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MARKET TRENDS

2ND QUARTER 2018

A COMPREHENSIVE MARKET REPORT FOR THE


HOMEBUILDING AND LAND DEVELOPMENT
INDUSTRIES IN SOUTHWEST FLORIDA

PREPARED BY
Doug Meschko, MBA, ALC
Market Research Director

6810 International Center Blvd.


Fort Myers, FL 33912

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info@landsolutions.net
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Land Solutions Inc., has one of the most comprehensive and effectively staffed
research departments in the region. We provide the most extensive property and
market strategy reports available. Whether you need data to support a decision, or
an expert evaluation from some of the most experienced land and commercial brokers
in the market, you’ll see why Land Solutions is more than just dirt.

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Table of Contents

Executive Summary 4

Socioeconomic Overview 5
Population 5
Airport Traffic 8
Age Distribution 11
School Enrollments 13
FGCU Enrollment 15
Household Income 16
Employment 23
Migration 28

Housing Overview
Collier County Permits 32
Lee County Permits 39
Charlotte County Permits 55
Total Combined Permits 59
MLS Sales Trends 60
SF Vacant Developed Detached Lots (Subdivisions) 64
Cape Coral and Lehigh Acres Lot Sales Trends 66

Notable Transactions 69

Construction Material Costs 73

General Limiting Conditions 74

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Executive Summary

New home permit issuance for the three-county area (Collier, Lee & Charlotte) totaled 4,751 for the
2nd quarter of 2018. This being the highest quarterly recording since the 2nd quarter of 2006, or the
past 12 years. Median sale prices for single family detached homes in the second quarter also reached
their highest levels since 2007 in all three counties. A spike in the average home sale prices also
accompanied the rise in the median sale prices, which typically signals strength at the high-end. We
believe this may be a product of the new federal tax reforms that were passed in late-2017. One of
the biggest changes to the new federal tax reform that was passed is the elimination of the deduction
for state income tax. The ability to deduct state income tax from federal income tax has unjustly
incentivized some states to spend without limit in the past. These states just kept increasing state
income tax at the expense of other states that did not have state income tax to deduct. Eliminating
the state income tax deductions levels the playing field among states and forces them to be
competitive. This is highly advantageous for Florida who is starting with a budgetary mindset that
already accounts for this reform, not to mention the warm southern weather and business friendly
environment, all while the high tax states duke it out and find new avenues of taxation to remain
fiscally solvent. Over the coming years as this plays out, we believe housing and jobs will be positively
impacted here in Florida in general relative to the rest of the country. Locally, we have already seen
many who live in high state income tax states switch their primary residence to a home they own
here in Southwest Florida.

As Land Solutions prepares to move forward, our forecast for the next 12 months calls for new
residential unit permit issuance to be slightly negative (-9% to -7%) and for home prices to be
relatively flat (-3% to 2%) overall. Current home prices in Lee and Charlotte Counties are nearing
their peak figures experienced in Q3 2006 – Q2 2007, while prices in Collier County are still roughly
15% below what was experienced back then. Primary home demand from full time residents will
likely remain fairly strong in the more affordable areas such as Cape Coral, Golden Gate Estates,
Lehigh Acres and Charlotte County as a whole. Baby Boomer retirees will also continue to fuel
demand for new housing. Fear of rising interest rates as well as an increase in boomerang buyers
(buyers who previously defaulted on a mortgage) will likely be catalysts driving demand over the
next year. After seven years, most negative inputs on an individual’s credit report lapse; thus,
allowing them more economic freedom to obtain a mortgage. This would apply to individuals who
had defaults prior to the third quarter of 2011.

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Socioeconomic Conditions
Population

Southwest Florida continues to be one of the fastest growing areas in the nation. Growth is attributed
to in-migration, mostly from Northeastern and Midwestern states; however, foreign migration and
intrastate migration are also significant factors for growth. U.S. Census Population Estimates,
updated on March 22, 2018, showing the recent growth can be seen in the graph below. The data
highlights population estimates as of July 1st each year through 2017. It shows Southwest Florida
continuing to experience significant gains in population with a 2.16% gain (or 27,379 people) in 2017
over 2016 for Collier, Lee, and Charlotte Counties combined. If you divide the population gain
(27,379) by the average household size in Southwest Florida over the past five years (2.55), we get
the number of new residential units (10,737) needed to support our current annual level of
population growth (27,379). There were 14,223 new residential units permitted in Southwest
Florida over the past 12 months (July 1, 2017 - June, 30 2018).

