Snowbirds - 2007

Volume 5 Number 1 January 8, 2007

Fort Myers Prepares for Snowbirds – 2007

The rumor is out that Pulte took over 150 reservations for their new offerings in Ave Maria. The new community has started quite a buzz and we are all pleased that there are so many buyers out there. The reservations go to contract soon and we are anxious to see how many convert to contract. I suspect the number will be impressively high.
I spent a good part of the last few days visiting sales centers and getting the pulse of what is going on for the New Year. December was a slow month – but there are exceptions. WCI Crown Colony had their best month of the year, Lennar’s new Community Tern Bay, just North of Burnt Store Marina and Grand Isle on Burnt Store road sold 18 homes last month. I visited their sales center and was impressed with both their prices and their offerings: Condos from $220,000 and single family homes up to $410,000 – all with bundled golf. David Meyers, the Area Sales Manager, told me that the amenitised projects for Lennar are doing very well. Their buyers are normally buying their second or third home and like the life style of their communities – in particular bundled golf. (The golf course will open up in two weeks). This project is just north of Burnt Store Marina where I spent the morning talking with condo owners in Grand Isle. There were a few closings last month in Grand Isle and one already this month. There is not a better deal for waterfront condos that I am aware of on this coast. It’s about the boating folks; they are just not making any more deep water marinas that you can live on. Now is definitely the time to buy here.
From Grande Isle I ventured inland to River Hall and The Verandah; both on Palm Beach Boulevard east of I-75. The Verandah was impressive and will eventually have 1,700 tops. Look for that to be by 2011. I particularly liked the feel of the community and the style of homes. Make no mistake, these homes are not by the beaches – it will take you a good hour in season to stick your toes in the Gulf – but they are wonderful lifestyle communities centered around golf, tennis, and active life style. Both have incorporated mix used commercial projects in their plans, River Hall will encompass a town center with a firehouse, a new elementary school and a village square.
The big boys like Bonita Bay and LandMar think growth out east of 75 and Palm Beach Boulevard is happening and so do I. There are some diamonds in the rough out there and if you are interested in adding some “in the path of growth properties” to your portfolio let one of our agents help you. Both Burnt Store Road, where WCI, Realmark and Lennar are building and Palm Beach Boulevard are excellent choices. But be careful, the blood is already in the water and the sharks are circling. Let a good agent guide you.
We are involved in some other waterfront (read RIVERFRONT) property on Palm Beach Boulevard and our commercial division is looking for an anchor restaurant for a waterfront location that we are working on. (Another great marina location that we will be marketing much down the road.) We also have an eight acre parcel for sale on the north side of the river that would be good for five or ten single family homes or up to 90 condos.
I promised an update on our North Carolina trip: We fell in love with the Boone, Banner Elk, Blowing Rock area and will return in April to scope out a place to rent for a month later this summer. I spoke to many Realtors and looked at a lot of land. Most in the business commented that they have not seen a down turn in the market. Keep in mind this is not a boom town area – more of a steady slow paced growth. Vistas and temps are marvelous with elevations from 3000 to 4500 feet; Lots of restaurants, shops and things to do. Gail and I sojourned here exactly because it has been a summer resort area for many decades. We stayed all week in a lovely B and B in Blowing Rock called Crippens. We could walk to shops, restaurants and bars, or sit by the fireplace and read. Home prices were not low, at least not close to town, but I will have to stay a while to get a good sense of what and where to buy. More to follow.
On the commercial front we now have about twenty properties that we have listed for sale – from Land to entitled development sites to office buildings and warehouses. I also have some good places to park 1031 money if you have some. Good NNN investments are still hard to find – so we continue to make our own.
I receive a weekly e-letter that I believe is superb and worth getting. It is written by John Mauldin and worth looking into. Today’s issue has a good piece on the housing market and his forecast for the next year. Click HERE to subscribe. My general feeling about the boom or bust in the housing market in our area is that I am going to ignore it - just like all the out of town buyers seem to be. For my team and me – it’s back to business as usual – usual being pre- 2005.
Best to all-
Gregg Fous
Gregg@ma-realty.com
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