Market Trends Southwest Florida

Transcription

MarketTrends
SouthwestFlorida
Collier,Lee&CharlotteCounties
1stQuarter2015
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
65
68
72
76
77
ExecutiveSummary
The homebuilding industry and overall economy here in Southwest Florida continued to
show a strong positive growth trend through the first quarter of 2015. Population, tourism,
employment,andtaxablesalesfiguresallexperiencednewhighs.Permitvolumesandhomeprices
also continued their upward trend and are now considered to be representative of a market in
equilibrium.Lowinterestrateshavehelpedenablemanyofthesepositivetrends.However,ifrates
staythislowfortoolongourmarketmayoverheatandbeatriskofanotherbubblenottomention
otheradversesocioeconomiceffectsitmaycause.Asofnow,thewidelyheldviewisthattheFedwill
increase rates near the end of 2015. Mortgage rates have already begun trending higher in
anticipationoftheFed’smove.Inanyevent,weexpectedthatwhentheFeddoesstarttoraiserates
theywilldosoatamuchmoretepidpacethanpreviousenvironmentswheretheFedwasraising
rates.Wealsobelievethereisagoodpossibilitythehousingmarket,aswellasmostothereconomic
markets,willexperienceaprolongednegativereaction,potentiallylasting6monthsormore,when
theFedfinallydoesraiserates.Weexpectacoupleofyearsofslowtomoderategrowthafterthis
period.
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 10% ‐ 14% increase in new residential home permit issuance, 4%‐6% increase in home prices,
continuedtighteningofthelaborsupply,moderatelyrisinginterestratestonear4.25%bytheend
ofthefirstquarterof2016,increasingprimaryhomedemandandincreasingmulti‐familydemand.
4
SocioeconomicConditions
Population
SouthwestFloridaisonceagainoneofthefastest‐growingareasinthenationasitwaspriortothe
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).Therewere10,218newresidentialunitspermittedinSouthwestFloridaoverthepast12
months (April ‘14‐ March ‘15). Our current pace of construction is 1,693 units or approximately
16.57%belowwhatwouldtypicallybeneededgivenourcurrentpopulationgrowth.
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‐yearpopulationprojectionsJuly15,2014whichcanbeseenbelowforeachcounty.LeeCounty’s
populationisexpectedtogrow62.3%from2013to2040,whichisthehighestpercentagegainfor
anyFloridaCountywithatleast300,000residentscurrently.
Collier, Lee, & Charlotte Population Projections
1,044,323
1,050,000
1,000,000
980,632
950,000
900,000
911,479
850,000
837,828
800,000
758,621
750,000
700,000
673,826
650,000
600,000
618,754
550,000
492,533
500,000
470,609
450,000
441,903
400,000
411,368
379,059
350,000
300,000
321,520
345,100
250,000
200,000
159,978
166,304
180,958
174,121
186,962
192,774
197,729
150,000
2010
Source: BEBR
2015
2020
Charlotte
2025
Collier
2030
2035
2040
Lee
CollierCounty’spopulationisexpectedtogrow47.6%from2013to2040,whichisthefifthhighest
percentagegainforanyFloridaCountywithatleast300,000residentscurrently.AsofMarch2013,
there are 19 counties in Florida with at least 300,000 residents. New projections from BEBR are
expectedtobereleasedinMay2015.
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 air traffic usually portends population growth. Following declines in annual passenger
trafficin2012atSouthwestFloridaInternationalAirport,2013,2014andQ1of2015showed
solidincreases.Passengertrafficincreased5.53%inthefirstquarterof2015overthesameperiod
lastyear.Annualpassengertraffic(April2014–March2015)wasthebusiestintheairport’shistory
and March 2015 traffic was the highest monthly total in the airport’s history. RSW has had five
consecutivenewmonthlyrecordhighsandtwoconsecutivenewquarterlyrecordhighsinpassenger
traffic.
Source: Lee County Port Authority
Total Passengers
Annual Percentage Change
2014
2015 YTD
-8.0%
2013
2,500,000
2012
-6.0%
2011
3,000,000
2010
-4.0%
2009
3,500,000
2008
-2.0%
2007
4,000,000
2006
0.0%
2005
4,500,000
2004
2.0%
2003
5,000,000
2002
4.0%
2001
5,500,000
2000
6.0%
1999
6,000,000
1998
8.0%
1997
6,500,000
1996
10.0%
1995
7,000,000
1994
12.0%
1993
7,500,000
1992
14.0%
1991
8,000,000
1990
16.0%
1989
Passengers
SW Florida International Airport Traffic
8,500,000
8
CharlotteCountyAirporthasbeenabletoattractandmaintainregionalcarriersoverthepastfive
years, which has contributed to the growth of air traffic to Charlotte County. Currently, the only
carrier at the Charlotte CountyAirport is Allegiant Air with services to U.S. cities in the Midwest,
NortheastandSoutheast.Theairportexperiencedan88.27%increaseinpassengertrafficinthefirst
quarter of 2015 over figures from the same period the prior year. Traffic is expected to further
increase in 2015 due to additional flights being added at the airport. Airport officials project
passenger traffic to be around 800,000 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.
Charlotte County Airport Traffic
650,000
100.0%
600,000
90.0%
550,000
80.0%
628,075
70.0%
450,000
60.0%
400,000
50.0%
350,000
40.0%
300,000
30.0%
333,611
250,000
20.0%
200,000
10.0%
150,000
100,000
50,000
0.0%
291,626
219,357
182,423
218,373
109,921 129,025
Passengers
500,000
-10.0%
-20.0%
-
Annual % Change
2014
2015 YTD
Total Passengers
2013
2012
2011
2010
2009
2008
-30.0%
Source: Charlotte County Airport Authority
The other two major airports on Florida’s Gulf Coast, Sarasota/Bradenton Airport and Tampa
International Airport, saw increased passenger traffic as well in the first quarter of 2015.
Sarasota/BradentonAirportsawa5.61%increaseinpassengertraffic,whileTampaInternational
Airportsawa7.30%increase.
9
AgeDistribution
DuetoalargenumberofBabyBoomerscoupledwithadecliningbirthrate,theU.S.populationis
gettingolder.DatafromtheU.S.Censusfor2013supportsthisnotioninSouthwestFlorida.Thetable
belowshowsthepopulationchangesbyagegroupings.
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
Collier, Lee, & Charlotte
ACS
ACS
ACS
2007
2008
2009
230,358 230,673 228,204
180,314 178,585 160,759
131,583 124,773 118,262
132,488 134,082 138,417
127,627 125,930 143,481
119,342 122,369 136,768
105,124 108,392 98,085
32,381 33,650 38,421
1,059,217 1,058,454 1,062,397
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)
(2,469)
(17,826)
(6,511)
4,335
17,551
14,399
(10,307)
4,771
3,943
Population
ACS
2010
230,837
163,319
121,159
143,543
157,802
157,506
90,488
37,959
1,102,613
by Age
ACS
2011
231,331
170,620
116,067
142,004
161,130
162,058
97,778
38,987
1,119,975
ACS
Census Est.
2012
2013
232,057 232,460
170,637 175,207
120,292 119,714
143,718 145,271
159,991 164,113
172,584 181,001
98,990 106,599
41,900 41,128
1,140,169 1,165,493
% of Total
19.9%
15.0%
10.3%
12.5%
14.1%
15.5%
9.1%
3.5%
100%
%
2,633 1,117 726 403 0.31%
2,560 6,692 17 4,570 0.01%
2,897 (4,061) 4,225 (578) 3.64%
5,126 (1,814) 1,714 1,553 1.21%
14,321 3,622 (1,139) 4,122 ‐0.71%
20,738 6,049 10,526 8,417 6.50%
(7,597) 2,009 1,212 7,609 1.24%
(462) 6,109 2,913 (772) 7.47%
40,216 19,723 20,194 25,324 1.80%
Source: US Census / American Community Survey
2005 ‐ 2013
Overall Change
0‐19
15,735
7.26%
20‐34
8,587
5.15%
35‐44
‐2,408
‐1.97%
45‐54
21,701
17.56%
55‐64
40,437
32.70%
65‐74
56,163
44.99%
75‐84
12,041
12.73%
85+
16,910
69.82%
Total 169,166
16.98%
AccordingtotheU.S.Census,42.2%ofthecombinedpopulationofCollier,Lee,andCharlotteis55or
older.
10
FurtherBEBRprojectionsofpeople55andolderindicateanincreaseof70.2%by2040over2010
CensusdataforCollier,LeeandCharlotteCountiescombined.
Collier, Lee & Charlotte Population Projections 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.Theuniversityhasaddedanaverageof848studentsperyearoverthepastdecade.
Universityofficialsprojectenrollmenttobenear20,000bythe2019‐2020schoolyear.
Florida Gulf Coast University Enrollment
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
99'‐00' 00'‐01' 01'‐02' 02'‐03' 03'‐04' 04'‐05' 05'‐06' 06'‐07' 07'‐08' 08'‐09' 09'‐10' 10'‐11' 11'‐12' 12'‐13' 13'‐14' 14'‐15'
Undergraduate
Graduate
Non‐degree
Source: FGCU
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’smostrecentAmericanCommunitySurvey(2013).
