Southwest Florida’s housing market is in a slump – but recovery is just around the corner. That’s according to housing analyst Mike Timmerman who spoke to members of the Urban Land Institute Wednesday in Estero.

Mike Timmerman of Hanley Wood Market Intelligence told a group of about 100 realtors, builders and others the housing market moves in 36 month cycles – and the region is now in the 20th month of a downward trend. He says housing has taken a hit in Southwest Florida because of the large proportion of second homes and investment properties.

“where there’s employment based housing need, Tampa, Orlando, Jacksonville – the area’s where the housing is there for workers – those areas haven’t done as poorly as markets which are second home investors places...pricing didn’t increase as much so we didn’t have as many investors and speculators therefore they didn’t get as far ahead of the game as we did in Southwest Florida.”

Overbuilding in Southwest Florida has led to oversupply and Timmerman says right now builders are unloading units at or below cost. But he says it’s a buyers market right now - for those who can afford the taxes and insurance that comes with being a home owner. He’s hopeful state lawmakers will legislate a cure for those high costs in the upcoming special session. As for the over-abundance of housing stock, Timmerman says in-migration will eventually take up the slack.

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Southwest Florida’s housing slump is only temporary. That’s according to Housing analyst Mike Timmerman who spoke to members of the Urban Land Institute Wednesday in Estero. Timmerman told the group’s members that ups and downs are part of the housing cycle, but in the end, the region’s building industry and housing market are poised to do well.

“we had a huge amount of speculation that occurred – but from an overall standpoint the demographics are very good for sw Florida, we’re expecting a huge amount of in migration because of the quality of life – so obviously the long run for sw is very good – you do have blips and that’s what this part is – a blip in the market place.”

Timmerman says the biggest challenges in the housing market right now are in selling existing homes – some are overpriced and have been on the market too long. He says high property taxes and the high cost of insurance are also turning some potential homeowners into renters instead.

Catholic Charities Housing is spearheading a project to provide decent homes for farm-workers in Desoto County, and also a step-up to achieving the American Dream.

In 2004, Hurricane Charley destroyed 60 percent of migrant farm-worker housing in DeSoto. Much of it was ramshackle trailers. Some replacement trailers have been moved in, some workers are doubling up – others are commuting. And labor shortages are not uncommon. But things are looking up as a new community for the workers takes shape. WGCU’s Valerie Alker prepared this report.

Domestic Violence Awareness Month wrapped up this week. But unfortunately more people are victimized every day. W-G-C-U’s Christine Buckley discovered that local focus is on the need for more transitional housing, a key stop on a woman’s precarious road away from her abuser.

More than 17-thousand Florida families moved into FEMA housing. The deadline to move out is October 31s. But a new program could give them more time.

It allows occupied units to be donated to eligible non-profit groups, or county governments…giving residents more time to find somewhere else to live. So far ownership of all FEMA mobile homes in more than a dozen counties has been transferred to non-profits. In return they provide insurance and let the families stay at least another year.

FEMA Public Affairs Officer Mildred Acevedo says they hope non-profits also take over in Southwest Florida.

“We’ve been working very closely with Charlotte County, and Desoto and Hardee where we have the majority of residents. And there’s still time. There is a plan in progress to work with these families.”

About 100 FEMA trailers remain occupied in Southwest Florida. Residents also have the option to buy the mobile homes directly from FEMA. Acevedo says the price is based on income. And she says many of the remaining families have already made moving plans. Mike Kiniry, WGCU News.

Business leaders announced a new public/private initiative Wednesday to help provide affordable housing for teachers in Lee County – right away. It comes as developers are finding fewer condo buyers at present prices. At least fifty new condominiums at a development called “Osprey Cove” will be sold soon -- to educators only. Qualified teachers from the Lee County School System as well as Edison Community College and Florida Gulf Coast University – can buy the 2-bedroom two-bath condos for about 100-thousand dollars BELOW their appraised value. Lee County School Superintendent James Browder says it’s a great start to addressing the affordable housing shortage.

“Iits one of the two or three things we struggle with because teachers can’t afford to come here and live and this will at least start that thinking in our community – we need to do things to attract the best and brightes.t”

Lee County recruits about five hundred new teachers every year. Funds to help reduce mortgages were provided by a number of local businesses – with a million dollars coming from developer ‘Bonita Bay Group’. Osprey Cove will be ready for occupants by December.

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Lee County business leaders are taking a proactive stance to provide affordable housing for educators. Wednesday they announced a public-private initiative called “Homes for Teachers”. Businesses are putting up money to help educators buy homes at a soon to be completed condominium complex in South Lee County.
Scott Edmonds, President of Chicos, says the clothing retailer is delighted to participate.

