Beruflich Dokumente
Kultur Dokumente
PREPARED BY
Doug Meschko, MBA, ALC
Market Research Director
www.landsolutions.net
info@landsolutions.net
239.489.4066
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Executive Summary 4
Socioeconomic Overview 5
Population 5
Airport Traffic 8
Age Distribution 11
School Enrollments 13
FGCU Enrollment 15
Household Income 16
Employment 23
Migration 28
Housing Overview
Collier County Permits 32
Lee County Permits 39
Charlotte County Permits 55
Total Combined Permits 59
MLS Sales Trends 60
SF Vacant Developed Detached Lots (Subdivisions) 64
Cape Coral and Lehigh Acres Lot Sales Trends 66
Notable Transactions 69
New home permit issuance for the three-county area (Collier, Lee & Charlotte) totaled 4,751 for the
2nd quarter of 2018. This being the highest quarterly recording since the 2nd quarter of 2006, or the
past 12 years. Median sale prices for single family detached homes in the second quarter also reached
their highest levels since 2007 in all three counties. A spike in the average home sale prices also
accompanied the rise in the median sale prices, which typically signals strength at the high-end. We
believe this may be a product of the new federal tax reforms that were passed in late-2017. One of
the biggest changes to the new federal tax reform that was passed is the elimination of the deduction
for state income tax. The ability to deduct state income tax from federal income tax has unjustly
incentivized some states to spend without limit in the past. These states just kept increasing state
income tax at the expense of other states that did not have state income tax to deduct. Eliminating
the state income tax deductions levels the playing field among states and forces them to be
competitive. This is highly advantageous for Florida who is starting with a budgetary mindset that
already accounts for this reform, not to mention the warm southern weather and business friendly
environment, all while the high tax states duke it out and find new avenues of taxation to remain
fiscally solvent. Over the coming years as this plays out, we believe housing and jobs will be positively
impacted here in Florida in general relative to the rest of the country. Locally, we have already seen
many who live in high state income tax states switch their primary residence to a home they own
here in Southwest Florida.
As Land Solutions prepares to move forward, our forecast for the next 12 months calls for new
residential unit permit issuance to be slightly negative (-9% to -7%) and for home prices to be
relatively flat (-3% to 2%) overall. Current home prices in Lee and Charlotte Counties are nearing
their peak figures experienced in Q3 2006 – Q2 2007, while prices in Collier County are still roughly
15% below what was experienced back then. Primary home demand from full time residents will
likely remain fairly strong in the more affordable areas such as Cape Coral, Golden Gate Estates,
Lehigh Acres and Charlotte County as a whole. Baby Boomer retirees will also continue to fuel
demand for new housing. Fear of rising interest rates as well as an increase in boomerang buyers
(buyers who previously defaulted on a mortgage) will likely be catalysts driving demand over the
next year. After seven years, most negative inputs on an individual’s credit report lapse; thus,
allowing them more economic freedom to obtain a mortgage. This would apply to individuals who
had defaults prior to the third quarter of 2011.
Southwest Florida continues to be one of the fastest growing areas in the nation. Growth is attributed
to in-migration, mostly from Northeastern and Midwestern states; however, foreign migration and
intrastate migration are also significant factors for growth. U.S. Census Population Estimates,
updated on March 22, 2018, showing the recent growth can be seen in the graph below. The data
highlights population estimates as of July 1st each year through 2017. It shows Southwest Florida
continuing to experience significant gains in population with a 2.16% gain (or 27,379 people) in 2017
over 2016 for Collier, Lee, and Charlotte Counties combined. If you divide the population gain
(27,379) by the average household size in Southwest Florida over the past five years (2.55), we get
the number of new residential units (10,737) needed to support our current annual level of
population growth (27,379). There were 14,223 new residential units permitted in Southwest
Florida over the past 12 months (July 1, 2017 - June, 30 2018).
522,431 525,000
478,889 475,000
443,903
425,000
372,880
366,095 375,000
357,194
348,216
332,556
321,520 325,000
312,621 316,641
296,021
275,490 275,000
254,080
225,000
178,157 182,033
162,833 168,336 175,000
157,755 157,099 160,467 172,824
142,229 150,123 159,968
125,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Collier County’s population is expected to grow 38.7% from 2017 to 2045, which is the sixth highest
percentage gain for any Florida county with at least 350,000 current residents; trailing Orange,
Osceola, Lee, Manatee, and Hillsborough Counties. There were 18 counties in Florida with at least
350,000 residents, according to the U.S. Census figures as of July 1, 2017.
