Market Trends Southwest Florida

Transcription

MarketTrends
SouthwestFlorida
Collier,Lee&CharlotteCounties
3rdQuarter2015
Preparedby
DougMeschko,MarketResearchDirector
MoreThanJustDirt.
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2
TableofContents
ExecutiveSummary
SocioeconomicOverview
Population
AirportTraffic
AgeDistribution
SchoolEnrollments
FGCUEnrollment
HouseholdIncome
Employment
Migration
HousingOverview
CollierCountyPermits
LeeCountyPermits
CharlotteCountyPermits
TotalCombinedPermits
MLSSalesTrends
SFVacantDevelopedDetachedLots(Subdivisions)
CapeCoralandLehighAcresLotSalesTrends
NotableTransactions
ConstructionMaterialCosts
GeneralLimitingConditions
3
4
5
5
8
10
12
14
15
21
25
28
35
53
56
57
61
64
67
70
71
ExecutiveSummary
The homebuilding industry and overall economy here in Southwest Florida continued to
showpositive growthtrendsthroughthefirstthree quarters of 2015.Tourism,employment,and
taxable sales figures all experienced new post‐recession highs for the summer season. Permit
volumes and home prices also continued their upward trend and are now considered to be
representative of a market in equilibrium. Low interest rates have helped enable many of these
positivetrends.However,ifratesstaythislowfortoolongourmarketmayoverheatandbeatrisk
ofanotherbubblenottomentionotheradversesocioeconomiceffectsitmaycause.Asofnow,the
widelyheldviewisthattheFedwillincreaseratesneartheendof2015/beginningof2016.When
theFeddoesstarttoraiserateswebelievetheywilldosoatamuchmoretepidpacethanprevious
environmentswheretheFedwasraisingrates.Wealsobelievethereisagoodpossibilitythehousing
market, as well as most other economic markets, will experience a prolonged negative reaction,
potentiallylasting6monthsormore,whentheFedfinallydoesraiserates.Weexpectacoupleof
yearsofslowtomoderategrowthafterthisperiod.
Intryingtogaugethenextpotentialdownturninhousingandoveralleconomywereference
working papers by the International Monetary Fund (IMF). According to the IMF, housing cycles
historicallytendtolast7‐8yearsonaveragebetweenpeaks;domesticallyandabroad.However,the
circumstances that led to our most recent peak and trough periods were anything but average.
Lookingattherelationshipbetweenthetimedifferencesfrompeak‐to‐troughandfromtrough‐to‐
peak, the IMF found that trough‐to‐peak periods last around 33% longer than peak‐to‐trough
periods.Consideringourmostrecentpeak‐to‐troughperiod(approximatelyQ12006–Q12011)was
about5+/‐years,wecangleamthetrough‐to‐peakperiodwearecurrentlyintolastabout6.5–7
years.Thiswouldputthenextpeakinhousingaroundlate‐2017/early‐2018.
AswehereatLSIpreparetomoveforward,ourforecastforthenexttwelvemonthscallsfor
a 7%‐11% increasein newresidentialhomepermitissuance,3%‐ 6%increasein homeprices,
continuedtighteningofthelaborsupply,moderatelyrisinginterestratestonear4.25%bytheend
ofthethirdquarterof2016,increasingprimaryhomedemandandincreasingmulti‐familydemand.
4
SocioeconomicConditions
Population
SouthwestFloridaisonceagainoneofthefastestgrowingareasinthenationasitwaspriortothe
realestatecollapsein2007‐2010.Growthisattributedtoin‐migration,mostlyfromNortheastern
and Midwestern states; however, foreign migration and intrastate migration are also significant
factors for growth. The real estate collapse and the global economic capitulation that followed,
stuntedgrowthinSouthwestFloridaduringthe2007‐2010period.Unstablejobmarkets,economic
uncertaintyanddecliningpersonalwealthtrappedpeopleintheirresidencesanddecreasedtheir
confidencetomakeamovetoFlorida.Manyoftheseconcernsbegantounwindstartinginlate2010.
U.S. Census Population Estimates were updated March 26, 2015 and can be seen in the following
graph.ThedatashowsestimatesasofJulyeachyearthrough2014.ItshowsSouthwestFloridais
onceagainexperiencingsignificantgainsinpopulationwitha2.60%gain(or30,374people)in2014
over 2013 for Collier, Lee, and Charlotte Counties combined. If you divide the population gain
(30,374) by the average household size in Southwest Florida (2.55) we get 11,911. 11,911 is the
numberofnewresidentialunitsneededtosupportourcurrentannuallevelofpopulationgrowth
(30,374).Therewere12,054newresidentialunitspermittedinSouthwestFloridaoverthepast12
months(October1,2014‐September,302015).Withadifferenceofonly1.19%,wewouldconsider
thisamarkettobeinsync.
Collier, Lee, & Charlotte Populations 679,513
661,336
644,988
610,984
700,000
650,000
618,754
600,000
582,678
550,000
522,431
500,000
478,889
450,000
443,903
400,000
332,873
296,021
312,621
340,106
348,777
321,520
316,641
350,000
300,000
275,490
254,080
250,000
150,123
142,229
157,755
159,978
160,467
157,099
162,792 164,948
168,474
200,000
150,000
100,000
2000
2001
2002
Source: US Census 2003
2004
2005
2006
Collier
2007
2008
Lee
2009
2010
2011
Charlotte
5
2012
2013
2014
TheUniversityofFlorida’sBureauofEconomicandBusinessResearch(BEBR)releasedtheirrevised
30‐yearpopulationprojectionsJuly2,2015whichcanbeseenbelowforeachcounty.LeeCounty’s
populationisexpectedtogrow60.2%from2015to2040,whichisthehighestpercentagegainfor
anyFloridaCountywithatleast300,000residentscurrently.
Collier, Lee, & Charlotte Population Projections
1,073,866
1,100,000
1,050,000
1,003,956
1,000,000
950,000
928,622
900,000
850,000
845,908
800,000
758,272
750,000
700,000
670,419
650,000
600,000
618,754
550,000
487,259
500,000
450,000
435,424
400,000
350,000
300,000
321,520
343,236
376,142
461,680
406,905
250,000
200,000
159,978
166,083
174,224
181,503
187,521
192,578
197,564
150,000
2010
Source: BEBR
2015
2020
2025
Charlotte
Collier
2030
2035
2040
Lee
CollierCounty’spopulationisexpectedtogrow42.0%from2015to2040,whichisthesixthhighest
percentagegainforanyFloridaCountywithatleast300,000residentscurrently.AsofJuly2014,
thereare19countiesinFloridawithatleast300,000residents,accordingtotheU.S.Censusfigures.
6
Populationgrowthfrommigrationcanbeseeninthefollowingchartbrokenoutintoforeignand
domestic migration into Collier, Lee, and Charlotte Counties combined. Total migration turned
slightlynegativein2009,buthassincereboundednicely.ThisdatacomesfromtheU.S.Censusand
representsfiguresasofJuly1ofeachyear.
Collier, Lee & Charlotte Total Migration 40000
35000
34,239
33,220
30000
25000
24,295
25,606
25,490
23,195
23,040
21,894
20000
17,457
16,791
15000
10,293
10000
5000
0
5,250 4,783 4,668
4,208 3,992 4,289 4,423 4,022 3,942 3,951
1,296
522
4,888
2,184
1,116
5,229
5,351 5,388
‐4,695
‐5000
‐10000
2000
2001
2002
2003
2004
2005
2006
Foreign
2007
2008
2009
2010
Domestic
2011
2012
2013
2014
FuturegrowthinSouthwestFloridawillbeduelargelytorecordnumbersofBabyBoomersretiring
and migrating south. Southwest Florida has and will continue to appeal greatly to affluent Baby
Boomerswhoarelookingforsun,beaches,boating,andchampionshipgolf.Foreignmigrationisalso
expectedtogrowtorecordlevelsinSouthwestFloridaoverthecomingyears,whichwillbeaidedby
an increase in international flights at Southwest Florida International Airport. Foreign tourism in
SouthwestFloridareachedanewrecordin2014,accordingtoResearchDataServicesInc.basedin
Tampa,Florida.
Source: US Census © 2015 Land Solutions, Inc. All Rights Reserved
7
AirportTraffic
Growth in passenger air traffic usually portends population growth. Passenger traffic figures at
SouthwestFloridaInternationalAirportconcurwiththatnotion,asseeninthefollowinggraph.
Passengertrafficincreased4.10%throughthefirstthreequartersof2015overthesameperiodlast
year. Annual passenger traffic (October 2014 – September 2015) was the busiest in the airport’s
historyandMarch2015trafficwasthehighestmonthlytotalintheairport’shistory.
Source: Lee County Port Authority
Total Passengers
Annual Percentage Change
2014
-8.0%
2015 YTD
2,500,000
2013
-6.0%
2012
3,000,000
2011
-4.0%
2010
3,500,000
2009
-2.0%
2008
4,000,000
2007
0.0%
2006
4,500,000
2005
2.0%
2004
5,000,000
2003
4.0%
2002
5,500,000
2001
6.0%
2000
6,000,000
1999
8.0%
1998
6,500,000
1997
10.0%
1996
7,000,000
1995
12.0%
1994
7,500,000
1993
14.0%
1992
8,000,000
1991
16.0%
1990
8,500,000
1989
Passengers
SW Florida International Airport Traffic
8
CharlotteCountyAirporthasbeenabletoattractandmaintainregionalcarriersoverthepastfive
years,whichhasledtosignificantgrowthinpassengerairtrafficforCharlotteCounty. Currently,the
onlycarrierattheCharlotteCountyAirportisAllegiantAirwithservicestoU.S.citiesintheMidwest,
NortheastandSoutheast.Theairportexperienceda30.96%increaseinpassengertrafficthroughthe
firstthreequartersof2015overfiguresfromthesameperiodtheprioryear.Trafficisexpectedto
furtherincreasein2015duetoadditionalflightsbeingaddedattheairport.Airportofficialsproject
passenger traffic to be around 825,000 in 2015. To put those figures into perspective, the
Sarasota/Manatee Airport saw 1,197,097 passengers in 2014. Charlotte County Airport will be a
major economic driver in the future, which is likely to present opportunities for homebuilders,
developersandthelike.
100.0%
650,000
90.0%
600,000
80.0%
550,000
70.0%
Passengers
500,000
60.0%
628,075
450,000
50.0%
400,000
40.0%
350,000
30.0%
300,000
621,803
333,611
20.0%
250,000
10.0%
200,000
0.0%
150,000
100,000
50,000
-10.0%
291,626
219,357
182,423
Charlotte County Airport Traffic
700,000
-20.0%
109,921 129,025
-30.0%
-
Annual % Change
2014
2015 YTD
Total Passengers
2013
2012
2011
2010
2009
2008
-40.0%
Source: Charlotte County Airport Authority
The other two major airports on Florida’s Gulf Coast, Sarasota/Bradenton Airport and Tampa
InternationalAirport,sawincreasedpassengertrafficaswellthroughthefirstthreequartersof2015.
Sarasota/BradentonAirportsawa1.78%increaseinpassengertraffic,whileTampaInternational
Airportsawa7.12%increase.
9
AgeDistribution
DuetoalargenumberofBabyBoomerscoupledwithadecliningbirthrate,theU.S.populationis
getting older. Data from the U.S. Census’s 2014 ACS (American Community Survey) supports this
notioninSouthwestFlorida.Thetablebelowshowsthepopulationchangesbyagegroupings.Data
fortheU.S.Census’s2014ACSwasreleasedinSeptember2015.