Collier, Lee, & Charlotte Populations


775,000
739,224
722,506 725,000
700,421
678,241
660,431 675,000
644,580
625,000
610,984 618,754
582,678 575,000

522,431 525,000

478,889 475,000
443,903
425,000
372,880
366,095 375,000
357,194
348,216
332,556
321,520 325,000
312,621 316,641
296,021
275,490 275,000
254,080
225,000
178,157 182,033
162,833 168,336 175,000
157,755 157,099 160,467 172,824
142,229 150,123 159,968
125,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: US Census Collier Lee Charlotte

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The University of Florida’s Bureau of Economic and Business Research (BEBR) released their
updated population projections through 2045 on June 28, 2018, which can be seen below for each
county. Lee County’s population is expected to grow 43.4% from 2017 (U.S. Census) to 2045 (BEBR),
which is the third highest percentage gain for any county in the state of Florida with a current
population of 350,000 residents or more. Only Orange County and Osceola County has a higher
projected percentage increase.

Collier County’s population is expected to grow 38.7% from 2017 to 2045, which is the sixth highest
percentage gain for any Florida county with at least 350,000 current residents; trailing Orange,
Osceola, Lee, Manatee, and Hillsborough Counties. There were 18 counties in Florida with at least
350,000 residents, according to the U.S. Census figures as of July 1, 2017.

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Population growth from migration can be seen in the following chart broken out into foreign and
domestic migration into Collier, Lee, and Charlotte Counties combined. Total migration turned
slightly negative in 2009 but has since rebounded quite positively. This data is derived from the U.S.
Census and represents figures as of July 1st of each year.

Collier, Lee & Charlotte Total Migration


40000

35000
34,239 33,903
33,220
30000 28,861

25000 25,606 25,490


24,295
23,195 22,994
21,733 23,442
20000
17,647
16,791
15000

10000 9,418

4,539 5,267 5,507 6,257


5000 5,250 4,783 4,668
4,208 3,992 4,289 4,423 4,022 3,942 3,951 4,656 5,532
2,2244,797
1,296 522 1,189
0

-5000 -4,695

-10000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Foreign Domestic
Source: US Census

Future growth in Southwest Florida will be due largely to record numbers of Baby Boomers retiring
and migrating south. Southwest Florida has and will continue to appeal greatly to affluent Baby
Boomers who are looking for sun, beaches, boating, and championship golf. Foreign migration is also
expected to grow to record levels in Southwest Florida over the coming years, which will be aided by
an increase in international flights at Southwest Florida International Airport.

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Airport Traffic

Growth in passenger air traffic usually portends population growth. Passenger traffic figures at
Southwest Florida International Airport (RSW) concur with that notion, as seen in the following
graph. Passenger traffic has increased 69.8% between 2000 – 2017 while the population increased
54.0% over the same time period for the three-county area.

SW Florida International Airport Traffic


9,000,000 18.0%

8,500,000 16.0%

8,000,000 14.0%

7,500,000 12.0%

7,000,000 10.0%

6,500,000 8.0%

Annual Percentage Change


Passengers

6,000,000 6.0%

5,500,000 4.0%

5,000,000 2.0%

4,500,000 0.0%

4,000,000 -2.0%

3,500,000 -4.0%

3,000,000 -6.0%

2,500,000 -8.0%

2,000,000 -10.0%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018 YTD

Source: Lee County Port Authority Total Passengers Annual Percentage Change

Passenger traffic at RSW increased 5.16% through the second quarter of 2018 over the same period
from the prior year. Monthly passenger traffic reached new record highs for eight out of the past nine
months. In February 2018, RSW surpassed 9,000,000 passengers on a rolling 12-month annual basis.
This figure is significant for single runway airports like RSW because it typically signals that the
airport is at critical mass and a second runway is needed. Plans for a second runway and terminal
expansion are currently in the design phase. Solicits for construction bids are expected to go out in
mid-to-late 2019 with construction to start soon after.