35000
34,239 33,903
33,220
30000 28,861
10000 9,418
-5000 -4,695
-10000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Foreign Domestic
Source: US Census
Future growth in Southwest Florida will be due largely to record numbers of Baby Boomers retiring
and migrating south. Southwest Florida has and will continue to appeal greatly to affluent Baby
Boomers who are looking for sun, beaches, boating, and championship golf. Foreign migration is also
expected to grow to record levels in Southwest Florida over the coming years, which will be aided by
an increase in international flights at Southwest Florida International Airport.
Growth in passenger air traffic usually portends population growth. Passenger traffic figures at
Southwest Florida International Airport (RSW) concur with that notion, as seen in the following
graph. Passenger traffic has increased 69.8% between 2000 – 2017 while the population increased
54.0% over the same time period for the three-county area.
8,500,000 16.0%
8,000,000 14.0%
7,500,000 12.0%
7,000,000 10.0%
6,500,000 8.0%
6,000,000 6.0%
5,500,000 4.0%
5,000,000 2.0%
4,500,000 0.0%
4,000,000 -2.0%
3,500,000 -4.0%
3,000,000 -6.0%
2,500,000 -8.0%
2,000,000 -10.0%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018 YTD
Source: Lee County Port Authority Total Passengers Annual Percentage Change
Passenger traffic at RSW increased 5.16% through the second quarter of 2018 over the same period
from the prior year. Monthly passenger traffic reached new record highs for eight out of the past nine
months. In February 2018, RSW surpassed 9,000,000 passengers on a rolling 12-month annual basis.
This figure is significant for single runway airports like RSW because it typically signals that the
airport is at critical mass and a second runway is needed. Plans for a second runway and terminal
expansion are currently in the design phase. Solicits for construction bids are expected to go out in
mid-to-late 2019 with construction to start soon after.
1,300,000
1,200,000
1,100,000
1,000,000
Total Passengers
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
2018 YTD
2009
2010
2011
2012
2013
2014
2015
2016
2017
The other two major airports on Florida’s Gulf Coast, Sarasota/Bradenton Airport and Tampa
International Airport, saw a 4.48% increase and 8.90% increase respectively in passenger traffic
through the second quarter of 2018 over figures from the same time period in 2017.
Due to a large number of Baby Boomers coupled with a declining birth rate, the U.S. population is
getting older. Data from the U.S. Census 2016 ACS (American Community Survey) supports this
notion in Southwest Florida. The table below shows the population changes by age groupings. Data
for the U.S. Census 2016 ACS was released in September 2017. Data from the 2017 ACS is scheduled
to be released in September 2018.
According to the U.S. Census, 44.4% of the combined population of Collier, Lee, and Charlotte is 55 or
older.
The aging population almost certainly ensures an increase in housing demand from older, more
affluent empty nesters and retirees in Southwest Florida moving forward.
Southwest Florida school enrollments saw an overall declined in the 2007-2008 and 2008-2009
school years. As a result of the 2004-2007 run-up in real estate prices, many young families opted for
less expensive areas to raise their families. Families continued to exit the market when
unemployment began to spike in 2008 due to the economic downturn. Enrollment figures; however,
from the past nine school years showed a reversing trend to positive growth in Lee and Collier
Counties, while Charlotte County enrollment continued to decline. The decline in Charlotte County
seems to have finally started to flatten. This leads us to believe the prevailing trend is about to reverse
course in the years ahead. Enrollment growth is indicative of an improving job market in Southwest
Florida. Enrollment trends are depicted in the following graphs.
42,000 41,941
41,500
41,000
40,500
40,144
40,000
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
Collier may start to experience a plateauing of student enrollment over the next few years due to
increasing home affordability issues for families.
72,500
70,843
70,000
67,500
66,429
65,000
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
Source: Florida Dept. of Education Lee School Enrollment
18,250 18,263
18,000
17,868 17,888
17,798
17,750
17,500
17,402 17,361
17,250
17,000
16,935
16,750
16,640
16,500
16,413
16,352
16,250 16,263
16,135 16,061
16,000 15,925 15,901
15,750
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
Florida Gulf Coast University (FGCU) has become a large regional university and economic driver for
the Southwest Florida area. The university is located in southern Lee County on Ben Hill Griffin
Parkway. Over the past decade the university has added an average of 556 students per year.
University officials project enrollment to near 16,500 by the 2020-2021 school year.
