RIVERFRONT HOMES IN LEE COUNTY, FORT MYERS, CAPE CORAL AND ALL OF SOUTHWEST FLORIDA
Its about the water, the view of the water, and living on the water. Buy or rent a home in Fort Myers: Buy or rent a lifestyle, not a home, Buy a riverfront lifestyle and a home you can be proud of. Visit here to learn about living, buying or renting in Fort Myers, Cape Coral, and Southwest Florida, on the river, with the breeze, the view, and the privacy. Fort Myers International Real Estate Broker, Engel and Voelkers, Fort Myers River District.
The Birds Are Working
When I was a kid, fishing with my father in the Long Island Sound, I would hear him say, "There's birds working" in a calm and determined voice; and off we would go to try our luck where the birds were darting in and out of the water. Supposedly those birds were picking up bait fish, that were being chased by larger fish, which I suppose we were trying to catch. I was never really sure, and to this day I never remember being successful where the birds were working. By the time we got our rented wooden row boat with the pull start kicker engine over to where "the birds were working" either the birds were gone, or the fish were gone; I am not sure which. But it always provided a bit of excitement for my brother and I as we raced with Dad to catch up with the frenzy.
As I sit here looking out over the river I see "birds working". They don't seem so frenzied now. They seem to be more graceful; more peaceful, and perhaps more purposeful than I remembered on that cold Long Island Sound.
By the way, there is a cool breeze blowing in on me at nine o'clock on a Sunday morning. The sun is shining; a few dolphins swam past and blew their greeting a few hours ago. Jackson and Katie (our Jack Russell and Shitzu/Pappillon canine companions) barked their displeasure at the dolphins invading their space but leave the working birds to, well, work.
Most of the time the birds must hunt fish one at a time. They don't often get thousands of them in one spot. Two years ago our local real estate market was something like "the birds working" It was kind of like shooting fish in a barrel. Heck, most buyers didn't aim (read choose the right property to buy), or make choices on their own. They got caught up in the feeding frenzy and dove right in.
Now things are different, we have to learn to hunt. Gail and I were out "hunting" in Next time you see a feeding frenzy, or "birds working", stop, think, and use your basic analytical tools. Just because all the birds are buying, doesn't mean you should too.
I built this website to highlight the river front homes we have here in SouthWest Flordia. Here I will show you the homes and land for sale, talk about the advantages and disadvanages of waterfront living, and help guide you through the market.
Fort Myers International Real Estate Broker, Engel and Voelkers, Fort Myers River District. Rental home sin fort myers are all listed here or you may click the button on the side bar.
Click to view Engel And Voelkers Listings
People Don't Buy Houses
What's that you say? Whenever I am looking at a home for the first time, whether as a potential buyer or as someone who is hired to sell it; I often surprise my tour guide (home owner, Realtor, etc) and sit down for a few minutes; and I may do so in many of the rooms. I may go to the far corner of the backyard, sit on the ground and try to imagine looking at the home as my home. If I am interested in the home, I most certainly will come back at different times of the day. I may try to meet the neighbors. I will walk instead of drive the neighborhood. After all I am interested in more than the house; I am interested in the lifestyle; the experience, indeed the whole package.
I am reading (or rather listening to) Secrets of Selling from Real Estate Masters, Terry Weaver, 2007, Elevate,
Weaver, for example, spends a great deal of time talking about the sales presentation by the salesman to a prospect in a new community. He correctly points out that the salesman should know every little detail about the homes or condo, like square footage, cost to cool, the type of insulation, etc. But what buyers are most interested in is not the house itself, and all those details, but the lifestyle it will create. He needs help in imagining what it would be like to wake up every morning and be greeting by that beautiful view, what it would be like to walk outside, grab a fishing rod and catch lunch. In the sales presentation it is important to help the prospect not understand the tile size and the thickness of the glass, but what her life experience would be living in that home.
I think this is something that good sales people do almost instinctively. It is cliché to say that excellent sales people do not sell as much as they help people buy - but I for one am a firm believer in this.
People don't buy houses and real estate agents don't sell them. If they are, then both parties are making a big mistake. Buy a home in Fort Myers or rent a home in Fort Myers .
Fort Myers International Real Estate Broker, Engel and Voelkers, Fort Myers River District.
Summer is supposed to be slow;
at least in Fort Myers. It's hot and humid and I can't even bend over and tie my shoes without dripping sweat on the laces. Floridians head to North Carolina or other places cooler up north, but the tourists head to the beach and are easily recognized by the locals by the way they are proud of their red color. For the past two weeks, however, Gail and I have been busy here in town. Today I want to tell you about North Star, High Point, Oasis, Hotel Indigo, and two historic homes for sales in Fort Myers.
