There are 69 identified areas in the southwest region of Florida, where homebuilders have announced their plans to begin construction. This is exciting relief for homebuyers after the demand for property increased beyond the supply about a year ago. The extreme increase in population to the area caused the demand to dominate the supply. —
Unfortunately, due to the high competition in the real estate market, it is not easy or cheap to acquire property in the Cape Coral-Fort Myers area. The newly constructed homes set a standard price for the market. The prices of resale homes and homes to lease are based off of this standard. The new housing developments vary in prices but start roughly at $300,000. This new luxury housing market has created a relatively high standard for Fort Myers and the surrounding areas of Naples and Bonita Springs.
Local real estate agent, Michael Landino, states, “If a buyer or seller is native or foreign, I still highly recommend the guidance of a realtor. The current market is very fast-paced and quickly changing. The expertise of a realtor is extremely useful considering the amounts of money at hand.”
The increasing demand for homes and growing population has changed the way the economy is developing. The development is much faster and not solely based upon the seasonality of tourism anymore. Since 2013, home sales continue to become more consistent from month to month whereas before the first half of the year was primarily “selling season”.
“The new housing developments have a major influence over the market. Not all properties are listed together so it takes research in all markets to understand the causes and effects. This is why is it very beneficial to have a realtor to provide stats and information of the new and resale market.”
The new development is bringing major change to Fort Myers and the surrounding areas of Naples and Bonita Springs. What was once known as a tourist destination has now become an expanding economy with a highly desired real estate market. This is great news for families, investment homebuyers, and business owners moving to area.
Michael Landino is a member of the National Association of Realtors and owner of Bonita 2 Naples Real Estate. He specializes in various types of properties and has well-rounded expertise in the southwest Florida region, including: Fort Myers, Bonita Springs, and Naples.
Release ID: 93409