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
The growth of FGCU contributes to the overall population growth of Southwest Florida and is a big
economic driver for the area. A December 2013 study by an FGCU professor found the university's
impact on the Southwest Florida economy for the 2012-13 academic year was approximately $422
million in overall expenditures, $154 million in labor income, and is responsible for 3,723 jobs.
The following graphs indicate median and mean income levels for each county according to the U.S.
Census Bureau’s 2016 ACS (American Community Survey). Data for the U.S. Census 2016 ACS was
released in September 2017. Data from the 2017 ACS is scheduled to be released in September 2018.
$42,031 $42,000
$100,000
$97,881 $95,772
$95,000
$92,436 $89,719
$88,799 $90,000
$86,372
$85,131 $85,000
$85,326
$82,016
$80,000
$79,629
$74,125 $75,000
$71,415 $70,064
$70,761 $70,000
$66,957 $67,172
$67,383
$64,904 $65,643
$65,632 $63,697 $65,000
$64,509
$62,168
$61,562 $63,141
$60,234 $60,000
$57,263 $57,316
$56,958 $56,711 $55,576
$55,000
$52,398 $53,047 $52,405
$50,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$275,000 $273,727
$270,000 $267,853
$265,000
$262,136
$260,000
$256,574
$255,000
$251,164
$250,000
$245,902
$245,000
$240,787
$240,000
$235,814
$235,000
$230,981
$230,000
$225,000
$220,000
3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50%
Mortgage Rate
$235,000
$230,881
$230,000
$226,108
$225,000
$221,456
$220,000
$216,923
$215,000 $212,507
$210,000 $208,206
$205,000 $204,018
$199,941
$200,000
$195,973
$195,000
$190,000
$185,000
$180,000
3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50%
Mortgage Rate
$200,000
$196,352
$195,000
$192,243
$190,000 $188,239
$184,340
$185,000
$180,544
$180,000
$176,848
$175,000 $173,251
$169,751
$170,000
$166,347
$165,000
$160,000
$155,000
3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50%
Mortgage Rate
The table below indicates the percentage of households in each county making $50,000, $75,000, and
$100,000 or more. These segments are particularly important to new housing demand because they
are the segments that can typically afford new homes.
The graphs in this following section depict historical and current employment conditions at the
county, state, and national levels. Note the strong seasonality in Collier County’s unemployment rate.
As of June 2018, Collier’s unemployment stood at 3.9%, which was up from 3.1% a month earlier and
down from 4.2% in June 2017.
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Unemployed Employed Unemployment Rate
Source: US Bureau of Labor Statistics
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
72,000 13.0%
70,000 12.0%
68,000 11.0%
66,000 10.0%
64,000 9.0%
62,000 8.0%
60,000 7.0%
58,000 6.0%
56,000 5.0%
52,000 3.0%
50,000 2.0%
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Unemployed Employed Unemployment Rate
Source: US Bureau of Labor Statistics
2017 2017
Rank Company Name Rank Company Name
Employment Employment
1 Lee County School District 13,723 51 John R Wood Properties 545
2 Lee Health 13,595 52 Raymond Building Supply 534
3 Lee County Local Government 9,044 53 Carrabba's Italian Grill 510
4 Publix Super Market 7,183 54 Cracker Barrel Old Country 505
5 NCH Healthcare System 7,017 55 Florida Cancer Specialists 505
6 Collier County School District 6,422 56 Agmart Produce Inc 500
7 Walmart Supercenter 5,271 57 Bentley Village A Classic 500
8 Collier County Local Government 5,011 58 Gulf Bay Group of Companies 500
9 Florida Gulf Coast University 4,211 59 Moorings Park 500
10 Bayfront Health 3,060 60 Chili's Grill & Bar 494
11 Charlotte County School District 2,655 61 Wendy's 472
12 Arthrex, Inc. 2,500 62 Best Buy 470
13 McDonald’s 2,423 63 Hyatt Regency - Coconut Point 450
14 Charlotte County Local Government 2,394 64 Applebee's 444
15 City of Cape Coral 2,213 65 Taco Bell 442
16 Winn-Dixie 2,149 66 Bonita Bay Club 400