Let's start with drinks and dinner at H2. Last week Gail and I joined the always vivacious Christina Boyhan, one of my most favored commercial lenders, now with Florida Community Banks, Inc.. Christina recently left First Horizon who had a residential and commercial loan production office at University Center on the corner of Summerlin and College Parkway in South Fort Myers. They recently closed the residential offices and left Jon Powell as the sole commercial loan officer in the office.
Christina wanted to introduce us to her new company and talk generally how Florida Community Banks can work with us and our developers. I asked Steve Jarvis, the developer of Brantley Commons to join us. We all enjoyed generous drinks, fine wine, and lots of tapas. H2 is one of the survivors in the downtown Fort Myers River District and Harold cooks the way I like to eat: he keeps the food coming in small portions, high quality, and always presents it well. Service is excellent. It's just plain fun eating there.
When Gail and I first arrived it took us about ten minutes to actually get to Christina; this was not because H2 was so crowded, but because we knew so many people there that evening. Near the door was Pat Riley, the project manager for Longwater Yacht Club, Longwater is being planned at the old Manatee World site on Palm Beach Blvd. and Route 75. He is also working on Caloosa Landing, across from Sweetwater on Rt. 31 and the Caloosahatchee River. Both of these projects I have been involved in for the past year or two: hotels, marinas, condos, and restaurants and perhaps timeshare vacation ownership. No links here yet folks: it's way too early. If you want more information, call me. (Developers only please; there are no presales here as the plans are still being gestated.)
North Star Yacht Club
On the other side of the bar were Jennifer Griffin from ISG and Kemp Demming of Continental Realty. Here was their news: Hypo Bank, the original lender on North Star Yacht Club, has taken over the project. Hypo had filed lis pen dens and then came to an agreement with Continental Realty to take over the project. Jennifer and Kemp are no longer involved with North Star. Hypo hired The Marketing Directors, Inc. to take over sales and marketing. Tweed Advertising was released and B-Squared has taken over the advertising. Laurie Hill, one of my favorite condo sales people (at least the most favorite not working for me!) will join the sales effort on Monday, June 23. Laurie was formally at Homes for America (Beau Rivage and St. Tropez). The sales manager at North Star is George Freelove. There have been some price changes but otherwise no other major changes yet. Call us if you want to learn more. 239-277-9309
Hotel Indigo
We also ran in to Phil Hugh. Phil is with DOC Development and has his office right around the corner from our Engel and Voelkers offices. Phil has two projects in town, the Hotel Indigo and an office building on Hendry, a few doors down from us. We are very excited about the new downtown hotel which should be open before the start of next season. The hotel will attract more nighttime visitors to The River District and with an intimate sense of class will be a welcome addition to town. Fort Myers International Real Estate Broker, Engel and Voelkers, Fort Myers River District.
Oasis
Speaking of class, let's get to Oasis. Earlier this week Oasis had its grand opening and tour of the amenities and four furnished models. Many of you know my dear friend Kevin Manning of BBL passed away from cancer. The Oasis was one of Kevin's key projects and he was proud to be working on it and even more pleased to be involved with Jorge Perez, Micheal Klinger and The Related Group. Kevin's wife Terri and my wife, Gail, are best friends. We of course asked Terri to come to the opening with us. It was a proud moment for me to walk into the lobby of Oasis with both of these beautiful women on my arms. Micheal Klinger, project manager for The Oasis made a point to tell Terri how much Kevin was missed at the event. We also ran in to Mike Bette, owner of BBL and one of Kevin's mentors. It was a bitter sweet moment for those of us that knew Kevin.
Our impressions of Oasis: The pool area and amenities are unmatched in any other project here in Fort Myers. This is truly a resort style community. Think South Beach; think Hotel Delano. White "beds" with canopies (rumored to cost over $10,000 a piece) are scattered around the deck and are punctuated with white lounges, white tables, and fountains; No flapping curtains like the Delano, but white was everywhere and there are sweeping views of the river, downtown, and the bridges. All that is missing here is a restaurant and bar. We found the rooms also cutting edge in style; very urban, clean, and the views, oh the views! The kitchens are very Miami and more reminiscent of urban living than anything here in town.
The party was attended by many of my friends in the real estate business but also in attendance with local luminaries like Fran and John Fenning, renowned artist Darryl Pottorf, Mayor Jim Humphrey and many of vendors that made Oasis possible.
