Agreement always better than a lawsuit when heirs disagree
Dear Mr. Feichthaler:
My brother and I inherited our mother’s home in Cape Coral earlier this year. I live here in Florida, while my brother lives in Wisconsin. I would like to sell the property, but he wants to use it as a vacation rental, and for his own use each February. With us having equal ownership, who makes the decision?
-Charles M.
Real Estate Law
Dear Charles:
Our condolences on the passing of your mother. I am sure it is dif-
As equal owners, not only do you both have an equal say of what occurs with the property but you also both have the right to use the property. You could both decide to move in, if you wanted. Hopefully, you are both still on speaking terms and may be able to reach an agreement that is fair for both of you. Ideally, your brother would purchase your interest in the property for fair market value. He could purchase your 50% interest with his own funds, rental payments to pay the mortgage to you. If you reach agreement, you will action in the circuit court. A partition is a legal proceeding when the owners of property cannot decide the disposition of real estate. This will ultimately lead to a settlement where one buys out the other, or a forced sale. As you may expect, a forced sale almost never results in more money than if willing parties make an agreement on price. If your settlement negotiations do not lead to an agreement, a partition action is your only alternative for resolution.
I caution my clients when making their estate plans to consider the relationships of those that may inherit real estate. If there is likely to be disagreement, I recommend attempting to split assets in a way that does not force direct ownership on people that are likely to have disputes. I wish you all the best in reaching an amicable resolution with your brother.
Backyards have undergone quite a transformation over the last decade-plus. The days when patios and decks were all a backyard living space had to offer are largely a thing of the past, as homeowners have realized just how valuable it can be to commit to a stunning backyard.
The real estate experts at Zillow estimate that homes with backyard features such as outdoor televisions, outdoor showers and outdoor kitchens command 3.1 percent more than expected upon reaching the market. If 3.1 percent doesn’t sound like a lot, it actually equates to nearly $11,000 on a typical home. But there’s more to gain than money when converting a backyard space into a relaxing respite. Such spaces can provide a welcoming escape from the hustle and bustle of daily life, all the while giving homeowners and residents a comfortable space to soak in the great outdoors. With that in mind, homeowners can take the following steps to establish a peaceful backyard retreat.
• Refresh the landscape. Even if your vision is centered on outdoor furniture and a space that accommodates movie nights under the stars, it’s still best to refresh the existing landscape if it needs a little upkeep. Overgrown trees, hedges and bushes can create the same cluttered vibe that dominates interior spaces overrun with items. If necessary, work with a local tree service or landscape architect to trim, or even remove, trees and hedges that are crowding the backyard and making it feel claustrophobic or giving it an unkempt look. Aim for a landscape that affords a balance of sun and shade so the space is as comfortable as possible throughout the day.
Eric P. Feichthaler has lived in Cape Coral for over 37 years and graduated from Mariner High School in Cape Coral. After completing law school at Georgetown University in Washington, D.C., he returned to Cape Coral to practice law and raise a family. He served as mayor of Cape Coral from 2005-2008, and continues his service to the community through the Cape Coral Caring Center, and Cape Coral Kiwanis where he serves as president. He has been married to his wife, Mary, for 24
Law from the Florida Bar, and primarily practices in real estate law and wills and trusts. He is AV Preeminent rated by Martindale-Hubbell for professional ethics and reached at eric@capecoralattorney .com, or 239-542-4733. This article is general in nature and not intended as legal advice to anyone. Individuals should seek legal counsel before acting on any matter of legal rights and obligations.
Eric P. Feichthaler
• Set up multiple gathering spaces, if possible. Once a backyard retreat is hard to resist. Keep this in mind when planning the space and aim to set up multiple gathering spaces. An outdoor kitchen with a nearby dinner table can be a great space to enjoy al fresco dining, but a separate area to read a book or watch a movie or ballgame can make the space more versatile. Some may want to relax away from the noise of the grill area, and multiple gathering spaces ensures there’s always a peaceful spot to unwind out back.