17 US Sugar 2,100 67 Galloway Family of Dealerships 400
18 Palm Automotive 2,050 68 LYNX Services LLC 400
19 Home Depot 2,040 69 Naples Beach Hotel and Golf Club 400
20 City of Naples 1,867 70 South Port Square Health Center 400
21 Florida SouthWestern State College 1441 71 Waste Collections 400
22 Gartner, Inc. 1200 72 Salus Care 400
23 Walgreens 1171 73 Bob Evans Restaurant 392
24 Target 1150 74 Culver's 390
25 Chico’s Fas Inc. 1147 75 Chick-Fil-A 386
26 Lowe’s Home Improvement 1135 76 Lee County Electric Co-op 386
27 Hertz 1110 77 Kohl's 381
28 Ritz Carlton-Naples 1100 78 Finnegan Team 375
29 Shell Point Retirement Community 1100 79 Pizza Hut 371
30 City of Fort Myers 1063 80 City of Punta Gorda 358
31 Radiology Regional Center 1031 81 BHHS Florida Realty 355
32 Hendry County School District 912 82 D & K Harvesting Inc 350
33 News-Press/Naples Daily News 840 83 G4s Secure Solutions USA. 350
34 Seminole Casino 800 84 J & J Ag Products Inc 350
35 Perkins Restaurant & Bakery 734 85 Ritz-Carlton Golf Resort, Naples 350
36 Sam’s Club 725 86 Sun Stream Hotels & Resorts 350
37 Olive Garden Italian Kitchen 715 87 Alico Inc 333
38 J W Marriott-Marco Island 700 88 Gasparilla Inn & Club 326
39 Naples Grande Beach Resort 700 89 Red Lobster 325
40 Hope Hospice 700 90 Suntrust Bank 325
41 Hendry County Local Government 699 91 Saks Fifth Avenue 325
42 WCI Communities Inc 689 92 Nordstrom 313
43 Marriott-Sanibel Harbour Resrt 650 93 Ruby Tuesday 303
44 Outback Steakhouse 633 94 Aston Gardens at Pelican Marsh 300
45 JC Penney 615 95 B & I Contractors Inc. 300
46 Physicians Regional Med Ctr 600 96 Everglades Harvesting & Healing 300
47 Schear Construction 600 97 Fawcett Memorial Hospital 300
48 Dillard’s 575 98 Lehigh Regional Medical Center 300
49 Burger King 563 99 Physicians Regional-Pine Ridge 300
50 Downing Frye Realty 550 100 Twineagles Club 300
Source: SWFL Economi c Devel opment Al l i a nce
State and national unemployment figures sat at 3.8% and 4.0%, respectively, for June 2018. These
figures are expected to remain near current levels over the next 6-9 months.
The Internal Revenue Service (IRS) provides annual migration data based on the addresses from
annual tax returns received and compared year over year. IRS migration data captures roughly 80%
of all United States residents but excludes those lower income residents who do not need to file a
return. While it does not capture all migration, it does represent data regarding migrants who have
the ability to purchase a home in Southwest Florida.
Data depicted in the following tables is from the 2016 tax year, which was released on November 30,
2017. Data for the 2017 tax year is scheduled to be released in October 2018. The data below shows
the top originating counties and states for in-migrants.
Those migrating into Collier, Lee, and Charlotte Counties tend to either be from other local counties
or Northeastern and Midwestern states.
Migration outflow data for Southwest Florida showed the majority of those leaving the area moved
to destinations within a three-hour drive of their previous home.
Historical data has shown a shift in in-migration from predominantly Midwestern states to
predominantly Northeastern states over the past 15 years.
The graphs in this section show the history of issued permits for single family detached, single family
attached, and multi-family product in Collier County. All product types are important when viewed
in terms of the overall health of the real estate market.
Collier County saw a total of 2,585 single family detached permits issued over the past 12 months,
ending on June 30, 2018. This was a 5.2% increase over the previous 12-month period. The permit
level is expected to decline slightly over the next 12 months from the current level.
The tables below rank the top communities and builders for Collier County by building permit
issuance for new single family attached homes over the past 12 months ending on June 30, 2018.