Collier, Lee & Charlotte Median Household Incomes
$62,000
$61,165 $60,000
$58,000
$57,653 $55,888 $54,126 $54,406 $56,000
$54,000
$52,988 $52,730 $52,000
$52,179 $50,699 $50,747 $50,564 $50,000
$48,553 $46,707 $46,053 $46,278 $46,404 $45,266 $45,353 $44,166 $46,383 $46,000
$45,247 $43,698 $43,936 $44,000
$42,000
$42,031 $41,190 $40,362 $48,000
$40,000
$39,091 $38,000
2005
2006
Source: US Census ACS 2007
2008
2009
Collier
2010
Lee
2011
Charlotte
15
2012
2013
Collier, Lee & Charlotte Mean Household Incomes
$100,000
$97,881 $95,000
$92,436 $88,799 $86,372 $85,131 $85,326 $89,719 $90,000
$85,000
$82,016 $80,000
$79,629 $75,000
$71,415 $70,761 $66,957 $67,383 $65,632 $63,697 $64,509 $65,000
$63,141 $61,562 $60,234 $64,904 $57,263 $56,958 $56,711 $55,576 $53,047 $52,398 $70,000
$60,000
$55,000
$52,405 $50,000
2005
2006
Source: US Census ACS
2007
2008
2009
Collier
2010
Lee
2011
Charlotte
16
2012
2013
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
$244,193
$233,853
$224,064
$214,807
$206,059
$197,797
Home
1
Price
$203,688
$195,374
$187,478
$179,989
$172,892
$166,172
Home
1
Price
$194,234
$186,209
$178,596
$171,382
$164,552
$158,090
90%
Mortgage Property
2
Mortgage
Rate
Tax
$219,774
$210,468
$201,658
$193,326
$185,453
$178,017
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
$2,037
$1,926
$1,820
$1,720
$1,625
$1,536
90%
Mortgage Property
2
Mortgage
Rate
Tax
$183,319
$175,836
$168,730
$161,990
$155,603
$149,555
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
$2,000
$1,888
$1,781
$1,680
$1,584
$1,493
90%
Mortgage Property
2
Mortgage
Rate
Tax
$174,810
$167,588
$160,736
$154,244
$148,097
$142,281
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
$1,747
$1,646
$1,550
$1,459
$1,373
$1,292
Annual
Monthly
Property
4
3 Payment
Insurance
$2,442
$2,339
$2,241
$2,148
$2,061
$1,978
$1,360.15
$1,360.15
$1,360.15
$1,360.15
$1,360.15
$1,360.15
Annual
Monthly
Property
4
Payment
3
Insurance
$2,037
$1,954
$1,875
$1,800
$1,729
$1,662
$1,159.57
$1,159.58
$1,159.58
$1,159.57
$1,159.57
$1,159.58
Annual
Monthly
Property
4
Payment
3
Insurance
$1,942
$1,862
$1,786
$1,714
$1,646
$1,581
$1,092.45
$1,092.45
$1,092.45
$1,092.45
$1,092.45
$1,092.45
1
Annual
Mortgage
Payment
Collier
Median HH
5
Income
$16,321.80
$16,321.80
$16,321.80
$16,321.80
$16,321.80
$16,321.80
$54,406
$54,406
$54,406
$54,406
$54,406
$54,406
Annual
Lee Median
Mortgage
5
HH Income
Payment
$13,914.90
$13,914.90
$13,914.90
$13,914.90
$13,914.90
$13,914.90
$46,383
$46,383
$46,383
$46,383
$46,383
$46,383
Annual
Mortgage
Payment
Charlotte
Median HH
5
Income
$13,109.40
$13,109.40
$13,109.40
$13,109.40
$13,109.40
$13,109.40
$43,698
$43,698
$43,698
$43,698
$43,698
$43,698
- 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 Affordabilty for Median Income Household ($54,406)
$250,000
$244,193
$240,000
$233,853
$230,000
$224,064
$220,000
$214,807
$210,000
$206,059
$200,000
$197,797
$190,000
$180,000
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
Mortgage Rate
Lee County Home Affordability for
Median Income Household ($46,383)
$220,000
$210,000
$203,688
$200,000
$195,374
$190,000
$187,478
$179,989
$180,000
$172,892
$170,000
$166,172
$160,000
$150,000
3.50%
4.00%
4.50%
5.00%
Mortgage Rate
19
5.50%
6.00%
Charlotte County Home Affordability for
Median Income Household ($43,698)
$210,000
$200,000
$194,234
$190,000
$186,209
$178,596
$180,000
$171,382
$170,000
$164,552
$158,090
$160,000
$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
54.3%
36.3%
25.6%
Lee
Charlotte Florida
U.S.
46.5%
43.8%
46.6%
52.4%
48.6%
48.6%
29.1%
24.1%
28.4%
34.5%
31.0%
29.2%
17.8%
13.1%
17.7%
22.6%
20.1%
17.7%
Source: US Census 2013 ACS
Manatee Sarasota
20
Employment
Thegraphsinthisfollowingsectiondepicttheunemploymentconditionsandhistoryatthecounty,
state and national levels. Collier County shows strong seasonality in its unemployment rate,
especiallypriortothemostrecentrealestateboom.AsofMarch2015,Collier’sunemploymentstood
at4.8%,downfrom5.7%inMarch2014.Itisimportanttonotethatrecentemploymentfiguresfor
CollierCountyshowmorepeopleemployedinthecountythananytimeinitshistory;evenabovethe
boomyears2005‐2007.
LargestEmployersinCollierCounty
Collier County
Rank
Company
Industry
Employees
1 Naples Community Hospital
Health Care 4,000
2 Ritz‐Carlton Naples
Hotel
1,110
3 Gargiulo Inc.
Agriculture 1,110
4 Arthrex Inc.
Manufacturing 1,056
5 Collier Sheriffs Office
Government 1,029
6 Home Team Inspection
Real Estate 900
7 Publix Super Markets
Grocer
800
8 Marriot
Hotel
700
9 Naples Grande Beach Resort
Hotel
700
10 Downing Frye Realty
Real Estate 550
11 Gulf Bay Group
Real Estate 500
12 Moorings Park
Life Care
500
13 Continental Transportation
Transportation 500
14 Bentley Village
Life Care
470
15 John R. Wood Realtors
Real Estate 400
Source: Col li er County Economi c Devel opment Offi ce
21
AsofMarch2015,LeeCountywasexperiencinganunemploymentrateof5.1%,downfrom6.1%in
March2014.LeeCountyhaslessseasonalirregularitythanCollierCountyandmaybemorerelevant
to the overall job market in Southwest Florida, which affects the primary housing demand in
SouthwestFlorida.ItisalsoimportanttonotethatrecentemploymentfiguresforLeeCountyshow
morepeopleemployedinthecountythananytimeinitshistory;evenabovetheboomyears2005‐
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
AsofMarch2015,CharlotteCountywasexperiencinganunemploymentrateof6.0%,downfrom
6.8%inMarch2014. Itisimportant tonotethat recentemploymentfiguresforCharlotteCounty
showmorepeopleemployedinthecountythananytimeinitshistory;evenabovetheboomyears
2005‐2007.
LargestEmployersinCharlotteCounty
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Charlotte County
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 Super Markets
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
Palm Chrysler Plymouth Dodge Jeep
Auto
300
Veterans Health Administration Social Services 264
Palm Chevrolet‐Oldsmobile
Auto
230
Punta Gorda Associates
Health Care 230
Source: Cha rl otte County Economi c Devel opment Offi ce
23
TheSouthwestFloridaeconomyisheavilytiedtotheresidentialconstructionandserviceindustries.
Therehavebeennoticeableimprovementsinthoseindustriesoverthepasttwoyearsandfurther
improvementswilldoagreatdealtoincreasejobgrowthinSouthwestFlorida.
Stateandnationalunemploymentfiguressitat5.7%and5.5%respectivelyforMarch2015.These
ratesareexpectedtograduallyfallthrough2015.
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
5.7%
5.5%
6.0
5.5
5.0
4.5
4.0
3.5
Source: US Bureau of Labor Statistics
Florida Unemployment Rate
Mar‐15
Mar‐14
Mar‐13
Mar‐12
Mar‐11
National Unemployment Rate
24
Mar‐10
Mar‐09
Mar‐08
Mar‐07
Mar‐06
Mar‐05
Mar‐04
Mar‐03
Mar‐02
Mar‐01
Mar‐00
Mar‐99
Mar‐98
Mar‐97
Mar‐96
Mar‐95
Mar‐94
Mar‐93
Mar‐92
Mar‐91
3.0
Migration
The Internal Revenue Service (IRS) provides annual migration data based on the addresses from
annualtaxreturnsreceivedandcomparedyearoveryear.IRSmigrationdatacapturesroughly70%
ofallUnitedStatesresidents,butexcludesthoselowerincomeresidentswhodonotneedtofilea
return.Whileitdoesnotcaptureallmigration,itdoesrepresentdataregardingmigrantswhohave
theabilitytopurchaseahomehereinSouthwestFlorida.
Datadepictedinthefollowingtablesisfromthe2011taxyear,whichwasreleasedonApril21,2014.
CountytoCountymigrationdatafortaxyear2012isexpectedtobereleasedinMay2015.Thedata
showsthetoporiginatingcountiesandstatesforin‐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
Collier Inflow Migration
State
County
FL
Lee County
FL
Miami Dade County
FL
Broward County
FR
Foreign ‐ Puerto Rico
FL
Hillsborough County
FL
Palm Beach County
IL
Cook County
FL
Orange County
FL
Pinellas County
FL
Hendry County
NY Suffolk County
MI
Oakland County
IL
Lake County
MA Middlesex County
OH Franklin County
FL
Sarasota County
IL
Dupage County
MA Barnstable County
CA Los Angeles County
FL
Charlotte County
NJ
Bergen County
FL
Seminole County
NV Clark County
FL
Manatee County
MA Essex County
OH Hamilton County
OH Cuyahoga County
NJ
Ocean County
AZ
Maricopa County
CT
Fairfield County
FL
Polk County
FL
Volusia County
NY Queens County
Total
3277
918
504
428
243
229
219
197
108
100
96
95
87
86
81
77
76
76
72
72
71
68
68
66
66
66
64
63
62
62
62
62
62
Lee Inflow Migration
Rank State
County
1 FL
Collier County
2 FL
Miami Dade County
3 FL
Broward County
4 FL
Charlotte County
5 FL
Hillsborough County
6 FL
Palm Beach County
7 FL
Hendry County
8 FL
Orange County
9 FL
Pinellas County
10 FL
Sarasota County
11 IL
Cook County
12 FL
Polk County
13 FL
Manatee County
14 NY Suffolk County
15 MI
Oakland County
16 FL
Duval County
17 FR
Foreign ‐ Puerto Rico
18 MI
Wayne County
19 OH Franklin County
20 NJ
Ocean County
21 FL
Pasco County
22 OH Cuyahoga County
23 FL
Brevard County
24 FL
Seminole County
25 TX
Harris County
26 MN Hennepin County 27 AZ
Maricopa County
28 MA Worcester County
29 MA Essex County
30 MA Middlesex County
31 NV Clark County
Source: IRS
Source: IRS
25
Total
3426
1588
1048
687
594
507
497
405
363
358
296
221
215
212
191
180
180
161
152
145
141
140
139
139
137
136
134
134
128
127
127
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
Charlotte Inflow Migration
State
County
Total
FL
Sarasota County
1749
FL
Lee County
615
FL
Desoto County
271
FL
Manatee County
165
FL
Hillsborough County
151
FL
Broward County
108
FL
Miami Dade County
105
FL
Polk County
105
FL
Pinellas County
103
FL
Orange County
87
FL
Palm Beach County
87
FL
Collier County
74
NY Suffolk County
66
IL
Cook County
46
MA Worcester County
42
FL
Pasco County
40
MA Essex County
40
NJ
Passaic County
39
NY Nassau County
38
RI
Providence County
37
NJ
Ocean County
35
NY Bronx County
35
IL
Dupage County
34
MA Norfolk County
32
OH Cuyahoga County
32
Source: IRS
ThosemigratingintoCollier,LeeandCharlotteCountiestendtoeitherbefromotherlocalcounties
orNortheasternandMidwesternstates.
MigrationoutflowdataforSouthwestFloridashowedthemajorityofthoseleavingtheareamoved
todestinationswithinthreehoursoftheirprevioushome.
26
Thefollowingchartprovidesinflowfromthetop20originatingstatestoCollier,Lee,andCharlotte
Countiescombined.
Rank
State
Total 1
New York
2,271
2
New Jersey
1,651
3
Ohio
1,576
4
Illinois
1,440
5
Massachusetts
1,411
6
Michigan
1,234
7
Pennsylvania
1,225
8
Connecticut
751
9
Texas
727
10
California
596
11
Indiana
578
12
Georgia
528
13
North Carolina
518
14
Maryland
406
15
Rhode Island
374
16
Minnesota
358
17
Virginia
346
18
Wisconsin
331
19
Tennessee
314
20
New Hampshire
309
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.