Closing will begin very soon at Oasis as Tower 2 is now complete. There, of course, will be many dropouts - perhaps 30% or more. These will be the people who will walk away from their deposits. Engel and Voelkers is working with many of the buyers and has begun marketing Oasis to the European Market.
High Point
Perhaps it is no surprise that some of the other downtown developers were in attendance. High Point marketing director, the lovely Cheryl Yano, High Point design consultant Laura Youmans and developer Nick Camerata were pleased to have another project like Oasis to bring prospects to the city. I have a few friends that have moved into Highpoint, and for full time living this is one of my favorite downtown. residences. If you have not visited this masterpiece, you need to. Please call Fort Myers International Real Estate Broker, Engel and Voelkers, Fort Myers River District.
239-277-9309 for a tour.
Tour Downtown
For a tour of any of the downtown projects, Engel and Voelkers is the place to start. We are located at 1635 Hendry, directly across from the parking lot between Second and First Streets. We can give you or your buyers an overview of downtown and the advantages of city living. Fort Myers International Real Estate Broker, Engel and Voelkers, Fort Myers River District.
Riverfront History
By the way, there are now two riverfront estates on the National Register of Historic Places for sale in Fort Myers. We have the 1925 Stribley Estate, next to the Edison Ford estates offered through our office. Sitting regally on 2.5 acres, this estate has been meticulously rebuilt to the most exacting standards and is now complete and ready for sale. Charles Stribley, a paper industrialist from Kaukauna, Wisconsin, built this winter retreat next his fellow industrialists Thomas Edison and Henry Ford. His home was very opulent, however, especially compared to the austere homes of his neighbors. This historic estate is offered at $5,400,000 fully furnished.
Also available downtown is the Heitman House. This 1908 riverfront masterpiece operates as a Wedding and special event center and is just a short distance from our office.
Call us for Your Real Estate Needs
Readers, we have a great deal going on in both our commercial division (Market America Realty and Investments) and our residential company: Engel And Voelkers. In the commercial arena we just closed on another Brantley Commons Building. (Market America sold four of the top twenty office transactions last year!). We have special retail opportunities now at Shoppes at Diplomat, and have just listed one the last large parcels of developable commercial properties in Cape Coral: 20+ acres - and at a price that makes developable sense. ( Link not ready yet - call me for details).
Ask me to call you
Condos, single family homes, and lots. Rent a home in Fort Myers, Buy a home in Fort Myers, buy an investment in Fort Myers; We can help you. If you want a phone call on these opportunities, please be so kind to email me at gregg.fous@engelvoelkers.com and make sure you are on my personal call list. Give me your full contact info in that email. When we have to offer what we have to offer, it will not be on the market long.
Thanks for your patronage. Gregg Fous 239-851-5464 Gregg.Fous@engelvoelkers.com Fort Myers International Real Estate Broker, Engel and Voelkers, Fort Myers River District.
I am in the real estate business, not the real estate agent business. To me its all about the relationship, business and friendship in the long term, and about loving what I do.
Gregg A. Fous
Broker/Owner Market America Realty and investments, Inc.
Broker/Owner Engel and Voelkers Fort Myers River District
Fort Myers, Florida
239.277.9309 
Gregg.Fous@engelvoelkers.com
www.ma-realty.com
www.eandvflorida.com
Gregg A. Fous
Broker/Owner Market America Realty and investments, Inc.
Broker/Owner Engel and Voelkers Fort Myers River District
Fort Myers, Florida
Gregg
Perspectives in Real Estate; "And the Good News is"
Commentary by Gregg Fous
Oh how short our memories are; or how young we are: Back in the 1980's almost every major bank in the US was in big trouble and would have had to file for bankruptcy had not the government given them time to write off their loses. The S and L crisis was devastatingly real. In the 1980 the prime rate was 21% and inflation was 13.5%. (See 1980 news flashback). I remember buying a few investment properties back then and being thrilled to be able to buy two REO properties and getting a five year fixed rate at 12% (The paper was held by the bank that wanted to unload the property)!
Today I can't turn on the news without hearing about Countrywide, Indymac, Freddy Mac, Fannie Mae and the troubled banking industry. Foreclosure tours, people out of work, and the largest bank crash in recent history are water cooler talk of the day.
The Indymac news is not good (Click here) or is it? For instance, do you realize the bank will actually reopen on Monday as Indymac Federal bank? The Feds will begin to market the bank to get it back into the private sector starting next week. In my mind that fact that this bank has been "rescued" by the Feds so quickly is good news.