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Charlotte County Airport (PGD) has been able to attract and maintain a regional carrier over the
past seven years, which has led to significant growth in passenger air traffic for Charlotte County.
Currently, the only carrier at the Charlotte County Airport is Allegiant Air with services to 40 U.S.
cities in the Midwest, Northeast, and Southeast. Passenger traffic for the airport over the past 12
months was 1,467,616 passengers. To put those figures into perspective, the Sarasota/Bradenton
International Airport saw 1,211,709 passengers over the past twelve months. The chart below
highlights the converging trend of the two airports from 2009 to present.

Passenger Air Traffic


Charlotte County Airport (PGD) -v- Sarasota/Bradenton Airport (SRQ)
1,400,000

1,300,000

1,200,000

1,100,000

1,000,000
Total Passengers

900,000

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

2018 YTD
2009

2010

2011

2012

2013

2014

2015

2016

2017

Charlotte (PGD) Sarasota/Bradenton (SRQ)


Source: Sarasota-Manatee & Charlotte County Airport Authorities

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Looking at 2018, the Charlotte County Airport experienced a 25.50% increase in passenger traffic
through the second quarter, over figures from the same time period in 2017. Charlotte County
Airport will be a major economic driver in the future, which is likely to present ample opportunities
for homebuilders, developers and the like.

The other two major airports on Florida’s Gulf Coast, Sarasota/Bradenton Airport and Tampa
International Airport, saw a 4.48% increase and 8.90% increase respectively in passenger traffic
through the second quarter of 2018 over figures from the same time period in 2017.

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Age Distribution

Due to a large number of Baby Boomers coupled with a declining birth rate, the U.S. population is
getting older. Data from the U.S. Census 2016 ACS (American Community Survey) supports this
notion in Southwest Florida. The table below shows the population changes by age groupings. Data
for the U.S. Census 2016 ACS was released in September 2017. Data from the 2017 ACS is scheduled
to be released in September 2018.

Collier, Lee, & Charlotte Population by Age


ACS % of ACS ACS ACS ACS ACS ACS ACS ACS ACS ACS ACS
2005 Total 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 % of Total
0-19 216,725 21.8% 221,550 230,358 230,673 228,204 230,837 231,331 232,057 232,460 237,919 238,338 243,655 19.2%
20-34 166,620 16.7% 182,699 180,314 178,585 160,759 163,319 170,620 170,637 175,207 177,522 184,472 187,086 14.8%
35-44 122,122 12.3% 129,543 131,583 124,773 118,262 121,159 116,067 120,292 119,714 120,852 122,657 124,130 9.8%
45-54 123,570 12.4% 128,142 132,488 134,082 138,417 143,543 142,004 143,718 145,271 146,363 149,064 149,221 11.8%
55-64 123,676 12.4% 126,574 127,627 125,930 143,481 157,802 161,130 159,991 164,113 170,233 174,930 181,480 14.3%
65-74 124,838 12.5% 119,811 119,342 122,369 136,768 157,506 162,058 172,584 181,001 189,100 199,868 210,590 16.6%
75-84 94,558 9.5% 102,160 105,124 108,392 98,085 90,488 97,778 98,990 106,599 113,837 117,061 120,584 9.5%
85+ 24,218 2.4% 29,952 32,381 33,650 38,421 37,959 38,987 41,900 41,128 40,938 46,012 49,191 3.9%
Total 996,327 100.0% 1,040,431 1,059,217 1,058,454 1,062,397 1,102,613 1,119,975 1,140,169 1,165,493 1,196,764 1,232,402 1,265,937 100%
Change % Change
0-19 4,825 8,808 315 (2,469) 2,633 1,117 726 403 5,459 419 5,317 2.23%
20-34 16,079 (2,385) (1,729) (17,826) 2,560 6,692 17 4,570 2,315 6,950 2,614 1.42%
35-44 7,421 2,040 (6,810) (6,511) 2,897 (4,061) 4,225 (578) 1,138 1,805 1,473 1.20%
45-54 4,572 4,346 1,594 4,335 5,126 (1,814) 1,714 1,553 1,092 2,701 157 0.11%
55-64 2,898 1,053 (1,697) 17,551 14,321 3,622 (1,139) 4,122 6,120 4,697 6,550 3.74%
65-74 -5,027 (469) 3,027 14,399 20,738 6,049 10,526 8,417 8,099 10,768 10,722 5.36%
75-84 7,602 2,964 3,268 (10,307) (7,597) 2,009 1,212 7,609 7,238 3,224 3,523 3.01%
85+ 5,734 2,429 1,269 4,771 (462) 6,109 2,913 (772) (190) 5,074 3,179 6.91%
Total 44,104 18,786 (763) 3,943 40,216 19,723 20,194 25,324 31,271 35,638 33,535 2.72%
Source: US Census / American Community Survey

