Bob Pisa - Naples FL Luxury Real Estate
Bob Pisa
REALTOR®, e-PRO®

239-898-6865
Toll-Free:
888-678-2500 X32
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Estero, FL Real Estate


Estero? That's the reaction from many people who have not visited southwest Florida. But for anyone who has visited the greater Naples - Fort Myers area, Estero is well known. Estero is just north of Bonita Springs, FL.

 

Naples and Bonita Springs - Estero Market Watch

June 2009

Since it is now July and all the data for the first half of the year are available I thought it would be useful to deviate from the routine monthly reporting that I usually provide. We all like to look at data organized in nice neat buckets or groups and what better than a six month bucket - the first half of 2009.

Once the data is available to look back upon and report, it's human nature to ask what will the next six months bring. It would be nice to know for sure, I don't. But, I can tell you that based on the data (sales volume for the first six months) and simple projection mathematics one would guess that the Naples market is going to have a bang-up year with a 42% gain is sales and the Bonita-Estero market will post a much more conservative 8% gain is sales volume. At least, that's what the simple projection would indicate.

Closed Sales data projected through the end of 2009

Last month I indicated that the Bonita-Estero market seemed to be lagging behind the Naples area in the "recovery". I still believe that to be true and I expect that Bonita-Estero will post higher increases in sales in the second half of 2009 versus the first half leading to a year-over-year gain of more than the 8% projected. The data for June tends to support this. Naples sales volume in June dropped back from May as would be expected with the typical seasonal sales cycles. However, while the Bonita-Estero market would usually follow the seasonal cycle in June it did not. Bonita-Estero posted a slight increase in sales from May 2009 to June 2009.

As far as prices are concerned, I have previously reported "the bottom" and it seems to hold true again in June 2009. For Naples, the average price for single family homes sold has remained effectively unchanged over the past six consecutive months within plus or minus 5%-6%. The average sales price in Bonita-Estero is the same also over the same six month period however the range plus or minus each month is much larger. This is due to the fact that the overall sales volume each month is greater by about a factor of four.

 
Download the charts.
 

 

Driving from Fort Myers to Naples one must drive through Estero which has been called a "boom town". Estero is booming! More than three million square feet of retail, dining, and theaters have been added over several years and the commercial space is still being built including four new hotels. What's even more impressive, it's all fully leased.

The major retail centers are Gulf Coast Town Center (GCTC) at the Corner of Alico Road and Ben Hill Griffin Parkway - a wonderful open-air outdoor mall. This location is about three miles from the new Southwest Florida Regional Airport, Florida Gulf Coast University, Miromar Lakes Beach and Country Club and Grandezza Golf and Country Club. GCTC is home to the Bass Pro Shop complete with marina and lake and way too much more to mention.

Heading south on Ben Hill Griffin to Corkscrew Road will take you to the Miromar Outlet Mall, another outdoor mall. The Outlets are just completing Phase VI and there is one more to go. There are over 120 shops and counting.

Further west on Corkscrew, toward U.S. 41 and near The Brooks, you will find the Coconut Point Mall, another outdoor mall, which is home to The Residences at Coconut Point. Live, work, shop, dine, and play all at Coconut Point.

In 2000, the permanent and seasonal population was about 15,000. By the end of 2006 it is estimated to be nearly 41,000. The projection for 2010 brings the number to approximately 50,000 seasonal and permanent residents with the ratio of permanent to seasonal resident growing steadily every year.

Estero is doing a superb job of managing and planning its growth. Much of this is due to the participation of many resident volunteer groups like the Estero Council of Community Leaders. This is a "grass roots" community organization that listens to its residents and provides a forum for these concerns to be heard.

Estero is home to a great many residential communities offering a wide variety of lifestyles and amenities - residences at the mall, golf and country clubs, lakes, and residences on Estero Bay with access to boating and canoing. All this is just a short way from the pristine white beaches on the Gulf of Mexico.

Please feel free to call me anytime if you would like some information or if you simply have a question.

Bob Pisa, REALTOR®, e-PRO®
Prestige Properties of South Florida, Inc.
4947 Tamiami Trail N, STE 106, Naples FL 34103

Email 239.898.6865 (mobile) Toll Free 888.678.2500 ext 32


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June 2009 Bonita Springs / Estero Real Estate Market Data



May 2009 Bonita Springs - Estero Real Estate Market Data



April 2009 Bonita Springs - Estero Real Estate Market Data



March 2009 Bonita Springs - Estero Real Estate Market Data



February 2009 Bonita Springs - Estero, FL Real Estate Market Trends



January 2009 Bonita Springs - Estero Real Estate Market Data



December 2008 Bonita Springs - Estero Area Real Estate Market Data



November 2008 Bonita Springs - Estero Area Real Estate Market Data



October 2008 Bonita Springs - Estero Area Real Estate Market Data



September 2008 Bonita Springs - Estero Area Real Estate Market Data



August 2008 Bonita Springs / Estero Real Estate Market Data



July 2008 Bonita Springs / Estero Real Estate Market Data






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Prestige Properties of South Florida Inc

Bob Pisa
REALTOR®, e-PRO®
239-898-6865

4947 Tamiami Trail North, Suite 106
Naples, Florida 34102

 
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