I just conducted a recent study of presumed shadow inventory levels in Lee County, FL, the county consisting of Lehigh Acres, Cape Coral, Ft. Myers, etc… As a state, Florida has a decent amount of shadow inventory left. Most of this is in Miami and surrounding areas, Central FL and areas north of Central FL. Lee County boomed and busted, but boomed for good reason. Small business growth is thriving again, the Boston Red Sox are well underway on their massive stadium that will bridge the gap between Ft. Myers and Lehigh Acres. Additionally, here are some stats I recently researched and analyzed.
- TOTAL Lee County filings of foreclosure since 1/1/2008 – 71,235
- TOTAL MLS REO Sales (same timeframe) – 23,794
- TOTAL Short Sales MLS: – 9,367
- TOTAL "Cert Sales" Court House Steps: 37,042
- Balance to Close (Remaining REO or Shadow Inv) 1,032
The REO Party is just about over in Lee County. You have about 6 months left of REO's split between 3,000+ real estate agents, wholesalers, and investors. Those looking for investment property in Lee County may want to act sooner rather than later. The median home price has gone up 14% since 2/1/20009. Upward pressure is due to the massive number of homes under $100k selling. At current demand and ROI based on current rental market, appreciation is expected at 10% in homes < $150,000
CHEEVES
http://www.MyRealtySource.comCheevesFinancial | Cushman & Wakefield - Commercial Property SW FL
http://www.CommercialRealEstateVoice.com
Email Me | Phone MeAs an FYI to multifamily small and large apartment complex investors, this is where the market is trading at.
Class-A: 4-6% Capitalization Rate
Class-B: 6-8% Capitalization Rate
Class-C: 8-10% Capitalization RateSW Florida is a hotbed for investors of apartment complexes. Effective rents are going up the quickest in the country. Rents expected to increase 3.1% by end of Sept from beginning of the year. That's a good jump in a short amount of time. Depending on area, investors have reported as much as 12% increase in effective rents from this time last year. Here's a video if anyone is interested from our multi-family guy. APARTMENT COMPLEX ACTIVITY
CHEEVES
CheevesFinancial | Cushman & Wakefield - Commercial Property SW FL
http://www.CommercialRealEstateVoice.com
Email Me | Phone Me
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