The proof is in the pudding of our current housing market.

Though mortgage interest rates have begun to creep higher, they continue to stay near historic lows.  Following the restructuring of the lending industry at the end of the last decade, banks are doing a much more thorough job at screening borrowers.  People know they’ll need to jump through hoops, and they are prepared.  What we are seeing right now is a pool of buyers that are qualified and ready to move into homeownership.  This pool continues to grow.  Buyer traffic is up 29 percent from last year, but inventory is down 10 percent.

When searching for real estate invesments, it’s easy to get excited when you see this rise in prices.  It’s time to dust off those properties purchased at the bottom of the market and start getting ready to sell.  If you weren’t lucky enough to grab any of those great deals, don’t despair there are still many great lots and land available for sale.   To learn about land for sale in Florida contact a member of the 9 Core Realty land sales team at (239) 333-2221.

It’s a Hot, Hot Summer in the Lehigh Acres, FL Real Estate Market

The Summer of 2013 has been hot to say the least and we aren’t talking temperatures, we’re talking real estate.  The market in Lehigh Acres, a city of 86,784 in Lee County, is on fire this summer with land and home buyers finding great deals throughout the 95.98 square mile town especially on lots and acreage for sale.

Hit hard by the decline of the real estate market in 2008, Lehigh Acres has seen a large resurgence in its real estate market over recent years.  Land and home values are up and selling near market value, making it a great sellers’ market.  On the flip side, there are many great existing homes to be found at low prices through short sale and foreclosure, although they are becoming fewer and farther between.

For the first time since 2007, property values in Lee County are projected to have increased, at nearly 2 percent, with almost all 91 taxing districts seeing its numbers in the black.  Lehigh Acres real estate also has the highest projected increase in overall valuation in Lee County at 5.66 percent.

One of the perks of the Lehigh Acres market is the amount of vacant, available land for home building and investment purchases. There are many great land deals to be found throughout the city. gratiagroup.com is a top seller of Lehigh Acres land and lots and has an extensive property catalog of lots include dry and freshwater.  Visit us at www.9CoreRealty.com or call us at (239) 333-2221 to discuss your Lehigh Acres land needs!