Should new Florida residents update estate planning paperwork?
Dear Mr. Feichthaler:
I have recently moved here from Ohio, and I had all of my estate planning done there about two years ago. This includes a will, power of attorney, and other documents. I want to make sure my wishes are met, including the distribution of my house to my daughter. My other kids, a son and daughter, are very successful and do not need the house. Do I need to redo all of my documents?
Sincerely,
Dear Lauren:
Real Estate Law
-Lauren H
Welcome to Cape Coral! I hope you are enjoying the community so far. Your question is asked by a lot of my clients. Many have been told by friends that wills and estate planning are only valid in the state where they were prepared and signed, and they ask me to prepare new documents here in Florida. The previous documents, generally speaking, will be valid, so long as they were prepared and signed based on the requirements of the state it was written. So, if your will provides that your one daughter gets the house, the will should be valid and upheld in Florida.
Regarding your advance directives, like the power of attorney, it may be a good idea to prepare new ones here. For instance, when I am asked to use an out-of-state power of attorney for a real estate transaction, I typi-
ing it is valid for the intended use. The cost of obtaining that letter may be more than signing new Florida advance directives. As a result, most clients do request new health care surrogate and power of attorney documents.
Note, if we are looking at an out of state will for real estate purposes, it means the property is likely going to probate court. The bequest in the will to your daughter does not make the transfer automatic — the property may be required to go through probate proceedings to be titled to your daughter. There are several options to avoid probate on real estate, like a revocable desire regarding the property. Planning costs are a small fraction of probate costs.
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.
Renovations around the house require an investment of time and often considerable amounts of money. Findings from the 2024 U.S. Houzz & Home Study show that home renovations are becoming more expensive. The median renovation spending for homeowners has gone up 60 percent since 2020. Angi, a home services website, reports the average renovation cost for homes between 1,250 and 1,600 square feet is scope of the project.
Homeowners who are conserving funds can rest assured that it is possible to make meaningful changes both inside and outside a home without breaking the bank. Here are some ways to renovate a home on a budget.
· Create a budget and don’t waver. Figure out exactly what you can afford for a renovation and then make that your maximum dollars spent. Research comparable projects in your area and be honest about whether you can afford the
Make sure to build in a cushion of around 15 to 20 percent for any unforeseen expenses that may arise once a renovation is underway.
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Eric P. Feichthaler
This Old House suggests looking for ways to maximize your current layout before you invest in major renovations like an expansion. Bring in a designer with an eye for utilizing space. For example, see how you might be able to replace shelves with pull-out drawers in the kitchen.
You can save money by tackling
Rather than risk making costly mistakes and having to redo things, hire wellvetted professionals but ask if there’s any DIY work you can do to cut costs.
Shop discount stores for building materials to save money. For example, if a builder ordered too many cabinets,
improvement stores and donation centers. Checking the clearance and markdown sections of other stores may yield considerable savings on items needed for a renovation. Warehouse retailers like Costco or Sam’s Club also can be great
Certain stores may offer things like free consultations with designers who can show you what a renovation can look like. This is advantageous to the stores because once you see the potential you’re more likely to buy the products, even if it’s not mandatory.
Certain items can be made to look new with minimal effort. Paint is a relatively inexpensive tool that can transform walls instead of replaced as well.
Finding ways to perform home renovations on a budget may require some creative thinking, but it’s possible to get results at the right price point.
PROPERTY TRANSFERS
Source: Lee County Property Appraiser
WELDON KIMBERLEE D SCIALABBA ANTHONY L JR &
CITY OF CAPE CORAL TCJBN L L C
FELIPE BETANCUR RODRIGO A ESPINOSA
YOENNIS CASTRO CAREY BEVERLY +
PROPERTY TRANSFERS
MICHAEL +
‘Canaries in the coal mine’ and Cape home values
Are we there yet? Or in other words, are Cape Coral home values and prices at or near a bottom yet? As we discussed in last week’s column, this is the million dollar question on the minds of just about everyone involved in our current real estate market. This week we will continue examining the ongoing housing market correction by looking at some of the potential “canaries in the coal mine” that might be foreshadowing more problems ahead.
every week. As we have been pointing out repeatedly in this column for at least the past two years through our weekly and monthly analysis of the Cape Coral market statistics and through our anecdotal observations and commentary, our real estate market has clearly been deteriorating. The number of homes being listed for sale has risen exponentially, while the median list prices have come down dramatically from a high of $610,000 back on April 19, 2022, to $489,000 on April 8 of this year. The number of homes going under contract with buyers as pending home sales have declined helping to create a glut of homes sitting on the market unsold. The once record high median home sales prices have softened considerably from a high of $470,000 in our overall single-family home market in April 2022, to a low so far in this market cycle of $375,000 in January of this year. The number of closed home sales in the Cape plunged 23% in a single month from 622 sales in June 2022, to 477 sales in July 2022, as the post-COVID market boom came to an abrupt end and our market eventually worked through a complete reset in the aftermath of Hurricane Ian.
Today, when it comes to the lower number of closed home sales, we are operating at a level that looks more like something from back in 2019, prior to the post-COVID boom days. But as we pointed out last week, the argument can be made that home prices are still at least somewhat overvalued in that the median home sales price in the Cape is still about 58% higher than it was in 2019, and it is only down by about 19% from the 2022 high. The canary in the coal mine is, will home prices continue to come under downward pressure, and if so, by how much? That said, it is important and homes are still being sold at a relatively healthy clip. But they are almost always being sold for less than most sellers were hoping to receive. Getting your home sold in today’s market has simply come down to three basic things: price, price and price.