Overall Change 2005 - 2016


0-19 26,930 12.43%
20-34 20,466 12.28%
35-44 2,008 1.64%
45-54 25,651 20.76%
55-64 57,804 46.74%
65-74 85,752 68.69%
75-84 26,026 27.52%
85+ 24,973 103.12%
Total 269,610 27.06%

According to the U.S. Census, 44.4% of the combined population of Collier, Lee, and Charlotte is 55 or
older.

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Further BEBR projections of people 55 and older, released on June 28, 2018, indicate a population
increase of 58.5% by 2045 over 2017 data for Collier, Lee, and Charlotte Counties combined.

The aging population almost certainly ensures an increase in housing demand from older, more
affluent empty nesters and retirees in Southwest Florida moving forward.

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School Enrollments

Southwest Florida school enrollments saw an overall declined in the 2007-2008 and 2008-2009
school years. As a result of the 2004-2007 run-up in real estate prices, many young families opted for
less expensive areas to raise their families. Families continued to exit the market when
unemployment began to spike in 2008 due to the economic downturn. Enrollment figures; however,
from the past nine school years showed a reversing trend to positive growth in Lee and Collier
Counties, while Charlotte County enrollment continued to decline. The decline in Charlotte County
seems to have finally started to flatten. This leads us to believe the prevailing trend is about to reverse
course in the years ahead. Enrollment growth is indicative of an improving job market in Southwest
Florida. Enrollment trends are depicted in the following graphs.

Collier School Enrollment


46,832
47,000
46,500
46,407
46,000
45,994
45,500
45,228
45,000
44,500 44,414
44,000
43,790
43,500
43,295 43,247
43,164
43,000 42,919
42,709 42,714
42,500 42,530

42,000 41,941
41,500
41,000
40,500
40,144
40,000
2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

Source: Florida Dept. of Education Collier School Enrollment

Collier may start to experience a plateauing of student enrollment over the next few years due to
increasing home affordability issues for families.

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Lee School Enrollment
95,000
93,221
92,500 92,682
91,309
90,000
89,364
87,500 87,428
85,783
85,000
83,896
82,500 81,965
80,541 80,470
80,000 79,451
78,980
77,500
75,579
75,000

72,500
70,843
70,000

67,500
66,429
65,000
2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18
Source: Florida Dept. of Education Lee School Enrollment

Charlotte School Enrollment


18,500

18,250 18,263

18,000
17,868 17,888
17,798
17,750

17,500
17,402 17,361
17,250

17,000
16,935

16,750
16,640
16,500
16,413
16,352
16,250 16,263
16,135 16,061
16,000 15,925 15,901

15,750
2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

Source: Florida Dept. of Education Charlotte School Enrollment


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Florida Gulf Coast University

Florida Gulf Coast University (FGCU) has become a large regional university and economic driver for
the Southwest Florida area. The university is located in southern Lee County on Ben Hill Griffin
Parkway. Over the past decade the university has added an average of 556 students per year.
University officials project enrollment to near 16,500 by the 2020-2021 school year.

Florida Gulf Coast University Enrollment


16,000

15,000

14,000

13,000

12,000

11,000

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

Source: FGCU Undergraduate Graduate Non-degree

The growth of FGCU contributes to the overall population growth of Southwest Florida and is a big
economic driver for the area. A December 2013 study by an FGCU professor found the university's
impact on the Southwest Florida economy for the 2012-13 academic year was approximately $422
million in overall expenditures, $154 million in labor income, and is responsible for 3,723 jobs.