0‐19
20‐34
35‐44
45‐54
55‐64
65‐74
75‐84
85+
Total
Change
0‐19
20‐34
35‐44
45‐54
55‐64
65‐74
75‐84
85+
Total
ACS
ACS
% of 2005
2006
Total
216,725 21.8% 221,550
166,620 16.7% 182,699
122,122 12.3% 129,543
123,570 12.4% 128,142
123,676 12.4% 126,574
124,838 12.5% 119,811
94,558
9.5% 102,160
24,218
2.4%
29,952
996,327 100.0% 1,040,431
4,825
16,079
7,421
4,572
2,898
‐5,027
7,602
5,734
44,104
ACS
2007
230,358
180,314
131,583
132,488
127,627
119,342
105,124
32,381
1,059,217
Collier, Lee, & Charlotte Population by Age
ACS
ACS
ACS
ACS
ACS
2008
2009
2010
2011
2012
230,673 228,204 230,837 231,331 232,057
178,585 160,759 163,319 170,620 170,637
124,773 118,262 121,159 116,067 120,292
134,082 138,417 143,543 142,004 143,718
125,930 143,481 157,802 161,130 159,991
122,369 136,768 157,506 162,058 172,584
108,392 98,085 90,488 97,778 98,990
33,650 38,421 37,959 38,987 41,900
1,058,454
1,062,397 1,102,613 1,119,975
1,140,169
ACS
2013
232,460
175,207
119,714
145,271
164,113
181,001
106,599
41,128
1,165,493
ACS
2014
237,919
177,522
120,852
146,363
170,233
189,100
113,837
40,938
1,196,764
8,808
(2,385)
2,040
4,346
1,053
(469)
2,964
2,429
18,786
315
(1,729)
(6,810)
1,594
(1,697)
3,027
3,268
1,269
(763)
403
4,570
(578)
1,553
4,122
8,417
7,609
(772)
25,324
5,459 2.35%
2,315 1.32%
1,138 0.95%
1,092 0.75%
6,120 3.73%
8,099 4.47%
7,238 6.79%
(190) ‐0.46%
31,271 2.68%
(2,469)
(17,826)
(6,511)
4,335
17,551
14,399
(10,307)
4,771
3,943
2,633
2,560
2,897
5,126
14,321
20,738
(7,597)
(462)
40,216
1,117
6,692
(4,061)
(1,814)
3,622
6,049
2,009
6,109
19,723
726
17
4,225
1,714
(1,139)
10,526
1,212
2,913
20,194
% of Total
19.9%
14.8%
10.1%
12.2%
14.2%
15.8%
9.5%
3.4%
100%
Source: US Census / American Community Survey
2005 ‐ 2014
Overall Change
0‐19
21,194
9.78%
20‐34
10,902
6.54%
35‐44
‐1,270
‐1.04%
45‐54
22,793
18.45%
55‐64
46,557
37.64%
65‐74
64,262
51.48%
75‐84
19,279
20.39%
85+
16,720
69.04%
Total 200,437
20.12%
AccordingtotheU.S.Census,43.0%ofthecombinedpopulationofCollier,Lee,andCharlotteis55or
older.
10
FurtherBEBRprojectionsofpeople55andolderindicateapopulationincreaseof75.9%by2040
over2010CensusdataforCollier,Lee,andCharlotteCountiescombined.
Collier, Lee & Charlotte Population Projections Age 55+
400,000
375,000
350,000
325,000
300,000
275,000
250,000
225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
2010
Source: BEBR
2015
2020
2025
55‐64
2030
65‐79
2035
80+
2040
The aging population almost certainly ensures an increase in housing demand from older, more
affluentemptynestersandretireesinSouthwestFloridamovingforward.
11
SchoolEnrollments
Southwest Florida school enrollments overall declined in the 2007‐2008 and 2008‐2009 school
years.Asaresultofthe2004‐2007run‐upinrealestateprices,manyyoungfamiliesoptedforless
expensiveareastoraisetheirfamilies.Familiescontinuedtoexitthemarketwhenunemployment
begantospikein2008duetotheeconomicdownturn.Enrollmentfigures;however,fromthepast
six school years showed a reversing trend to positive growth in Lee and Collier Counties, while
Charlotte County enrollment continued to decline. The decline in Charlotte County is expected to
reverse course next year. Enrollment growth is indicative of an improving job market and lower
housingpricesinSouthwestFlorida.Enrollmenttrendsaredepictedinthefollowinggraphs.
Collier School Enrollment
45,500
45,233
45,000
44,500
44,410
44,000
43,790
43,500
43295
43,247
43,164
43,000
42,919
42,709
42,500
42,000
42,714
42,530
41,941
41,500
41,000
40,500
Source: Florida Dept. of Education
Collier School Enrollment
12
2014‐15
2013‐14
2012‐13
2011‐12
2010‐11
2009‐10
2008‐09
2007‐08
2006‐07
2005‐06
2003‐04
2004‐05
40,144
40,000
Lee School Enrollment
90,000
89,367
88,000
87,422
86,000
85,783
84,000
83,896
82,000
81,965
80,541
80,000
80,470
79,451
78,980
78,000
76,000
75,579
74,000
72,000
70,843
70,000
68,000
2014‐15
2013‐14
2012‐13
2011‐12
2010‐11
2009‐10
2008‐09
2007‐08
2006‐07
2005‐06
2003‐04
2004‐05
66,429
66,000
Lee School Enrollment
Charlotte School Enrollment
18,500
18,263
18,250
18,000
17,888
17,868
17,798
17,750
17,500
17,402
17,361
17,250
17,000
16,935
16,750
16,640
16,500
16,413
16,352
16,266
16,250
Charlotte School Enrollment
13
2013‐14
2012‐13
2011‐12
2010‐11
2009‐10
2008‐09
2007‐08
2006‐07
2005‐06
2004‐05
2003‐04
2014‐15
16,131
16,000
FloridaGulfCoastUniversity
FloridaGulfCoastUniversity(FGCU)isquicklybecomingalargeregionaluniversityandeconomic
driverfortheSouthwestFloridaarea.TheuniversityislocatedinsouthernLeeCountyonBenHill
GriffinParkway.Theuniversityhasaddedanaverageof754studentsperyearoverthepastdecade.
Universityofficialsprojectenrollmenttobenear18,500bythe2019‐2020schoolyear.
Growth of FGCU contributes to the overall population growth of Southwest Florida and is a big
economicdriverforthearea.ADecember2013studybyaFGCUprofessorfoundtheuniversity's
impactontheSouthwestFloridaeconomyforthe2012‐13academicyearwasapproximately$422
millioninoverallexpenditures,$154millioninlaborincomeandisresponsiblefor3,723jobs.
14
HouseholdIncome
ThefollowinggraphsindicatemedianandmeanincomelevelsforeachcountyaccordingtotheU.S.
CensusBureau’s2014ACS(AmericanCommunitySurvey).DatafortheU.S.Census’s2014ACSwas
releasedinSeptember2015.
Collier, Lee & Charlotte Median Household Incomes
$62,000
$61,165 $60,000
$58,026 $58,000
$57,653 $55,888 $54,126 $56,000
$54,406 $54,000
$52,988 $52,730 $52,000
$52,179 $50,699 $50,747 $50,564 $49,055 $48,553 $46,707 $46,053 $48,000
$46,278 $46,383 $46,404 $45,266 $45,353 $44,166 $46,000
$45,247 $43,698 $43,936 $43,039 $44,000
$42,000
$42,031 $41,190 $40,362 $50,000
$40,000
$39,091 $38,000
2005
2006
Source: US Census ACS 2007
2008
2009
2010
Collier
Lee
2011
2012
Charlotte
15
2013
2014
Collier, Lee & Charlotte Mean Household Incomes
$100,00
$95,772 $97,881 $95,000
$92,436 $88,799 $90,000
$86,372 $85,131 $85,326 $89,719 $85,000
$82,016 $80,000
$79,629 $75,000
$71,415 $70,761 $66,957 $67,383 $65,632 $63,697 $64,509 $64,904 $57,263 $56,711 $52,398 $57,316 $55,576 $53,047 $70,000
$65,000
$61,562 $63,141 $60,234 $56,958 $67,172 $60,000
$55,000
$52,405 $50,000
2005
2006
Source: US Census ACS
2007
2008
2009
2010
Collier
Lee
2011
2012
Charlotte
16
2013
2014
The following affordability chart estimates the required household income needed to purchase a
homewitha10%downpayment.
Home Price
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
$220,000
$240,000
$260,000
$280,000
$300,000
$320,000
$340,000
$360,000
$380,000
$400,000
$420,000
$440,000
$460,000
$480,000
Down
Payment
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
$22,000
$24,000
$26,000
$28,000
$30,000
$32,000
$34,000
$36,000
$38,000
$40,000
$42,000
$44,000
$46,000
$48,000
1
Mortgage
$90,000
$108,000
$126,000
$144,000
$162,000
$180,000
$198,000
$216,000
$234,000
$252,000
$270,000
$288,000
$306,000
$324,000
$342,000
$360,000
$378,000
$396,000
$414,000
$432,000
Mortgage Property
Rate
Tax 2
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
4.25%
$600
$870
$1,140
$1,410
$1,680
$1,950
$2,220
$2,490
$2,760
$3,030
$3,300
$3,570
$3,840
$4,110
$4,380
$4,650
$4,920
$5,190
$5,460
$5,730
Annual
Monthly
Property
4
3 Payment
Insurance
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
$3,000
$3,200
$3,400
$3,600
$3,800
$4,000
$4,200
$4,400
$4,600
$4,800
$576.08
$703.80
$831.51
$959.23
$1,086.94
$1,214.66
$1,342.37
$1,470.09
$1,597.81
$1,725.52
$1,853.24
$1,980.95
$2,108.67
$2,236.39
$2,364.10
$2,491.82
$2,619.53
$2,747.25
$2,874.96
$3,002.68
1
- Assuming Down Payment of 10% of Home Price
- Estimated at 1.5% of 90% of home value less $50k homestead deduction
3
- Estimated at 1% of Home Price
4
- Includes all costs, made into monthly payments
5
- Based on 30% rule of thumb
2
17
Annual
Mortgage
Payment
Required
Household
Income 5
$6,912.95
$8,445.54
$9,978.13
$11,510.72
$13,043.31
$14,575.90
$16,108.49
$17,641.08
$19,173.67
$20,706.26
$22,238.85
$23,771.44
$25,304.03
$26,836.62
$28,369.21
$29,901.80
$31,434.39
$32,966.98
$34,499.57
$36,032.16
$23,043
$28,152
$33,260
$38,369
$43,478
$48,586
$53,695
$58,804
$63,912
$69,021
$74,130
$79,238
$84,347
$89,455
$94,564
$99,673
$104,781
$109,890
$114,999
$120,107
Thefollowingcharthighlightschangesinpurchasingpower,relativetomortgagerates,forresidents
earningthemedianwageineachcounty.
Home
1
Price
$259,865
$248,861
$238,444
$228,593
$219,283
$210,491
Home
1
Price
$214,822
$206,053
$197,726
$189,827
$182,342
$175,255
Home
1
Price
$191,453
$183,543
$176,039
$168,928
$162,196
$155,827
90%
Mortgage Property
2
Mortgage
Rate
Tax
$233,878
$223,975
$214,600
$205,734
$197,355
$189,442
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
$2,207
$2,088
$1,975
$1,869
$1,768
$1,673
90%
Mortgage Property
2
Mortgage
Rate
Tax
$193,340
$185,448
$177,953
$170,844
$164,108
$157,729
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
$2,150
$2,032
$1,919
$1,813
$1,712
$1,616
90%
Mortgage Property
2
Mortgage
Rate
Tax
$172,308
$165,189
$158,435
$152,036
$145,977
$140,244
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
$1,712
$1,613
$1,518
$1,428
$1,344
$1,263
Annual
Monthly
Property
4
3 Payment
Insurance
$2,599
$2,489
$2,384
$2,286
$2,193
$2,105
$1,450.65
$1,450.65
$1,450.65
$1,450.65
$1,450.65
$1,450.65
Annual
Monthly
Property
4
Payment
3
Insurance
$2,148
$2,061
$1,977
$1,898
$1,823
$1,753
$1,226.38
$1,226.37
$1,226.37
$1,226.37
$1,226.37
$1,226.38
Annual
Monthly
Property
4
Payment
3
Insurance
$1,915
$1,835
$1,760
$1,689
$1,622
$1,558
$1,075.98
$1,075.98
$1,075.98
$1,075.97
$1,075.97
$1,075.98
1
Annual
Mortgage
Payment
Collier
Median HH
5
Income
$17,407.80
$17,407.80
$17,407.80
$17,407.80
$17,407.80
$17,407.80
$58,026
$58,026
$58,026
$58,026
$58,026
$58,026
Annual
Lee Median
Mortgage
5
HH Income
Payment
$14,716.50
$14,716.50
$14,716.50
$14,716.50
$14,716.50
$14,716.50
$49,055
$49,055
$49,055
$49,055
$49,055
$49,055
Annual
Mortgage
Payment
Charlotte
Median HH
5
Income
$12,911.70
$12,911.70
$12,911.70
$12,911.70
$12,911.70
$12,911.70
$43,039
$43,039
$43,039
$43,039
$43,039
$43,039
- Assuming Down Payment of 10% of Home Price
- Estimated at 1.2% in Collier, 1.5% in Lee, & 1.4% in Charlotte at 90% of home value less $50k homestead deduction
3
- Estimated at 1% of Home Price
4
- Includes all costs, made into monthly payments
5
- Based on 30% rule of thumb
2
18
Collier County Home Affordability for
Median Income Household ($58,026)
$270,000
$260,000
$259,865
$248,861
$250,000
$238,444
$240,000
$228,593
$230,000
$219,283
$220,000
$210,491
$210,000
$200,000
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
Mortgage Rate
Lee County Home Affordability for
$220,000
$214,822
$210,000
$206,053
$200,000
$197,726
$189,827
$190,000
$182,342
$180,000
$175,255
$170,000
$160,000
3.50%
4.00%
4.50%
5.00%
Mortgage Rate
19
5.50%
6.00%
Charlotte County Home Affordability for
$200,000
$191,453
$190,000
$183,543
$180,000
$176,039
$168,928
$170,000
$162,196
$160,000
$155,827
$150,000
$140,000
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
Mortgage Rate
Thetablebelowindicatesthepercentageofhouseholdsineachcountymaking$50,000,$75,000,and
$100,000ormore.Thesesegmentsareparticularlyimportanttonewhousingdemandbecausethey
arethesegmentsthatcantypicallyaffordnewhomes.
