As those of you who know me are aware, I am watching the real estate market n Southwest Florida like a hawk.
The market in Southwest Florida was one of the first go in the tank and it's showing signs of maybe being one of the first to emerge from said tank. Historically, the real estate market in the Vail Valley has been one of the LAST to go in the tank and among the FIRST to emerge. So, I keep watching Florida for a turn-around that could signal or confirm a turn-around in the Vail markets.
The news from Southwest Florida is improving. According to the Fort Myers Florida Weekly, Stock Development reports sales for the first 3 quarters of 2009 from its new developments in Fort Myers and Punta Gorda at $70 million, boosted by a surge in sales totaling more than $10.5 million during the usually slow months of August and September. Their average sales price increased 12% from $355,000 in the 1st quarter of the year to $396,000 in September.
Best of all they sold twice as any homes in the first 10 days of October as they did in the entire month in 2008.
This encouraging news parallels, though on a different scale, the recent performances I have reported for September and October in our Vail Valley market.
A recent report in Newsweek reports that Baby-Boomers are getting back into the second home market, which should help venues like South Florida and resorts like ours in the Vail Valley.