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Household Income

The following graphs indicate median and mean income levels for each county according to the U.S.
Census Bureau’s 2016 ACS (American Community Survey). Data for the U.S. Census 2016 ACS was
released in September 2017. Data from the 2017 ACS is scheduled to be released in September 2018.

Collier, Lee, & Charlotte Median Household Incomes


$64,000
$62,126
$62,000
$61,228
$61,165 $60,000
$58,026
$58,000
$57,653
$56,000
$55,888 $54,406
$54,126
$54,000
$52,988 $52,909
$52,730
$52,179 $52,000
$50,651
$50,699 $50,747 $50,564
$49,055 $50,000
$48,553
$48,000
$46,278 $46,383
$46,707 $46,404
$46,053 $45,266 $45,492 $46,000
$45,353 $45,247 $44,200
$43,698
$44,166 $43,936 $43,039 $44,000

$42,031 $42,000

$40,362 $41,190 $40,000


$39,091
$38,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: US Census ACS Collier Lee Charlotte

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Collier, Lee, & Charlotte Mean Household Incomes
$105,000
$101,833 $102,009

$100,000

$97,881 $95,772
$95,000

$92,436 $89,719
$88,799 $90,000

$86,372
$85,131 $85,000
$85,326
$82,016
$80,000
$79,629

$74,125 $75,000

$71,415 $70,064
$70,761 $70,000
$66,957 $67,172
$67,383
$64,904 $65,643
$65,632 $63,697 $65,000
$64,509
$62,168
$61,562 $63,141
$60,234 $60,000
$57,263 $57,316
$56,958 $56,711 $55,576
$55,000
$52,398 $53,047 $52,405
$50,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: US Census ACS Collier Lee Charlotte

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The following affordability chart estimates the required household income needed to purchase a
home with a 10% down payment.

Annual Annual Required


Down Mortgage Property Monthly
Home Price 1 Mortgage 2 Property 4 Mortgage Household
Payment Rate Tax 3 Payment 5
Insurance Payment Income
$140,000 $14,000 $126,000 4.25% $1,140 $1,400 $831.51 $9,978.13 $33,260
$160,000 $16,000 $144,000 4.25% $1,410 $1,600 $959.23 $11,510.72 $38,369
$180,000 $18,000 $162,000 4.25% $1,680 $1,800 $1,086.94 $13,043.31 $43,478
$200,000 $20,000 $180,000 4.25% $1,950 $2,000 $1,214.66 $14,575.90 $48,586
$220,000 $22,000 $198,000 4.25% $2,220 $2,200 $1,342.37 $16,108.49 $53,695
$240,000 $24,000 $216,000 4.25% $2,490 $2,400 $1,470.09 $17,641.08 $58,804
$260,000 $26,000 $234,000 4.25% $2,760 $2,600 $1,597.81 $19,173.67 $63,912
$280,000 $28,000 $252,000 4.25% $3,030 $2,800 $1,725.52 $20,706.26 $69,021
$300,000 $30,000 $270,000 4.25% $3,300 $3,000 $1,853.24 $22,238.85 $74,130
$320,000 $32,000 $288,000 4.25% $3,570 $3,200 $1,980.95 $23,771.44 $79,238
$340,000 $34,000 $306,000 4.25% $3,840 $3,400 $2,108.67 $25,304.03 $84,347
$360,000 $36,000 $324,000 4.25% $4,110 $3,600 $2,236.39 $26,836.62 $89,455
$380,000 $38,000 $342,000 4.25% $4,380 $3,800 $2,364.10 $28,369.21 $94,564
$400,000 $40,000 $360,000 4.25% $4,650 $4,000 $2,491.82 $29,901.80 $99,673
$420,000 $42,000 $378,000 4.25% $4,920 $4,200 $2,619.53 $31,434.39 $104,781
$440,000 $44,000 $396,000 4.25% $5,190 $4,400 $2,747.25 $32,966.98 $109,890
$460,000 $46,000 $414,000 4.25% $5,460 $4,600 $2,874.96 $34,499.57 $114,999
$480,000 $48,000 $432,000 4.25% $5,730 $4,800 $3,002.68 $36,032.16 $120,107
$500,000 $50,000 $450,000 4.25% $6,000 $5,000 $3,130.40 $37,564.75 $125,216
1
- Assuming Down Payment of 10% of Home Price
2
- Estimated at 1.5% of 90% of home value less $50k homestead deduction
3
- Estimated at 1% of Home Price
4
- Includes all costs, made into monthly payments
5
- Based on 30% rule of thumb

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The following chart highlights changes in purchasing power, relative to mortgage rates, for residents
earning the median wage in each county.