Collier
Households making $50,000 or more
59.2%
39.2%
27.2%
Lee
Charlotte Florida
U.S.
49.1%
42.5%
47.8%
53.4%
52.0%
52.5%
28.4%
22.9%
29.5%
35.6%
33.5%
32.9%
17.4%
14.2%
18.7%
23.6%
21.6%
21.3%
Source: US Census 2014 ACS
Manatee Sarasota
20
Employment
Thegraphsinthisfollowingsectiondepicttheunemploymentconditionsandhistoryatthecounty,
state and national levels. Collier County shows strong seasonality in its unemployment rate,
especiallypriortothemostrecentrealestateboom.AsofSeptember2015,Collier’sunemployment
stoodat5.6%,downfrom6.4%inSeptember2014.Itisimportanttonotethatrecentemployment
figuresforCollierCountyshowmorepeopleemployedinthecountythananytimeinitshistory;even
abovetheboomyears2005‐2007.
LargestEmployersinCollierCounty
Rank
Company
Industry
Employees
1 Collier County Public Schools
Education
4,739
2 Naples Community Hospital
Health Care 4,000
3 Collier Government (Non‐Sheriff) Government 1,591
4 Collier Sheriffs Office
Government 1,371
5 Ritz‐Carlton Naples
Hotel
1,100
6 Gargiulo Inc.
Agriculture 1,100
7 Arthrex Inc.
Manufacturing 1,056
8 Home Team Inspection
Real Estate 900
9 Publix Supermarket
Grocer
800
10 Naples Grande Beach Resort
Hotel
760
11 Marriot
Hotel
730
12 Downing Frye Realty
Real Estate 550
13 Moorings Park
Life Care
500
14 Continental Transportation
Transportation 500
15 Bentley Village
Life Care
470
Source: Col l i er County Economi c Devel opment Offi ce
21
As of September 2015, Lee County was experiencing an unemployment rate of 5.1%, down from
6.0%inSeptember2014.LeeCountyhaslessseasonalirregularitythanCollierCountyandmaybe
more relevant to the overall job market in Southwest Florida, which affects the primary housing
demandinSouthwestFlorida.ItisalsoimportanttonotethatrecentemploymentfiguresforLee
Countyshowmorepeopleemployedinthecountythananytimeinitshistory;evenabovetheboom
years2005‐2007.
LargestEmployersinLeeCounty
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Lee County
Company
Industry
Lee Memorial Health
Health Care
Lee County Schools
Education
Publix Supermarket
Grocer
Lee County Administration
Government
Wal‐Mart
Retail
Chico's FAS
Retail/ Corporate HQ
Lee Sheriffs Office
Government
U.S. Postal Service
Postal Service
Florida Gulf Coast University
Education
City of Cape Coral
Government
Target
Retail
Hope Healthcare Services
Health Care
Shell Point Retirement
Life Care
City of Fort Myers
Government
Lowe's Home Improvement
Retail
Employees
10,425
10,333
4,404
2,358
1,967
1,703
1,535
1,477
1,323
1,197
1,100
1,000
952
868
757
Source: Lee County Economi c Devel opment Offi ce
22
AsofSeptember2015,CharlotteCountywasexperiencinganunemploymentrateof5.9%,down
from7.0%inSeptember2014.
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
LargestEmployersinCharlotteCounty
Company
Industry Employees
Wal‐mart
Retail
1,500
St. Joseph Preferred Healthcare
Health Care 1,400
Charlotte County Schools
Education 1,176
Charlotte County
Government 1,027
Fawcett Memorial Hospital
Health Care 840
Publix Supermarket
Grocer
780
Port Charlotte HMA
Health Care 700
Punta Gorda HMA
Health Care 680
Charlotte County Sheriff
Government 600
Home Depot
Retail
450
Winn‐Dixie Stores
Grocer
424
Auto
300
Palm Chrysler Plymouth Dodge Jeep
Veterans Health Administration Social Services 264
Palm Chevrolet‐Oldsmobile
Auto
230
Punta Gorda Associates
Health Care 230
Source: Charl otte County Economi c Devel opment Offi ce
23
TheSouthwestFloridaeconomyisheavilytiedtotheresidentialconstructionandserviceindustries.
Therehavebeennoticeableimprovementsinthoseindustriesoverthepasttwoyearsandfurther
improvementswilldoagreatdealtoincreasejobgrowthinSouthwestFlorida.
Stateandnationalunemploymentfiguressitat5.2%and5.1%respectivelyforSeptember2015.
Theseratesareexpectedtofallslightlyoverthenext6‐12months.
Florida & National Unemployment
11.5
11.0
10.5
10.0
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.2%
5.1% 5.0
4.5
4.0
3.5
Source: US Bureau of Labor Statistics
Florida Unemployment Rate
Sep‐15
Sep‐14
Sep‐13
Sep‐12
Sep‐11
National Unemployment Rate
24
Sep‐10
Sep‐09
Sep‐08
Sep‐07
Sep‐06
Sep‐05
Sep‐04
Sep‐03
Sep‐02
Sep‐01
Sep‐00
Sep‐99
Sep‐98
Sep‐97
Sep‐96
Sep‐95
Sep‐94
Sep‐93
Sep‐92
Sep‐91
3.0
Migration
The Internal Revenue Service (IRS) provides annual migration data based on the addresses from
annualtaxreturnsreceivedandcomparedyearoveryear.IRSmigrationdatacapturesroughly80%
ofallUnitedStatesresidents,butexcludesthoselowerincomeresidentswhodonotneedtofilea
return.Whileitdoesnotcaptureallmigration,itdoesrepresentdataregardingmigrantswhohave
theabilitytopurchaseahomehereinSouthwestFlorida.
Datadepictedinthefollowingtablesisfromthe2013taxyear,whichwasreleasedonAugust24,
2015.Thedatashowsthetoporiginatingcountiesandstatesforin‐migrants.
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Collier Inflow Migration
State
County
FL
Lee County
FL
Miami‐Dade County
FL
Broward County
FL
Palm Beach County
IL
Cook County
FL
Manatee County
FL
Hillsborough County
FL
Orange County
FL
Hendry County
MA Middlesex County
FL
Pinellas County
IL
DuPage County
IL
Lake County
NY Suffolk County
MA Barnstable County
CT
Fairfield County
MN Hennepin County
MI
Oakland County
MA Essex County
FL
Polk County
NJ
Bergen County
FR
Foreign ‐ Puerto Rico
FL
Charlotte County
OH Franklin County
NY New York County
NY Nassau County
NV Clark County
TX
Harris County
FL
Sarasota County
CT
New Haven County
MA Plymouth County
OH Cuyahoga County
FR
Foreign ‐ Overseas
MO St. Louis County
PA Allegheny County
Lee Inflow Migration
Rank State
County
1
FL Collier County
2
FL Miami‐Dade County
3
FL Broward County
4
FR Foreign ‐ Puerto Rico
5
FL Charlotte County
6
FL Hillsborough County
7
FL Palm Beach County
8
FL Orange County
9
IL Cook County
10
FL Hendry County
11
FL Sarasota County
12
FL Pinellas County
13
FL Polk County
14
FL Manatee County
15
MI Oakland County
16
NY Suffolk County
17
OH Franklin County
18
FL Duval County
19
MI Wayne County
20
IL DuPage County
21
FL Volusia County
22
NJ Ocean County
23 MN Hennepin County
24
IN Marion County
25
NY Queens County
26
TX Harris County
27
OH Cuyahoga County
28
FL Pasco County
29
CT Hartford County
30
NY Erie County
31
CT New Haven County
32
MA Middlesex County
33
MA Essex County
34
NY Kings County
35
FL Osceola County
Total
3753
1567
880
404
386
380
334
264
249
212
189
171
170
162
152
147
145
143
137
131
129
129
123
122
120
114
110
110
108
108
106
104
104
103
103
Source: IRS
Source: IRS
25
Total
4008
2733
1590
848
808
701
616
553
534
494
458
392
301
298
275
257
237
210
204
204
197
197
196
193
189
188
179
169
168
168
167
165
165
161
161
Charlotte Inflow Migration
Rank State
County
Total
1
FL Sarasota County
2117
2
FL Lee County
773
3
FL Miami‐Dade County
301
4
FL DeSoto County
298
5
FL Hillsborough County
232
6
FL Broward County
225
7
FL Manatee County
175
8
FL Pinellas County
144
9
FL Palm Beach County
135
10
FL Polk County
107
11
FL Collier County
106
12
IL Cook County
84
13
NY Suffolk County
84
14
FL Orange County
78
15
MA Worcester County
72
16
NJ Ocean County
70
17
MI Oakland County
67
18
FL Pasco County
63
19
CT Hartford County
62
20
MI Wayne County
61
21
CT New Haven County
56
22
MA Bristol County
55
23
NY Monroe County
52
24
AZ Maricopa County
51
25
PA Allegheny County
51
26
NV Clark County
48
27
MA Plymouth County
46
28
NH Rockingham County
45
29
FL Monroe County
44
30
MD Anne Arundel County
43
31
FL Duval County
42
32
NY Queens County
42
33
NY Nassau County
42
Source: IRS
ThosemigratingintoCollier,Lee,andCharlotteCountiestendtoeitherbefromotherlocalcounties
orNortheasternandMidwesternstates.
MigrationoutflowdataforSouthwestFloridashowedthemajorityofthoseleavingtheareamoved
todestinationswithinthreehoursoftheirprevioushome.
26
Thefollowingchartprovidesinflowfromthetop20originatingstatestoCollier,Lee,andCharlotte
Countiescombined.
SWFL Inflow Migration
Rank
State
Total
1
New York
3,537
2
Illinois
2,835
3
New Jersey
2,646
4
Ohio
2,502
5
Massachusetts
2,307
6
Pennsylvania
2,009
7
Michigan
1,996
8
Texas
1,449
9
Connecticut
1,442
10
California
1,025
11
Indiana
972
12
Maryland
966
13
Georgia
827
14
Minnesota
770
15
North Carolina
756
16
Virginia
740
17
New Hampshire
600
18
Wisconsin
598
19
Tennessee
591
20
Rhode Island
488
Source: IRS
Historical data has shown a shift in in‐migration from predominantly Midwestern states to
predominantlyNortheasternstatesoverthepast15years.
27
HousingOverview
CollierCountyPermits
Thegraphsinthissectionshowthehistoryofissuedpermitsforsinglefamilydetached,singlefamily
attached,andmulti‐familyproductinCollierCounty.Allproducttypesareimportantwhenviewed
intermsoftheoverallhealthoftherealestatemarket.
CollierCountysawatotalof2,325singlefamilydetachedpermitsissuedoverthepast12months
endingonSeptember30,2015.Thiswasa21.3%increaseovertheprevious12monthperiod.The
permitlevelisexpectedtoremainnearthecurrentlevelthrough2016.
Collier County Single Family Detached Issued Permits Per Month
500
450
400
350
300
250
200
150
100
50
Mar-98
Sep-98
Mar-99
Sep-99
Mar-00
Sep-00
Mar-01
Sep-01
Mar-02
Sep-02
Mar-03
Sep-03
Mar-04
Sep-04
Mar-05
Sep-05
Mar-06
Sep-06
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
0
Source: Collier County Community Dev.
Issued Permits
28
Newsingle‐familydetachedhomepermitsissuedpermonthinCollierCounty
September2011–September2015
Collier Single Family Detached Issued Permits Per Month
280
260
240
220
200
180
160
140
120
100
80
60
40
20
Issued Permits
29
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
0
The tables below rank the top communities and builders for Collier County by building permit
issuancefornewsinglefamilydetachedhomesoverthepast12monthsendingonSeptember30,
2015.
Community
SF Permits
1 Maple Ridge/ Hampton Ave Maria
2 Riverstone
3 Golden Gate Estates
4 Fiddler's Creek
5 Marbella Isles
6 Isles of Collier Preserve
7 Lely Resort
8 Treviso Bay
9 Artesia
10 Del Webb Ave Maria
11 Esplanade G & CC
12 Raffia Preserve
13 Twin Eagles
14 Winding Cypress
15 Quail West
16 Talis Park
17 Camden Lakes
18 Esplanade at Hacienda Lakes
19 Canopy
20 Lantana at Olde Cypress
21 The Quarry
22 Mockingbird Crossing
23 Reflection Lakes
24 Naples Park
25 Andalucia
26 Naples Reserve
27 Tuscany Pointe
28 Barrington Cove
29 Grey Oaks
30 Palazzo at Naples
31 Bent Creek Preserve
32 Hatchers Preserve
33 Mercato
34 Mediterra
35 Emerson/Liberty Park Ave Maria
36 Lamorada
37 Pine Ridge Estates
38 Sienna Reserve 39 Stone Creek
Builder
207
177
169
140
136
110
107
79
77
77
77
76
76
76
50
49
42
37
35
33
32
29
29
26
25
24
24
20
20
20
18
18
15
13
12
12
12
12
10
1 GL Homes
2 Pulte/Centex
3 Stock
4 CC Devco
5 Taylor Morrison
6 WCI
7 Lennar
8 Minto Communities
9 DR Horton
10 Neal Communities
11 Habitat for Humanity
12 FD Communities
13 Ashton Woods
14 Toll Brothers
15 Habourside Custom Homes
16 Siltek Group
17 Standard Pacific
18 Lutgert Construction
19 London Bay
20 ARCS Investments
21 Kaye Custom Homes
22 Taz Construction/Zuckman 23 Florida Lifestyle Homes
24 ARBC
25 Premier Finishes
26 Artisan Associates
27 Divco
28 McGarvey Custom Homes
29 Nova Homes
30 Fox Custom Builder
31 Metro Home Builders
32 Premier Builders
33 Scharp Contracting
34 Ultimate Building Innovation
35 Ash‐Ann Homes
36 Gulfshore Homes
37 Meridiapro Construction
30
SF Permits
323
274
206
202
165
165
143
141
97
63
33
32
31
20
18
18
18
15
14
13
12
12
10
9
9
8
8
8
7
6
6
6
6
6
5
5
5
Therewereatotalof258newsinglefamilyattachedpermitsissuedforCollierCountyoverthepast
12monthsendingonSeptember30,2015.Thiswasan11.2%increasefromtheprevious12month
periodforthatproducttype.