The economic run we had since the 1980's and it's near banking collapse is staggering, but who would of thunk it back then? Sometimes we can't see past the end of our empty wallet, or our short order backlog, or our bleak short sighted forecast.
Folks, when I get up in the morning I choose to be optimistic and I challenge you to do the same. Sure times are tough: Oil prices, food prices, impact fees, and job losses are all taking their toll. But amidst all this there is good news, sometimes very hard to see from your own perspective, but there are ways for us all to benefit, in the long term, from how we all respond to the current economic crisis. The good news is how we as Americans ultimately respond to the current economic crisis.
On the Indymac situation: the depositors succumbed to fears about the bank collapsing and caused the bank to collapse. The collapse, in turn, elicited a swift and decisive response from the Feds. They took over the bank, assuring the safety of the deposits. Furthermore, I believe the government will not allow the collapse of Freddie Mac and Fannie Mae. The storm will be tough, but we will weather it. We may see a few more failures but the resultant belt tightening and restructuring of the banking industry and its loan practices will have long lasting, positive effects.
Indeed it is how we respond and react to these tough economic times that is the most important thing. We will evolve into a stronger, more stable economic base, where logical growth will prevail over irrational exuberance.
So what's the good news in all this? The banking debacle should not have been a surprise, and the good news is that we are already in the correction, the fix, and the appropriate response. I will say that I believe that we have perhaps over corrected in the short term in the banking industry. We have over tightened lending requirements and shut down profitable segments of the business along with the unprofitable ones. But this over correction will swing back around and the end result will be good, sound banking. It hurts us now, but we needed it.
Our responses to other bad news is, well, good.
I have referred you to this link before but the law of supply and demand is worth revisiting. The law predicts that the price level will move towards the point that equalizes quantities supplied and demanded. This law is the reason we will never run out of oil. This law is also the reason that all the vacant homes in Cape Coral and Lehigh will be purchased.
Here are some of our good responses:
· Belt tightening. Doing more with less. Economizing where possible.
· Price adjustments. Move prices down to meet demand.
· Protect the core. Protect the family, shelter, provide food. Move down to Maslow's base needs.
· Fix what broke us. Lax lending; overleveraging; irrational purchases; and poor long term planning.
· Go back to basics. Offer sound service; take no short cuts; and take all the steps needed on the path to success.
· New Business models are developed based on the above. New opportunities like virtual offices, urban living, economical transportation and housing, and in-fill projects. Look for changes where manufacturing facilities are placed, how houses are constructed and their size Look for a "New Conservatism"
· Investing in property now at prices that are below replacement costs. Buying distressed land and development opportunities for a mid-term hold.
Less than good responses
· Opportunistic flash in the pans. Taking advantage of short lived opportunities and building a long term strategy on them is wrong. Just as building a long term strategy on making money by flipping rapidly appreciating homes was wrong yesterday, so is it wrong to build a strategy on short lived businesses like foreclosure tours, buying and selling REO's, and selling bank paper.
· The Ostrich approach. Don't hide your head in the sand. Take remedial action now. Talk it out. You are not in an exclusive club right now. Get out and find solutions with your network of business and social networks.
Let me mention just a few of our "problems" and comment on the good news:
Too many houses on the market. What we really need to look at is the number of vacant homes on the market; these are the "overage: we need to fill. Prices have now dropped to a low of around $80/sf. At these prices the houses are selling. As the selection gets "slimmer" the prices will climb again. After all, builders cannot duplicate these homes at these prices. These homes are bargains in today's market. Housing is now affordable. Lee County is now attractive to retirees again. This is good news.
High Gas Prices. The response from most Americans is to drive less (consume less gas) but I am sure we will get accustomed to these prices and this response will be tempered somewhat. The good news is that Americans now need to live closer to work and more of the infill housing will sell and get occupied. Some other good news: Look for more local distribution centers, more manufacturing near consumption, and more mass transit. Look for the long term response in automobile design. TIP: It is easier to drive 20% less than sell your gas guzzler to save $100/month on gas by paying another $5000 for an "economical" car.
Hard to borrow money. The banks are in an over corrective mode now, but this over correction has brought more logic and sound investing. This is good news.
Food prices High. Most of these price increases are related to high energy costs and high corn prices. (See ethanol production and food costs article) It is hard to see the good in high food prices, but I believe the good you will see will come out of how we respond to these high food prices. The law of supply and demand will curtail some of these increases and now Americans are adjusting their shopping habits and food consumption patterns.