CollierCountysawatotalof2,194singlefamilydetachedpermitsissuedoverthepast12months
endingonMarch31,2015.Thiswasa42.5%increaseovertheprevious12monthperiod.Continued
growthisexpectedinto2015.
Collier Single Family Detached Issued Permits Per Month
500
450
400
350
300
250
200
150
100
50
Source: Collier County Community Dev.
Issued Permits
28
Mar-15
Mar-14
Sep-14
Mar-13
Sep-13
Mar-12
Sep-12
Mar-11
Sep-11
Mar-10
Sep-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
Mar-99
Sep-99
Mar-98
Sep-98
0
Newsingle‐familydetachedhomepermitsissuedpermonthinCollierCounty
March2011–March2015
Collier Single Family Detached Issued Permits Per Month
260
240
220
200
180
160
140
120
100
80
60
40
20
Issued Permits
29
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
Jul-11
May-11
Mar-11
0
The tables below rank the top communities and builders for Collier County by building permit
issuancefornewsinglefamilydetachedhomesoverthepast12monthsendingonMarch31,2015.
Community
SF Permits
Builder
SF Permits
1 Riverstone
234
1 GL Homes
284
2 Maple Ridge / Hampton Ave Maria
195
2 Centex
280
3 Lely Resort
140
3 Stock
251
4 Golden Gate Estates
110
4 CC Devco
198
5 Isles of Collier Preserve
109
5 Taylor Morrison
189
6 Treviso Bay
103
6 Lennar
148
7 Fiddler's Creek
92
7 Minto Communities
136
8 Esplanade G & CC
89
8 DR Horton
97
9 Camden Lakes
69
9 WCI
96
10 Del Webb Ave Maria
69
10 Neal Communities
57
11 Twin Eagles
67
11 Standard Pacific
41
12 The Quarry
63
12 FD Communities
32
13 Raffia Preserve
61
13 Ashton Woods
19
14 Quail West
54
14 Toll Brothers
19
15 Esplanade at Hacienda Lakes
53
15 London Bay
15
16 Marbella Isles
50
16 Habourside Custom Homes
14
17 Talis Park
50
17 Premier Finishes
12
18 Bent Creek Preserve
41
18 Mcgarvey Custom Homes
11
19 Lantana at Olde Cypress
39
19 ARBC
10
20 Artesia
35
20 ARCS Investments
10
21 Canopy
35
21 Premier Builders
10
22 Verona Walk
31
22 Divco
9
23 Naples Park
29
23 Florida Lifestyle Homes
9
24 Andalucia
28
24 Fox Custom Builder
9
25 Winding Cypress
26
25 Artisan Associates
8
25
26 Mockingbird Crossing
26 Nian Construction
7
27 Reflection Lakes
25
27 Nova Homes
6
28 Orange Blossom Ranch
23
28 T. Jerulle Construction
6
29 Tuscany Pointe
23
29 Habitat for Humanity
5
30 Grey Oaks
20
30 Metro Home Builders
5
31 Mediterra
19
4
31 Diamond Custom Homes
32 Copper Cove
18
32 Kaye Custom Homes
4
33 Firano
15
33 Meridiapro Construction
4
34 Naples Reserve
14
34 Metropole Construction
4
35 Barrington Cove
11
35 SBA Construction
4
36 Vineyards
10
36 Scharp Contracting
4
37 Pine Ridge Estates
9
37 Titan Homes
4
38 Willoughby Acres
9
38 Ultimate Building Innovation
4
30
Therewereatotalof199newsinglefamilyattachedpermitsissuedforCollierCountyoverthepast
12monthsendingonMarch31,2015.Thiswasa8.2%increasefromtheprevious12monthperiod
forthatproducttype.
Collier Single Family Attached Issued Permits Per Month
240
220
200
180
160
140
120
100
80
60
40
20
CollierCountybuildingpermitsissuedfornewsinglefamilyattachedhomes
April2014‐March2015
Community
SFA Permits
1 Regal Acres
2 Bristol Pines
3 Reflection Lakes
4 Verona Walk
5 Liberty Landing
7 Lely Resort
8 Winding Cypress
Builder
84
40
19
16
12
10
8
8
2 Thomas Williams Const.
3 Pulte/Centex
4 Lennar
5 Minto 6 Stock
7 All Building Solutions
8 Neal Communities
31
SFA Permits
96
40
24
17
10
8
2
2
Mar-15
Mar-14
Sep-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Mar-10
Sep-10
Mar-09
Sep-09
Sep-08
Mar-08
Issued Permits
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Mar-04
Sep-04
Mar-03
Sep-03
Sep-02
Mar-02
Sep-01
Mar-01
Sep-00
Mar-00
0
CollierCountyissuedpermitsfor1,100multi‐familyunits(buildingswith3ormoreunits)overthe
past12monthsendingonMarch31,2015.Thiswasa9.8%decreasefromtheprevious12month
period.677ofthe1,100multi‐familyunitswereforrentalapartments(400)orassistedliving(277)
units. Excluding rental and assisted living units, the county saw only a 1.6% decrease in for‐sale
multi‐familypermitissuanceoverthepast12months.Multi‐familypermitissuanceisexpectedto
increaseinCollierCountyoverthenext18‐24months.
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
Mar-15
Nov-14
Jul-14
Mar-14
Nov-13
Jul-13
Mar-13
Nov-12
Jul-12
Mar-12
Nov-11
Jul-11
Mar-11
Nov-10
Jul-10
Mar-10
Nov-09
Jul-09
Mar-09
Nov-08
Jul-08
Mar-08
Nov-07
Jul-07
Mar-07
Nov-06
Jul-06
Mar-06
0
CollierCountybuildingpermitsissuedfornewmulti‐familyunits
April2014–March2015
Community
MF Permits
1 Orchid Run Apts.
2 Treviso Bay
3 Sandlewood Ast. Living
4 Amberton
5 Beach House Asst. Living
6 Lely Resort
7 Talis Park
8 Fiddler's Creek
9 The Quarry
10 Livingston Lakes
11 Twineagles
12 Artesia
14 Tiburon
15 Esplanade G & CC
16 Grey Oaks
17 Regatta Landing at Windstar
282
182
163
118
114
62
48
20
20
16
16
15
12
12
8
8
4
Builder
1 Brooks & Freund
2 Lennar
3 Home Dynamics
4 Deangelis Diamond
5 WCI
6 Stock
7 Pulte/Centex
8 Minto
9 CC Devco
10 Taylor Morrison
11 Standard Pacific
33
MF Permits
445
202
118
114
91
62
36
12
8
8
4
The following graph shows the trend for total residential units permitted in all of Collier County
municipalitiescombined.FiguresfromtheCityofNaplesandMarcoIslandareincludedinthegraph.
There was a total of 3,976 residential units permitted across all product types over the past 12
monthsendingonMarch31,2015.Thiswasa24.8%increaseovertheprevious12monthperiod.
Whentakingoutapartmentandassistedlivingunits,Collierstillsawa33.6%increaseinresidential
permitissuance(for‐saleproduct).Lookingforward,webelieveresidentialpermitissuanceinCollier
Countywillexperienceanadditionalincreaseof7%‐12%overthenext12months.
Collier Total Residential Units Permitted (Issued)
850
800
750
700
650
600
550
500
450
400
350
300
250
200
150
100
50
Issued Residential Units
TheCityofNaplesissuedpermitsfor214singlefamilyhomesand175multifamilyunitsoverthe
past12months,whileMarcoIslandissued94permitsfornewsinglefamilyhomesforthesame
timeperiod.TheCityofNapleshadpermitsissuedfor73multifamilyunitsattheNaplesSquare
projectandpermitsissuedfor96multifamilyunitsattheMooringsParkatGreyOaksassisted
livingproject.
34
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Jan-06
0
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-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Mar-11
Sep-11
Mar-10
Sep-10
Mar-09
Sep-09
Mar-08
Sep-08
Mar-07
Sep-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
Sep-03
Mar-03
Sep-02
Mar-02
Mar-01
Sep-01
Mar-00
Sep-00
0
Issued Permits
UnincorporatedLeeCountyissuedatotalof1,016singlefamilydetachedhomepermitsoverthepast
12monthsendingonMarch31,2015.Thiswasa12.1%increaseovertheprevious12monthperiod.
Furtherincreasesareexpectedin2015.
35
Newsingle‐familydetachedhomepermitsissuedinUnincorporatedLeeCounty
Lee County Unincorporated Single Family Detached Issued Permits Per Month
110
100
90
80
70
60
50
40
30
20
10
Issued Permits
36
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
Jul-11
May-11
Mar-11
0
NewsinglefamilydetachedhomepermitsissuedinUnincorporatedLeeCounty
Builder
Community
SF Permits
1 Preserve at Corkscrew
2 Hampton Park
3 Moody River
4 Verandah
5 Corkscrew Shores
6 River Hall
7 Miromar Lakes
8 Magnolia Landing
9 Coastal Key
10 The Reserve
11 Estero Place
12 Boca Grande
13 San Carlos Park
14 St James City
15 Daniels Preserve
16 Pebble Pointe
17 Savona Bay
18 Cape Royal / Royal Tee
19 Bokeelia
20 The Colony G & CC
21 Horsecreek
22 West Bay
23 Renaissance
24 Shadow Wood CC
25 The Grove
109
91
91
75
72
46
40
39
35
26
24
19
18
16
15
13
12
11
9
9
8
8
7
7
7
1 DR Horton
2 Pulte/Centex
3 WCI
4 Neal Communities
5 Kolter Signature Homes
6 Lennar
7 Taylor Morrison
8 Toll Brothers
10 Coral Isle Builders
11 Harborside Custom Homes
12 Stock
13 Lyons Housing
14 Wright Construction Group
15 Daniel Wayne
16 Royal Corinthian Homes
17 Bergeron Custom Homes
18 Harden Custom Homes
19 Adams Homes
20 BMR Construction
21 Wade Journey Homes
22 Wyman Stokes
23 Hofman Construction Group
24 Metropole Construction
25 Stearns Custom Builders
37
SF Permits
188
156
111
65
57
42
28
26
14
11
10
10
9
9
8
8
7
7
6
6
6
6
4
4
4
Inadditiontosinglefamilydetached,therewereatotalof132newsinglefamilyattachedpermits
issuedforUnincorporatedLeeoverthepast12monthsendingonMarch31,2015.Thiswasan11.9%
increaseovertheprevious12monthperiodforthisproducttype.Thebuildersandcommunitiesfor
single‐familyattachedcanbeseeninthefollowingcharts.
