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Real Estate Recovery-October 2009

ATTENTION BUYERS AND SELLERS!!!!  So everyone wants the crystal balI to forecast exactly when the prices of homes, condos, townhomes, manufactured homes, etc. in Southwest Florida(Naples, Marco Island, Bonita Springs, Estero, Fort Myers, Cape Coral, and yes, even Lehigh Acres) will regain the strength in value they once had.  Well, Here is my "Sound Off". 


So far in 2009, we have sold more homes than we sold back in 2005.  The prices may be lower, but they are selling quickly.  With that in mind, note that most homes selling are foreclosures and short sales, BUT the good news is, they are selling in a matter of DAYS from coming on the market, and most of the time selling OVER  asking price.  Does this remind you of any time in particular?  The only difference, is that this time, maybe we have learned from our mistakes and will not go madly into a buyer's frenzy. 


Prices should not inflate so much to "POP" this time. Keep in mind our current economic situation.  The stock market is down, unemployment is up, and people are tighetening their belts.  This is as bad as it gets folks.  As we see things improve in the economy at a local and national level, we will see the prices of homes increase.  I forgot to mention that interest rates are hovering around 6%, and have been that way for a while now. 

So, where can we go from here?  Jobs must be created.  Locally and Nationally.  We MUST see that happen for spending to increase.  As spending increases the commercial market will begin to prosper again, and more disposable income will be flying around.  As we know from the past, a lot of disposable income and investment money ends up in Southwest Florida in property.  I am a firm believer that we will see that again SOONER than later.  NO, I don't think it will take 10 years.  I think it will take a little time for the upper middle class to start feeling comfortable again, and putting more of their money into Southwest Florida, but we are already starting to see that happen.  An amazing thing has happened in 2009.  The inventory has went from a high of 39 months and is now down somewhere less than a 12 months. 

In recap...  All indicators are pointing in the right direction for increased property values for the near future.  How soon?  I do not know for sure.  But what I can tell you...  It is getting a hell of a lot better than it was.  I hope this recap helps...  Rgds, Jay

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