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Collier County Home Affordability for
Median Income Household ($61,228)
$280,000

$275,000 $273,727

$270,000 $267,853

$265,000
$262,136

$260,000
$256,574
$255,000
$251,164
$250,000
$245,902
$245,000
$240,787
$240,000
$235,814
$235,000
$230,981
$230,000

$225,000

$220,000
3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50%

Mortgage Rate

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Lee County Home Affordability for
Median Income Household ($52,909)
$240,000

$235,000
$230,881
$230,000
$226,108
$225,000
$221,456
$220,000
$216,923
$215,000 $212,507

$210,000 $208,206

$205,000 $204,018

$199,941
$200,000
$195,973
$195,000

$190,000

$185,000

$180,000
3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50%

Mortgage Rate

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Charlotte County Home Affordability for
Median Income Household ($44,200)
$205,000

$200,000
$196,352
$195,000
$192,243

$190,000 $188,239

$184,340
$185,000
$180,544
$180,000
$176,848

$175,000 $173,251

$169,751
$170,000
$166,347
$165,000

$160,000

$155,000
3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50%

Mortgage Rate

The table below indicates the percentage of households in each county making $50,000, $75,000, and
$100,000 or more. These segments are particularly important to new housing demand because they
are the segments that can typically afford new homes.

Collier Lee Charlotte Florida U.S. Manatee Sarasota


Households making
$50,000 or more 60.8% 53.4% 43.9% 51.0% 56.3% 51.7% 54.9%
Households making
$75,000 or more 41.4% 32.7% 26.2% 32.5% 38.6% 33.0% 36.2%
Households making
$100,000 or more 28.6% 20.6% 14.8% 20.8% 26.2% 22.5% 24.7%
Source: US Census 2016 ACS

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Employment

The graphs in this following section depict historical and current employment conditions at the
county, state, and national levels. Note the strong seasonality in Collier County’s unemployment rate.
As of June 2018, Collier’s unemployment stood at 3.9%, which was up from 3.1% a month earlier and
down from 4.2% in June 2017.

Collier County Unemployment


180,000 14.0%
175,000 13.0%
170,000 12.0%
165,000 11.0%
160,000 10.0%
155,000 9.0%
150,000 8.0%
145,000 7.0%
140,000 6.0%
135,000 5.0%
130,000 3.9% 4.0%
125,000 3.0%
120,000 2.0%
115,000 1.0%
110,000 0.0%
Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Unemployed Employed Unemployment Rate
Source: US Bureau of Labor Statistics

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As of June 2018, Lee County was experiencing an unemployment rate of 3.8%, which was up from
3.2% a month earlier and down from 4.2% in June 2017. Lee County has less seasonal irregularity
than Collier County and may be more relevant to the overall job market in Southwest Florida, which
also affects the primary housing demand in Southwest Florida. It is important to note that recent
employment figures for Lee County show more people employed in the county than any time in its
history.

Lee County Unemployment


345,000 14.0%
335,000 13.0%
325,000 12.0%
315,000 11.0%
305,000 10.0%
295,000 9.0%
285,000 8.0%
275,000 7.0%
265,000 6.0%
255,000 5.0%
245,000 3.8% 4.0%
235,000 3.0%
225,000 2.0%
215,000 1.0%
205,000 0.0%
Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Source: US Bureau of Labor Statistics Unemployed Employed Unemployment Rate

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As of June 2018, Charlotte County was experiencing an unemployment rate of 4.3%, which was up
from 3.7% a month earlier and down from 4.8% in June 2017.