Community
SF Att. Permits
1 Villas Palmeras
2 Shell Point
3 Tortuga
4 Magnolia Landing
5 The Grove
6 Lehigh Acres
7 Kapok Village
52
42
12
10
6
4
2
Builder
SF Att. Permits
1 Neal Communities
2 Wright Construction
3 DR Horton
4 Taylor Morrison
5 Coconut Bay Construction
52
42
16
12
2
Therewerealso1,421multi‐familyunits(3+unitsperbuilding)builtinUnincorporatedLeeCounty
overthepast12monthsendingonMarch31,2015.Thiswasa334.6%increaseovertheprevious12
monthperiodforthisproducttype.1,110ofthe1,421multi‐familyunitswereforrentalapartments
(793)orassistedliving(317)units.Excludingrentalandassistedlivingunits,UnincorporatedLee
Countysawonlyan18.7%increaseinfor‐salemulti‐familypermitissuanceoverthepast12months.
Thebuildersandcommunitiesformulti‐familyunitscanbeseeninthefollowingcharts.
Community
MF Permits
1 Channelside Apts.
2 Estero Springs Apts.
3 Coconut Point Assisted Living
4 Mirage Bay Apts.
5 Courtyards at Estero Apts. 6 Villa Medici
7 Creekside Preserve
8 Autumn Leaves Assisted Living
9 Copper Oaks
10 Cypress Cove Assisted Living
11 Mirasol
12 Oaks at Whiskey Creek
13 Tortuga
14 Miromar Lakes
15 Summerlin Place
16 Bayshore Commons
260
260
219
137
136
73
56
54
50
44
33
20
20
18
12
4 Builder
1 Albertelli Construction
2 Brooks & Freund
3 Rockford Construction
4 Richbuilt Construction
5 Essian Construction
6 DR Horton
7 Thomas Williams Construction
8 Lake Superior Contracting
9 Niemann Homes
10 Stevens Construction
11 Taylor Morrison
12 Gulfshore Homes
13 Lennar
14 KB Homes
38
MF Permits
260
260
219
137
136
109
73
54
50
44
20
18
12
4
LehighAcresandEsterosubmarketfigures,whichareincludedintheUnincorporatedLeeCounty
chart,areshownseparatelyinthenexttwocharts.
Lehigh Acres Single Family Issued Permits Per Month
780
732
720
660
600
540
480
420
360
300
240
180
120
60
Mar-15
Sep-14
Mar-14
Mar-13
Sep-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Mar-06
Sep-06
Sep-05
Mar-05
Mar-04
Sep-04
Sep-03
Mar-03
Sep-02
Mar-02
Sep-01
Mar-01
0
Issued Permits
Therewere41permitsissuedfornewsinglefamilyhomesinLehighAcresoverthepast12months
endingonMarch31,2015.Thiswasan18.0%decreaseovertheprevious12monthperiod.There
wereonly8newsinglefamilypermitsissuedintotalinLehighAcresoverthethreeyearperiod2009‐
2011.
39
Newsingle‐familydetachedhomepermitsissuedinLehighAcres
Lehigh Acres Single Family Issued Permits Per Month
12
11
10
9
8
7
6
5
4
3
2
1
Issued Permits
40
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
Jul-11
May-11
Mar-11
0
The Estero submarket shows a historical trend similar to that of Collier County as a whole. Solid
increasesareexpectedtocontinueinthissubmarket.
Estero Single Family Detached Issued Permits Per Month
180
165
150
135
120
105
90
75
60
45
30
15
Issued Permits
41
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
Sep-03
Mar-03
Sep-02
Mar-02
Sep-01
Mar-01
Sep-00
Mar-00
0
Newsingle‐familydetachedhomepermitsissuedinEstero
Estero Single Family Detached Issued Permits Per Month
40
35
30
25
20
15
10
5
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
Jul-11
May-11
Mar-11
0
Issued Permits
Esteroissued230singlefamilydetachedpermitsoverthepast12monthsendingonMarch31,2015.
This was a 15.4% decrease over the previous 12 month period. Lack of available lot supply has
slowedproductioninEsteroconsiderablyoverthepast12months.
42
The City of Cape Coral figures, shown in the following chart, are in addition to the Lee County
Unincorporatedfigures.CapeCoralissuedatotalof704singlefamilyhomepermitsoverthepast12
CapeCoralnewsinglefamilyhomepermitactivityisexpectedtocontinuetoincreasein2015.
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
Issued Permits
43
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Mar-12
Sep-11
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
Mar-03
Sep-03
Mar-02
Sep-02
Mar-01
Sep-01
Mar-00
Sep-00
0
Newsingle‐familydetachedhomepermitsissuedpermonthinCapeCoral
Cape Coral Single Family Detached Issued Permits Per Month
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
44
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
Issued Permits
Source: City of Cape Coral
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
0
SinglefamilydetachedpermitissuanceinCapeCoral
Builder
SF Permits
1 DR Horton
2 LGI / All About Building
3 Lennar
4 Taylor Morrison
5 Wade Journey
6 Pinnacle Building Solutions
7 Adams Homes
8 Southern Premier Homes
9 Hansen Homes
10 Arnold Roberts Signature Homes
11 Premier Cape Construction
12 Bolcor Construction Group
13 Coral Isle Builders
14 Community Homes
15 Goodwin Constuction
16 Latitude 26
17 Paul Homes
18 SC Custom Homes
19 Tracey Homes
20 Ravenwood Homes
21 Tracey Quality Building
22 Turn Key Homes
23 Groff Building
24 R Frye Builders
25 Aranda Homes
26 Tundra Homes
27 Ability Construction
28 Aubuchon Homes
29 Elysium Construction
30 Harden Custom Homes
31 Palladio Homes
32 Paradise Harbor Group
33 Sinclair Custom Homes
Community
86
72
40
37
31
30
22
16
15
13
12
11
11
10
10
10
10
10
10
9
9
9
8
8
7
7
6
6
5
5
5
5
5
SF Permits
1 Bella Vida
2 Sandoval
3 Celebration Cape
4 Cape Harbour
5 Sands Estates
6 Tarpon Point
40
37
32
7
3
2
45
issuedfortheCityofCapeCoraloverthepast12monthsendingonMarch31,2015.Thiswasan
18.2%increaseovertheprevious12monthperiod.Thebuildersandcommunitiesforthatproduct
typecanbeseeninthetablebelow.
Builder
SF Att. Permits
1 AVS Cape Coral
2 Taylor Morrison
3 Ability Construction
4 Fremar Construction
5 Ramos Builders
Community
24
22
2
2
2
SF Att. Permits
1 Sandoval
22
46
ThefiguresfortheCityofFortMyersarealsoinadditiontotheUnincorporatedLeeCountyfigures.
TheCityofFortMyersissuedatotalof640singlefamilydetachedhomepermitsoverthepast12
monthsendingonMarch31,2015.Thiswasa29.8%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
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Jun-13
Sep-13
Mar-13
Dec-12
Jun-12
Sep-12
Mar-12
Dec-11
Jun-11
Sep-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Dec-09
Jun-09
Sep-09
Mar-09
Dec-08
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
thepast12monthsendingonMarch31,2015canbeseeninthefollowingcharts.
Community
1 Plantation/Bridgetown
2 Pelican Preserve
3 Lindsford
4 Relection Isles
5 Olympia Pointe
6 Forum West
7 Paseo
8 Marina Bay
9 Watermark
10 McGregor Reserve
11 Majorca Palms
12 Palm Gardens
SF Permits
149
120
94
80
40
33
32
30
27
10
6
3
Builder
1 Lennar
2 Pulte/Centex
3 WCI
4 DR Horton
5 Stock
6 GL Homes
7 Neal Communities
9 Daniel Wayne Homes
47
SF Permits
154
149
120
107
32
30
27
8
3
issuedfortheCityofFortMyersoverthepast12monthsendingonMarch31,2015.Thiswasan
11.3% increase for that product type over the previous 12 month period. The builders and
communitiesforthatproducttypecanbeseeninthefollowingtables.
Community
SF Att. Permits
1 Lindsford
2 Watermark
3 Pelican Preserve
4 Whispering Palms
5 Marina Bay
6 Paseo
30
26
18
18
12
2
2
Builder
1 DR Horton
2 Neal Communities
3 Pulte/Centex
4 WCI
5 GL Homes
6 Stock
SF Att. Permits
30
26
20
18
12
2
Therewerealsopermitsissuedfor579multi‐familyunits(buildingswith3ormoreunits)intheCity
ofFortMyersoverthepast12monthsendingonMarch31,2015.Thiswasa103.2%increasefor
that product type over the previous 12 month period. 443 of the 579 multi‐family units were for
rentalapartments(332)orassistedliving(111)units.Excludingrentalandassistedlivingunits,the
city saw a 31.7% decrease in for‐sale multi‐family permit issuance over the past 12 months. The
buildersandcommunitiesforthatproducttypecanbeseeninthefollowingtables.
Community
MF Permits
1 Colonial Commons Apts.
2 Paseo
3 Southern Oaks Asst. Living
332
Builder
128 1 Brooks & Freund
111 2 Stock
8 3 Pulte/Centex
48
MF Permits
443
128
8
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.
Mar-15
Mar-14
Sep-14
Mar-13
Sep-13
Mar-12
Sep-12
Mar-11
Sep-11
Mar-10
Sep-10
Mar-09
Sep-09
Mar-08
Sep-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
Sep-03
Mar-03
Sep-02
Mar-02
Sep-01
Mar-01
Sep-00
Mar-00
0
Issued Permits
TheCityofBonitaSpringsissuedatotalof575newsinglefamilydetachedhomepermitsoverthe
past12monthsendingonMarch31,2015.Thiswasa53.7%increaseovertheprevious12month
period.
49
NewsinglefamilydetachedhomepermitsissuedinBonitaSprings
Bonita Single Family Detached Issued Permits Per Month
70
65
60
55
50
45
40
35
30
25
20
15
10
5
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
Jul-11
May-11
Mar-11
0
Issued Permits
Source: Bonita Springs Community Dev.
ThetopbuildersandcommunitiesmeasuredbysinglefamilydetachedpermitissuanceintheCityof
BonitaSpringsforthepast12monthsendingonMarch31,2015canbeseenbelow.
Community
SF Permits
1 Village Walk
2 Paloma
3 Bonita National
4 Bonita Lakes
5 Cordova at Spanish Wells
6 Bonita Isles
7 Quail West
8 Fairwinds
9 Mediterra
10 Red Hibiscus
11 San Carlos Estates
12 Bonita Beach
13 Oak Ridge
14 Bonita Bay
15 Paradise Woods
122
78
73
72
55
45
24
14
12
8
8
7
6
5
5
Builder
1 Toll Brothers
2 Pulte/Centex
3 DR Horton
4 Lennar
5 Minto Communites
6 Stock 7 London Bay
9 McGarvey Custom Homes
10 Veridian Construction
11 Potter Homes
12 Thomes Lawerence Enterprises
13 Woodland Custom Homes
14 Greenleaf Homes
50
SF Permits
127
122
94
73
45
19
11
8
6
5
4
4
4
3
issuedfortheCityofBonitaSpringsoverthepast12monthsendingonMarch31,2015.Thiswasa
48.3% decrease for that product type over the previous 12 month period. The builders and
communitiesforthatproducttypecanbeseeninthefollowingcharts.