• Add a water feature. Running water has a way of calming the nerves, and that’s good to keep in mind when planning a backyard retreat. Water features run the gamut from garden ponds to koi ponds to fountains to hot tubs. Homeowners can identify which feature best aligns with their idea of relaxation and then work with a landscape architect to ensure it’s installed in their backyard oasis.
• Don’t forget shade. Temperatures are rising in many areas of the globe, and that’s worth noting when planning a backyard retreat. Even the most ardent sun worshippers likely won’t want to be exposed to the sun at all times when relaxing in their backyards. Strategically chosen means of providing shade can make spaces enjoyable all day long. Consider umbrellas, gazebos, pergolas, and even retractable awnings to cover patios and decks when the sun is at its highest each afternoon. If you plan to spend ample time in the grass, make that more enjoyable by planting shade trees, which also can protect the grass from drought and make it more comfortable underfoot.
A relaxing backyard retreat can make for an ideal space to escape the hustle and bustle of daily life.
Article from Metrocreativeconnection.com. Photos from Shutterstock.com
PROPERTY TRANSFERS
Source: Lee County Property Appraiser
PROPERTY TRANSFERS
Are we there yet? Top of mind in our local market
Are we there yet? Ah, that pesky little million dollar question that is top of mind with a lot of buyers, sellers, and truth be told, virtually every Realtor in arrived at their bottom, or is there another leg down to this housing market correction? And if there is another leg down, how long will it last and how deep will it go?
If these questions are not top of mind, then they are at least lingering somewhere in the back of just about everyone’s mind. Anecdotally, based on our “boots on the ground” observations and conversations with a variety of potential buyers, sellers and Realtors, most sellers want to believe that the worst is over and that their home is somehow immune to the downward price pressures of the past 2+
either needs or really wants to buy a home now and they know that not only have prices already come down, but they will probably be able to buy the home of their choice for below the list price. The other group of buyers are patiently waiting for home prices to crash before they make their move. And for their part, frustrated Realtors are being humbled by the market forces of deteriorating home values on their listings while dealing with a growing number of highly frustrated sellers.
So let’s get to the question of the year, are we there yet? Our best guess as to whether or not the current home price correction is over is to say, probably not yet. But at the same time, after enduring a stealth-like slow motion price correction with origins tracing back to around the summer of 2022 (and prior to the damaging effects of Hurricane Ian), we can say we are closer to a bottom right now than we have been at any time in the past 2 1/2 years. However, what happens from here is anyone’s guess and there are a lot of moving parts to the economy and the housing market right now, so we will choose to defer to the market numbers to paint a picture for you.
median sales price in the overall Cape Coral single-family home market hit its all-time single month record high of $470,000 back in April 2022. That time frame just happened to correlate directly with the launching of the Federal Reserve’s war on
jack-up their ultra short-term Federal Funds Rate beginning in mid-March 2022. This series of Fed rate hikes ultimately led to substantially higher mortgage rates, which has weighed heavily on the housing market. We can also tell you that 33 months after setting this record high for median sales prices in 2022, the median sales price for Cape Coral homes posted their monthly low
in 20.2% below the April 2022 high. The median sales price bounced up a bit to $400,000 this February, but the preliminary
just about everything else over the past four years, along with having a glut of homes listed for sale, the argument can be made that home prices are still overvalued. At some point in this price correction process the downward pressure on home values and sales prices will likely give way to a period of consolidation where we would start to see broadly sideways price action to allow our real estate market to “catch its breath” in more of a healthy pause to refresh. We do not think we are there yet, but that is what we are looking for as we track the monthly market data.
