A view from afar
The Charleston Post & Courier has an interesting view of the Fort Myers real estate market as it compares and contrasts it with the market in Charleston.
The coverage of the boom and subsequent slowdown provides a chance to review and reflect on the crazy ride we have experienced here in SW Florida over the past couple of years. The article quotes Denny Grimes,
"If you want to know where the market's going, you look at inventory," said Denny Grimes, a Realtor in Fort Myers. "We don't have a demand problem, we have a supply problem. We had a market binge and now we're going to suffer a little bit."
Grimes said he expects the angst to subside after a year or two; the market will start growing again but at a healthier, single-digit rate.
Describing the current market challenges as a supply problem is right on the money. Sellers shouldn't expect to see dramatic improvements in the short term. The first wave of sell-offs will be from investors that "have" to exit due to cashflow difficulties. Once these properties have been absorbed we can expect to see a return to normalcy.Tale of 2 growing regions [Charleston Post & Courier]