Jobs hard to find. This is tough one to see any good in, but again, the response we have to this is what will be the positive spin. Lower wages attract more employers. Loss of jobs encourages more entrepreneurism. It hard to tell you that your job loss is good for the economy, just as it is hard to tell the tree that burned down that the fire was good for the forest. But macro economics will prevail.
I am optimistic about the responses we will have in Lee County to the current economic situation. But, will Lee County Commissioners implement a stimulus package by waiving impact fees? Why not waive them for all infill projects where the infrastructure already exists? How about mass transit, will we promote this? Will the Airport Tech Park get an added economic boost for completion? How about removing some of the red tape for new businesses?
In the final analysis, it is how we respond to adversity that is more important than the adversity. It is in our repose that we will see the solutions. We need to be proactive in our own destiny. We need to take action, look at the long term results and look for the good news in everything.
Gregg
Gregg's Blog Gregg Fous (Engel Voelkers Fort Myers River District) on Nov 09, 2008 06:29AM There are things I know I know - The Billionaire Blueprint for Real Estate Success There are things I know I know - The Billionaire Blueprint for Real Estate Success It stuck me earlier this week as I was reading a book by billionaire developer Jorge Perez, (Powerhouse Principles, The Billionaire Blueprint for Real Estate Success; Celebra, 2008) that most, if not all, of the principles he outlined for me in his blueprint to riches are principles I already know, if not live by. I know them, like I know flossing every day will help me keep me teeth until I die, I know them like I know exercising every day for twenty minutes will give me a healthy heart. Just because we know a thing does not mean that we possess it, use it, or live by it. Mr. Perez does a good job of touching on many of the principles he uses in this daily life and in his real estate dealings. It is a well written book and I found myself smiling a lot when I read it. I was sitting yesterday afternoon with his book smiling and Gail asked me what I found funny in Perez's book. "Not funny, honey, but so true. I am wearing more a smile of recognition and enjoyment on my face than one of humor. I feel validated." He hits so many things I already know. For me, a struggling developer and "wanna be" real estate mogul, however, he leaves out some the most important details I need. (Like the names and phone numbers of his investors). But kidding aside, it made me think of some of the things that indeed I do know, or you, my friends, know; but don't use persistently enough in our lives or our real estate dealings. Along with Perez, one of my all time favorite quotes is from Calvin Coolidge: Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan 'Press On' has solved and always will solve the problems of the human race. Calvin Coolidge Many times in my career I would look at a successful businessman and ask myself, how did he become so successful? I believe the answer lies in the above quote from our 30th President. Failure comes not from falling down, but from failing to get up and continuing. The real estate market and indeed the entire economy is faltering. In this market, however, you will find individuals that are not succumbing to the malaise of the naysayer, they are sticking with determination to "their guns"; with dogged determination they are going back to the basics. October for our office was the busiest month we have had all year. More closings, more contracts, more prospects, and more success. Not for everyone, but for the determined. Recently I overheard an agent say. "Things will really die down after Thanksgiving. There is no sense in working." Don't tell that to Vlatka Simic, Engel and Voelkers Realtor. She will sell another six homes next month. Don't tell that to me, I plan on writing up enough contracts to beat our record month of October. And please don't tell that to the buyers that we have scheduled to come to town for the Thanksgiving holidays. Here is my top of mind list of things that we as Real Estate professionals know: •1. It's about the relationship. Business is long term, not about a deal. •2. It's about win-win, not a zero sum game. •3. The best place to be is with a customer. Not on the phone, not writing an email or a fax, but honest to goodness face time. •4. Immersion and focus are critical to success. Know what you are good at - get better at it, and stick to it. •5. Knowledge is power, knowledge is success. •6. Momentum is contagious. Real estate sales in Lee County, interestingly enough, did not come to a halt for the financial crisis. I would dare to say that we have been busier. Many ask me why. I offer the following possibilities for the surge in closed transactions and pending contracts: •1. Prices are a bargain •2. Interest rates are low. •3. Europeans are buying before the end of the year. •4. Snowbirds are returning - with friends form the north. •5. Banks are unloading properties. •6. Sellers are desperate. •7. Investors are buying and fixing up empty homes. •8. Our weather is gorgeous. •9. Affordability has returned to SW Florida. 