Collier Single Family Attached Issued Permits Per Month
240
220
200
180
160
140
120
100
80
60
40
20
Sep-15
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Mar-09
Sep-09
Mar-08
Sep-08
Mar-07
Sep-07
Mar-06
Sep-06
Mar-05
Sep-05
Mar-04
Sep-04
Mar-03
Sep-03
Mar-02
Sep-02
Mar-01
Sep-01
Mar-00
Sep-00
0
Issued Permits
The tables below rank the top communities and builders for Collier County by building permit
issuancefornewsinglefamilyattachedhomesoverthepast12monthsendingonSeptember30,
2015
Community
SFA Permits
1 Bristol Pines
3 Marbella Isles
4 Lely Resort
5 Winding Cypress
6 Liberty Landing
7 Reflection Lakes
8 Artesia
9 Verona Walk
80
52
49
22
21
14
10
6
4
Builder
1 Thomas Williams Const.
2 Minto 3 GL Homes
4 Pulte/Centex
5 Stock
7 Neal Communities
8 WCI
31
SFA Permits
80
52
49
25
22
14
10
6
CollierCountyissuedpermitsfor1,354multi‐familyunits(buildingswith3ormoreunits)overthe
past 12 months ending on September 30, 2015. This was a 16.7% increase from the previous 12
monthperiod.788ofthe1,354multi‐familyunitswereforrentalapartments(416)orassistedliving
units(372).Excludingrentalandassistedlivingunits,thecountysawa20.4%increaseinfor‐sale
multi‐familypermitissuanceoverthepast12months.Multi‐familypermitissuanceisexpectedto
slightlyincreaseinCollierCountyoverthenext12‐18months.
Collier Multifamily Units Issued Per Month 425
400
375
350
325
300
275
250
225
200
175
150
125
100
75
50
25
Issued Units
32
Sep-15
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
Jan-13
May-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
Jan-10
May-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
Jan-07
May-07
Sep-06
May-06
Jan-06
0
ThetablesbelowrankthetopcommunitiesandbuildersforCollierCountybybuildingpermitsissued
fornewmulti‐familyunitsoverthepast12monthsendingonSeptember30,2015
Community
MF Permits
1 Orchid Run Apts.
282
2 All Seasons Asst. Living
186
3 Treviso Bay
178
4 Bradford Square 55+ Apts. 130
5 Beach House Asst. Living
114
6 Livingston Lakes
102
Builder
MF Permits
7 Bentley Village 72 1 Brooks & Freund
282
8 Lely Resort
65 2 Lennar
198
9 Talis Park
48 3 DeAngelis Diamond
186
10 Aqua
32 4 Gates Butz Insitutional Construction
186
11 Artesia
22 5 WCI
184
12 Fiddler's Creek
20 6 Cameron General Contractors
130
65
13 Twin Eagles
20 7 Stock
36
14 Esplanade G & CC
16 8 Pulte/Centex
32
15 Regatta Landing at Windstar
16 9 Suffolk Construction
16
16 The Quarry
16 10 Standard Pacific
16
15 11 Taylor Morrison
15
18 Lamorada
12 12 Minto
4
19 Amberton
4 13 CC Devco
20 Grey Oaks
4 14 Home Dynamics
4
33
The following graph shows the trend for total residential units permitted in all of Collier County
municipalitiescombined.FiguresfromtheCityofNaplesandMarcoIslandareincludedinthegraph.
There was a total of 4,279 residential units permitted across all product types over the past 12
months ending on September 30, 2015. This was a 15.8% increase over the previous 12 month
period.Lookingforward,webelieveresidentialpermitissuanceinCollierCountywillexperiencean
additionalincreaseof5%‐10%overthenext12months.
Collier Total Residential Units Permitted (Issued)
850
800
750
700
650
600
550
500
450
400
350
300
250
200
150
100
50
Jun-15
Oct-14
Feb-15
Jun-14
Feb-14
Oct-13
Jun-13
Feb-13
Oct-12
Jun-12
Feb-12
Oct-11
Jun-11
Oct-10
Feb-11
Jun-10
Feb-10
Oct-09
Jun-09
Feb-09
Oct-08
Jun-08
Feb-08
Oct-07
Jun-07
Feb-07
Oct-06
Jun-06
Feb-06
0
Issued Residential Units
TheCityofNaplesissuedpermitsfor179singlefamilyhomesand64multi‐familyunitsoverthepast
12 months, while Marco Island issued 99 permits for new single family homes for the same time
period. The 64 multi‐family units permitted in the city were at the Moorings Park at Grey Oaks
assistedlivingproject.
34
LeeCountyPermits
ThedataforUnincorporatedLeeCounty,whichincludesallofLeeCountyexceptCapeCoral,Cityof
BonitaSprings,Sanibel,FortMyersBeach,andCityofFortMyers,isshownbelow.TheCityofCape
Coral,CityofBonitaSprings,Sanibel,FortMyersBeach,andCityofFortMyershavetheirownpermit
reportingdepartmentfiguresthatarenotincludedinthebelowchart.
Lee County Unincorporated Single Family Detached Issued Permits Per Month
1400
1,309
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
Source: Lee County Community Dev.
Mar-15
Sep-15
Mar-14
Sep-14
Sep-13
Mar-13
Mar-12
Sep-12
Mar-11
Sep-11
Sep-10
Mar-10
Mar-09
Sep-09
Mar-08
Sep-08
Sep-07
Mar-07
Mar-06
Sep-06
Mar-05
Sep-05
Sep-04
Mar-04
Mar-03
Sep-03
Mar-02
Sep-02
Sep-01
Mar-01
Mar-00
Sep-00
0
Issued Permits
UnincorporatedLeeCountyissuedatotalof1,123singlefamilydetachedhomepermitsoverthepast
12monthsendingonSeptember30,2015.Thiswasa16.4%increaseovertheprevious12month
period.Furtherincreasesareexpectedinto2016.
35
NewsinglefamilydetachedhomepermitsissuedinUnincorporatedLeeCounty
Lee County Unincorporated Single Family Detached Issued Permits Per Month
140
130
120
110
100
90
80
70
60
50
40
30
20
10
Issued Permits
36
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
0
ThetablesbelowrankthetopcommunitiesandbuildersforLeeCountyUnincorporatedbybuilding
permitissuancefornewsinglefamilydetachedhomesoverthepast12monthsendingonSeptember
30,2015.
Community
1 Corkscrew Shores
2 Hampton Park
3 Moody River
4 River Hall
5 Verandah
6 St James City
7 Estero Place
8 Waters Edge
9 Coastal Key
10 San Carlos Park
11 Magnolia Landing
12 Preserve at Corkscrew
13 Camden Square
14 Pebble Pointe
15 Miromar Lakes
16 Bokeelia
17 Timberwood Preserve
18 Boca Grande
19 Cape Royal/Royal Tee
20 Westwood Place
21 Renaissance
22 Savona Bay
23 Cypress Walk
24 West Bay
25 Hidden Harbor
26 Reserve
27 Daniels Place
28 Horsecreek
29 North Captiva
30 The Colony G & CC
31 Calusa Ridge
32 El Dorado Acres
33 The Grove / Lehigh
34 Shell Point
35 Shadow Lakes
SF Permits
149
97
57
54
47
38
35
34
30
30
27
27
26
28
24
23
22
14
13
12
10
10
9
9
8
8
7
7
7
7
6
6
6
5
4
Builder
1 Pulte/Centex
2 DR Horton
3 WCI
4 Neal Communities
5 Taylor Morrison
6 Kolter Signature Homes
8 Coral Isle Builders
9 Stock
10 Royal Corinthian Homes
11 Daniel Wayne
12 Dynasty Building
13 Lyons Housing
14 SCP Enterprises
15 Toll Brothers
16 Adams Homes
17 BMR Construction
18 Harborside Custom Homes
19 Stearns Custom Builders
20 Wade Journey
21 Gulfshore Construction Partners
22 Lennar
23 London Bay
24 Sterling Collection
25 Winward Construction
26 Wright Construction 27 Bellamia Development
28 Bolcor Construction
29 Harden Custom Homes
30 Island Coast Builders
31 JHS Builders
32 Latitude 26
33 LGI Homes
34 Riverview Homes
35 Wyman Stokes
37
SF Permits
231
154
122
83
42
33
23
22
14
10
9
9
9
9
8
7
7
7
7
6
5
5
5
5
5
5
4
4
4
4
4
4
4
4
4
Inadditiontosinglefamilydetached,therewereatotalof55newsinglefamilyattachedpermits
issuedforUnincorporatedLeeoverthepast12monthsendingonSeptember30,2015.Thebuilders
andcommunitiesforsinglefamilyattachedcanbeseeninthefollowingcharts.
Community
1 Shell Point
2 Villas Palmeras
3 Lehigh Acres
4 San Carlos Park
5 Tidewater
SF Att. Permits
32
8
4
2
2
Builder
1 Wright Construction
2 Neal Communities
3 Lindsey Carpentry
4 Pulte/Centex
SF Att. Permits
32
8
2
2
Therewerealso2,393multi‐familyunits(3+unitsperbuilding)builtinUnincorporatedLeeCounty
over the past 12 months ending on September 30, 2015. This was a 324.3% increase over the
previous12monthperiodforthisproducttype.2,103ofthe2,393multi‐familyunitswereforrental
apartments (1,652) or assisted living units (451). Excluding rental and assisted living units,
UnincorporatedLeeCountysawan21.3%increaseinforsalemulti‐familypermitissuanceoverthe
past12months.Thebuildersandcommunitiesformulti‐familyunitscanbeseeninthefollowing
charts.
Community
MF Permits
Builder
MF Permits
1 Emerson Village Apts
324
1 Brooks & Freund
604
2 Springs at Six Mile Cypress Apts.
292
2 Albertelli Construction
552
3 Estero Oaks Apts.
280
3 Rockford Construction
219
4 Estero Springs Apts.
260
4 Suffolk Construction
168
5 Coconut Point Assisted Living
219
5 Richbuilt Construction
137
6 University Village Apts.
168
6 Essian Construction
136
7 Mirage Bay Apts.
137
7 Gilbane Building
134
8 Courtyards at Estero Apts.
136
8 Thomas Williams Construction
108
9 Omega Senior Living at Six Mile
134
9 DR Horton
68
10 Villa Medici
108
10 The Wolter Group
55
11 Creekside Preserve
68
11 Lake Superior Contracting
54
54
12 Niemann Homes
50
12 Autumn Leaves Assisted Living
13 Copper Oaks 50
13 Stevens Construction
44
14 Cypress Cove Assisted Living
44
14 Taylor Morrison
32
15 Tortuga
32
15 Lennar
28
16 Summerlin Place
28
16 KB Homes
4
17 Hidden Palm/Davis Preserve Apts.
28
18 Bent Palms Apts.
27
19 Bayshore Commons
4
38
LehighAcresandEsterosubmarketfigures,whichareincludedintheUnincorporatedLeeCounty
chart,areshownseparatelyinthenexttwocharts.VillageofEsterostartedreportingtheirpermit
issuancefiguresseparatelyinSeptember2015.Goingforwardtheywillnotbeincludedinfiguresfor
LeeCountyUnincorporated.
Lehigh Acres Single Family Issued Permits Per Month
780
732
720
660
600
540
480
420
360
300
240
180
120
60
Sep-15
Mar-15
Mar-14
Sep-14
Sep-13
Mar-13
Sep-12
Mar-12
Mar-11
Sep-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Mar-07
Sep-07
Sep-06
Mar-06
Sep-05
Mar-05
Mar-04
Sep-04
Sep-03
Mar-03
Sep-02
Mar-02
Sep-01
Mar-01
0
Issued Permits
Therewere90permitsissuedfornewsinglefamilyhomesinLehighAcresoverthepast12months
endingonSeptember30,2015.Thiswasa104.5%increaseovertheprevious12monthperiod.There
wereonly8newsinglefamilypermitsissuedintotalinLehighAcresoverthethreeyearperiod2009‐
2011.