Community
1 Bonita Isles
2 Cordera
3 Bonita Shores
SF Att. Permits
Builder
SF Att. Permits
38 1 Minto
24 2 DR Horton
4 3 Bonita Shores Construction
38
24
4
Therewerealsopermitsissuedfor229multi‐familyunitsintheCityofBonitaSpringsoverthepast
12 months ending on March 31, 2015. This was a 9.1% decrease for that product type over the
previous12monthperiod.Thebuildersandcommunitiesforthatproducttypecanbeseeninthe
followingcharts.
Community
1 Bonita National
2 The Colony G & CC
3 Sorrento
MF Permits
Builder
94 1 Lennar
71 2 WCI
60 3 DR Horton
51
MF Permits
94
71
60
The following graph shows the trend for total residential units permitted in all of Lee County
municipalitiescombined.FiguresfromtheSanibelandFortMyersBeachareincludedinthegraph.
There was a total of 5,569 residential units permitted across all product types over the past 12
Lookingforward,webelieveresidentialpermitissuanceinLeeCountywillexperienceanadditional
increaseof15%‐20%overthenext12months.
Lee County Total Residential Units Permitted (Issued)
1500
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
Source: LSI
Mar-15
Oct-14
May-14
Dec-13
Jul-13
Feb-13
Sep-12
Apr-12
Nov-11
Jun-11
Jan-11
Aug-10
Mar-10
Oct-09
May-09
Dec-08
Jul-08
Feb-08
Sep-07
Apr-07
Nov-06
Jun-06
Jan-06
0
Issued Residential Units
FiguresfromFortMyersBeachandSanibelIslandareincludedinthegraph.FortMyersBeachhad
27permitsissuedoverthepast12monthsfornewhomes,whileSanibelhad24permitsissued.
52
CharlotteCountyPermits
There were a total of 652 permits issued for new single family detached homes within Charlotte
County over the past 12 months ending on March 31, 2015. This was a 44.9% increase from the
previous12monthperiod.ActivityinCharlotteCountyislikelygoingtocontinuetoimproveover
thenext24months.
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
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
0
Source: Charlotte County Building Dept.
Issued Permits
53
Newsingle‐familyhomepermitsissuedpermonthinCharlotteCounty
Charlotte Single Family Detached Issued Permits Per Month
70
65
60
55
50
45
40
35
30
25
20
15
10
5
Source: Charlotte County Building Dept.
Issued permits
54
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
Jul-11
May-11
Mar-11
0
ThetopbuildersandcommunitiesmeasuredbysinglefamilydetachedpermitissuanceinCharlotte
Countyforthepast12monthsendingonMarch31,2015canbeseenbelow.
Builder
Community
1 Creekside
2 Waterford
3 Riverclub
4 Riverwood
5 Villa Milano
6 Calusa Creek
7 Pirate Harbor
8 Oak Harbour
SF Permits
46
26
22
21
11
10
7
6
1 Maronda
2 Adams Homes
3 DR Horton
4 DM Dean Inc
5 Hamsher Homes
6 Snyder Built Constuction
7 Casas Del Sol Inc
8 Centex
9 Snyder Construction
11 Breakwater Construction
12 KB Home
13 Your Home of Florida
14 Capital Building & Construction
15 Tradewinds Luxury Homes
16 Frank Fredricks Custom Homes
17 Porter Contracting
18 Chesnee Inc
19 Vantage Homes
SF Permits
69
60
59
43
26
26
21
21
21
18
17
17
17
16
15
14
11
7
6
Inaddition,therewere18singlefamilyattachedpermitsissuedoverthepast12monthsendingon
March31,2015withinCharlotteCounty.16wereissuedtoDRHortonfortheirLandingsatCoral
Creekprojectand2wereissuedtoKBHomesfortheirTuscanyIslesproject.
CharlotteCountyissuedpermitsforatotalof670residentialunitsacrossallproducttypesoverthe
past12monthsendingonMarch31,2015.Thiswasa41.6%increaseovertheprevious12month
period.Lookingforward,webelieveresidentialpermitissuanceinCharlotteCountywillexperience
anadditionalincreaseof15%‐20%overthenext12months.
55
TotalCombinedPermits(Collier,Lee,&Charlotte)
Therewereatotalof10,218permitsissuedfornewresidentialunitsinCollier,LeeandCharlotte
Countiescombinedoverthepast12monthsendingonMarch31,2015.Thiswasa41.4%increase
from the previous 12 month period. We project around 11,000 new residential units will be
permittedinthe2015calendaryear.Thecombinedmonthlytrendcanbeseeninthefollowingchart.
Total Residential Units Permitted (Collier, Lee & Charlotte)
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
Source: LSI & County/City Departments Total Residential Units Permitted
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
Jul-11
May-11
Mar-11
0
Ifweseeanother41.4%increaseinnewresidentialunitspermittedoverthenext12months,we
wouldhave14,448newunitspermitted.Thisisbelievedtobeabovewhathistorical,currentand
projectedpopulationgrowthsupports.Current(Census)populationgrowthfiguressupportsalevel
around11,911newresidentialunitsperyearforthetri‐countyarea.
56
CollierMLSSalesTrends
Thefollowinggraphsindicatesinglefamilyandmulti‐familysalestrendsforCollierCountyonly.The
dataforthisportionofthereportwasobtainedfromtheNaplesAreaBoardofRealtors(NABOR).
Themedianpriceforthefirstquarterof2015stoodat$395,000forasinglefamilydetachedhome,
whichwasa5.3%increaseoverthesameperiodfrom2014.
60
Source: NABOR # Sold
Average Sale Price
# Sold
$0
Mar‐15
90
Jul‐14
120
$75,000
Nov‐14
$150,000
Nov‐13
150
Mar‐14
180
$225,000
Jul‐13
$300,000
Nov‐12
210
Mar‐13
240
$375,000
Jul‐12
$450,000
Mar‐12
270
Nov‐11
300
$525,000
Jul‐11
330
$600,000
Mar‐11
$675,000
Jul‐10
360
Nov‐10
390
$750,000
Mar‐10
$825,000
Jul‐09
420
Nov‐09
450
$900,000
Nov‐08
$975,000
Mar‐09
480
Jul‐08
510
$1,050,000
Nov‐07
$1,125,000
Mar‐08
540
Jul‐07
570
$1,200,000
Mar‐07
Price
Collier Single Family Detached MLS $1,275,000
Median Sale Price
ThemedianincomeinCollierCounty,accordingtothe2013U.S.CensusBureau’sACS,supportsa
medianhomepriceofapproximately$229,000witha10%downpaymentandassuminga4.25%
interestrate.
57
The median price for the first quarter of 2015 stood around $255,500 for multi‐family homes in
CollierCounty.Thiswasa16.4%increaseoverthesameperiodfrom2014.
100
Source: NABOR # Sold
Average Sale Price
Median Sale Price
58
# Sold
$0
Nov‐14
150
Mar‐15
$50,000
Jul‐14
200
Nov‐13
250
$100,000
Mar‐14
$150,000
Jul‐13
300
Mar‐13
$200,000
Nov‐12
350
Jul‐12
$250,000
Mar‐12
400
Jul‐11
$300,000
Nov‐11
450
Mar‐11
500
$350,000
Jul‐10
$400,000
Nov‐10
550
Nov‐09
$450,000
Mar‐10
600
Jul‐09
$500,000
Nov‐08
650
Mar‐09
$550,000
Jul‐08
700
Nov‐07
750
$600,000
Mar‐08
$650,000
Jul‐07
800
Mar‐07
Price
Collier Multifamily MLS
$700,000
LeeMLSSalesTrends
Thefollowinggraphsindicatesinglefamilyandmulti‐familysalestrendsforLeeCountyonly.The
datawastakenfromtheRealtorAssociationofGreaterFortMyersandtheBeach.Themedianprice
forthefirstquarterof2015stoodat$200,000forasinglefamilyhome,whichwasa14.3%increase
overthesameperiodfrom2014.
# Sold
Average Sale Price
# Sold
250
Mar‐15
350
$0
Nov‐14
$25,000
Jul‐14
450
Mar‐14
$50,000
Nov‐13
550
Jul‐13
650
$75,000
Mar‐13
$100,000
Nov‐12
750
Jul‐12
850
$125,000
Mar‐12
$150,000
Nov‐11
950
Jul‐11
$175,000
Mar‐11
1050
Nov‐10
1150
$200,000
Jul‐10
$225,000
Mar‐10
1250
Nov‐09
$250,000
Jul‐09
1350
Mar‐09
1450
$275,000
Nov‐08
$300,000
Jul‐08
1550
Mar‐08
1650
$325,000
Nov‐07
$350,000
Jul‐07
1750
Mar‐07
Price
Lee Single Family Detached MLS
$375,000
Median Sale Price
Source: Greater Ft Myers MLS Themedianincome,accordingtothe2013U.S.CensusBureau’sACS,supportsamedianhomeprice
ofapproximately$191,500witha10%downpaymentandassuminga4.25%interestrate.
59
The median price for the first quarter of 2015 stood at $170,000 for multi‐family homes in Lee
County.Thiswasa6.3%increaseoverthesameperiodfrom2014.
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
Nov‐14
Mar‐15
Jul‐14
Mar‐14
Nov‐13
Jul‐13
Median Sale Price
Source: Greater Ft Myers MLS 60
Mar‐13
Nov‐12
Jul‐12
Mar‐12
Nov‐11
Jul‐11
Mar‐11
Nov‐10
Jul‐10
Mar‐10
Nov‐09
Jul‐09
Mar‐09
Nov‐08
Jul‐08
Mar‐08
Nov‐07
Jul‐07
Mar‐07
0
# Sold
Price
Lee Multifamily MLS
$320,000
CapeCoralandLehighAcresSalesTrends
AfullrecoveryintheSouthwestFloridaresidentialrealestatemarketisunderwaywiththehardest
hit areas of Cape Coral and Lehigh Acres now showing demand for new homes. Home to a large
percentage of the workforce in Southwest Florida, these areas were severely affected by the real
estatecollapseandthehighunemploymentthatessentiallyfollowed.Thesetwofactorscoupledwith
the vast real estate speculation that caused a substanial oversupply, drove home prices below
replacementcostinthesecommunities.
WestartedtoseeasignificantincreaseindemandfornewhomesinCapeCoralinlate2011.Demand
fornewhomesinLehighAcresstartedtoliftoffthebottomaboutayearlater.Thefollowinggraphs
indicatesalestrendsofsinglefamilyhomesbuiltinCapeCoralandLehighAcresfrom2004to2010.
Thesehomesarebelievedtobetheprimarycompetitionfornewhomesintheirsubmarkets.The
pricepersquarefootforthesenewerhomesstandsaround$94inCapeCoral(non‐waterfront)and
$71inLehighAcresforthefirstquarterof2015.