10. Real estate still makes good sense. Gregg Fous (Engel Voelkers Fort Myers River District) on Oct 25, 2008 06:40AM Gregg the Realtor - "What me Worry?" It's so easy to get preoccupied today. It easier for us to expend our attention on "the housing crisis" than to pay attention to how to sell OUR home. It is actually easier for us to worry about who will next president, or how big the foreclosure numbers will be next month, or whether or not the stock market will plunge, than concern ourselves about our own personal challenges. Today we are lucky, there are so many huge preoccupations out there that we have less time to focus on our basic day to day challenges. The preoccupations become our main focus and it is difficult to remember what we can control and contribute to. Like most of you I will never forget the tragedy of 9/11. I remember driving home from the office where I watched the horror unfold. I was going home to be with Gail so we could, well, be together in this crisis. As I drove home along Iona Road, I remember seeing gardeners working on trimming hedges. There were maybe a dozen of them working along one of the gated communities. My initial reaction was, "How could they continue to work when the nation was under attack?" I could not imagine doing the day to day tasks that needed to be done. I spent the next days not being very productive, glued to the TV news, and worrying about something outside my influence. Many of us suffer from this malaise today. And today we have a wider choice of things to be preoccupied about: The Financial Crisis, The Election, The War in Afghanistan, Global Warming etc. I remember my father telling me the story about a husband and wife lying in bed one night. The husband kept tossing and turning and keeping his wife awake. Finally she turned on the light, turned to her husband and said, "Honey, it's one o'clock in the morning, why cant you sleep?" "Well, the mortgage payment is due tomorrow and I can't make the payment. We've know Fred at the bank for years. I just don't know what to do." She turned to the nightstand, picked up the phone and started dialing. "Fred? This is Susan Stockman. Yes I know its Late, but Jim and I are broke and can't make our payments to you." She hung up. Jim, in total shock, exclaimed, "What the heck did you do that for?" "Now it's HIS problem and HE and Martha won't sleep. Go to sleep honey" Remember the Serenity Prayer that begins with: God grant me the serenity Fort Myers is not Detroit. Heck we are not even Des Moines. I don't want to give you empty platitudes about this market. I don't like them: "Oh, It will be okay," "You're strong, you will survive". I can tell you with conviction that I am optimistic about Fort Myers recovery. Earlier this week I spoke at a European Chamber of Commerce luncheon. I was the one of three speakers and the second to speak. The topic was the current status of the local real estate market. A very experienced attorney was first to speak. He made some excellent points, but one thing he said was: he did not know what was going to happen with the local real estate market. When my turn came to speak, I said, "Indeed I CAN tell you what is going to happen in the real estate market locally." I paused for effect. "It is going to recover. ( another pause) I just cannot tell you when." "All real estate is local. It is affected by national events like the mortgage crisis, gas prices, Northern unemployment, and hurricanes in Galveston. But reading the headlines in the New York Times about housing sales and believing that they are talking about Lee County is a mistake. Here are some local facts. The number of pending sales on the MLS is the highest that is ever been. Ever. Sales handled through a Realtor here in Lee County are, on average, 9% lower in price than one year ago. Some homes are selling at 50% what they were being offered at the peak of the market (August 2005) You can buy a three bedroom house for under $100,000. A house on water for under $500,000, and rent office space for under $12/sf. Banks are eager to loan money at good rates to qualified buyers. Our market began it's down turn in August of 2005. It is beginning its upturn now. My local Engel and Voelkers office sold more homes in the last four weeks than we have in the last previous three months. And we are not alone. Realtors are busy again. Twenty percent of our offices sales are to Europeans. Lee County population is growing. Detroit's is shrinking. Bargains exist at every price level. On everything. At current absorption (sales) rates, Lee County has only nine months of inventory. Retail is overbuilt. Industrial building sit vacant. You can now buy a home well below replacement cost. Worry or Action? The best thing to do when you are worried is to take action. The action that you take is not as important as the fact that any action at all leaves you less time to worry. Worrying is unproductive and drains you of energy. Action gives you a purpose. Am I worried? Often. But I am able to pull things together by setting smaller goals, working to achieve them, ignoring the macro news and concentrating on the micro news. Lee County will recover faster than the nation, it always does. We don't have to rebuild an economic base, we just have to stick to our local market and our local advantages. The reason we are selling so many houses today is that in addition to all the advantages of Florida living that we are so familiar with, those advantages that have sustained us for years, is that now Lee County housing is affordable again. In many real estate offices I see agents that are so busy that they are talking about needing an assistant. Then I see agents that are moping around complaining; hoping and waiting for the turn around. The agents that are taking action are making the turnaround happen. The worriers? Well; they