“One of the toughest issues we face when recruiting executives from places like new york city and Chicago is the quality of our education system in lee county. teachers are the cornerstone of our education system and in order to provide the best educational opportunities for children in our community we need to start with the best teachers and in order to attract the best teachers we must be able to provide affordable housing for them and their families.”

Fifty condominium units at Osprey Cove will held for qualified teachers only – from the Lee County School System, Edison Community College and Florida Gulf Coast University. The condos will be ready in December and sell for about 180 thousand dollars.

Lee County Property Appraiser Ken Wilkinson wants Florida’s “Save Our Homes law” to become portable. He traveled to Orlando yesterday to present his plan to a state tax reform committee.
Save our homes caps tax increases on primary homes to 3-percent a year. It’s been lauded since its inception by homeowners statewide…but there’s a catch. Longtime residents face huge tax increases if they move elsewhere in Florida…because its savings aren’t portable. Wilkinson wrote the original Save Our Homes amendment back in the early 90’s…

“Because in my opinion the legislature wasn’t moving in the right direction a group of citizens in Lee County and around the state put together a constitutional amendment…we were able to get it on the ballot. That is what Save Our Home is…now I’m faced with the same situation.”

Lawmakers proposed several bills during the last legislative session that provide portability - but none passed. Wilkinson’s plan would allow homeowners to take some of their savings to another home in Florida. His group needs about 650-thousand signatures to put the idea before voters in 2008.

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Lee County Property Appraiser Ken Wilkinson wants the tax benefit of Save Our Homes to become portable. He’s formed a non-profit corporation to focus support on the issue…and to gather signatures to get an amendment on the 2008 ballot. Wilkinson wrote the Original Save Our Homes amendment – passed by Floridians in 1992. It caps property tax increases on primary residences to 3 percent a year.
He says the problem is -- as property values increase some long time residents are becoming trapped in their homes… because if they move to another house they could face huge tax increases.

“Save Our Homes did some phenomenal things – beyond our expectations. It allows you to stay in your house. But because it’s been so successful some people, many people are finding that they are locked in. See what we’re trying to do? Give the homeowner the flexibility.”

Wilkinson’s idea would work this way: If your home has a MARKET value of 400-thousand, but is being assessed by the county at only 200-thousand, thanks to Save Our Homes…your current savings is 50-percent. So if you then sold your home and bought another one for 600-thousand…the new assessment would be half that …or 300-thousand. The group needs about 650-thousand signatures to get the amendment on the ballot in 2008.

New real estate numbers out Wednesday show home prices in Southwest Florida continue to fall. The median home price in Naples in July was 461-thousand dollars, six-percent lower than last year. Lee County checked in at 264-thousand, an 8-percent drop and Punta Gorda was 228-thousand, 4-percent less. The median is the price where half the homes sell above that amount and half below. Fort Myers real estate agent Dan Pearce of Century 21/Sunbelt says the market has begun to stabilize because buyers and sellers are being more realistic.

“We’re focusing more on trying to make sure we’re taking listings that are priced correctly and I think that the sellers’ expectations have come more in line with what the market will bare.”

For a seventh straight month, the number of homes sold plunged: Naples down 51-percent, Punta Gorda 37-percent and Fort Myers 32-percent. Pearce says mortgage rates remain low but it’s offset by expensive property insurance.
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Home sales continued their steep drop last month. The Florida Association of Realtors released its July housing numbers Wednesday that showed the number of homes sold declined by as much as half. The median price in Naples also dropped, down 6-percent last month to 461-thousand dollars. Lee County declined 8-percent to 264-thousand dollars and Punta Gorda dipped slightly to 228-thousand dollars. Despite the slowdown, real estate agents have noticed a change. Dan Pearce of Century 21/Sunbelt in Estero says business has picked up in the last few weeks.

“We’re getting better response to our advertising, better response to our Internet activity and I think buyers are just beginning to turn back to the market.”


Pearce says a quiet hurricane season, so far, has helped fuel business recently. He says the market appears to have stabilized but he thinks home prices will continue to drop for a little while longer.

The first Florida Style “Katrina Cottage” opened to the public this Sunday in Englewood. The showing coincided with the two-year anniversary of Hurricane Charley. “The Cottages” are meant to provide a structurally sound and aesthetically pleasing alternative to FEMA trailers. W-G-C-U’s Valerie Alker prepared this report.

The Department of Justice and a nonprofit organization called Renaissance Manor are suing Sarasota County over group homes for people in recovery. Stephanie Westendorf has more.

This year, Florida lawmakers paid the most attention to affordable housing of any legislative session since 1992. Analysts say the outcome was both good and bad. They spoke Thursday at a workforce housing symposium in Fort Myers. WGCU’s Amy Tardif reports.