Fort Myers Cited as Top Turnaround Market

Wow, it sure feels good to type "Fort Myers" and "turn-around market" in the same sentence.  We are no longer the ugly-duckling, poster child for the housing bust……but rather one of the markets leading the nation's real estate recovery. Realtor.com ranked the Fort Myers-Cape Coral market third nationally in its October 2011 Turnaround Report.  A key driver in this ranking was that over the last year, median prices in the Fort Myers market have increase by nearly 33%.  A major factor contributing to the price increases is the significant slowdown in the number of foreclosed homes hitting the market.  Over the past couple of years, distressed listings have dominated the Fort Myers MLS.  This is no longer the case as regular listings are currently propelling the market. The surge in market activity is being driven by baby-boomer and pre-retirement second homeowners.  Many are paying cash and looking towards Florida real estate as a means  to diversify their portfolio of assets.  International buyers are also a key driver with many Canadians and Europeans currently active in the market.