Source: Greater Ft Myers MLS
Sales Per Month
$ PSF
61
Mar-15
Price Per Square Foot
$40
Jul-14
20
Nov-14
$50
Mar-14
40
Nov-13
$60
Jul-13
60
Mar-13
$70
Jul-12
80
Nov-12
$80
Mar-12
100
Jul-11
$90
Nov-11
120
Mar-11
$100
Jul-10
140
Nov-10
$110
Mar-10
160
Jul-09
$120
Nov-09
180
Mar-09
$130
Jul-08
200
Nov-08
$140
Mar-08
220
Jul-07
$150
Nov-07
240
Mar-07
$160
Nov-06
260
Jul-06
$170
Mar-06
280
Jul-05
$180
Nov-05
300
Mar-05
Sales Per Month
MLS Cape Coral Single Family Detached Non-Waterfront
(Homes Built 2004-2010)
1850
$215,000
1825
$200,000
1800
$185,000
1775
$170,000
1750
$155,000
1725
$140,000
1700
$125,000
1675
$110,000
1650
$95,000
1625
$80,000
Average Square Footage
Average Price Per Sale
$230,000
Nov-14
Mar-15
1875
Nov-13
Mar-14
Jul-14
$245,000
Nov-12
Mar-13
Jul-13
1900
Nov-11
Mar-12
Jul-12
$260,000
Nov-10
Mar-11
Jul-11
$275,000
1925
Nov-09
Mar-10
Jul-10
1950
Nov-08
Mar-09
Jul-09
$290,000
Nov-07
Mar-08
Jul-08
1975
Nov-06
Mar-07
Jul-07
$305,000
Nov-05
Mar-06
Jul-06
2000
Mar-05
Jul-05
MLS Cape Coral Single Family Detached Non-Waterfront
62
All Lehigh Acres Single Family Detached Sales (Homes Built 2004‐2010)
40
$40
20
$30
0
$20
Sales Per Month
$ PSF
63
Jul-14
$50
Nov-14
Mar-15
$60
60
Jul-13
80
Nov-13
Mar-14
$70
Nov-12
Mar-13
$80
100
Jul-12
$90
120
Jul-11
140
Nov-11
Mar-12
$100
Jul-10
$110
160
Nov-10
Mar-11
180
Jul-09
$120
Nov-09
Mar-10
$130
200
Nov-08
Mar-09
220
Jul-07
$140
Nov-07
Mar-08
Jul-08
$150
240
Jul-06
$160
260
Nov-06
Mar-07
280
Jul-05
$170
Nov-05
Mar-06
$180
300
Mar-05
Sales Per Month
320
Price Per Square Foot
$190
340
1725
$230,000
1700
$215,000
1675
$200,000
1650
$185,000
1625
$170,000
1600
$155,000
1575
$140,000
1550
$125,000
1525
$110,000
1500
$95,000
1475
$80,000
1450
$65,000
1425
$50,000
$245,000
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
Jul-12
Nov-12
Mar-13
Jul-13
Nov-13
Mar-14
Jul-14
Nov-14
Mar-15
$260,000
1750
Nov-08
Mar-09
Jul-09
1775
Nov-06
Mar-07
Jul-07
Nov-07
Mar-08
Jul-08
$275,000
Nov-05
Mar-06
Jul-06
1800
Mar-05
Jul-05
Average Home Square Footage
All Lehigh Acres Single Family Detached Sales
64
SubdivisionVacantDevelopedLotInventories
Thefollowingchartsshowthetopsubdivisionsbyvolumeofvacantdevelopedlot(VDL)inventories
forCollier,Lee,andCharlotteCountiesasof3/31/2015.
Collier Vacant Developed Lots
Rank Community
1 Naples Reserve
2 Esplanade G & CC
3 Arrowhead Reserve
4 Ave Maria (Total)
5 Quail West
6 Royal Palm Golf Estates
7 Marbella Isles
8 Artesia
9 Fiddlers Creek
11 Bent Creek Preserve
12 Barrington Cove
13 Orange Blossom Grove 14 Reflection Lakes
15 Talis Park
16 Esplanade @ Hacienda Lakes
17 Riverstone
18 Tuscany Pointe
19 Raffia Preserve
20 Lely Resort
21 Palazzo Village
22 Valencia Golf &CC
23 Canopy
24 Mediterra
25 Treviso Bay
26 Twin Eagles
27 Sienna Reserve
28 The Quarry
29 Mockingbird Crossing
30 Grey Oaks & Estuary
31 Camden Lakes
32 Coco Lakes
33 Mangrove Bay
34 Valencia Lakes
35 Orange Blossom Ranch 36 Enclave on Naples Bay
37 Andalucia
38 Audubon Country Club
39 Landings at Bears Paw
40 Naples Club Estates
41 Marsilea Villas
VDL
419
393
286
258
249
219
216
200
148
132
124
122
115
102
100
98
98
93
86
82
81
70
64
52
52
51
42
42
41
38
36
36
35
34
31
29
26
22
22
15
14
Source: LSI
65
Lee Vacant Developed Lots
Rank Community
1 River Hall
2 Plantation CC/Bridgetown
3 Villages of Entrada
4 Marina Bay
5 Corkscrew Shores
6 Shadow Lakes
7 Sandoval
8 The Grove
9 Pelican Preserve
10 Town Lakes
11 Lindsford
12 Verandah
13 Cape Royal/Royal Tee
14 Hampton Park
15 Caloosa Preserve
16 Reflection Isles
17 Bonita Lakes
18 Camden Square
19 Estero Place
20 Pebble Pointe
21 Bella Vida
22 Coves of Estero Bay
23 Paseo
24 Cordova at Spanish Wells
25 Horse Creek
26 Watermark
27 Corkscrew Ranch
28 Moody River
29 Copperhead
30 Remington Oaks
31 Magnolia Landing/Herons Glen
32 Cape Harbour
33 Renaissance
34 Timberwood Preserve
35 Villagewalk
36 West Bay
37 Serrano
38 Coastal Key
39 Tarpon Pointe
40 Miromar Lakes
41 Waters Edge
42 Calusa Ridge
43 Hickey Creek
44 McGregor Reserve
45 Paloma
46 Bonita National
Source: LSI
VDL
962
476
399
269
265
228
191
164
161
140
127
120
116
115
113
112
110
94
78
77
76
73
71
68
63
61
60
51
50
50
49
43
43
43
43
39
35
31
31
30
30
28
24
23
21
20
66
Charlotte Vacant Developed Lots
Rank Community
1 Tern Bay
2 Waterford Estates
3 River Club
4 Calusa Creek
5 Creekside
6 Eagle Preserve Estates
7 Oak Harbour
8 Kingsgate
9 Villa Milano
10 Rio Villas
VDL
201
174
146
95
81
67
35
25
20
16
Source: LSI © 2015 Land Solutions, Inc. All Rights Reserved
67
CapeCoralandLehighAcresLotSalesTrends
TherecentrecessionledtomassivedeclinesinsinglefamilylotpricesinCapeCoralandLehighAcres.
TheaveragesellingpriceforalotinLehighAcresandCapeCoralfellabout92%‐95%fromtheirpeak
inlate2005andhavesincerebounded.Salepricesfortheselotsshowedstronggainsin2013and
continuedinto2015.Onaverage,lotssoldforapproximately$18,703inCapeCoraland$4,102in
Lehigh Acres in the first 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
68
Oct-14
Mar-15
May-14
Jul-13
Dec-13
Feb-13
Apr-12
Sep-12
Jun-11
Nov-11
Jan-11
Aug-10
Oct-09
Sales Per Month
Mar-10
May-09
Jul-08
Dec-08
Feb-08
Sep-07
Apr-07
Jun-06
Nov-06
Jan-06
Aug-05
Oct-04
Mar-05
May-04
Jul-03
Dec-03
$0
Feb-03
0
Sales Per Month
475
Lehigh Acres Single Family Lot Sales
(Under .33 Acres)
$1,750
10
$1,500
Sales Per Month
69
Jan-15
15
Mar-15
$2,000
Nov-14
20
Sep-14
$2,250
Jul-14
25
May-14
$2,500
Mar-14
30
Jan-14
$2,750
Nov-13
35
Sep-13
$3,000
Jul-13
40
May-13
$3,250
Mar-13
45
Jan-13
$3,500
Nov-12
50
Sep-12
$3,750
Jul-12
55
May-12
$4,000
Mar-12
60
Jan-12
$4,250
Nov-11
65
Sep-11
$4,500
Jul-11
70
May-11
$4,750
$5,000
75
Mar-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
70
Oct-14
Mar-15
Dec-13
May-14
Jul-13
Feb-13
Apr-12
Sep-12
Jun-11
Nov-11
Jan-11
Aug-10
Oct-09
Mar-10
May-09
Jul-08
Dec-08
Feb-08
Sep-07
Apr-07
Jun-06
Nov-06
Jan-06
Aug-05
Oct-04
Mar-05
May-04
Jul-03
Dec-03
Feb-03
Sep-02
0
Sales Per Month
MLS Cape Coral Non-Waterfront Single Family Lot Sales
(Under .33 acres)
Sales Per Month
71
Mar-15
Jan-15
Nov-14
$4,000
Sep-14
0
Jul-14
$6,000
May-14
10
Jan-14
$8,000
Mar-14
20
Nov-13
$10,000
Sep-13
30
Jul-13
$12,000
May-13
40
Mar-13
$14,000
Jan-13
50
Nov-12
$16,000
Sep-12
60
Jul-12
$18,000
Mar-12
70
May-12
$20,000
Jan-12
80
Nov-11
$22,000
Sep-11
90
Jul-11
$24,000
May-11
100
Mar-11
Sales Per Month
MLS Cape Coral Non-Waterfront Single Family Lot Sales
(Under .33 acres)
NotableTransactions
Sale Date
County
04/01/14
Lee
City
Location
Fort Myers Lindsford, Winkler Ave
Legends Bay at IMG 04/02/14 Manatee Bradenton Academy, off El Conquistador Pkwy
South side of Golden 04/04/14 Collier
Naples Gate Pkwy, east of Goodlette Frank Rd
Palazzo at Naples, off 04/17/14 Collier
Naples Immokalee Rd on Valewood Dr
Off Livingston Rd between Camden Lakes 04/21/14 Collier
Naples
and Imperial Golf Course
Fiddler's Creek, off 04/23/14 Collier
Naples Collier Blvd south of Tamiami Trail
Livingston Road, north 05/06/14 Collier
Naples
of Immokalee Rd
05/16/14
05/20/14
05/22/14
05/28/14
05/28/14
06/02/14
06/03/14
06/16/14
06/26/14
06/26/14
06/27/14
07/01/14
Collier
Seller Buyer
Price Price per Acre Acres
Units / Price per Lots Unit/Lot Comments
Waterford Landing D.R. Horton Inc
Acquisitions LLC
$12,725,250 221 $ 57,580 Take down 221 single‐
family lots
Sarabay Associates LLLP
D.R. Horton Inc
$ 1,380,000 18 $ 76,667 community by Ruben‐
Holland Development
Fifth Third Bank
Moorings Inc
$12,000,000 Westbury Quail Gardens LLC
Toll Brothers
$ 7,500,000 21.8
Single‐family gated $ 344,828 85 $ 88,235 community just east of I‐
75
Marsilea Villas II D.R. Horton Inc
LLC
$ 1,487,000 10.0
$ 148,700 27 $ 55,074 zoned for single family
FCC Veneta LLC
$ 5,460,000 D.R. Horton Inc
Fullerton Bonita D.R. Horton Inc
LLC
Twineagles TwinEagles, Wisteria Stock Naples
Developments AGR Dr, off Immokalee Blvd
Development
LLC
Winkler Rd, south of Freedom Boat Fort Myers
D.R. Horton Inc
Summerlin Rd
Company
22.4
Purchased by Naples‐
based Moorings Park
$ 535,475 42 $130,000 Lagomar at Fiddler's Creek
$ 6,975,000 51.0
$ 136,765 204 $ 34,191 Brandon PUD just south of Talis Park
9 $170,000 65' lots
$ 1,530,000 entitled for 28 single family lots
Partially developed with infrastructure. Sale Artesia, Tower Road & Avanti Properties WCI Communities includes 89 finished lots, Collier
Naples Barefoot Williams $13,713,900 261.0 $ 52,544 Group
LLC
78 completed homes, and Road
entitlements for 725 lots
Livingston Road, south WCI Communities Livingston Lakes (partially Collier
Naples
Section Thirty LLC
$15,000,000 46.3 $ 324,184 327 $ 45,872 of Immokalee Rd
LLC
developed)
entitled for more than North Port Thomas Ranch, Thomas 11,000 homes and 3 Sarasota
Mattamy Homes $86,250,000 9650.0 $ 8,938 / Venice Tamiami Trl (US 41)
Enterprises
million sf commercial
Temple Grove, Osceola GL plans to build around Trl between Airport John & Marsha Collier
Naples
GL Homes
$23,881,860 130.5 $ 183,017 512 $ 46,644 480 units out of 512 Pulling Rd and Pulling
allowed by zoning.