39
NewsinglefamilydetachedhomepermitsissuedinLehighAcres
Lehigh Acres Single Family Issued Permits Per Month
26
24
22
20
18
16
14
12
10
8
6
4
2
Issued Permits
40
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
0
Issued permits for new single family detached homes in the Estero submarket are seen below.
Increasesareexpectedinthissubmarketduetoanumberofnewprojectscomingoutoftheground
overthenext12months.
Estero Single Family Detached Issued Permits Per Month
180
165
150
135
120
105
90
75
60
45
30
15
Issued Permits
41
Sep-15
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Mar-12
Sep-12
Mar-11
Sep-11
Mar-10
Sep-10
Sep-09
Mar-09
Sep-08
Mar-08
Mar-07
Sep-07
Mar-06
Sep-06
Mar-05
Sep-05
Sep-04
Mar-04
Sep-03
Mar-03
Mar-02
Sep-02
Mar-01
Sep-01
Mar-00
Sep-00
0
NewsinglefamilydetachedhomepermitsissuedinEstero
Estero Single Family Detached Issued Permits Per Month
40
35
30
25
20
15
10
5
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
0
Issued Permits
Esteroissued201singlefamilydetachedpermitsoverthepast12monthsendingonSeptember30,
2015.Thiswasan18.6%decreaseovertheprevious12monthperiod.Lackofavailablelotsupply
hasslowedproductioninEsteroconsiderablyoverthepast12months.
42
The City of Cape Coral figures, shown in the following chart, are in addition to the Lee County
Unincorporatedfigures.CapeCoralissuedatotalof924singlefamilyhomepermitsoverthepast12
months ending on September 30, 2015. This was a 60.4% increase over the previous 12 month
period.CapeCoralnewsinglefamilyhomepermitactivityisexpectedtocontinuetoincreasein2016.
Cape Coral Single Family Issued Permits Per Month
900
840
780
720
660
600
540
480
420
360
300
240
180
120
60
Source: City of Cape Coral
43
Mar-15
Sep-15
Sep-14
Mar-14
Sep-13
Mar-13
Mar-12
Sep-12
Mar-11
Issued Permits
Sep-11
Mar-10
Sep-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Mar-06
Sep-06
Mar-05
Sep-05
Mar-04
Sep-04
Sep-03
Mar-03
Sep-02
Mar-02
Mar-01
Sep-01
Mar-00
Sep-00
0
NewsinglefamilydetachedhomepermitsissuedpermonthinCapeCoral
Cape Coral Single Family Detached Issued Permits Per Month
130
120
110
100
90
80
70
60
50
40
30
20
10
44
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Issued Permits
Source: City of Cape Coral
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
0
ThetablesbelowrankthetopcommunitiesandbuildersforCapeCoralbybuildingpermitissuance
fornewsinglefamilydetachedhomesoverthepast12monthsendingonSeptember30,2015.
Builder
SF Permits
1 LGI / All About Building
2 Lennar
3 DR Horton
4 Wade Journey
5 Adams Homes
6 Taylor Morrison
7 Pinnacle Building Solutions
8 Southern Premier Homes
9 Goodwin Construction
10 Groff Building
11 Bolcor Construction Group
12 Hansen Homes
13 Latitude 26
14 Windward Construction
15 Aubuchon Homes
16 Arnold Roberts Signature Homes
17 Paul Homes
18 Ravenwood Homes
19 Tundra Homes
20 Coral Isle Builders
21 Bellwether Construction
22 Community Homes
23 SC Custom Homes
24 Turn Key Homes
25 Bona Quality Construction
26 Premier Cape Construction
27 Sinclair Custom Homes
28 Tracey Homes
29 Lauren Homes
30 Sterling Collection
31 Tracey Quality Building
32 Imperial Homes
33 Sposen Signature Homes
34 Castle Contracting Group
35 Elysium Construction
36 Epcon Construction
37 Harden Custom Homes
38 Majkowski Construction
39 Ramos Builders
45
128
75
64
53
46
39
36
27
19
16
14
13
13
13
12
11
11
11
11
10
9
9
9
9
8
8
8
8
7
7
7
6
6
5
5
5
5
5
5
Community
SF Permits
1 Bella Vida
2 Sandoval
3 Coral Lakes
4 Celebration Cape
5 Cape Harbour
45
39
30
15
9
issuedfortheCityofCapeCoraloverthepast12monthsendingonSeptember30,2015.Thiswasa
12.5%increaseovertheprevious12monthperiod.Thebuildersandcommunitiesforthatproduct
typecanbeseeninthetablebelow.
Builder
SF Att. Permits
1 AVS Cape Coral
2 Taylor Morrison
3 Ability Construction
4 Tudor Villas Corp.
Community
30
14
8
2
SF Att. Permits
1 Sandoval
14
46
ThefiguresfortheCityofFortMyersarealsoinadditiontotheUnincorporatedLeeCountyfigures.
TheCityofFortMyersissuedatotalof642singlefamilydetachedhomepermitsoverthepast12
monthsendingonSeptember30,2015.Thiswasa7.5%increasefromtheprevious12monthperiod.
City of Ft. Myers Single Family Detached Issued Permits
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
Jun-15
Sep-15
Dec-14
Mar-15
Jun-14
Sep-14
Dec-13
Mar-14
Jun-13
Sep-13
Dec-12
Mar-13
Jun-12
Sep-12
Mar-12
Dec-11
Jun-11
Sep-11
Dec-10
Mar-11
Jun-10
Sep-10
Dec-09
Mar-10
Jun-09
Sep-09
Dec-08
Mar-09
Jun-08
Sep-08
Mar-08
Dec-07
Jun-07
Sep-07
Mar-07
0
Issued Permits
Source: City of Ft Myers Community Dev.
ThetopcommunitiesandbuildersofnewsinglefamilydetachedhomesfortheCityofFortMyersfor
thepast12monthsendingonSeptember30,2015canbeseeninthefollowingcharts.
Community
1 Plantation/Bridgetown
2 Pelican Preserve
3 Marina Bay
4 Lindsford
5 Reflection Isles
6 Paseo
7 Watermark
8 Mcgregor Reserve
9 Olympia Pointe
10 Majorca Palms
11 Forum West
12 Palm Gardens
SF Permits
147
101
85
81
78
47
45
19
9
8
7
3
Builder
1 Pulte/Centex
2 DR Horton
3 WCI
4 Lennar
5 GL Homes
6 Stock
7 Neal Communities
9 Daniel Wayne Homes
47
SF Permits
147
103
101
94
85
47
45
11
2
issuedfortheCityofFortMyersoverthepast12monthsendingonSeptember30,2015.Thiswasa
166.7% increase for that product type over the previous 12 month period. The builders and
communitiesforthatproducttypecanbeseeninthefollowingtables.
Community
Builder
SF Att. Permits
1 Watermark
2 Lindsford
3 Marina Bay
4 Marbella
5 Whispering Palms
6 Pelican Preserve
7 Paseo
46
38
38
32
20
18
8
1 Neal Communities
2 DR Horton
3 GL Homes
4 Lennar
5 Centex
6 WCI
7 Stock
SF Att. Permits
46
38
38
32
20
18
8
Therewerealsopermitsissuedfor337multi‐familyunits(buildingswith3ormoreunits)intheCity
ofFortMyersoverthepast12monthsendingonSeptember30,2015.Thiswasa32.3%decreasefor
that product type over the previous 12 month period. 183 of the 337 multi‐family units were for
rentalapartments(72)orassistedlivingunits(111).Excludingrentalandassistedlivingunits,the
city saw a 7.2% decrease in for sale multi‐family permit issuance over the past 12 months. The
buildersandcommunitiesforthatproducttypecanbeseeninthefollowingtables.
Community
MF Permits
1 Southern Oaks Asst. Living
2 Renaissance Apts.
3 Paseo
4 Pelican Preserve
5 Plantation/Bridgetown
Builder
111
72 1 Brooks & Freund
68 2 Stock
54 3 WCI
32 4 Pulte/Centex
48
MF Permits
183
68
54
32 PermitfiguresforBonitaSpringswereincludedinUnincorporatedLeeCountyfiguresthroughJune
2008.BeginningJuly2008,BonitaSpringsstartedtoreporttheirfiguresseparately.
Bonita Single Family Detached Issued Permits Per Month
165
150
135
120
105
90
75
60
45
30
15
Source: Bonita Springs Community Dev.
Sep-15
Mar-15
Mar-14
Sep-14
Mar-13
Sep-13
Sep-12
Mar-12
Sep-11
Mar-11
Mar-10
Sep-10
Mar-09
Sep-09
Sep-08
Mar-08
Sep-07
Mar-07
Mar-06
Sep-06
Mar-05
Sep-05
Sep-04
Mar-04
Sep-03
Mar-03
Mar-02
Sep-02
Mar-01
Sep-01
Sep-00
Mar-00
0
Issued Permits
TheCityofBonitaSpringsissuedatotalof537newsinglefamilydetachedhomepermitsoverthe
past 12 months ending on September 30, 2015. This was a 21.5% increase over the previous 12
monthperiod.
49
NewsinglefamilydetachedhomepermitsissuedinBonitaSprings
Bonita Single Family Detached Issued Permits Per Month
70
65
60
55
50
45
40
35
30
25
20
15
10
5
Source: Bonita Springs Community Dev.
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
0
Issued Permits
ThetopbuildersandcommunitiesmeasuredbysinglefamilydetachedpermitissuanceintheCityof
BonitaSpringsforthepast12monthsendingonSeptember30,2015canbeseenbelow.
Community
SF Permits
1 Village Walk
2 Bonita National
3 Bonita Lakes
4 Cordova at Spanish Wells
5 Paloma
6 Quail West
7 Bonita Isles
8 Fairwinds
9 San Carlos Estates
10 Paradise Woods
11 Red Hibiscus
12 Bonita Beach
13 Oak Ridge
14 Bonita Bay
15 Mediterra
100
87
74
53
49
30
26
14
14
8
8
6
5
4
4
Builder
1 Toll Brothers
2 Pulte
3 Lennar
4 DR Horton
5 Minto Communities
6 Stock
8 McGarvey Custom Homes
9 Thomas Lawrence Enterprises
10 R. Frye Builders
11 Veridian Construction
12 Greenleaf Homes
13 London Bay
14 Potter Homes
15 Woodland Custom Homes
50
SF Permits
127
100
87
64
26
23
8
6
6
5
5
4
4
4
4
issuedfortheCityofBonitaSpringsoverthepast12monthsendingonSeptember30,2015.This
wasthesameamountforthatproducttypeovertheprevious12monthperiod.Thebuildersand
communitiesforthatproducttypecanbeseeninthefollowingcharts.
Community
Builder
SF Att. Permits
SF Att. Permits
60 1 DR Horton
18 2 Minto
4 3 Bonita Shores Construction
1 Cordera
2 Bonita Isles
3 Bonita Shores
60
18
4
Therewerealsopermitsissuedfor492multi‐familyunitsintheCityofBonitaSpringsoverthepast
12monthsendingonSeptember30,2015.Thiswasan84.3%increaseforthatproducttypeoverthe
previous12monthperiod.Thebuildersandcommunitiesforthatproducttypecanbeseeninthe
followingcharts.
Community
MF Permits
1 Bonita National
2 The Colony G & CC
3 Sorrento
4 Bonta Springs Senior Care
5 Paloma
228
108
80
72
4
Builder
MF Permits
1 Lennar
2 WCI
3 DR Horton
4 NDC Construction
228
108
84
72
51
The following graph shows the trend for total residential units permitted in all of Lee County
municipalitiescombined;includingfiguresfromtheSanibelandFortMyersBeach.Therewasatotal
of 6,958 residential units permitted across all product types over the past 12 months ending on
September30,2015.Thiswasa61.3%increaseovertheprevious12monthperiod.Lookingforward,
webelieveresidentialpermitissuanceinLeeCountywillexperienceanadditionalincreaseof11%‐
16%overthenext12months.
Lee County Total Residential Units Permitted (Issued)
2250
2100
1950
1800
1650
1500
1350
1200
1050
900
750
600
450
300
150
Source: LSI
Sep-15
May-15
Jan-15
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
Jan-12
May-12
Sep-11
May-11
Jan-11
Sep-10
Jan-10
May-10
Sep-09
Jan-09
May-09
Sep-08
Jan-08
May-08
Sep-07
May-07
Jan-07
Sep-06
Jan-06
May-06
Sep-05
Jan-05
May-05
0
Issued Residential Units
FortMyersBeachhad24permitsissuedoverthepast12monthsfornewhomes,whileSanibelalso
had24permitsissuedfornewhomes.
52
CharlotteCountyPermits
There were a total of 773 permits issued for new single family detached homes within Charlotte
Countyoverthepast12monthsendingonSeptember30,2015.Thiswasa50.7%increasefromthe
previous12monthperiod.ActivityinCharlotteCountyislikelygoingtocontinuetoimproveover
thenext18‐24months.