350
325
300
275
250
225
200
175
150
125
100
75
50
25
0
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Community MF Permits
1 Addison Place Apts. 240
2 Thrive Naples Assisted Living 197
3 Discovery Village Senior Living 175
4 Watercrest Senior Living 128 Builder MF Permits
5 Residences at Sapphire Lakes ALF 127 1 Kaufman Lynn Construction 240
6 Avalon of Naples 72 2 Deangelis Diamond 197
7 Esplanade G & CC 72 3 Henning Group 175
8 Legacy Naples Apts. 64 4 Lennar/WCI/Calatlantic 142
9 Richmond Park 64 5 Neal Communities 136
10 Treviso Bay 60 6 Walker & Company 128
11 Autumn Leaves Assisted Living 50 7 Gates Butz Insitutional Construction 127
12 Talis Park 50 8 Taylor Morrison 72
13 Lely Resort 40 9 GCI Construction 64
14 Terracina Assisted Living 30 10 Lake Superior Contracting 50
15 Lamorada 20 11 Stock 40
16 Artesia 16 12 Waltbillig & Hood GC 30
17 Azure at Hacienda Lakes 8 13 Front Door Communities 8
18 Del Webb Ave Maria 8 14 Pulte 8
19 Isles of Collier Preserve 6 15 Toll Brothers 8
20 Regatta Landing at Windstar 4 16 Minto 6
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Source: Collier County Community Dev. Issued Residential Units
The City of Naples issued permits for 108 single family homes and 88 multi-family units over the past
12 months, while Marco Island issued 98 permits for new single-family homes for the same time
period. The City of Naples had 6 permits issued for new single-family homes in the Mangrove Bay
community. The projects where the multi-family permits were issued in the City of Naples can be
seen below.
Community MF Permits
1 Naples Square 77
2 505 5th Ave S 8
3 Trianon 745 12th Ave S 3
The data for Unincorporated Lee County is shown below. The City of Cape Coral, City of Bonita
Springs, Sanibel, Fort Myers Beach, Village of Estero, and City of Fort Myers have their own permit
reporting department figures that are reported separately. The Village of Estero started reporting
their permits separately in January 2015. Their permits are included in the chart below prior to
January 2015.
Lee County Unincorporated Single Family Detached Issued Permits Per Month
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
10
0
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Unincorporated Lee County issued a total of 1,763 single family detached home permits over the past
12 months, ending on June 30, 2018. This was a 32.5% increase over the previous 12-month period.
The permit level in Unincorporated Lee County is expected to increase slightly through the rest of
2018.
There were also 625 multi-family units (3 + units per building) built in Unincorporated Lee County
over the past 12 months, ending on June 30, 2018. This was a 38.8% decrease over the previous 12-
month period for this product type. 523 of the 625 multi-family units were for rental apartments or
assisted living units. Excluding rental and assisted living units, Unincorporated Lee County saw a
49.8% decrease in for sale multi-family permit issuance over the past 12 months. The communities
and builders for multi-family units can be seen in the following charts.
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Issued Permits
Source: Lee County Community Dev.
There were 471 permits issued for new single-family homes in Lehigh Acres over the past 12 months,
ending on June 30, 2018. This was a 10.0% increase over the previous 12-month period. Lehigh Acres
experienced its best monthly output (72) in June 2017 for permits issued for new homes in Lehigh
Acres since June 2007. To put the current level of new home permit activity into perspective, there
were only 68 new single-family permits issued in total in Lehigh Acres over the five-year period
2009-2013. Permit activity is expected to continue to increase in Lehigh Acres over the next 12
months.
Dec-14
Dec-15
Dec-16
Dec-17
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Issued Permits
Source: Lee County Community Dev.
22
20
18
16
14
12
10
0
Dec-15
Dec-16
Dec-17
Aug-15
Aug-16
Aug-17
Feb-15
Feb-16
Feb-17
Feb-18
Jun-15
Jun-16
Jun-17
Jun-18
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Source: Village of Estero Community Dev. Issued Permits
The tables below rank the top communities and builders for the Village of Estero by building permit
issuance for new single family detached homes over the past 12 months, ending on June 30, 2018.
In addition, there were permits issued for 26 new single family attached homes within the Village of
Estero over the past 12 months, ending on June 30, 2018. All 26 single family attached homes were
permitted in the Tidewater community being built by Pulte Homes.
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44
There were also 64 multi-family units (3 + units per building) built in the Village of Estero over the
past 12 months, ending on June 30, 2018. The communities and builders for multi-family units can
be seen in the following charts.
The City of Cape Coral figures, shown in the following chart, are in addition to the Lee County
Unincorporated figures. Cape Coral issued a total of 2,087 single family home permits over the past
12 months ending on June 30, 2018. This was a 32.4% increase over the previous 12-month period.
Cape Coral new single-family home permit activity is expected to increase slightly over the next 12
months.