Livingston Rd
Investment group led by Edgewood ADC REO‐FL Land Ron Greenland plans Opportunity Fund $ 2,550,000 169.5 $ 15,044 400 $ 6,375 Charlotte Englewood 4275 Placida Rd
LLC
single‐family and twin II LP
villas
78 fully developed lots, 68 partially developed lots OB 2, LLC; OB 3, Orange Blossom, Oil and 120.6 acres of zoned LLC; OB 4, LLC; OB Ronto Group
$15,260,880 Collier
Naples Well Rd, east of residential land. 5, LLC; and OB 6, Immokalee Rd
LLC
Lots=$900/front foot. Raw land=$62,000/acre.
Orange Blossom, Oil agricultural land in Bryan W. Paul Collier
Naples Well Rd, east of Ronto Group
$11,150,000 186.0 $ 59,946 Orange Blossom Grove Family LLLP
and Ranch PUD
Immokalee Rd
LaMorada, adjacent to FKA Indian Hill Estates. Calusa Pines Golf Calusa Pines Gold WCI Communities Previously planned for Collier
Naples
Club LLC (Gary $32,500,000 205.0 $ 158,537 325 $100,000 Club, Immokalee Rd LLC
±450 units; WCI plans 325 Chensoff)
east of Collier Blvd
homes.
Divot Drive formerly planned for 14 Bonita Tropical Acres Dr, west Trieste Land $ 1,000,000 18.5 $ 54,054 Lee
Ventures LLC
Development LLC
single‐family lots
Springs of Imperial Pkwy
Baywoods at Bonita Bonita Stock Single‐family lots in Lee
Bay, Woodlyn Dr off Bonita Bay Group
$ 8,775,000 15 $585,000 Springs
Development
Baywoods Phase Two
Bonita Bay Blvd
Lee
$ 1,300,000 9.7
$ 134,715 28 $ 46,429 © 2015 Land Solutions, Inc. All Rights Reserved
72
Sale Date
County
City
Location
Seller Buyer
07/01/14
Collier
Naples
07/10/14
Collier
Naples
07/18/14
Collier
Naples
07/21/14
Collier
Naples
07/22/14
Collier
07/22/14
Lee
07/23/14
Lee
07/29/14
Lee
07/31/14
Lee
Fort Myers
08/19/14
Lee
Camden Square, Plantation 37 LLC, Fort Myers Plantation Rd, north of Daniel Light, Leah Pulte Home Corp
Crystal Dr
Light, et al
Price Units / Price per Lots Unit/Lot Comments
Fiddler's Creek joint FC Oyster Harbor venture with Taylor $42,500,000 474.9 $ 89,494 1,000 $ 42,500 LLC
Morrison called Oyster Harbor
DiVosta Homes LP South of VeronaWalk, Barron Collier Co.
$ 5,025,000 199.9 $ 25,138 east of Lely, Collier (Pulte)
Hawthorne at Lely 56 partially developed First American Stock Resort, Hawthorne Dr, $ 1,000,000 16.0 $ 62,406 56 $ 17,857 coach home sites or 13 4‐
Bank
Development
west of Collier Blvd
plex pads
Fiddler's Creek, off Collier Blvd south of Tamiami Trail
FCC Preserve LLC
NEC Tree Farm Rd & Collier Blvd
Naples Syndications LLC
Mercato, off US 41 Barron Collier north of Vanderbilt Cos.
Beach Rd
Corkscrew Shores, Corkscrew Lakes Estero Corkscrew Rd east of I‐
LLC (Cameratta)
75
Daniels Preserve at Daniels Preserve Fort Myers Gateway, off Commerce 15 LLC (Eddy Lakes Dr east of I‐75
Garcia)
16531 Davis Rd, off Andrea Ladon Fort Myers McGregor Blvd near Miller
Shell Point
Naples
3950 Veronica Shoemaker Blvd
Intercredit Bank NA
Argo Warm Springs LLLP
Warm Springs PUD; zoned $10,310,000 112.0 $ 92,054 286 $ 36,049 for 450 units but planning 286 single‐family lots
The Lutgert Cos.
$13,500,000 Pulte Home Corp
$ 1,275,000 7 $182,143 Lennar Homes LLC $ 922,500 15 $ 61,500 AUM Realty of Florida LLC
$ 310,000 Pinnacle Development Group
$ 53,708 488 $ 2,152 Zoned for multifamily or commercial uses
$ 3,620,000 38.8
$ 93,395 130 $ 27,846 Residential development site zoned for 130 homes
$ 8,500,000 Former Naples Daily News property. Buyer to create a $ 957,207 100 $ 85,000 mixed‐use project called 1075 Central
$ 4,100,000 21.9
Naples
08/24/14
Collier
Naples
10967 Livingston Rd, Sea Investments SWC Golden Gate Pkwy LLC
Orchid Run Apartments LLC
Point Pleasant, 1813 First Ave West
Presbyterian $ 2,250,000 Retirement Communities, Inc. Continental Properties, Inc.
4.5
8.9
2.3
09/08/14
Lee
09/17/14
Lee
09/25/14
Lee
09/26/14
Lee
09/30/14
Lee
10/02/14
Lee
10/03/14
Lee
Bonita Springs
Bonita Fairways, off Terry St
Saber Bonita LLC
Home Dynamics Bonita Fairways $ 4,000,000 26.9
LLC
10/08/14
Lee
Fort Myers
Maida Lane, south of Gladiolus Dr
EverBank
Maida Lane LLC
Pinnacle Development Group LLC
SD Emerson LLC (Stock Development)
$ 6,650,000 18.0
$ 187,129 300 $ 13,667 $ 991,189 $ 369,444 260 $ 25,577 $ 1,230,000 134.0 $ 9,183 160 $ 7,688 $ 3,000,000 26.0
Apartment site within a mixed use DRI
Raw land. Buyer included an equity partner.
Partially improved single‐
family lots
Single‐family lots with 80‐
15 $ 80,000 foot frontages
$ 2,250,000 D.R. Horton Inc
$ 1,200,000 GA‐Pinnacle Savanna Lakes LLC
$ 1,530,000 121.1 $ 12,631 608 $ 2,516 $ 475,000 31.5
Apartment site within Grey Oaks DRI
Waterfront on the Manatee River zoned for multi‐family or single family homes
$ 115,385 268 $ 11,194 Pulte Home Corp
31 $ 72,581 Zoned for single‐family and attached villas
Planned for semi‐detached $ 148,699 200 $ 20,000 patio homes in a new subdivision called Natura
$ 15,075 © 2015 Land Solutions, Inc. All Rights Reserved
73
$2,800 per front foot; lakefront lots
$ 1,050,000 19.6
Collier
University Highlands, adjacent to Germain University Estero
Highlands LP
Arena off Ben Hill Griffin Pkwy
Ranches at Beazer Homes Fort Myers Buckingham, 11400 Corp
Orange River Blvd
Emerson Village, Emerson Village Fort Myers Emerson Square Blvd LLC (TerraCap)
off US 41 near Alico Rd
Waters Edge, Laguna Dr Olive Laguna Dr Fort Myers
off Iona Rd
LLC
Bonita Fairwinds, Avonleigh Domas Fairwinds Springs Dr off Paradise Rd
LLC
Savanna Lakes, Lehigh Milwaukee Blvd west of V Ventures LLC
Acres
Homestead Rd
$ 1,200,000 83 $162,651 Zoned for residential
Planned for a rental townhouse community
08/19/14
Biel REO, LLC
11.3
$ 68,889 28 $ 11,071 1075 Central Ave, R&B Naples between 10th St S and Scripps Media Inc
Holdings 3 LLC
12th St N
09/04/14 Manatee Bradenton
Price per Acre Acres
Ag land on Hendry Creek with direct gulf access.
Sale Date
County
City
10/10/14
Lee
Bonita Springs
10/15/14
Lee
10/16/14
Lee
10/22/14
Collier
11/12/14
Lee
12/01/14
DeSoto
Location
Cordova at Spanish Wells, off Old 41 Rd
3040 Estero Blvd, Fort Myers Junkanoo and Fresh Beach Catch Bistro restaurants
Bonita Bonita Beach Rd, east Springs of I‐75
Lakeland Ave, northwest of Naples
Livingston Rd & Immokalee Rd
Seller Kings Highway & Peace River St
$ 2,475,000 East Coast Restaurants Inc
Persaud Properties FL Investments LLC
$ 8,000,000 3.5
Palmira Village LLC
EA Florida Investments LLC
$ 975,000 4.6
J. D. Development Breault $ 1,700,000 LLC
Construction Inc
5.0
Peace River Land Group, LLC
OB 4, LLC and Kings Highway 301, LLC
James Walter Jones Loop Rd, east of Sheffer and Dawn OB 4, LLC
I‐75
M. Roush
12/04/14
Collier
Naples
11150 Tamiami Trail Platinum Coast E, near Treviso Bay
Financial Corp
12/05/14
Lee
12/05/14
Lee
12/11/14
Desoto
12/12/14
Lee
12/12/14 Sarasota
Estero
Estero Crossing, 10500 Corkscrew Rd, JTAD Estero LLC
between Three Oaks Pwky & I‐75
Lee
01/05/15
Lee
01/20/15
Lee
01/26/15
Lee
01/28/15
Collier
Comments
45 $ 55,000 Second and last take
Developer to build 10 mulimillion‐dollar homes on 500 feet of beach frontage
Between Palmira and $ 212,418 44 $ 22,159 Sorrento (Parklands)
$ 2,292,264 10 $800,000 Approved for 15 lots with $ 340,000 15 $113,333 80' frontages, mostly developed
Commercial zoning amended for 124 MF units, 8.9 $ 229,655 124 $ 16,532 but will be ALF site (135 units in first phase)
Rezoning to PUD under $ 2,997,500 303.7 $ 9,869 1,058 $ 2,833 review for residential planned development
$ 2,007,125 157.0 $ 12,781 McGuire $ 1,500,000 Development Co.
