Glut of available housing/commercial spaces (Cape Coral, Fort Myers: credit, new home, tax)

[yoko]

Lee County saw 929 new foreclosure filings in June.

That was up from 830 in May, a 12 percent increase, according to a monthly report by the Lee County Clerk of the Courts.

There were 33 commercial filings. Of the total residential filings, 518 were for primary homes, carrying homestead exemptions.

A report by the Southwest Florida Real Estate Investment Association showed that Wells Fargo took the lead in new foreclosure filings in June. Bank of America had the second highest number of filings last month.

“The trend still continues that the backlog of cases is being disposed of,” said Jeff Tumbarello, director of the Southwest Florida Real Estate Investment Association, in the report. “The backlog broke 20,000 this month. The better that gets, the better it gets.” "



July/01/2010
Lee County foreclosures up 12 percent from May to June » Naples Daily News

[yoko]

" Courtrooms have been filled with people dealing with foreclosures. The cases were piling up with no end in sight. Right now, there are 41,000 and counting in Southwest Florida alone.

"We are basically drowning here with foreclosures, can we get some help," said Sheila Mann of Lee County Court Operations.


Six-million dollars was allocated to Florida and $425,000 of that money was specifically allocated for five counties in Southwest Florida.

The money is only good for one year and backlogged cases must be reduced by 62 %.

And if you crunch the numbers, that means in a year from now the number of backlogged foreclosures will be down to 25,000.


July/09/2010
Money allocated to SWFL to ease courts' foreclosure backlog - NBC-2.com WBBH News for Fort Myers, Cape Coral & Naples, Florida

[rikoshaprl]

That comes to about 250 per month per county. That shouldn't be too hard to absorb considering there is practically no building going on.

[nhkev]

these latest foreclosure numbers are surprisingly excellent news. back in April when the initial filings dropped from 1400 to 1000 I thought it was a "one off" and did not expect it to be a trend. when may dropped to 830 so did my jaw, i was expecting foreclosures to slow but not to these levels this quickly. The 930 in june just solidify the new trend of about 900 per month on avg.

the best news is that the backlogg went from 25,000 to 20,000 in just 3 months. At this rate it would be caught up in 1 year and with lower initial cases it is clearly foreseeable to be out of the mess in 12-18 months which is about 6 months ahead of where I was projecting.

the source that yoko was quoting "southwest real estate investment" Do the absolute best research in the country regarding southwest florida, there is no spin to anything they put out , strictly facts and the most relevant ones.

good article yoko.

[yoko]

" From free rent to build-out incentives, practically nothing is off the table.

It’s a tenants’ market, and landlords across Southwest Florida are offering creative concessions in an effort to move commercial spaces.


Mxx has seen property owners offer two or three months of free rent and waive the last month due at move-in to get renters into commercial spaces.


“ ‘I’m going to try to beat the landlord down as much as I can.’ ”




“You take rates that are off anywhere from 25 to 45 % and landlords are willing to lock that in for three to five years,” said Doug xx, retail specialist at LandQwest Commercial, which represents approximately 5.2 million square feet of retail space in seven counties.



Aside from raw land, it’s the industrial market — and particularly light industrial spaces that serve as ancillary support businesses for the construction industry — that is the most bleak. Mxx is representing approximately 60 industrial listings that aren’t moving.

“We’re knocking down the lease rates and offering incentives but there comes a point where things just stop,” Mxx said of industrial.


“There’s just no demand.” "


July/12/2010
news-press.com
Southwest Florida landlords make deals to fill commercial space

[rikoshaprl]

What a great time for a business to locate in Cape Coral! The rents deals are terrific!

[stahltkd]

Originally Posted by rikoshaprl

What a great time for a business to locate in Cape Coral! The rents deals are terrific!

That's what I plan on doing.... anyone know of a retail space of about 5,000 sqft??

[rikoshaprl]

Good luck with it! I may do the same if things pan out.

[classyk21]

Businesses today have to work with low overhead to survive. Brick and Mortar operations will be a thing of the past. I also do not believe that any new business will cannibalize from the others. Some times it is better to find a new niche than convincing customers to leave someone else. Reaching out to a broader market rather than just a surrounding area can be critical. As for the glut of buildings that is no wonder. The tax base will be reduced for years to come and the people will pay for it as usual. That being said, you will need the small entrepreneurs to take a chance once again before things will turn around. It has always been the small business person that leads us out of recessions and depressions. Not the AIG's of the world, just hardy souls with the American dream. If everybody would focus on something positive or at least work toward a positive improvement no matter how small, then change will come. Politicians and the government are not the answer. Our founding fathers took a lot of chances and all of our ancestors carried the torch. It is our turn now. Forget the naysayers and just do it. That's my 2 cents worth for today. Good luck to all.

[rikoshaprl]

Internet businesses are obviously cannibalizing brick and mortar businesses. If brick and mortar are to become a thing of the past then where will folks buy? The internet. That being said I agree that one has to change with the times. If you can't beat them join them.
Services that can't be provided on the internet will take over the brick and mortar buildings.