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gated communityA lot of people would love to live in a gated community. But it isn’t so realistic as it’s usually way out of their budget. In Florida these days, it might soon become an option. It wouldn’t necessarily be large, spacious stand alone homes (like one usually associates with gated communities) but rather small units that would appeal to singles, those who are retired, first-time and second-time buyers.

Indeed, this is the aim of the Pulte Group. According to company spokesperson, Valerie Dolenga, a lot of this demographic is looking for “a taste of country living at prices that are easier on their wallets.” To respond to that need, the Pulte Group is now constructing two-bedroom homes in gated communities for base prices of less than $300,000 in the Naples area at The Quarry, Twin Eagles-Covent Garden, Camden Square; in Estero at Corkscrew Shores, and in the Fort Myers area at Whispering Palms, Bridgetown and The Plantation.

Not only is this great news for that demographic but it is also indicative of good things in Florida. As President of the Naples Area Board of Realtors, Mike Hughes astutely noted, “if builders weren’t building a lot of new product on the lower end, it would cut down on sales in the area. The demand level is so strong, we’re looking for whatever new product we can get.”

The issue in Southwest Florida over the last 24 months has been that it is has been very difficult to find a home with a price tag of less than $300,000. So now the state is working hard to boost growth. And it seems that is happening as there has been a push in this direction from Governor Scott. Indeed, According to Jesse Panuccio, Executive Director of Florida Department of Economic Opportunity, “September was another strong month for Florida’s housing market, with over the year increases in closed sales and median home prices.”

These developments are definitely a step in the right direction for Florida housing.

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old-peopleAmerican House is developing a construction community for seniors in Bonita Springs, in Florida. The American House Senior Living Communities, architected by Progressive Associates contains 88 one- and two-bedroom units, and also two-bedroom apartments with a den. The entire project is valued at $13.8 million.

According to Joe Passkiewicz, Senior VP of Development this project will be providing “really upscale independent senior living….[featuring] , concierge service, dining facilities and a large veranda that offers seating for outdoor dining, with a kitchen/grill [and more].” There will be an outdoor swimming pool, putting green and bocce ball court, exercise room, spa and massage room, full restaurant service, and covered parking over 26 acres close to the Imperial River.

But there could be some issues with this for seniors. According to some studies, in 2016, rising costs of living could make things very difficult for people in South Florida, especially the elderly. Because of the following three factors, senior citizens will get hit hard in their pockets. These are: there will be no annual increase in Social Security benefits; there is likely to be an escalation in the deductible for their Medicare coverage; and many Medicare beneficiaries will have to pay a lot more in their monthly premiums.

So while this Florida home looks fantastic, it just might be one of the cases in which the old adage of ‘too good to be true,’ can be put in place.

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homesWith all the less-than positive talk about Florida’s housing markets and how expensive real estate is there and the amount of foreclosures etc., hearing a positive spin on things recently from Len Kiefer, Freddie Mac Deputy Chief Economist was most welcome.

Kiefer said:
“Florida has some of the most improving housing markets in the country, largely a reflection of more borrowers becoming current on their mortgage payments as the local employment picture improves and house prices rebound. Nationally, all MiMi indicators are heading in the right direction for the second consecutive month and improving more than 6 percent from the same time last year.”

Indeed, so far in 2015 growth has been “steady” according to a recent article in The Miami Herald. However, “skyrocketing home prices have locked many buyers out of the housing market.” But even with that, according to Nicholas Nehamas “home prices in South Florida are still going up [and] the price jumps are slowing down [which translates into meaning that] the region’s middle and working class…may see more affordable homes in the market in the next few years.”

Although one never knows. If the latest article in The Inquisitr is correct and Tom Cruise sells his home in Hollywood and buys a different one in Florida, that could impact the housing market for the working and middle class in a different way altogether!

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[youtube https://www.youtube.com/watch?v=edBGVXSwakQ&w=560&h=315]

Cape Coral is one of the cheapest places to live compared to up north. Thus real estate is very attractive there. As Re/Max Realty Team Realtor Liz Williamson explained, “we find that taxes are a lot more expensive [up north] and so when they come down here, this is actually a pleasant surprise.”

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green-homeFlorida might just be about to go greener. That is of course, if the proposed WildBlue development is approved and thereafter created. Situated right by the Florida Gulf Coast University, Lee County, the project is a unification of property development and green living. The housing will be put up in the Panther Habitat Area and Groundwater Resource Area and will encompass one thousand homes, over 3,500 acres.

Next week there will be a discussion of these plans led by Real Estate Investment Society's (REIS) Private Equity Group.  The discussion will be led by Don Schrotenboer from the group and will focus on the project’s “innovative planning and exceptional conservation efforts.”

Right now the project is still awaiting approval. Once that happens, design will commence and then ways of expanding the current 332 units to 1,000 clustered ones – surrounded by lakes and preserves – will forge ahead.

Ultimately should it gain approval, WildBlue will offer an incredible chance for restoring the environment. General restoration, such as Stewart Cypress Slough is also in the plan and funding will come from private sources.

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homesAn additional 1.5 million new residents and nearly .5 million new homes have reached the coastal communities of Florida over the last ten years. According to a report put out by The Miami Herald, the good news is that construction companies there are responding to the hurricanes and building accordingly. In other words, even though there are so many more properties, there shouldn’t be the worry about construction and natural disasters. Indeed, since the enactment of the building code of 2002 – which was a response to Hurricane Andrew – new structures have to undergo stringent inspections and are erected with shatter-proof glass and straps which bolster the connection between roof and walls.

However, one thing hasn’t changed. There clearly isn’t that much additional confidence in the added measures taken vis-à-vis construction. It appears that insurance premiums remain at the same level, with homeowners in the region paying around twice the amount of the national average.

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homesWhen the economy improves, so do housing markets. According to Chief Economist at Fannie Mae the increase in wages (of around 4 percent year over year compared) will help Florida’s housing. Usually such an increase following a recession is half of that. But if these numbers continue there will be an increase in consumer spending which will have the domino affect onto housing. The drop in gas prices is helping prospective homebuyers who are also taking the opportunity to build up their savings account, providing 2016 with real potential vis-à-vis finances.

Perhaps therefore it is not all that surprising that Coldwell Banker found that South Florida is number 2 in America vis-à-vis very expensive homes. New York – that came in at Number 1 – was significantly higher 5, 272 but Miami at Number 2 boasted 1,144 luxurious homes and Miami Beach, Fort Lauderdale, Boca Raton and North Miami Beach were all in the top 20.

Further at the end of last month at a conference sponsored by the Greater Palm Bay Chamber of Commerce, the main theme was: “the economy is back, and there is growth in the corporate sector, in retailing and in housing.”

Long may it continue in Florida and throughout the nation.

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soldDemand for real estate in Florida Keys has recently increased. Today, one can purchase a home worth $2m for $2.6m (2014 figures) as opposed to $2.29m three years ago. In 2014 homes that were for sale took around 260 days to sell. Three years ago that figure was 492 days.

In addition, it is near-impossible to find undeveloped land in the region and thus the only way to develop a new project would be to demolish one that is already in existence. Additional properties will be built on Lower Matecumbe Key, to be ready in 2016. David Roussea, a property developer in the area, is in the process of constructing 12 luxury units with ocean views in Tarpon Point. Starting price: $2m for a 2,800 square foot home.