If you are working on your retirement home pan you need to be looking at new homes. Here in Southwest Florida Real Estate the market is characterized by dwindling inventory, rising prices, more cash buyers amid low cost borrowing, concern about future holding costs (energy and maintenance) and a sense of urgency that there will be opportunities lost – by both buyers and sellers. For my retirement buyers now, I like new.
I drove around the neighborhood between McGregor Boulevard and the River near downtown Fort Myers this past week and I saw at least five “in-fill” new houses being built or planned. Indeed our development arm (Market America Development) will be building a new pool home on an infill lot on Olmeda – four doors off McGregor. This home will be put on the market this summer for $499,000.
Gail and I drove through McGregor Reserve and toured models by DR Horton. Spacious energy efficient homes on thirty infill lots that DR Horton picked up from the original developer. Sales traffic was heavy and the sales team is confident of sell out prior to completion.
Aubuchon Homes has a model on McGregor offered at $499,000. I’m not crazy about the small lot directly on McGregor – but the house is well down and is being used as a model by the developer.
My friend David Fry will be building a pool home close to Fort Myers high school and market it in the mid $500’s. We sold him a foreclosed bank owned home that he tore down on Rio Vista – a fantastic neighborhood of eclectic older homes. His new home design will fit right in.
Yesterday Gail and I traveled to Naples to visit a listing I have in The Moorings (just north of downtown Naples). Houses in The Moorings are selling, off water, mind you – for $2.8 to $3.6 million, all on infill lots. I have a LOT listed there for $1.1 million, and received an offer just yesterday. We toured new home offerings by Milestone Homes and were suitably impressed with what’s going on in Naples. In a ten block area we counted 14 infill homes going up!
If you don’t want infill, there are developments on the edges of population that offer, in my humble opinion, bargains in today’s market. Companies like Neal Homes, GL Homes, DR Horton and Lennar are combining intelligent design, economies of scale in production, and land purchased at the right prices to offer new homes that are energy efficient, low cost to buy as well as low cost to maintain. Here is a link to some of these communities.
The good news is that condo projects are being announced as well, and this will make the remaining inventory of Condos at projects like Oasis in Fort Myers a bargain (because the price of new condominium construction is so much higher than what you can buy an existing condo for).
I like new retirement homes for my buyers for many reasons, mostly economic: energy costs, maintenance cost, and insurance costs. I prefer infill new construction because of lot size and mature neighborhoods. New-comers, however, may do better in new developments because of ease of acclimating with new like minded neighbors, the amenities, as well as the security.
If you are considering building or buying for your retirement plans, we can help. Call me or one of our team at 239-851-5464 or email me GFous@MarketAmericaRealty.com
If you are considering real estate investing, let’s set up a meeting and discuss your goals and how we may be able to help you achieve them. We have interesting new retirement home building opportunities as well as income plays.