Fort Myers 55+ Communities Real Estate
Fort Myers 55 Plus Communities or retirement communities are extremely popular. Much of this due to our proximity to the tranquil Gulf of Mexico and relaxing beaches. Spring training teams are a popular reason for a retirement home here. There are many, active retirement neighborhoods throughout the area.
SW Florida is very popular for people located in the Midwest who can hop on I-75 and drive right on down to our city. But now, prices are rising almost everywhere, Southwest Florida’s large fifty five plus communities are turning out to be a solid bet for investors and residents alike.
With no state income tax, 825 miles of beaches, and convenient access to the ocean, lakes, and rivers, it’s easy to see why Florida is one of the retirement capitals of the United States.
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Fort Myers 55 Plus Homes for Sale
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What is Fort Myers life like for active adults as a retirement community?
The area offers new and old Florida together at the same time. The population is 65,000 with many times that in the neighboring area.
Situated on the banks of the Caloosahatchee River on Florida’s southwest coast. It’s birthplace goes back to 1886. It has the fascinating Thomas Edison Museum and a beautifully restored downtown area along the river.
New neighborhoods go off in all directions. In the early 2000’s, it seemed another plantation or forest was turned into an active adults 55+ development.
For all intents and purposes, every retail chain and franchise in America is represented here on Route 41 and Interstate 75.
Fort Myers Beach to the South provides incredible white sand beaches. Golf courses seem to be everywhere, public and private. Ft. Myers is a progressive city with a diverse population of all ages, made up of active adults 55+. Fort Myers is the capitol city and county seat of Lee County.
Retirement Associations weren’t
But now, with prices falling and vacancy rates rising almost everywhere, Southwest Florida’s big fifty five plus communities are turning out to be a solid bet for investors, owners and residents alike. Experts say. “Most people pay cash for their house and they’re very stable people,” said Steve Adler. Steve is president and owner of Fort Myers-based Murex Properties. They manage manufactured-home communities nationwide. “In these topsy-turvy times, they’ve remained a good investment.”
Banks are especially open to borrowers with that kind of collateral, said Paige Rausch, a Fort Myers-based real estate consultant. She pointed out that two of the top five mortgages by dollar value in Lee County were for large manufactured-home developments. “I think there’s a new caution,” Rausch said. “Those assets that were mortgaged, were not a gamble. They weren’t writing them on pipe dreams.”
Underlying the stability is a way of life, not just the relatively good financial condition of retirees. Residents help each other a lot, they take people to the doctor if they don’t have transportation.
Steve Weisberg, is president of Fort Myers-based development company Rarco. He said the stable cash flow is from rentals in fifty five plus communities. Community residents own their homes and condominiums. But, he said, buying or loaning money on a big retirement development can be a daunting task. “It really takes a special breed of person to put something together. “Mainly, he said, mortgages are written by large institutions such as life insurance companies.
But the stability of a retirement community tends to work in favor of individual owners as well. Jim Schneider, manager of the 200-acre, 1,096-unit Seven Lakes community in south Fort Myers has said.
Seven Lakes is a Fort Myers 55 plus association and its values have held up well for residents. The community had only 10 foreclosures, about 1 percent.Seven Lakes has been around 40 years, Schneider said. “It was spared the wave of defaults on loans “where the mortgage was 110 percent of the home’s value.”
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Steve Cunningham, a commercial real estate agent in Fort Myers works as a receiver or property manager for lenders. He said other pluses for lenders are public instead of private utilities, a good location, and well-maintained units. You may also want to view Bonita Springs fifty five plus Communities
Bill Valenti, president of Florida Gulf Bank, said even foreclosures aren’t too harmful for a park where residents own their houses but rent the lots. Even when a 55 plus neighborhood homeowner does default on a mortgage, the bank comes in. It has to sell the home, and it’s often sold to the park, which usually is able to buy at a deep discount.