840
780
720
660
600
540
480
420
360
300
240
180
120
60
0
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Jun-00
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Issued Permits
Source: City of Cape Coral
Dec-14
Dec-15
Dec-16
Dec-17
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Source: City of Cape Coral Issued Permits
Builder SF Permits
1 DR Horton 445
2 Wade Jurney/WJHFL LLC 185
3 JHS Builders 112
4 LGI / All About Building 99
5 Taylor Morrison 61
6 Holiday Builders 60
7 Maronda Homes 55
8 Dalton Communities 50
9 Sposen Signature Homes 50
10 Adams Homes 47
11 Hansen Homes 47
12 Pinnacle Building Solutions 45
13 Beatie Development 36
14 Coral Isle Builders 33
15 Lennar 32
16 Donnelly Homes/Construction 31
17 Goodwin Construction 30
18 Wall Homes 23
19 Groff Building 21
20 Arnold Roberts Signature Homes 17
21 GSD Construction 16
22 Paraco Inc 16
23 Option One Builders 15
24 Premier Cape Construction 15
25 Diamond Gulf Construction 13
26 Windward Construction 13
27 Bellwether Construction 12
28 Imperial Homes 12
29 Pascal Construction 11
30 Tundra Homes 11
31 Michael Devito Homes 10
32 Poseidon Homes 10
33 Sweet Home Construction 10
34 Tracey Quality Building 10
35 RCH Enterprises 9
36 Spo Construction 9
37 Aubuchon Homes 8
38 Costa Bella Homes 8
39 Majowski Construction 8
40 Nextech Construction 8
41 Paul Homes 8
42 Qualitas Gobal Developments 8
43 Ravenwood Homes 8
44 White Stone Property Solutions 8
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47
Community SF Permits
1 Villages of Entrada 150
2 Sandoval 62
3 Bella Vida 32
4 Sunset Pointe 16
5 Cape Harbour 4
6 Tarpon Point 3
7 Palmetto Pine Estates 2
In addition to single family detached, there were a total of 196 new single family attached permits
(including duplex units) issued for the City of Cape Coral over the past 12 months, ending on June 30,
2018. This was a 26.3% decrease over the previous 12-month period. The builders for that product
type can be seen in the table below.
Builder SF Att. Permits
1 SN Construction 96
2 Ability Construction 14
3 Dalton Communities 10
4 Gulf Stone Construction 8
5 Sweet Home Construction 8
6 All Trades Construction 6
7 Individuals 6
8 Manclar Builders 6
9 Armex Construction 4
10 Fremar Construction 4
11 Indesol Inc 4
12 M & J Construction 4
13 Paraco 4
14 Ramos Builders 4
15 West Bay Construction 4
16 Concept Construction 2
17 Diamond Gulf Construction 2
18 Florida Style Ventures 2
19 Lindsey Carpentry 2
20 Pascal Construction 2
21 Pelican Home Builders 2
22 Pinnacle Building Solutions 2
There were also 612 multi-family units (3 + units per building) built in Cape Coral over the past 12
months, ending on June 30, 2018. This was a 45.0% decrease over the previous 12-month period. The
builders and communities for multi-family units can be seen in the following charts.
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Issued Permits
Source: City of Ft Myers Community Dev.
The top communities and builders of new single family detached homes for the City of Fort Myers for
the past 12 months, ending on June 30, 2018, can be seen in the following charts.
Community SF Permits
1 Plantation/Bridgetown 179 Builder SF Permits
2 Marina Bay 105 1 Pulte 179
3 Pelican Preserve 89 2 Lennar/WCI/Calatlantic 168
4 Arborwood Preserve 60 3 GL Homes 105
5 Lindsford 37 4 DR Horton 41
6 Watermark 29 5 Neal Communities 29
7 Castalina 19 6 Habitat for Humanity 11
8 Majorca Palms 8 7 SCP Enterprises 3
9 Caloosa Pointe 4 8 Eastmond Enterprises 2
There were also permits issued for 951 multi-family units (buildings with 3 or more units) in the City
of Fort Myers over the past 12 months, ending on June 30, 2018. This was an 26.5% increase for that
product type over the previous 12-month period. 863 of the 951 multi-family units were for rental
apartments or assisted living units. Excluding rental and assisted living units, the City of Fort Myers
saw a 37.5% increase in for sale multi-family permit issuance over the past 12 months. The
communities and builders for that product type can be seen in the following tables.