worry me. Gregg Gregg.Fous@engelvoelkers.com Gregg Fous (Engel Voelkers Fort Myers River District) on Oct 24, 2008 06:11AM Why use a full service Realtor when you can use the discount house? Recently I was asked to comment on the feasibility of an "al a carte" MLS real estate service. This is a service that is made available to sellers of homes to buy (and pay for) just the services that believe they need in a transaction. It is posed as an alternative to sellers who, especially these days, are strapped for money and are perhaps even in a "short sale" position , owing more money to a bank than their home is worth. I am reminded of the television ad that has a man attempting to do surgery on himself with the doctor on the other end of the phone. Not a good idea; or a Dagwood Bumstead that decides to fix his plumbing leak, only to make it worse, before Blondie call in the plumber. Only to wind up spending a fortune to fix what originally was a small leak. Direct access real estate services are for sellers who have only the simplest of real estate transactions to handle; and even the simplest transaction can go haywire in a flash. Today, more than ever before, is the time to have a full service, experienced real estate professional aiding sellers and buyers in real estate transaction. Folks, when things go well, they go so well you think , hey, this is easy; kind of like you can't tell how good your doctor really is until you get really sick. I offer the following points that should convince you to use a full service professional. 1. Pricing. A seasoned professional can more accurately, and without emotion, price the home. 2. Marketing. Many brokers have access to dozens of web sites and internet services that the home owner will not have available to him ( We market on over 42 of them, and many international) 3. Showing. It is uncomfortable for many buyers to look at a home with the owner present. They will rush through the home and not give it the due consideration it deserves. 4. Arms- length. Many sellers are emotionally tied to their home. It is imperative that there be an arms-length, more distant representative of the home. 5. Perception . A home that is marketed by owner or one of these for sale by owner services is perceived to be an inflexible seller by brokers and buyers alike. Many brokers will avoid these listings. Right or wrong, it happens. 6. Negotiating. This is probably the toughest area and one that requires experience and finesse. I will tell you that in some full service agencies the broker will often never let the two parties meet face to face - because experience shows that deal will fall apart at this point. 7. Short Sales. There are even experience professionals that bring is short sale experts to facilitate these lengthy and stressful transactions. Only use a broker that has experience here. 8. Financing. The pros do this every day and know the lenders, and the system. 9. The Unforeseen. If I knew what the unforeseen was I wouldn't call in the unforeseen. But the point is that a professional has experience in dealing with surprises from many previous transactions he has handled. A few examples would be the market crash that happened recently, a water leak after executed contract but before closing, or a divorce or spousal dispute. 10. Weasel clauses. Professional know how to use them and how to recognize them. 11. The Cognitive Dissonance Conundrum. The deal is NEVER done. Never. Sellers need to continue to sell. 12. The Nibbler. Professionals know how to deal with the buyer that keeps on asking and asking for more things - kind of like Colombo in the old TV series. 13. The Inspection. A stressful time for the seller and an open window for the buyer - unless handled correctly 14. The Closing. A sit down? A mail away? Who is there? What has to be done? Is there a lawyer involved? How can you save money on title insurance A seller never knows what service she will need ahead of time. In my humble opinion, saving money on al la carte real estate service is a mistake that may be very costly. Gregg A. Fous Managing Director Broker of Record ENGEL & VÖLKERS 1635 Hendry Street Mail to: Gregg.Fous@engelvoelkers.com Gregg Fous (Engel Voelkers Fort Myers River District) on Aug 24, 2008 04:03PM Winston Churchill was one too! Winston Churchill Was One Too Why I am an Optimist- "I am an optimist. It does not seem too much use being anything else." - Winston Churchill I was accused the other day of being the eternal optimist. Yes, accused. Like something is wrong with that. As in, "Oh, but your such an optimist," with the same emphasis as, "Your always guessing the wrong answer on Jeopardy, but we enjoy seeing you try." When I make a comment that is optimistic about the outcome of a situation, people are afraid that if I am right, they will have to give me credit for being right; but if things stay miserable THEY get to take the credit for the depressing mess we are still in. Like; "See? I KNEW it would be bad (I'm so smart). The housing market is in turmoil. Real estate agents are leaving the business in droves. Housing starts are down. Way down. But I go and open another real estate office. Title agencies are closing in record numbers but what do I do? I open a Title company. I always remember this little sales fable I was told years ago about a shoe company that hired two sales people Pete and Oscar. The sales manager gave Pete and Oscar the same instructions; "Go into Central Africa and bring back shoe orders". Pete came back on month later with this report, ""Boss, the territory you gave