Another canary in the coal mine is the fact that we are seeing a growing number of negative articles, videos and media reports about the economy and the housing market. Most of these reports are questioning the viability of what many consider to be the still too high home values throughout Florida and Southwest Florida, as well as in many other parts of the country. In the last six months we have been seeing a growing number of “experts” who are calling for a housing market crash. It doesn’t mean it is going to happen, but it does seem that for every person who
Current active listings and pending home sales
As of Tuesday, April 8, there were 3,408 Cape Coral single-family damaged home to $6.985 million. The second lowest priced listing in the Cape was at $189,999 and a total of 26 homes are priced below $250,000. The current median list price has edged a bit higher to $489,000 from $485,000 one week ago on April 1, when the active listings dropped to 3,383 homes on the market due to the month end expiration of listing agreements. This season, based on our daily market surveys, the number of active listings in Cape Coral reached their peak of 3,520 homes on the market on Feb. 24. About one year ago on April 16, 2024, there were 2,827 homes listed for sale in the Cape through the MLS with list prices ranging from $225,000 to $10.9 million, and the median list price was at $499,900. Back then there were a total of 748 homes listed at $400,000 and under versus a total of 1,112 homes currently listed at $400,000 and under. At the other end of the price spectrum, we currently have 374 homes in the Cape listed at $1 million and above compared to 350 such homes one year ago.
Also as of Tuesday, April 8, there were 742 single-family homes under contract with buyers as pending sales in the Cape at prices ranging from $169,900 to $4.759 million, and the median pending home sales price came in at $379,000. The number of pending home sales has remained above the 700 homes under contract level since Feb. 20 of this year, topping out at 768 pending sales in the pipeline on March 25 and 26. On Jan. 1, we started this year out with 378 pending sales and a median pending home sales price of $475,000. So we have had a solid season, but we have continued to lag behind last year’s pending home sales numbers when one considers that there were 863 homes under contract last year on April 16, 2024. At that time the pending sales ranged in price from $225,000 to $3.799 million, and the median pending home sales price was at $407,170. We currently have 437 pending sales priced at $400,000 and under, compared to 424 homes at $400,000 and under one year ago. But the number of pending sales priced below $300,000 has surged to 113 homes this year versus only 49 homes one year ago. The complete opposite has occurred with Cape Coral homes priced at $1 million and above, as there were 61 million dollar-plus homes under contract a year ago compared to only 33 homes priced at one million dollars and above under contract as pending sales on April 8 of this year.
are waiting and watching on the sidelines, expecting a crash in home prices. And that was before the tumultuous arguments about the tariffs!
Along these lines, the stock prices of publicly traded home builders have struggled in their own bear market for an extended period of time as they have been stuck with an overabundance of unsold spec homes. This has led to them slashing prices and offering all kinds of incentives to potential buyers and Realtors. New headlines on this major sector of the economy are stating that tariffs on Canadian lumber are set to double in a surprise move that is sending homebuilder stocks plunging. The National Association of Home Builders has been sounding the alarm about the likely price increases to new construction homes because of the tariffs, while also noting the often overlooked fact that the cost of building materials were already up 34% since December 2020, far will be impacting new home prices, but it is also a function of the cumulative
One other potential looming canary in the coal mine that is out there comes from a March 14, 2025, Wall Street Journal article written by Nicole Friedman and Lauren Thomas headlined, “Buffett In Talks To Sell Realty Brokerage.” According to this article, Warren Buffett is in advanced talks to sell his Berkshire Hathaway HomeServices real estate brokerage, which he has owned since the year 2000, to Compass. The Journal noted that nothing sign of consolidation among real-estate brokerages during a prolonged period of lackluster home sales.” The article also pointed out that nationally, home sales in 2024 fell to their lowest level since 1995.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla. as of April 8, 2025, unless otherwise noted. It was compiled by Bob and Geri Quinn and it includes informa-
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
Cape Coral for over 45 years. Geri has been a full-time Realtor since 2005, and Bob joined Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.
Fri. 4/11/2025 10-1pm 4310 Sands Blvd, Cape Coral, FL 33914
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Fri. 4/11/2025 11-1:30pm 5205 SW 3rd Ave, Cape Coral, FL 33914
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$1,890,000
$180,000 Larry Deberry Coldwell Banker Realty
$1,890,000
$469,000 Yanney Rojas Vega Best Deals Realty
$585,000 Fernando Gaitan Legacy Premier Realty
$495,000 German Vite Pro Management Realty
$1,179,900 Anthony Tiljak Cozza Realty Group
$445,000 Naftali Ordonez Ordonez Realty
$390,000 Michelle Linenko Priceless Realty
$475,000 Ricky Pitts SellState Excelsior Realty
$1,450,000 Karl Joerg Aschenbrenner Premier Cape Realty
$1,850,000 Dwell Right Dwell Right
$749,998 Elizabeth Flores Sun Gulf Realty
$439,000 Joann Houle Marshall Reddick Real Estate
$779,900 Anthony Tiljak Cozza Realty Group
$124,999 Shari Smith LPT Realty
Sat. 4/12/2025 12-2pm 2928 SW 10th Ave, Cape Coral, FL 33914 $419,500 Monika Simic Loyal Real Estate Services
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Sat. 4/12/2025 12-3pm 1418 SW 1st Pl, Cape Coral
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Sun. 4/13/2025 10-12pm 1116 NW 31st Pl, Cape Coral, FL 33993
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Sun. 4/13/2025 11-1pm 631 SE 34th Ter, Cape Coral, FL 33904
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Sun. 4/13/2025 2-5pm 321 SE