In today's world of social media and internet exposure, you have to almost believe that real estate news has become more subjective than in the past. Even the most experienced realtors who I respect offer only half of the real news you need. Granted, if they broke down every submarket in Lee County, it would take them a year to write about it, but when you speak of general real estate, it can become misleading to your specific submarket.
For instance, in Lee and Collier County, new construction inventory and sales are at record highs since the recession. Only recently have builders started offering concessions with the uptick in competition. Buyers are there for them, however at a slightly slower rate than last year.
So, let's cut to the chase. Here at Allan Development Group, we have been and will continue to be developers exclusively in the Iona McGregor submarket. Why? Well for starters, it is the very first area potential homebuyers look when buying a home. Why? Here are some facts as to why...
- Less than 10 minute drive to Fort Myers Beach, Sanibel Island and all of it's world class beaches.
- Seconds to the world famous Sanibel Outlets.
- Less than 1 mile the way the crow flies to the Gulf of Mexico.
I can go on forever, but another reason is because when you think of Paradise, the way Fort Myers is typically advertised, it is the Iona McGregor submarket that reminds you the very most of it. Mature palm trees everywhere, calm Gulf breeze, mom-and-pop retail and restaurants where you can eat some of the best locally caught seafood, etc.. It truly is Paradise!
Furthermore, our development company has invested $25 million in new projects to the Iona McGregor submarket in the last 3 years, nearly triple the amount of any competitor. We also have another $40 million in either permitting or planning stages for 2017.
While we cannot disclose our site location at the moment for a $30 million residential community, I will say that this will likely be the most heavily demanded new community in Lee County since the recession. We are going to be building high quality pool homes in a gated community starting at under $400,000 in the Iona McGregor submarket, likely starting by Fall 2017.
An Iona McGregor MLS search on June 26, 2017 resulted in 12 listings of homes built since 2007. I went back 10 years because a lot of buyers, especially empty nesters and retirees look for homes that are in good shape and in need of very little or no updating. Here is the issue with my results. Of the 12 listings of homes that were less than 10 years old, only ONE OF THEM is priced under $400,000, a Pulte Home in Water's Edge. The issue with this home is it is the most inferior home that Pulte Homes built in Water's Edge. No view, no pool, and no upgrades. But for under $400,000 we expect this to sell in no time.
The second most affordable home less than 10 years old is listed for $715,875, then $832,750, then $869,000, and then 8 more priced OVER $1,299,500. In the last 3 months, 8 homes have gone pending or have closed. It's obvious that not only is there no new construction in the Paradise corridor, but there is simply no inventory to pick from. So if someone tells you sale volume isn't exciting in this area, well it's because there is nothing to buy unless you are ok with older homes that my need a little updating. We love projects that need updating, but this particular article is for those who want a hassle-free home at closing.
Our projects, all located within the Iona McGregor submarket, will creating new and much needed affordable inventory to the neighborhood which will fill in the vacant land with beautiful new real estate, and will give the locally owned businesses more doors to cater their business to.
Contact us if you are an Iona McGregor buyer or seller feeling out the market for a home. Our unique business model of development combined with a full sales service will offer you a service like none other and will assure you the best value for your investment. Our team of realtors have expertise in all mid- to upper- tier homes in this market and are waiting to work for you. As always, we offer free consultations to anyone.