Greg Snow - Southwest Florida Real Estate Expert provides real estate services to Cape Coral, Fort Myers, Sanibel and Captiva Islands

 Leading headlines today in our local newspaper the News-Press indicates more foreclosures, this time upscale homes are the next target in our topsy turvy real estate market. Lee County is down about 40% in volume from October of 2008, however the middle class is now living the dread of foreclsure fiilings on their properties here. Although new hosuing starts are actuall up here, reduction of inventory is still top priority for all builders. The real estate industry has scratched, struggled, and fought the market's retreat from median home price of $325,000 plus in December of 2006 to about $88,000 today and bargain opportunities still occur should one wish to purchase "the American Dream".

I just read where Warren Buffet and his Berkshire Hathaway group purchased Burlington Northern Railroad for almost $30 BILLION DOLLARS... which indicates one of the all time sharp investors is "all-in" on a harbinger service to accomadate the country's return from the abyss. Locally, we have Lee County reaching the end of almost three years of losses, depreciation, and wipeout of real estate values with real tangible tragic stories of being swept up in the tidal wave of flipping, opti-arm mortgages, and in some cases even fraud to arrive at where we are today. Where are we? Where are we going? Who's on first? What's on second? I don't know -third base!!!!!! Ah, Bud and Lou, come on down. We need you here.:)

 Reading newspapers in today's society sometimes is only done at airports, bathrooms, or while waiting for a doctor's appointment. This morning, I happen to glance at our local paper, the News-Press had a front page story on forgetting the American Dream, which is home ownership. "A survey from the National Foundation Credit Counseling was released showing that almost 50% of all American adults no longer view home ownership as a reliable way to build wealth and 31% don't expect to ever be able to own a home". The crash of our real estate market in Lee County was easily one of the harshest in the U.S.A, and many people who have gone through foreclosure or a short sale will have limited opportunites in the near future because their credit probably took a 100-250 point drop. Many people now rent, and up to now, have probably been paying less than their previous mortgage cost them. Demand for rental housing will increase which will drive up rates in the near future, but for the moment our rental inventory is large, many of these are foreclosures bought by investors to lease out. Is the pain and agony of our fall from exuberence going to last more than a few more years? I sure hope that the answer is a definite NO...:)

 I have the distinct priviledge of marketing a superb home for sale at 1908 Piccadilly Circle in Cape Coral in Lee County Florida. Priced at $698,800, and mostly furnished if desired, you can have a waterfront home in a secure, gated community, that has comfort, style, and value rolled into easy living here on the (B)West Coast of FLA. In our Lee County housing market, there are still many choice available to our consumers looking for that special property that makes the think this is the one..this is the one..this is the one

This home certainly merits one's consideration as a real eye pleasing opportunity for a lucky home shopper.

Much more to follow soon :) Stay tuned.

Greg Snow

 Good News... Our Market here in Lee County Florida is showing the tangible and some intangible signs of beginning to not only stabilize, but move in a stronger direction in both pricing and number of sales. :) We have already closed more sales this year than in 2005. Optimisim is still tempered by 12% unemployment here, reluctance of lenders to part with funds, end (maybe) of the first time buyers credit, and inability of homes in our feeder markets (midwest and East coast) to sell, and agents are still selling homes (even though we are working twice as hard for alot less). Have we survived to see a newer housing dynamic or is there more nasty surprises in our future?  I feel the glass is more than half full, and re-fills are available.

 If one were to roll back the years to the Movie, "Rocky III", and the song "Eye of the Tiger" by the group, Survivor, www.survivormusic.com, feelings of pride, spirit, courage, and endurance float around in the brain, as in almost all American classics, the underdog prevails. Many of our local real estate practitioners, mortgage brokers, title companies, appraisers, surveyors, and even sign installers have survived the worst real estate crisis in the memory of this author.."in 69, I was twenty-one, and I called the road my own.." from Jackson Browne's 1977 song "Running on Empty", www.jacksonbrowne.com. Have we reached the bottom of the free fall in real estate values in Lee County, Florida? Did we see "hope" in the eyes of the "oysters" at the bottom, or was it a kinda "hope is a dangerous thing..." glimpse from the classic 1994 movie, "The Shawshank Redemption", www.shawshankredemption.net.

 With our local Multiple Listing Service, www.swflrealtors.com, reporting almost 10,000 closed sales of single famil residences so far in 2009, we might sell in excess of 14,000, although so far over 5800 have sold for less than $100k, and 57 sold for over 1,000,000 (it's 58 if you count the Century 21 Birchwood one for $87 million that really sold for $87,000 lol :) Will we keep surviving as we swim toward the surface while trying not to get the "bends"??? Stay tuned for updates and breaking stories....

  Do you remember Aldous Huxley's " Brave New World",  published in 1931 with London as a backdrop for a futuristic society that would anticipate developments in sleep learning and reproductive technology,www.huxley.net/bnw/index.html - Cached. I'm not against "sleep learning"(as long as I am not falling from high places), and the technology advancement we have experienced in the last twenty years would surprise A.H. , even with his vision described in his work. Locally, in southwest Florida, our real estate market is emerging from a freefall in values and wrecked financial investments, to seeing "the eyes of the oyster", as we swim  toward the surface.Our local MLS, www.swflrealtors.com, indicates we have closed more than 5500 single family residences selling for under $100k, and 3555 that sold for more. The volume is healthy as many agents have adopted to the agonies of short sales, REO's, and distressed properties. The surprise decision on Monday to not continue with the $281 million worth of utility expansion leaves half of Cape Coral on well and septic, and many property owners overjoyed that they don't have to find up to an extra $17,000.

 Forty year ago, U.S. astronaunts walked on the moon for the first time. I was a summer in the U.S Capitol and many of the blue collar workers did NOT believe it, even as they watched on T.V. They felt they were being tricked (our government has a reputation you know) . Today in our beautiful Lee County, Florida, we have a confluence of events contributing to our lives, from no Baltimore Orioles, to Fort Myers Beach manager getting fired because his wife works in the adult entertainment business, to decreased revenue from falling values , to over worked teachers, police, and fire officers, and our Clerk of the Court to 12-13 % unemployment to endless road construction to myopic local politicans and 47 candidates to take Don Stilwell's job, and the National Football League is still 53 days and nights from playing a meaningful game. Let's hope the Steelers starting QB is available on 9/13/09.

 When Jim Morrison of the Doors, sang the haunting words to "The End", www.thedoors.com , he was not referring to the possible conclusion of the worst housing crisis in Lee County, Florida's history. Our local print media, www.news-press.com, led off Sunday with the old "Light at the End of the tunnel clique". Referencing local real estate brokers, bankers and represenatives of our Lee County Building Industry, the swing in mood to semi-cautious optimism is gathering some momentum. The days of bidding or offering below asking price for homes is long past. The days of full price for these REO's (real estate owned) is mostly past. The days when the starter homes get 10-30 offers in first two weeks is here, most savy brokers are advising their clients to go high in their offers if they want the property. Cape Coral and Lehigh Acres are beginning to see decreases in inventory, especially the Cape.

Our median sales price in Lee County has become the same amount it was 12 years ago (about $85,500), which lends creedence to the song "Trucking", www.gratefuldead.com, with long and strange being emphasized strongly. Falling far from the glory daze or days of $322,300 in December of 2005 has left us looking for "The End", and if you are not saddled with an upper end property, as Jim Morrison said" This is the END.........."