Charlotte Single Family Detached Issued Permits Per Month
475
450
425
400
375
350
325
300
275
250
225
200
175
150
125
100
75
50
25
Source: Charlotte County Building Dept.
Issued Permits
53
Sep-15
Jan-15
May-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
Jan-10
May-10
Sep-09
Jan-09
May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
May-06
Jan-06
Sep-05
0
NewsinglefamilyhomepermitsissuedpermonthinCharlotteCounty
Charlotte Single Family Detached Issued Permits Per Month
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
Source: Charlotte County Building Dept.
Issued permits
54
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
0
ThetopbuildersandcommunitiesmeasuredbysinglefamilydetachedpermitissuanceinCharlotte
Countyforthepast12monthsendingonSeptember30,2015canbeseenbelow.
Builder
Community
1 Creekside
2 Waterford
3 Riverclub
4 Oak Harbour
5 Riverwood
6 Villa Milano
7 Pirate Harbor
8 Calusa Creek
9 Rio Lake Villas
10 Winward
11 Eagle Preserve
SF Permits
50
37
19
15
9
9
8
7
5
5
3
1 Adams Homes
2 Maronda
3 DR Horton
4 DM Dean Inc
5 KB Home
6 Snyder Built Construction
7 Snyder Construction
8 Casas Del Sol Inc
9 Hamsher Homes
11 Breakwater Construction
12 Vantage Homes
13 Your Home of Florida
14 Tradewinds Luxury Homes
15 Capital Building & Const.
16 Porter Contracting
17 Centex
18 Impact Homes
19 Frank Fredricks Custom Homes
20 HD Custom Homes
21 Chesnee Inc
22 Quality Homes of Port Charlotte
23 Southwest Florida Dream Builders
24 Halvorson Homes
25 High Mark Builders
26 Luke Brothers Custom Homes
27 Paul Homes
SF Permits
74
73
69
66
36
30
30
29
18
17
16
14
14
12
11
11
9
9
8
8
7
6
6
5
5
5
5
Therewere22singlefamilyattachedpermitsissuedoverthepast12monthsendingonSeptember
30, 2015 within Charlotte County. 6 were issued to DR Horton for their Landings at Coral Creek
projectand16wereissuedtoKBHomesfortheirTuscanyIslesproject.Inaddition,onepermitwas
issuedfora3‐unitmulti‐familybuildingoverthepast12months.
CharlotteCountyissuedpermitsforatotalof798residentialunitsacrossallproducttypesoverthe
past 12 months ending on September 30, 2015. This was a 52.6% increase over the previous 12
month period. Looking forward, we believe residential permit issuance in Charlotte County will
experienceanadditionalincreaseof16%‐21%overthenext12months.
55
TotalCombinedPermits(Collier,Lee,&Charlotte)
Therewereatotalof12,035permitsissuedfornewresidentialunitsinCollier,LeeandCharlotte
Counties combined over the past 12 months ending on September 30, 2015. This was a 41.0%
increasefromtheprevious12monthperiod.Weprojectaround12,200newresidentialunitswillbe
permittedinthe2015calendaryear.Thecombinedmonthlytrendcanbeseeninthefollowingchart.
Total Residential Units Permitted (Collier, Lee & Charlotte)
1700
1600
1500
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
Source: LSI & County/City Departments Total Residential Units Permitted
Sep-15
Jul-15
Mar-15
May-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Jan-14
Mar-14
Nov-13
Sep-13
Jul-13
May-13
Jan-13
Mar-13
Nov-12
Sep-12
Jul-12
May-12
Jan-12
Mar-12
Nov-11
Sep-11
Jul-11
May-11
Jan-11
Mar-11
0
ThemostrecentU.S.Censuspopulationgrowthfiguressupportresidentialunitdemandofaround
11,911unitsperyearforthetri‐countyarea.
56
CollierMLSSalesTrends
Thefollowinggraphsindicatesinglefamilyandmulti‐familysalestrendsforCollierCountyonly.The
dataforthisportionofthereportwasobtainedfromtheNaplesAreaBoardofRealtors(NABOR).
Themedianpriceforthethirdquarterof2015stoodat$392,500forasinglefamilydetachedhome,
whichwasa19.3%increaseoverthesameperiodfrom2014.
570
$1,125,000
540
$1,050,000
510
$975,000
480
$900,000
450
$825,000
420
$750,000
390
$675,000
360
$600,000
330
$525,000
300
$450,000
270
$375,000
240
$300,000
210
$225,000
180
$150,000
150
$75,000
120
$0
# Sold
Price
Collier Single Family Detached MLS $1,200,000
Source: NABOR # Sold
Average Sale Price
Sep‐15
Sep‐14
Jan‐15
May‐15
Sep‐13
Jan‐14
May‐14
Sep‐12
Jan‐13
May‐13
Sep‐11
Jan‐12
May‐12
Sep‐10
Jan‐11
May‐11
Sep‐09
Jan‐10
May‐10
Sep‐08
Jan‐09
May‐09
Sep‐07
Jan‐08
May‐08
Jan‐07
May‐07
90
Median Sale Price
ThemedianincomeinCollierCounty,accordingtothe2014U.S.CensusBureau’sACS,supportsa
medianhomepriceofapproximately$243,500witha10%downpaymentandassuminga4.25%
interestrate.
57
Themedian priceforthethirdquarterof2015stoodaround$239,950 formulti‐familyhomesin
CollierCounty.Thiswasa6.6%increaseoverthesameperiodfrom2014.
100
Source: NABOR # Sold
Average Sale Price
Median Sale Price
58
# Sold
$0
Sep‐15
150
Jan‐15
$50,000
May‐15
200
Sep‐14
$100,000
Jan‐14
250
May‐14
$150,000
Sep‐13
300
May‐13
$200,000
Jan‐13
350
Sep‐12
$250,000
Jan‐12
400
May‐12
$300,000
Sep‐11
450
Jan‐11
$350,000
May‐11
500
Sep‐10
550
$400,000
Jan‐10
$450,000
May‐10
600
Sep‐09
$500,000
May‐09
650
Jan‐09
$550,000
Sep‐08
700
Jan‐08
$600,000
May‐08
750
Sep‐07
$650,000
Jan‐07
800
May‐07
Price
Collier Multifamily MLS
$700,000
LeeMLSSalesTrends
Thefollowinggraphsindicatesinglefamilyandmulti‐familysalestrendsforLeeCountyonly.The
datawastakenfromtheRealtorAssociationofGreaterFortMyersandtheBeach.Themedianprice
forthethirdquarterof2015stoodat$205,000forasinglefamilyhome,whichwasan18.8%increase
overthesameperiodfrom2014.
# Sold
Average Sale Price
# Sold
Sep‐15
250
May‐15
350
$0
Jan‐15
$25,000
Sep‐14
450
Jan‐14
$50,000
May‐14
550
Sep‐13
650
$75,000
Jan‐13
$100,000
May‐13
750
Sep‐12
$125,000
May‐12
850
Jan‐12
950
$150,000
Sep‐11
$175,000
Jan‐11
1050
May‐11
$200,000
Sep‐10
1150
Jan‐10
1250
$225,000
May‐10
$250,000
Sep‐09
1350
May‐09
$275,000
Jan‐09
1450
Sep‐08
1550
$300,000
Jan‐08
$325,000
May‐08
1650
Sep‐07
$350,000
May‐07
1750
Jan‐07
Price
Lee Single Family Detached MLS
$375,000
Median Sale Price
Source: Greater Ft Myers MLS Themedianincome,accordingtothe2014U.S.CensusBureau’sACS,supportsamedianhomeprice
ofapproximately$202,000witha10%downpaymentandassuminga4.25%interestrate.
59
The median price for the third quarter of 2015 stood at $173,000 for multi‐family homes in Lee
County.Thiswasa7.5%increaseoverthesameperiodfrom2014.
$320,000
800
$300,000
750
$280,000
700
$260,000
650
$240,000
600
$220,000
550
$200,000
500
$180,000
450
$160,000
400
$140,000
350
$120,000
300
$100,000
250
$80,000
200
$60,000
150
$40,000
100
$20,000
50
$0
# Sold
Average Sale Price
Sep‐15
May‐15
Jan‐15
Sep‐14
May‐14
Jan‐14
Sep‐13
Median Sale Price
Source: Greater Ft Myers MLS 60
May‐13
Jan‐13
Sep‐12
Jan‐12
May‐12
Sep‐11
Jan‐11
May‐11
Sep‐10
May‐10
Jan‐10
Sep‐09
May‐09
Jan‐09
Sep‐08
May‐08
Jan‐08
Sep‐07
May‐07
Jan‐07
0
# Sold
Price
Lee Multifamily MLS
SubdivisionVacantDevelopedLotInventories
Thefollowingchartsshowthetopsubdivisionsbyvolumeofvacantdevelopedlot(VDL)inventories
forCollier,Lee,andCharlotteCountiesasof9/30/2015.
Collier Vacant Developed Lots
Rank Community
1 Naples Reserve
2 Esplanade G & CC
3 Arrowhead Reserve
4 Royal Palm Golf Estates
5 Ave Maria (Total)
6 Quail West
7 Raffia Preserve
8 Fiddlers Creek
9 Twin Eagles
10 Marbella Isles
11 Bent Creek Preserve
12 Orange Blossom Grove 13 Barrington Cove
14 Esplanade @ Hacienda Lakes
15 Reflection Lakes
16 Tuscany Pointe
18 Artesia
19 Talis Park
20 Valencia Golf &CC
21 Lely Resort
22 Palazzo Village
23 Treviso Bay
24 Canopy
25 Mediterra
26 Mercato Residences
27 Coco Lakes
28 Winding Cypress
29 Mangrove Bay
30 Sienna Reserve
31 Valencia Lakes
32 Orange Blossom Ranch 33 The Quarry
34 Enclave on Naples Bay
35 Mockingbird Crossing
36 Riverstone
37 Grey Oaks & Estuary
38 Windward Isles
39 Audubon Country Club
40 Landings at Bears Paw
41 Camden Lakes
VDL
409
349
284
217
201
200
190
185
149
130
118
115
113
89
84
80
79
78
77
70
64
64
63
44
42
37
36
35
34
33
33
31
30
29
29
29
26
26
20
18
17
Source: LSI
61
Lee Vacant Developed Lots
Rank Community
1 River Hall
2 Villages of Entrada
3 Plantation CC/Bridgetown
4 Corkscrew Shores
5 Shadow Lakes
6 Marina Bay
7 Hampton Park
8 Sandoval
9 The Grove
10 Town Lakes
11 Verandah
12 Caloosa Preserve
13 Cape Royal/Royal Tee
14 Cypress Walk
15 Pelican Preserve
16 Lindsford
17 Coves of Estero Bay
18 Reflection Isles
19 Bonita Lakes
20 Camden Square
21 Hidden Harbor
22 Pebble Pointe
23 Bella Vida
24 Corkscrew Ranch
25 Horse Creek
26 Estero Place
27 Copperhead
28 Moody River
29 Remington Oaks
30 Cape Harbour
31 Serrano
32 Paseo
33 Watermark
34 Cordova at Spanish Wells
35 Renaissance
36 West Bay
37 Tarpon Pointe
38 Magnolia Landing/Herons Glen
39 Calusa Ridge
40 Hickey Creek
41 Coastal Key
42 Oaks of Estero
43 Timberwood Preserve
44 Miromar Lakes
45 Oak Ridge
46 Red Hibiscus
Source: LSI
VDL
949
399
392
473
224
214
197
164
164
140
122
113
108
105
104
93
75
75
74
70
68
62
61
60
59
56
50
50
50
39
35
34
34
33
33
33
30
28
26
24
22
21
21
18
18
18
62
Charlotte Vacant Developed Lots
Rank Community
1 Tern Bay
2 Waterford Estates
3 River Club
4 Calusa Creek
5 Eagle Preserve Estates
6 Creekside
7 Kingsgate
8 Oak Harbour
9 Villa Milano
10 Rio Villas
VDL
201
146
136
93
65
53
25
25
18
14
Source: LSI © 2015 Land Solutions, Inc. All Rights Reserved
63
CapeCoralandLehighAcresLotSalesTrends
TherecentrecessionledtomassivedeclinesinsinglefamilylotpricesinCapeCoralandLehighAcres.
TheaveragesellingpriceforalotinLehighAcresandCapeCoralfellabout92%‐95%fromtheirpeak
inlate2005andhavesincerebounded.Salepricesfortheselotsshowedstronggainsin2013and
continuedinto2015.Onaverage,lotssoldforapproximately$16,361inCapeCoraland$4,785in
Lehigh Acres in the third quarter of 2015. Comparatively, the average selling price in 2003 was
$16,804 in Cape Coral and $6,860 in Lehigh Acres. The following charts indicate average lot sale
trendsinthosemarketsforlotsunder0.33acresonamonthlybasis.LotdataforCapeCoralonly
pertainstonon‐waterfrontlots.