8.7
$ 172,414 Zoned for agricultural use at time of sale
Commercial land to be developed for assisted living facility
WCI $ 5,490,000 236.6 $ 23,204 Communities LLC
West of Gateway Blvd, next to Plantation GCC
SD Estero Crossings LLC (Stock Development)
Zoned commercial at time of sale, but the proposed development will also have residential component
$ 5,805,000 43.0
$ 135,094 FRENCH GOLDEN DeSoto County Ranch Florida Power and GATE LLC $21,969,972 8806.0 $ 2,495 Arcadia and Farm, Four Mile Light
(Optimum Grade & NE Mercer St
Agriculture, LLC)
OB Florida CRE Plantation Rd, just Medmar Rezoned for 144 single‐
Fort Myers
Holdings LLC $ 3,704,810 55.2 $ 67,116 144 $ 25,728 south of Colonial Blvd
Developments LLC
family lots
(Iberia Bank)
624 Palm Ave, just Timothy & Kristen WSR‐Sarasota $ 1,300,000 Sarasota east of US 41/Bayfront Beury
LLC (Ronto Group)
Dr near water
12/15/14 Sarasota Englewood 1151 S. River Rd
12/23/14
Units Price per / Lots Unit/Lot Omega $ 2,050,000 Communities LLC
Punta Gorda
Arborwood CDD Holdings Inc
Price per Acre Acres
Toll Brothers
12/02/14 Charlotte
Arborwood Preserve, Fort Myers 12005 Commerce Lakes Dr
Price Lakehurst Land Investment LLC
Six Mile Cypress Pkwy, Fort Myers
DRLP Ltd
south of Daniels Pkwy
Arcadia
Buyer
Cape Coral
Sarasota Industries LLC
Bradenburg Four Mile Cove Pkwy, Properties of east of Del Prado Blvd
Florida LLC
0.1
Light, Reese, and River Road South $ 1,000,000 93.2
LLC
Ripple Lake LLC
$10,594,947 Redevelopment property purchased for a future high‐rise condominium
$ 10,730 Zoned industrial at time of sale, but buyer applying to rezone for residential
Zoned single‐family; $ 3,270,000 193.8 $ 16,873 180 $ 18,167 Approximately 60% wetlands with river access
4251 Pine Rd, west of Pay Hayes rezoning for 56 NADKARNI FAMILY Fort Myers US 41 near Estero PINE ROAD 18 LLC $ 850,000 18.65 $ 45,576 56 $ 15,179 lots with 70’‐75’ frontages.
TRUST
Pkwy
ESTERO THREE Estero Oaks Dr, NWC Approved for 280 units of OAKS PARTNERS ESTERO OAKS Fort Myers Estero Pkwy & Three $ 3,400,000 18.40 $ 184,783 280 $ 12,143 which 64 have to be LLC (Oakbrook ASSOCIATES LLC
Oaks Pkwy
affordable housing.
Properties)
MADISON AVE First Street Village, LAND HOLDING LLC Multi‐family development Fort Myers
INVESTMENT
$ 3,500,000 7.78 $ 449,871 348 $ 10,057 2144 McGregor Blvd (PNC Bank)
site adjacent to Publix
GROUP LLC
Within the Corkscrew JEFFREY D. Regional Ecosystem THE TRUST FOR Naples 17311 Immokalee Rd GARGIULO, $ 9,765,000 619.93 $ 15,752 Watershed (CREW) Florida PUBLIC LAND
TRUSTEE
Forever project.
74
Sale Date
County
02/03/15 Charlotte
City
Punta Gorda
Location
Seller Bond Ranch, 33159 Oil Well Rd, adjacent BOND RANCH LLC
to Correctional Facility and I‐75
8031 Gladiolus Dr (SEC Summerlin Rd)
Buyer
$ 968,200 18.51 $ 52,307 02/05/15
Lee
14051 Treeline Ave S, MONTY TITLING Fort Myers north of airport TRUST / DONALD & TREELINE 18 LLC
TRUDI WILLIAMS
entrance
02/10/15
Lee
02/13/15
Lee
North Fort 5871 Bayshore Rd, Myers
NEC Shoreline Blvd
02/27/15
Lee
University Highlands, UNIVERSITY Fort Myers Ben Hill Griffin Pkwy HIGHLAND LP
next to Germain Arena
03/04/15
Lee
Fort Myers
03/09/15
Lee
Estero
NWC Corkscrew Rd & I‐ AOC FOCUS ESTERO 75
SHAREHOLDERS INC PARTNERS LLC
03/10/15
Collier
Naples
6621 Daniels Rd, east HORSE CREEK of Livingston Rd, south PROPERTIES LLC
of Vanderbilt Rd
03/10/15
Lee
03/11/15
Lee
03/13/15
Lee
03/16/15
Collier
03/17/15
Collier
03/24/15
Lee
03/27/15 Charlotte
03/31/15
04/01/15
BAYSHORE SELF STORAGE LLC
2002 W. First St, next SA CLV INC
to Centennial Park
15371 Old Olga Rd, north of SR 80
27005 Jones Loop Rd
SUMMER DAZE LP
PINE JONES LOOP HOLDINGS LLC (Sabal Financial)
PRIMAX PROPERTIES LLC
$ 900,000 6.98
PULTE HOME CORP
Tidewater phase 1 $10,200,000 73.04 $ 139,650 141 $ 72,340 includes 83 SF units and 58 villas
SMI VUE LLC
$ 1,650,000 1.34
$ 1,731,368 8.58
NANCY HECTOR
Lee
Fort Myers
Cypress Club site, 2601 First St
Zoned commercial
The Vue riverfront site, new version proposed for 133‐unit, 18‐story condo tower
Approved apartment site $ 201,802 136 $ 12,731 known as Courtyards at Estero
$1,229,643 133 $ 12,406 $ 3,200,000 96.67 $ 33,102 BONITA SPRINGS SENIOR CARE $ 1,680,000 5.44
LIVING LLC
CONTINENTAL 332 FUND LLC
JD DEVELOPMENT $ 1,700,000 5.00
I LLC
PULTE HOME CORP
$ 308,562 $ 6,600,000 26.30 $ 250,951 330 $ 20,000 $ 340,000 15 $113,333 Riverfront parcel
Senior housing site behind Bay Land shopping center
Multi‐family site adjacent to Home Depot
Site partially improved for 15 lots
Includes existing 18‐hole $15,500,000 507.00 $ 30,572 548 $ 28,285 golf course and 548 single‐
family home sites
GRAND RESORT‐
FT MYERS BEACH $ 6,100,000 0.94 $6,456,469 LLC (Torgerson Properties)
TAG CREEKSIDE LLC (Thomas $ 1,150,000 30.10 $ 38,206 Gruber)
Lee
621 Gulfstream Ave, VICKI L. HADLEY
across from Bayfront $ 128,940 SD HORSE CREEK Developer plans single‐
LLC (Stock $11,025,000 57.00 $ 193,421 75 $147,000 family homes upwards of Development)
$1 million
Fort Myers NWC Estero Blvd & Beach Crescent St
Sarasota
40 $ 38,750 Single‐family lots in Cascades at River Hall
$ 1,550,000 Lee
HUNTINGBURG PARTNERS LTD
Three parcels zoned AG at time of sale
D R HORTON INC
DISCOVERY VILLAGE FORT MYERS 2625 Forum Blvd, just Fort Myers
AT THE FORUM II SENIOR HOUSING $ 2,235,090 6.52
south of SR 82
LLC
IIA PROPCO LLC
04/01/15 Sarasota
04/24/15
Cascades at River PINNACLE‐
Hall, off State Road 80 CASCADES I LLC
BARRY & TONI DENICOLA
PENINSULA Bonita 27221 Bay Landing Dr, IMPROVEMENT Springs SE of Terry St & US 41 CORPORATION (Barron Collier)
Six Mile Crossing, SIX MILE VENTURE Fort Myers 5560‐5614 Six Mile LLC (OJ Buigas)
Commercial Ct Lakeland Ave, NW of BREAULT Naples Livingston Rd & CONSTRUCTION Immokalee Rd
INC
GOLF CLUB OF THE Greyhawk, Vanderbilt EVERGLADES LTD, Naples Beach Rd east of OLDE FLORIDA Collier Blvd
GOLF CLUB INC
Punta Gorda
Comments
Conservation lands within the Charlotte Harbor Flatwoods Florida Forever project.
LYNX ZUCKERMAN Multi‐Family planned CK LAND COMPANY AT NAPLES LLC development known as $ 4,250,000 53.57 $ 79,335 291 $ 14,605 LLC (Stoneburner) (Zuckerman Reflection Shores. DO Homes)
approved.
Fort Myers
Fort Myers SWC Estero Blvd & Beach Canal St
Price per Units / Price per Acre Lots Unit/Lot $ 3,150,000 669.00 $ 4,709 Lee
Alva
Acres
THE TRUST FOR PUBLIC LAND
02/04/15
Alva
Price GRAND RESORT‐
FT MYERS BEACH $ 7,200,000 3.31
LLC (Torgerson Properties)
WRS‐SARASOTA $ 2,375,000 0.26
LLC (Ronto Group)
Waterfront redevelopment site
Zoned for commercial at time of sale
Second phase senior housing site purchased $ 342,877 176 $ 12,699 along with adjacent building in The Forum
$2,175,227 Redevelopment site next to bridge access
Future high‐rise condo site
CEDAR RIVER AT Downtown riverfront LYNX ZUCKERMAN FORT MYERS LLC $ 4,675,000 2.33 $2,006,416 306 $ 15,278 planned for two 32‐story AT FORT MYERS LLC
© 2015 Land Solutions,
Inc. All Rights Reserved
(Jaxi Builders)
towers with marina
75
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.Therecentfallinoilpricesishelpingkeepmaterialcostsincheck.
RisinginterestrateswillalsofurtherstrengthentheU.S.Dollarandlikelyleadtolowermaterialcosts
overthenextfewyears.
Source:AGCofAmerica
76
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.
77
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.
78
MoreThanJustDirt.
10471SixMileCypressPkwy#402
FortMyers,FL33966
239‐489‐4066
www.landsolutions.net

Market Trends Southwest Florida

Transcription

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