Community MF Permits
1 Decorum Apts. 435 Builder MF Permits
2 Grand Central Apts. 280 1 Deangelis Diamong 435
3 Portofino Cove Apts. 148 2 Brooks & Freund 280
4 Pelican Preserve 56 3 Prime Home Builders 148
5 Arborwood Preserve 24 4 Lennar/WCI 80
6 Plantation/Bridgetown 8 5 Pulte/Centex 8
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Jun-00
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Source: Bonita Springs Community Dev. Issued Permits
The City of Bonita Springs issued a total of 510 new single family detached home permits over the
past 12 months, ending on June 30, 2018. This was a 53.6% increase over the previous 12-month
period.
65
60
55
50
45
40
35
30
25
20
15
10
0
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Issued Permits
Source: Bonita Springs Community Dev.
Community SF Permits
1 Bonita National 158
2 Valencia 125
3 Bonita Landing 49 Builder SF Permits
4 Wildwood Preserve 43 1 Lennar 207
5 San Carlos Estates 23 2 GL Homes 125
6 Bonita Fairways 22 3 DR Horton 44
7 Quail West 10 4 Home Dynamics 22
8 Bonita Beach 7 5 Toll Brothers 9
9 Red Hibiscus 7 6 Habitat for Humanity 7
10 Bonita Lakes 6 7 Chala Development Group 6
11 Bonita Bay 4 8 Stock 5
12 Bonita Farms 4 9 Donnelly Construction 4
13 Heitmans 4 10 Potter Homes 4
14 Brendan Cove 3 11 Distinctive Development Group 3
15 Cordova at Spanish Wells 3 12 Sposen Signature Homes 3
16 Sun Village Estates 3 13 WPM Southern 3
In addition to single family detached, there were a total of 96 new single family attached permits
issued for the City of Bonita Springs over the past 12 months, ending on June 30, 2018. The
communities and builders for that product type can be seen in the following charts.
There were also permits issued for 156 multi-family units in the City of Bonita Springs over the past
12 months, ending on June 30, 2018. This was a 50.5% decrease for that product type over the
previous 12-month period. The communities and builders for that product type can be seen in the
following charts.
Community MF Permits Builder MF Permits
1 Bonita National 116 1 Lennar 116
2 Paloma 40 2 DR Horton 40
2,100
1,950
1,800
1,650
1,500
1,350
1,200
1,050
900
750
600
450
300
150
0
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Fort Myers Beach had 26 permits issued for new homes over the past 12 months, while Sanibel had
24 over the same period.
There were a total of 1,283 permits issued for new single family detached homes within Charlotte
County over the past 12 months, ending on June 30, 2018. This was a 27.9% increase from the
previous 12-month period.
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Source: Charlotte County Building Dept. Issued Permits
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Source: Charlotte County Building Dept. Issued permits
There were also permits issued for 267 multi-family units in Charlotte County over the past 12
months, ending on June 30, 2018. There were no permits issued for that product type over the
previous 12-month period. The communities and builders for that product type can be seen in the
following charts.
Builder MF Permits
1 Kaufman Lynn Construction 256
2 Canino Construction 11
Community MF Permits
1 Springs at Port Charlotte Apts. 256
2 Harborside El Jobean 11
Charlotte County issued permits for a total of 1,695 residential units across all product types over the
past 12 months, ending on June 30, 2018. This was a 60.1% increase over the previous 12-month
period. Looking forward, we believe new home residential permit issuance in Charlotte County will
remain relatively flat over the next 12 months.
There were a total of 14,223 permits issued for new residential housing units in Collier, Lee, and
Charlotte Counties combined over the past 12 months, ending on June 30, 2018. This was a 11.4%
increase from the previous 12-month period, which saw 12,772 new residential housing units
permitted. When we exclude rental apartments and assisted living units, Collier, Lee, and Charlotte
Counties combined saw a 15.6% increase in for-sale permit issuance over the past 12 months. When
we look at only permits issued for new single family detached homes, our market saw a 17.7%
increase. Looking forward, we project to see between 12,900 – 13,300 new residential units
permitted over the next 12 months. The combined monthly trend can be seen in the following chart.
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
The following graphs indicate single family and multi-family sales trends for Collier County. The data
for this portion of the report was obtained from the Naples Area Board of Realtors (NABOR). The
median price for the second quarter of 2018 stood at $467,000 for a single family detached home in
Collier County, which was a 7.4% increase over the same period from 2017.
# Sold
Price
$675,000 360
$600,000 330
$525,000 300
$450,000 270
$375,000 240
$300,000 210
$225,000 180
$150,000 150
$75,000 120
$0 90
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Source: NABOR # Sold Average Sale Price Median Sale Price
The median income in Collier County, according to the 2016 U.S. Census Bureau’s ACS, supports a
median home price of approximately $262,136 with a 10% down payment and assuming a 4.00%
interest rate.