Lehigh Acres Single Family Lot Sales
(Under .33 Acres)
$57,000
450
$54,000
425
$51,000
400
$48,000
375
$45,000
350
$42,000
325
$39,000
300
$36,000
275
$33,000
250
$30,000
225
$27,000
200
$24,000
175
$21,000
150
$18,000
125
$15,000
100
$12,000
75
$9,000
50
$6,000
25
$3,000
Source: Greater Ft Myers MLS
Sales Per Month
Average Price Per Sale
64
Apr-15
Sep-15
Jun-14
Nov-14
Jan-14
Aug-13
Oct-12
Mar-13
May-12
Jul-11
Dec-11
Feb-11
Apr-10
Sep-10
Jun-09
Nov-09
Jan-09
Aug-08
Oct-07
Mar-08
May-07
Jul-06
Dec-06
Feb-06
Apr-05
Sep-05
Jun-04
Nov-04
Jan-04
Aug-03
Oct-02
$0
Mar-03
0
Sales Per Month
475
Lehigh Acres Single Family Lot Sales
(Under .33 Acres)
10
$2,750
5
$2,500
0
$2,250
Sep-15
Jan-15
Sep-13
Sales Per Month
Jul-15
$3,000
Mar-15
15
May-15
$3,250
Nov-14
$3,500
20
Jul-14
25
Sep-14
$3,750
May-14
30
Jan-14
$4,000
Mar-14
$4,250
35
Nov-13
40
Jul-13
$4,500
May-13
45
Mar-13
$4,750
Jan-13
$5,000
50
Nov-12
55
Sep-12
$5,250
Jul-12
60
May-12
$5,500
Jan-12
65
Mar-12
$5,750
Nov-11
$6,000
70
$6,250
75
Sep-11
Sales Per Month
80
360
$108,000
340
$102,000
320
$96,000
300
$90,000
280
$84,000
260
$78,000
240
$72,000
220
$66,000
200
$60,000
180
$54,000
160
$48,000
140
$42,000
120
$36,000
100
$30,000
80
$24,000
60
$18,000
40
$12,000
20
$6,000
$0
Sales Per Month
65
Sep-15
Apr-15
Nov-14
Jun-14
Jan-14
Aug-13
Oct-12
Mar-13
May-12
Dec-11
Jul-11
Feb-11
Apr-10
Sep-10
Nov-09
Jun-09
Jan-09
Aug-08
Mar-08
Oct-07
Dec-06
May-07
Jul-06
Feb-06
Sep-05
Apr-05
Jun-04
Nov-04
Jan-04
Mar-03
Aug-03
Oct-02
0
Sales Per Month
MLS Cape Coral Non-Waterfront Single Family Lot Sales
(Under .33 acres)
66
Sep-15
Sep-12
Sales Per Month
Jul-15
$4,000
May-15
0
Mar-15
$6,000
Jan-15
10
Nov-14
$8,000
Sep-14
20
Jul-14
$10,000
Mar-14
30
May-14
$12,000
Jan-14
40
Nov-13
$14,000
Sep-13
50
Jul-13
$16,000
May-13
60
Jan-13
$18,000
Mar-13
70
Nov-12
$20,000
Jul-12
80
May-12
$22,000
Mar-12
90
Jan-12
$24,000
Nov-11
100
Sep-11
Sales Per Month
MLS Cape Coral Non-Waterfront Single Family Lot Sales
(Under .33 acres)
NotableTransactions
10/02/14
Lee
Lehigh Acres
Savanna Lakes, Milwaukee Blvd west of V Ventures LLC
Homestead Rd
GA‐Pinnacle Savanna $ 1,530,000 121.1
Lakes LLC
$ 12,631 608 $ 2,516 10/03/14
Lee
Bonita Springs
Bonita Fairways, off Terry St
Saber Bonita LLC
Home Dynamics Bonita Fairways LLC
$ 4,000,000 26.9
Planned for semi‐detached $ 148,699 200 $ 20,000 patio homes in a new subdivision called Natura
10/08/14
Lee
Fort Myers
EverBank
Maida Lane LLC
$ 475,000 31.5
$ 15,075 10/10/14
Lee
Bonita Springs
Lakehurst Land Investment LLC
Toll Brothers
$ 2,475,000 10/15/14
Lee
10/16/14
Lee
Bonita Springs
10/22/14
Collier
Naples
11/12/14
Lee
Fort Myers
12/01/14
DeSoto
Arcadia
Maida Lane, south of Gladiolus Dr
Cordova at Spanish Wells, off Old 41 Rd
3040 Estero Blvd, Fort Myers East Coast Junkanoo and Fresh Restaurants Inc
Beach
Catch Bistro restaurants
Bonita Beach Rd, east of Palmira Village LLC
I‐75
Lakeland Ave, northwest J. D. Development LLC
of Livingston Rd & Immokalee Rd
Six Mile Cypress Pkwy, south of Daniels Pkwy
DRLP Ltd
Kings Highway & Peace Peace River Land Group, LLC
River St
45 $ 55,000 Second and last take
3.5
$ 2,292,264 10 $800,000 EA Florida Investments LLC
$ 975,000 4.6
$ 212,418 44 $ 22,159 Breault Construction $ 1,700,000 Inc
5.0
$ 340,000 15 $113,333 Omega Communities $ 2,050,000 LLC
8.9
$ 229,655 124 $ 16,532 $ 2,997,500 303.7 $ 9,869 1,058 $ 2,833 12/02/14 Charlotte
Punta Gorda
Jones Loop Rd, east of I‐ James Walter Sheffer OB 4, LLC
and Dawn M. Roush
75
$ 2,007,125 157.0 $ 12,781 12/04/14
Collier
Naples
11150 Tamiami Trail E, Platinum Coast Financial Corp
near Treviso Bay
$ 1,500,000 12/05/14
Lee
Arborwood Preserve, Arborwood CDD Fort Myers 12005 Commerce Lakes Holdings Inc
Dr
12/05/14
Lee
Estero
12/05/14
Lee
Estero
12/11/14
Desoto
Arcadia
12/12/14
Lee
Fort Myers
Estero Crossing, 10500 Corkscrew Rd, between JTAD Estero LLC
Three Oaks Pwky & I‐75
22900 Lyden Dr, SW corner March Landing Blvd & US 41
DeSoto County Ranch and Farm, Four Mile Grade & NE Mercer St
Cape Coral
12/30/14
Collier
Naples
West of Gateway Blvd, next to Plantation GCC
$ 23,204 Zoned commercial at time of sale, but the proposed development will also $ 135,094 have residential component
Plans to develop ALF $ 759,305 54 $ 43,449 called Autumn Leaves of Estero
Estero Memory Care LLC
$ 2,346,251 Florida Power and Light
FRENCH GOLDEN GATE LLC (Optimum $21,969,972 8806.0 $ 2,495 Agriculture, LLC)
3.1
Developer to build 10 mulimillion‐dollar homes on 500 feet of beach frontage
Between Palmira and Sorrento (Parklands)
Approved for 15 lots with 80' frontages, mostly developed
Commercial zoning amended for 124 MF units, but will be ALF site (135 units in first phase)
Rezoning to PUD under review for residential planned development
Zoned for agricultural use at time of sale
Commercial land to be developed for assisted living facility
Medmar Developments LLC
$ 3,704,810 55.2
$ 67,116 144 $ 25,728 Rezoned for 144 single‐
family lots
WSR‐Sarasota LLC (Ronto Group)
$ 1,300,000 0.12
$10,594,947 Redevelopment property purchased for a future high‐rise condominium
Sarasota Industries LLC
Light, Reese, and River Road South LLC
$ 1,000,000 93.2
$ 10,730 Zoned industrial at time of sale, but buyer applying to rezone for residential
Four Mile Cove Pkwy, east of Del Prado Blvd
Bradenburg Properties of Florida LLC
Ripple Lake LLC
Zoned single‐family; $ 3,270,000 193.8 $ 16,873 180 $ 18,167 Approximately 60% wetlands with river access
Esplanade Golf & Country Club, Immokalee Rd
Taylor Morrison SD Esplanade (Stock Esplanade Naples LLC Development)
12/15/14 Sarasota Englewood 1151 S. River Rd
Lee
WCI Communities LLC $ 5,490,000 236.6
$ 172,414 Tulip Associates LLC
624 Palm Ave, just east Timothy & Kristen Sarasota of US 41/Bayfront Dr Beury
near water
12/23/14
8.7
$ 5,805,000 43.0
OB Florida CRE 12/12/14 Sarasota
McGuire Development Co.
SD Estero Crossings LLC (Stock Development)
Plantation Rd, just south Holdings LLC (Iberia of Colonial Blvd
Bank)
Ag land on Hendry Creek with direct gulf access.
Persaud Properties FL $ 8,000,000 Investments LLC
OB 4, LLC and Kings Highway 301, LLC
Zoned for single‐family and attached villas
$ 6,075,000 © 2015 Land Solutions, Inc. All Rights Reserved
67
25 $243,000 Estate lots with infrastructure in place
01/05/15
4251 Pine Rd, west of US NADKARNI FAMILY TRUST
41 near Estero Pkwy
Lee
Fort Myers
01/20/15
Lee
Estero Oaks Dr, NWC Fort Myers Estero Pkwy & Three Oaks Pkwy
01/26/15
Lee
Fort Myers
First Street Village, 2144 LAND HOLDING LLC (PNC Bank)
McGregor Blvd
01/27/15
Collier
Naples
Ashton Woods at Naples NAPLES AW HOLDCO Reserve, north of US 41, LLC
east of Collier Blvd
Pay Hayes rezoning for 56 lots with 70’‐75’ frontages.
$ 850,000 18.7
$ 45,576 56 $ 15,179 $ 3,400,000 18.4
Approved for 280 units of which 64 have to be $ 184,783 280 $ 12,143 affordable housing. Under contract for over one year.
MADISON AVE INVESTMENT
GROUP LLC
$ 3,500,000 $ 449,871 348 $ 10,057 ASHTON TAMPA RESIDENTIAL LLC
$ 784,000 PINE ROAD 18 LLC
ESTERO THREE OAKS ESTERO OAKS PARTNERS LLC ASSOCIATES LLC
(Oakbrook Properties)
7.8
7 $112,000 Multi‐family development site adjacent to Publix
Single‐family lots @ $2,000 per front foot
Within the Corkscrew Regional Ecosystem $ 15,752 01/28/15 Collier
Naples 17311 Immokalee Rd
Watershed (CREW) Florida Forever project.
Conservation lands within Bond Ranch, 33159 Oil the Charlotte Harbor Punta Well Rd, adjacent to THE TRUST FOR PUBLIC BOND RANCH LLC
$ 3,150,000 669.0 $ 4,709 02/03/15 Charlotte
LAND
Flatwoods Florida Forever Gorda
Correctional Facility project.
and I‐75
Multi‐Family planned LYNX ZUCKERMAN AT 8031 Gladiolus Dr (SEC CK LAND COMPANY LLC development known as NAPLES LLC $ 4,250,000 53.6 $ 79,335 291 $ 14,605 02/04/15
Lee
Fort Myers
(Stoneburner)
Summerlin Rd)
Reflection Shores. DO (Zuckerman Homes)
approved.
14051 Treeline Ave S, MONTY TITLING TRUST Three parcels zoned AG at / DONALD & TRUDI TREELINE 18 LLC
02/05/15
Lee
Fort Myers north of airport $ 968,200 18.5 $ 52,307 time of sale
WILLIAMS
entrance
Single‐family lots in Cascades at River Hall, PINNACLE‐CASCADES I D R HORTON INC
$ 1,550,000 40 $ 38,750 02/10/15
Lee
Alva
LLC
Cascades at River Hall
off State Road 80
North Fort 5871 Bayshore Rd, NEC BAYSHORE SELF PRIMAX PROPERTIES 02/13/15
Lee
$ 900,000 7.0 $ 128,940 Zoned commercial
STORAGE LLC
LLC
Myers
Shoreline Blvd
Tidewater phase 1 University Highlands, UNIVERSITY HIGHLAND PULTE HOME CORP
$10,200,000 73.0 $ 139,650 141 $ 72,340 includes 83 SF units and 02/27/15
Lee
Fort Myers Ben Hill Griffin Pkwy LP
58 villas
next to Germain Arena
The Vue riverfront site, 2002 W. First St, next to new version proposed for SA CLV INC
SMI VUE LLC
03/04/15
Lee
Fort Myers
$ 1,650,000 1.3 $ 1,229,643 133 $ 12,406 Centennial Park
133‐unit, 18‐story condo tower
Approved apartment site known as Courtyards at NWC Corkscrew Rd & I‐ AOC SHAREHOLDERS FOCUS ESTERO $ 1,731,368 8.6 $ 201,802 136 $ 12,731 03/09/15
Lee
Estero
INC
PARTNERS LLC
Estero. Under contract for 75
over one year.