me is horrific. No one even WEARS shoes there. I need I better territory". Oscar came back a week later, all excited. "Boss," he shouted, "You won't believe it! No one even wears SHOES there yet.. The territory is WIDE open. I'm gonna sell millions of shoes!" I agree with Winston Churchill. I have no use for pessimism. It serves no purpose but to hold you down and keep you back with the crowd. If you are having trouble being an optimist in today's economy, take heart, you are not alone. (As my brother Bill would say, "It's not a very exclusive club!") But there is a great deal to be optimistic about. First of all don't believe all this talk about an impending recession. There is no impending recession. That's because WE ARE IN ONE now. No one can EVER predict a recession; they can only look back as say, not THAT was a recession. By the way, I looked up the definition of recession ( click here ). The good news? It seems most of the definitions agree that recessions are only supposed to last nine months. Am I alone here, or have we been in a recession for at least the last nine months? So the first item on my list of why I am an optimist in today's market is that we are on the exit side of the recession tunnel. Here is a short list of other reasons to be optimistic about today's economy here in Southwest Florida: 10 Reread number 2. Gregg Fous (Engel Voelkers Fort Myers River District) on Aug 24, 2008 07:23AM RISK vs. RISKY BEHAVIOR
I was in a real estate chat room the other day and read a statement by one of the contributors about all real estate investments being risky. Somebody replied with "no risk = no gain". This got me to thinking about the investments that I have and how much risk is involved. Some people think I take big risks. I don't think so. You see, investors like us can control our risk. Risky behavior is jumping out of a plane with a parachute that hasn't been inspected. On the other hand, a jumper that has taken classes, packed and repacked his parachute, has a back up parachute, plans his jump and landing spot, arranges his pick up and THEN jumps out of the plane has evaluated the risk, planned for the risk and then made a decision based on these actions. This is not a risk taker. Speculating is risky, investing should NOT be. Buying with out nvestigating and a solid exit strategy is risky. Buying after investigating, planning your strategy and KNOWING your risks, is smart. Let's look at some of the factors that affect our risk: 1. The Market Trend We do not control the trend and we cannot depend on it, but we CAN look at the history and make some educated projections on how the market will affect the value of our investment and the rentablity of it. 2. The Developer What has he done before? Will he be around when I want to sell? How has his other projects done? I need to evaluate his sales staff, his marketing plans, his phases, the condo docs, rental restrictions, monthly fees, etc. 3. The Product Select your purchase, based on what the historical demand has been. 4. Price Are we buying early enough or low enough to be able to sell, pay commissions and selling cost and still make a profit? 5. Uniqueness Am I buying one of many that will be on the market when I want to sell, or am I buying the penthouse, the end unit, etc. 6. Can I afford to close?. If you cannot - do not buy. Remember, there are things that we can control like price, furnishings and whether or not we buy. We cannot control planes flying into buildings, the interest rate or the whim of the buyer. If you cannot afford to close, you have not only changed the risk, you have changed your EXPOSURE to that risk. 7. The Broker Of course, I as a broker, think I have a role in the risk. First, I evaluate the risk along with you. Second, I have an interest in you being happy, happy enough to return and invest in more property. 8. Stability of Financing Lock in a rate and your exposure is lower. Get a floating rate that is lower and you run the risk of hurting your cash flow should the rate jump. 9. Upgrades and Furnishings Buyers that want to buy a condo, would prefer to buy a turn key living space. Complete with all the furnishings. Furnished units will sell more quickly and at a higher price than unfurnished. 10. Size of Loan The bigger the loan, the more the exposure. 11. Pre-sell or Pre-rent I am a big believer in this technique. If at all possible, set your exit strategy before you buy. 12. Persevere Stick to it, be persistent and stay the course. Do not be swayed by Uncle Henry's email about a bubble in the real estate market reported in the LaCrosse Gazette. 13. Don't be Greedy Take your profit and move to the next deal. Go forward and do not hang around for that extra buck. 14. Set Goals Most importantly, set your goals and objectives. Write them down, know them intimately and then evaluate your decisions based on these goals. © Copyright 2008 Gregg A. Fous All Right Reserved The website contains copyrighted information and graphics. No portion of this intellectual property may be duplicated, reproduced, or distributed without express written permission of Gregg A. Fous. Any unauthorized use, reproduction, or distribution is expressly forbidden and may result in civil liability. Gregg
30th president of US (1872 - 1933)
to accept the things I cannot change;
courage to change the things I can;
and wisdom to know the difference.
E and V International Realty, LLC.
Fort Myers River District
Fort Myers, FL 33901 / USA
Phone
(239) 277-9309
Fax
(239) 220-5039
Mobile
(239) 851-5464
Internet: www.engelvoelkers.com/FortMyersRiverDistrict
