In 2006, all was going downhill when it comes to real estate. Many properties were foreclosed – pushing the real estate business on its knees. As was experienced, many homeowners were forced to sell their homes and many developers have been pushed to have most of their developed properties foreclosed or put on the market – even when no one was buying at that time.
Now, the beginning of the year 2014 shows signs of a comeback for real estate companies and investors. Lee County real estate sales have risen up again. With prices rebounding, it shows a promising outcome for those in the real estate business. A lot of homebuyers and investors are buying properties all over the county.
The most recent example is the rise of the 32-story Oasis. This skyscraper condominium was finished in 2008 – just 2 years after the downfall of the real estate business. The high-rise condo has 420 units with panoramic view of the Caloosahatchee River and Downtown Fort Myers. Due to the economic crash, the Bank of America foreclosed Oasis back in 2010. Later on, one of the towers was by a company associated with developer The Related Group. Then the other tower – along with rights to build the 3 permitted towers – was bought by an investment group that rents out the condo units.
Currently, the Oasis – as one of the casualties of the real estate crash - is now almost sold out. There are only 37 unsold units left and it is selling fast. This bodes well for the real estate in Downtown Fort Myers but according to authorities, a new downtown tower is not yet in the picture. With a rejuvenated downtown, real estate prices will continue increase especially with the existing supply being sold at an exceedingly fast pace.
The real estate boost even shows positive signs for nearby properties. Just across State Road 80, the Billy’s Creek Condominium project and Rock Lake motel are currently on the market and many investors are showing great interests for these combined properties. Hotel developers are setting their sights on the property. However, a new condo tower would unlikely materialize unless prevailing prices will show signs of profitability.
There are great possibilities of large investors coming back to Fort Myers. The positive signs being shown by the real estate market encourage investors to set their sights on various properties on the market. In a year or two, there will be a lot of changes in the skyline of Downtown Fort Myers with newer structures on the rise.