Current active listings and pending sales
We have seen a nice little surge in pending home sales in the month of March, along with the typical month end decline in active listings connected to listing agreements that expired on March 31. As of Tuesday, April 1, there were 3,383 active listings for Cape Coral single-family homes in the MLS at prices ranging from $159,900 to $6.985 million. The current median list price came in at $485,000. Two weeks ago there were 3,499 homes listed for sale and the median list price was $484,900. One year ago on April 2, 2024, there were 2,807 Cape Coral single-family homes listed for sale in the MLS at prices ranging from $225,000 to $10.9 million, and the median list price was $499,900. As a side based on our daily market surveys we reached a peak of 3,520 homes on the market on Feb. 24.
There are currently 724 Cape Coral homes under contract with buyers as pending sales at prices ranging from $169,900 to $4.759 million, and the median pending sales price is at $379,900. Two weeks ago there were 735 pending home sales in the Cape and we reached this season’s high of 768 pending sales on March 25 and 26. One year ago on April 2, 2024, there were 802 homes under contract with buyers and the median pending sales price was at $419,000. Back on March 19, 2024, there were 845 pending sales in the pipeline. As a side note, buyers.
termined, but we will not be surprised to see prices break down below $375,000 sometime later this year.
months of 2025 has averaged $385,167 per month, which is 6.4% lower than the -
liminary number of closed home sales in March will have increased by more than 53% from the 326 sales in February and they look like they may approach the 536
three months of this year will probably still come in about 7% below the 1,205
Another aspect of our market that could point towards more pain ahead for sellers is the fact that we probably have not worked off all of the excesses from the 12-month average median sales price for Cape Coral single-family homes which was at the tail end of the post-COVID market boom, the monthly average median sales price peaked at $430,833 per month for a dollar amount increase months of this year the average median sales price will be around $385,167 per month, so we are only down $45,666 or 10.6% from the peak while remaining $140,363 or 57.3% above the average of $244,804 per month at the end of 2019. When we add in some of the other factors that are impacting home affordability, such as higher mortgage rates, higher insurance costs and higher prices on
Next week we will continue our quest to answer the million dollar question of “Are we there yet?” by identifying some of the potential “canaries in the coal mine” that could be foreshadowingtate markets. However, the thing to keep in mind throughout this market correction is that homes are still being sold, but getting your home priced correctly to the current market is the key.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of April 1, 2025, unless otherwise noted. It was compiled by Bob
Coral single-family homes, and does not include condominiums, short sales or foreclosures. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with the RE/MAX
years. Geri has been a full-time Realtor since 2005, and Bob joined Geri as a
Coral residential property and vacant lots.
Fri. 4/4/2025 11-2pm 2736 NW 11th Ter, Cape Coral, FL 33993
Jodie Thomas Hamilton-Franklin Realty
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$299,000 Leonel Leo Dubon Dream Street Realty
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Sat. 4/5/2025 11-2pm 1907 NW 23rd Ave, Cape Coral, FL 33993
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Sun. 4/6/2025 11-4pm 1110 Lorraine Ct, Cape Coral, FL 33904
Sun. 4/6/2025 1-4pm 627 SW 57th St, Cape Coral, FL 33914
Sun. 4/6/2025 9-11am 1004 SW 51st Ter, Cape Coral, FL 33914
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Sun. 4/6/2025 12-2pm 1793 Four Mile Cove Pkwy Unit 724, Cape Coral, FL 33990
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4/6/2025 11-1:30pm 2636 SE 18th Ave, Cape Coral, FL 33904
$1,890,000 Brad Peska Experience Real Estate Group
$450,000 Kathryn Guidi Maloney LPT Realty
$410,500 Timmy Byrd Adams Homes Realty
$699,900 Joyce Sass Hamilton-Franklin Realty
$485,000 Malcolm Alvarez LPT Realty
$165,000 Larry DeBerry Coldwell Banker Realty
$180,000 Larry DeBerry Coldwell Banker Realty
$299,400 Aleksandr Petrov LPT Realty
$1,890,000 Brad Peska Experience Real