Developer plans single‐
6621 Daniels Rd, east of HORSE CREEK SD HORSE CREEK LLC $11,025,000 57.0 $ 193,421 75 $147,000 family homes upwards of 03/10/15 Collier
Naples Livingston Rd, south of PROPERTIES LLC
(Stock Development)
$1 million
Vanderbilt Rd
15371 Old Olga Rd, BARRY & TONI NANCY HECTOR
$ 3,200,000 96.7 $ 33,102 Riverfront parcel
03/10/15
Lee
Alva
DENICOLA
north of SR 80
JEFFREY D. GARGIULO, THE TRUST FOR PUBLIC $ 9,765,000 619.9
TRUSTEE
LAND
03/11/15
Lee
03/13/15
Lee
Bonita Springs
27221 Bay Landing Dr, SE of Terry St & US 41
PENINSULA BONITA SPRINGS IMPROVEMENT SENIOR CARE LIVING CORPORATION (Barron LLC
Collier)
Six Mile Crossing, 5560‐
SIX MILE VENTURE LLC CONTINENTAL 332 Fort Myers 5614 Six Mile (OJ Buigas)
FUND LLC
Commercial Ct $ 1,680,000 5.4
$ 6,600,000 27.0
$ 308,562 Senior housing site behind Bay Land shopping center
$ 244,444 330 $ 20,000 Multi‐family site adjacent to Home Depot
ENCLAVE‐LIVINGSTON LLC (Randall Mitchell $ 3,010,000 Cos.)
11.9
$ 252,941 Assemblage with adjacent property owned by buyer for future residential project
JD DEVELOPMENT I LLC $ 1,700,000 5.0
$ 340,000 15 $113,333 Site partially improved for 15 lots
03/15/15
Collier
Naples
16223 Livingston Rd
GRACE ROMANIAN BAPTIST CHURCH
03/16/15
Collier
Naples
Lakeland Ave, NW of Livingston Rd & Immokalee Rd
BREAULT CONSTRUCTION INC
03/17/15
Collier
Naples
Greyhawk, Vanderbilt Beach Rd east of Collier Blvd
GOLF CLUB OF THE EVERGLADES LTD, OLDE PULTE HOME CORP
FLORIDA GOLF CLUB INC
Includes existing 18‐hole $15,500,000 507.0 $ 30,572 548 $ 28,285 golf course and 548 single‐
family home sites
68
Fort Myers SWC Estero Blvd & Canal St SUMMER DAZE LP
Beach
Punta PINE JONES LOOP 03/27/15 Charlotte
27005 Jones Loop Rd
HOLDINGS LLC Gorda
03/24/15
Lee
2625 Forum Blvd, just south of SR 82
03/31/15
Lee
Fort Myers
04/01/15
Lee
Fort Myers NWC Estero Blvd & Beach
Crescent St
04/01/15 Sarasota
Sarasota
$ 6,100,000 TAG CREEKSIDE LLC (Thomas Gruber)
$ 1,150,000 30.10
FORT MYERS SENIOR DISCOVERY VILLAGE AT HOUSING IIA PROPCO THE FORUM II LLC
LLC
HUNTINGBURG PARTNERS LTD
621 Gulfstream Ave, across VICKI L. HADLEY
from Bayfront Dr
Cypress Club site, 2601 First St
GRAND RESORT‐FT MYERS BEACH LLC LYNX ZUCKERMAN AT FORT MYERS LLC
$ 2,235,090 6.52
GRAND RESORT‐FT MYERS BEACH LLC $ 7,200,000 (Torgerson Properties)
3.31
WSR‐SARASOTA LLC (Ronto Group)
0.26
$ 4,675,000 DIVOSTA HOMES LP
$15,356,300 849.8
Castlelake, Gearing Capital Partners
$31,860,000 Lee
Fort Myers
04/30/15
Collier
Naples
05/07/15
Lee
05/15/15
Collier
Naples
05/26/15
Collier
Naples
05/27/15
Lee
Fort Myers Mermaid Lounge, Beach
1204/1206 Estero Blvd
06/03/15
Lee
Freshman Lane and Fort Myers Sophmore Lane, off Daniels DANIELS 8.3 LLC
Pkwy
06/04/15
Lee
Fort Myers Compass Rose Marina, Beach
1135/1195 Main St
06/22/15
Lee
Fort Myers
Majestic Palms, 11701 Pasetto Lane
06/24/15
Lee
Fort Myers
SE corner of Metro Pkwy & MAR‐CO‐HIO 27‐18‐1 AMERICAN HOUSE LLC
FORT MYERS LLC
Alliance Lane
06/25/15
Hendry
Punta Burnt Store Marina and The REALMARK Gorda / DEVELOPMENT LLC
Marina at Cape Harbour
Cape Coral
Oyster Harbor at Fiddler's Creek, south of US 41, east FC OYSTER HARBOR LLC TAYLOR MORRISON
of Collier Blvd
PARCEL J JOINT GBPBDEV I INC (Gulf 6873 Grenadier Blvd, VENTURE
Bay Group and KKR)
Pelican Bay
Clewiston 16210 CR 846
$ 2,375,000 CEDAR RIVER AT FORT MYERS LLC (Jaxi Builders)
04/24/15
Winding Cypress, 8271 Veronawalk Circle (east of BARRON COLLIER CO
Collier Blvd)
0.94
2.33
Waterfront redevelopment site
Zoned for commercial at $ 38,206 time of sale
Second phase senior housing site purchased $ 342,877 176 $ 12,699 along with adjacent building in The Forum
$ 6,456,469 Redevelopment site next to bridge access
$ 2,175,227 Future high‐rise condo site
$ 2,006,416 306 $ 15,278 $ 18,071 400 $ 38,391 $10,740,000 100 $107,400 $80,000,000 4.30
$18,604,651 87 $919,540 GRAND RESORT‐FT SCOTT & KATHRYN VAN MYERS BEACH LLC $ 4,500,000 SELOW
(Torgerson Properties)
0.46
$ 9,688,133 NEAL COMMUNITIES OF SOUTHWEST FLORIDA $ 3,500,000 36.00
LLC
CRIMSON MAIN STREET SOUTHERN COMFORT MARINA LLC (Sabal STORAGE LLC
Financial)
MAJESTIC PALMS LLC
COLLIER LAND HOLDINGS LTD
CEDAR AT MAJESTIC PALMS LLC
$ 97,222 93 $ 37,634 $ 2,100,000 7.58
$ 277,045 $ 1,380,000 3.50
$ 394,286 80 $ 17,250 $ 1,674,000 5.08
$ 329,528 IMMOKALEE EXCHANGE LLC
$15,407,700 2,668.0 $ 5,775 $ 400,000 30.46
Downtown riverfront planned for two 32‐story towers with marina
Phase 1 of Winding Cypress community (south of VeronaWalk)
38 parcels traded in 7 transactions includes 876 slips, retail, office, golf club, and vacant land
Phase 1. JV with Taylor Morrison, exclusive builder in community
Mystique high‐rise site in Pelican Bay
Waterfront redevelopment site; Buyer recently purchased adjacent property
Waterstone RPD Neal plans 85‐unit community called Daniels Place.
Waterfront property includes 24,000 SF storage building
Pads for two, 40‐unit, 4‐
story condo buildings
Commercial site purchased for future ALF; needs zoning for that use
1,664 farmable acres; leased to vegetable grower
Remaining phases in multi‐
family development
Zoned for residential/ALF and commercial development
Planned for 335‐unit senior living facility plus 100,000 sq ft commercial next to Lakes Park
Addie's Corner PUD: up to 135,000 sq ft commercial or ALF up to 26 units/acre
06/26/15 Charlotte
Port Park Place Estates, 24101 Park Place Estates‐
Charlotte, LLC Charlotte Park Place Dr N
DANIEL B. LIGHT ET AL
06/26/15
Lee
North Fort Diplomat Pkwy
Myers
EAGLE FL III SPE LLC (BB&T Bank)
DIPLOMAT CAPITAL LLC $ 1,000,000 50.00
(OJ Buigas)
$ 20,000 07/29/15
Lee
Oasis Cove, 7650 Fort Myers Gladiolus Dr & 7210 Congdon Rd
BECK GROUP OF FT MYERS LLC (Stoneburner)
QUADRUM LAKES PARK $10,750,000 32.50
LLC (Quadrum Global)
$ 330,769 460 $ 23,370 08/06/15
Collier
HAPPY #4 FAMILY CORPORATION
CREEKSIDE WEST INC (Barron Collier Companies)
$ 1,850,000 21.84
$ 84,707 FRUITVILLE DOWNTOWN DEVELOPMENT PARTNERS LLC SARASOTA ROSEMARY APARTMENTS LLC (Forge Capital Partners)
$ 5,772,500 Planned for apartment $ 2,137,963 228 $ 25,318 complex called Sarasota Flats
08/10/15 Sarasota
Naples
NWQ Immokalee Rd & Collier Blvd
1401 Fruitville Rd, in the Sarasota
Rosemary District
08/13/15
Lee
Fort Myers
09/14/15
Lee
Bonita Springs
09/15/15
Lee
Cypress Hammock, Six Mile MONTGOMERY BANK NA
Cypress Pkwy
CYPRESS HAMMOCK SWFL LLC
Bonita Beach Rd, between Village Walk and Bonita National
GL Homes
Acacia Capital Corp
Palmetto Cove, Julias Way, PALMETTO COVE Fort Myers near McGregor Blvd & ASSOCIATES LLC
Cypress Lake Dr
LENNAR HOMES LLC
2.70
Entitled for multi‐family development
Previously entitled; GL Homes plans SF $56,000,000 346.94 $ 161,411 1,200 $ 46,667 development called The Reserve at Silverstone
$ 2,725,000 25.60
$ 106,445 225 $ 12,111 $ 1,354,839 17.00
$ 79,696 124 $ 10,926 Condo development pads
69
$ 13,132 122 $ 3,279 ConstructionMaterialIndexes
The following graphs produced by Ken Simonson, Chief Economist for the Associated General
Contractors (AGC) of America, show price indices for various construction materials with a base
startingpointofDecember,2010.Highermaterialcostsareaconcernbecausetheymakenewhomes
lesscompetitiveagainstre‐sales.Thefallinoilpricesishelpingkeepmaterialcostsincheck.Rising
interestrateswillalsofurtherstrengthentheU.S.Dollarandlikelyleadtolowermaterialcostsover
thenextfewyears.
Source:AGCofAmerica
70
GeneralLimitingConditions
Everyreasonableefforthasbeenexertedinorderthatthedatacontainedinthisreportreflectsthe
most accurate and timely information that is possible, within practical budget limitations, and is
believedtobereliable.However,noresponsibilityisassumedforerrorsorinaccuraciescausedby
anyclericalerrororinadvertentmistakesinthetranscriptionofinformationfrompublicdomainto
thisreport.
Commissioningofthisreportdoesnotgranttheclientanyrightofaccessto,orownershipof,any
data, computer programs, spreadsheets or any other work product acquired or created by Land
SolutionsInc.,whetherforthepreparationofthisreportorotherwise.
Thisreportmaynotbeusedforanypurposeotherthanthatforwhichitwasprepared.Nopartof
thisreportmaybepublishedwithoutthepriorwrittenconsentofLandSolutions,Inc.Violationof
theselimitingconditionsmayleadtolegalactionanddamagesagainsttheoffendingparty.
71
MarketResearch&Reporting
byDougMeschko,MarketResearchDirector
AstheDirectorofMarketResearchforLandSolutions,itismy
goaltoprovidethemostaccurateandup‐to‐dateinformation
about land and improved properties throughout Southwest
Florida. I have been active in real estate statistics and
valuation for several years. I was previously a Research
Analyst with MetroStudy and continue to provide the most
comprehensiveresearchandreportingtoourprospectsand
clients. Unlike other research organizations that rely on
national data to formulate market predictions, we track
transactionaldataincludingpermittinganddemographicsto
paint an accurate picture of the market in real time. We
researcheveryaspectofstatisticalandtransactionaldatain
Lee,CollierandCharlottecountiestokeepthefingeronthe
pulseinSouthwestFlorida.
Shouldyouneedassistancewithrealestatemarket
research or reporting, please consider Land
Solutionsasyourbrokeragefirmthatcanprovide
yourorganizationwithanyofthefollowing:
·MarketStudies
·ValuationServices
·LitigationSupport
·TargetMarket
Analysis
·HighestandBestUseAnalysis
·FeasibilityAnalysis
·SiteSelection
·DataGathering
·AppraisalReviews
·PricingStrategy
·AbsorptionForecasts
·DemographicAnalysis
·Acquisition,Reposition,&DispositionStrategies
·BrokerOpinionofValue
·CustomReports
·ProductRecommendations
Doug Meschko is the Market
Research Director & Broker
AssociateforLandSolutions.A
resident of Naples, Doug is a
licensed broker with 14 years
of real estate experience
ranging from consulting to
sales and leasing. He was
previously a Market Analyst
forMetrostudy.HeholdsaBA
degreefromOhioStateandhas
an MBA from Florida Gulf
CoastUniversity.
72
MoreThanJustDirt.
10471SixMileCypressPkwy#402
FortMyers,FL33966
239‐489‐4066
www.landsolutions.net

Market Trends Southwest Florida

Transcription

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