Eric P. Feichthaler Real Estate Law

Compare that to today, when based on our weekly market survey taken on Tuesday, June 20, there were 1,680 active listings for single-family homes in Cape Coral at list prices ranging from $269,900 to $3 995 million, with a median list price of $525,000 This includes a total 403 homes, or 24% of our active listings that are priced at $400,000 and under, along with 226 homes, or 13 5% of our market listed at $1 million and above

So in the past 15 months, the number of active listings have increased by 291%, while the number of homes listed at $400,000 and under has shot up by 561%, and the number of million dollar-plus homes on the market has risen by 197% Hurricane Ian has also played a role in this market shift, but our market dynamics had already changed due to the actions of the Federal Reserve well before Ian made landfall in Southwest Florida

On a positive note, the number of pending home sales in the Cape bumped up about 3% higher from 797 a week ago to 820 homes under contract on June 20 The pending sales in the pipeline ranged in price from $215,000 to $3 45 mil-

'The University’s Role is SW Florida’s Economic Growth' topic of REIS meeting

While the development of the Florida Gulf Coast University campus continues to generate construction activity, the university’s academic and research programs are also important catalysts for economic growth in the region Dr Aysegul Timur, incoming president of FGCU, will address the school’s role in Southwest Florida’s economic development at the Real Estate Investment Society’s July 11 luncheon meeting

Timur will provide an overview of the FGCU Strategic Plan and community involvement She will also explain the synergy between the business community and Lutgert College of Business, Small Business Development Center, Regional Economic Research Institute, Emergent Technologies Institute, Whitaker College of Engineering, and new programs in agribusiness and construction managment

Following the presentation, Timur will respond to questions of specific interest to the real estate and development community

Timur will be FGCU’s fifth president and lead a period of major growth and innovation for the school, which includes 16,000 students, an 800-acre main campus, nearly 100 academic programs, and a thriving intercollegiate sports program She is presently the vice president and vice provost for Strategy and Program Innovation

The meeting is sponsored by Velocity Engineering and will begin promptly at 11:45 a m , July 11, in the Osprey Room at Pelican Preserve’s Clubhouse, on Treeline Avenue at Colonial Boulevard, one mile east of I-75 exit 136 in Fort Myers Admission is $30 for members and $45 for guests, which includes lunch Reservations are required by July 6th and may be made at the REIS web site: www reis-swfl org

In the overall Cape Coral single-family home market, there were 541 closed home sales in May, which was 13 6% lower than the 626 closed sales in May of 2022, but 9 5% above the 494 closed sales in April of this year In the first five months of 2023, there were a total of 2,245 closed sales in the Cape’s overall single-family home market, which was down by 24 9 %from 2,989 closed sales in the first five months of 2022

The median sales price in the overall Cape Coral single-family home market was $420,000 in May, or 7 7% lower than the $455,000 posted in May 2022, and even with the $420,000 in April of this year In the first five months of 2023, the overall median sales price for single-family homes in the Cape averaged $415,000 per month, which was 3% lower than the average of $428,000 per month in the first five months of 2022.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 57 closed home sales in May This was 23% lower than the 74 sales in May 2022, but 16 3% above the 49 sales in April of this year In the first five months of 2023, there were 214 closed sales in this segment, or 32 9% less than the 319 sales in the first five

See MARKET, page 15

Weichert, Realtors –Agency ONE Welcomes Foshee

Weichert, Realtors - Agency ONE has announced that Lane Foshee has joined its team of agents

As a Weichert affiliated agent, Foshee has access to indepth training programs, the latest technology and sales and marketing tools to help provide the best possible real estate service to his clients

Weichert, Realtors - Agency ONE is an independently owned and operated Weichert® affiliate The company serves Cape Coral, Fort Myers, Naples and surrounding areas in Southwest Florida

For more information about Weichert, Realtors - Agency ONE, located at 8191 College Parkway, Suite 206, in Fort Myers, and 1113 S E 47th Terrace, Suite 7, in Cape Coral, call 239-415-6500 or visit weichertagencyone com

The Flats at The Forum design complete

MK Architecture LLC has completed the architectural design for The Flats at the Forum, a new multi-family development to be located in the Forum in Fort Myers Kaizen Companies of Duluth, Minnesota is the developer of the fivestory, 107-unit apartment building with one- and two-bedroom units, with a full amenity package and resort-style pool

The project is anticipated to be under construction in mid2024 MK Architecture, located at 8200 College Parkway, Suite 101, Fort Myers, specializes in multi-family, hospitality and commercial architecture with offices in Fort Myers, Naples, and Lexington, Kentucky

See REAL ESTATE BRIEFS, page 15