# Sold
$450,000 500
Price
$400,000 450
$350,000 400
$300,000 350
$250,000 300
$200,000 250
$150,000 200
$100,000 150
$50,000 100
$0 50
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Source: NABOR # Sold Average Sale Price Median Sale Price
The following graphs indicate single family and multi-family sales trends for Lee County. The data
was taken from the Realtor Association of Greater Fort Myers and the Beach. The median price for
the second quarter of 2018 stood at $256,750 for a single family detached home in Lee County, which
was a 6.5% increase over the same period from 2017.
# Sold
$225,000 1150
Price
$200,000 1050
$175,000 950
$150,000 850
$125,000 750
$100,000 650
$75,000 550
$50,000 450
$25,000 350
$0 250
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
# Sold Average Sale Price Median Sale Price
Source: Greater Ft Myers MLS
The median income, according to the 2016 U.S. Census Bureau’s ACS, supports a median home price
of approximately $221,456 with a 10% down payment and assuming a 4.00% interest rate.
# Sold
Price
$180,000 450
$160,000 400
$140,000 350
$120,000 300
$100,000 250
$80,000 200
$60,000 150
$40,000 100
$20,000 50
$0 0
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
# Sold Average Sale Price Median Sale Price
Source: Greater Ft Myers MLS
The following charts show the top subdivisions by volume of vacant developed lot (VDL) inventories
for single family detached lots in Collier, Lee, and Charlotte Counties as of June 30, 2018.
The real estate bust of 2008/2009 led to a massive decline in single family lot prices in Cape Coral
and Lehigh Acres. The average selling price for a lot in Lehigh Acres and Cape Coral fell about 92%-
95% from their peak in late 2005 and have since rebounded. Sale prices for these lots started to show
healthy gains in 2013 and continued into early 2016. As we approached the end of 2016/beginning
of 2017, we started to see lot prices in Cape Coral plateau. We expect to see the same phenomenon
play out in Lehigh Acres over the next year. The following charts indicate average lot sale trends in
those markets for lots under 0.33 acres on a monthly basis. Lot data for Cape Coral only pertains to
non-waterfront lots.
275 $33,000
250 $30,000
225 $27,000
200 $24,000
175 $21,000
150 $18,000
125 $15,000
100 $12,000
75 $9,000
50 $6,000
25 $3,000
0 $0
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Source: Greater Ft Myers MLS Sales Per Month Average Price Per Sale
On average, lots sold for approximately $18,262 in Cape Coral and $5,565 in Lehigh Acres in the second
quarter of 2018. Comparatively, the average selling price in 2003 was $16,804 in Cape Coral and $6,860 in
Lehigh Acres.
225 $6,000
200 $5,500
175 $5,000
125 $4,000
100 $3,500
75 $3,000
50 $2,500
25 $2,000
0 $1,500
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Aug-13
Dec-13
Aug-14
Dec-14
Aug-15
Dec-15
Aug-16
Dec-16
Aug-17
Dec-17
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Source: Greater Ft Myers MLS Sales Per Month Average Price Per Sale
200 $60,000
180 $54,000
160 $48,000
140 $42,000
120 $36,000
100 $30,000
80 $24,000
60 $18,000
40 $12,000
20 $6,000
0 $0
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
100 $16,000
90 $15,000
80 $14,000
70 $13,000
60 $12,000
50 $11,000
40 $10,000
30 $9,000
20 $8,000
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Aug-13
Dec-13
Aug-14
Dec-14
Aug-15
Dec-15
Aug-16
Dec-16
Aug-17
Dec-17
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Sales Per Month Average Price Per Sale
Source: Greater Ft Myers MLS
Every reasonable effort has been exerted in order that the data contained in this report reflects the
most accurate and timely information that is possible, within practical budget limitations, and is
believed to be reliable. However, no responsibility is assumed for errors or inaccuracies caused by
any clerical error or inadvertent mistakes in the transcription of information from public domain to
this report.
Commissioning of this report does not grant the client any right of access to, or ownership of, any
data, computer programs, spreadsheets or any other work product acquired or created by Land
Solutions Inc., whether for the preparation of this report or otherwise.
This report may not be used for any purpose other than that for which it was prepared. No part of
this report may be published without the prior written consent of Land Solutions, Inc. Violation of
these limiting conditions may lead to legal action and damages against the offending party.