Charlotte County Unemployment


74,000 14.0%

72,000 13.0%

70,000 12.0%

68,000 11.0%

66,000 10.0%

64,000 9.0%

62,000 8.0%

60,000 7.0%

58,000 6.0%

56,000 5.0%

54,000 4.3% 4.0%

52,000 3.0%

50,000 2.0%
Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Unemployed Employed Unemployment Rate
Source: US Bureau of Labor Statistics

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Largest Employers in Southwest Florida

 2017  2017
Rank  Company Name Rank  Company Name
Employment Employment
1 Lee County School District 13,723 51 John R Wood Properties 545
2 Lee Health 13,595 52 Raymond Building Supply 534
3 Lee County Local Government 9,044 53 Carrabba's Italian Grill 510
4 Publix Super Market 7,183 54 Cracker Barrel Old Country 505
5 NCH Healthcare System 7,017 55 Florida Cancer Specialists 505
6 Collier County School District 6,422 56 Agmart Produce Inc 500
7 Walmart Supercenter 5,271 57 Bentley Village A Classic 500
8 Collier County Local Government 5,011 58 Gulf Bay Group of Companies 500
9 Florida Gulf Coast University 4,211 59 Moorings Park 500
10 Bayfront Health 3,060 60 Chili's Grill & Bar 494
11 Charlotte County School District 2,655 61 Wendy's 472
12 Arthrex, Inc. 2,500 62 Best Buy 470
13 McDonald’s 2,423 63 Hyatt Regency - Coconut Point 450
14 Charlotte County Local Government 2,394 64 Applebee's 444
15 City of Cape Coral 2,213 65 Taco Bell 442
16 Winn-Dixie 2,149 66 Bonita Bay Club 400
17 US Sugar 2,100 67 Galloway Family of Dealerships 400
18 Palm Automotive 2,050 68 LYNX Services LLC 400
19 Home Depot 2,040 69 Naples Beach Hotel and Golf Club 400
20 City of Naples 1,867 70 South Port Square Health Center 400
21 Florida SouthWestern State College 1441 71 Waste Collections 400
22 Gartner, Inc. 1200 72 Salus Care 400
23 Walgreens 1171 73 Bob Evans Restaurant 392
24 Target 1150 74 Culver's 390
25 Chico’s Fas Inc. 1147 75 Chick-Fil-A 386
26 Lowe’s Home Improvement 1135 76 Lee County Electric Co-op 386
27 Hertz 1110 77 Kohl's 381
28 Ritz Carlton-Naples 1100 78 Finnegan Team 375
29 Shell Point Retirement Community 1100 79 Pizza Hut 371
30 City of Fort Myers 1063 80 City of Punta Gorda 358
31 Radiology Regional Center 1031 81 BHHS Florida Realty 355
32 Hendry County School District 912 82 D & K Harvesting Inc 350
33 News-Press/Naples Daily News 840 83 G4s Secure Solutions USA. 350
34 Seminole Casino 800 84 J & J Ag Products Inc 350
35 Perkins Restaurant & Bakery 734 85 Ritz-Carlton Golf Resort, Naples 350
36 Sam’s Club 725 86 Sun Stream Hotels & Resorts 350
37 Olive Garden Italian Kitchen 715 87 Alico Inc 333
38 J W Marriott-Marco Island 700 88 Gasparilla Inn & Club 326
39 Naples Grande Beach Resort 700 89 Red Lobster 325
40 Hope Hospice 700 90 Suntrust Bank 325
41 Hendry County Local Government 699 91 Saks Fifth Avenue 325
42 WCI Communities Inc 689 92 Nordstrom 313
43 Marriott-Sanibel Harbour Resrt 650 93 Ruby Tuesday 303
44 Outback Steakhouse 633 94 Aston Gardens at Pelican Marsh 300
45 JC Penney 615 95 B & I Contractors Inc. 300
46 Physicians Regional Med Ctr 600 96 Everglades Harvesting & Healing 300
47 Schear Construction 600 97 Fawcett Memorial Hospital 300
48 Dillard’s 575 98 Lehigh Regional Medical Center 300
49 Burger King 563 99 Physicians Regional-Pine Ridge 300
50 Downing Frye Realty 550 100 Twineagles Club 300
Source: SWFL Economi c Devel opment Al l i a nce

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The Southwest Florida economy is heavily tied to the residential construction and service industries.
There have been noticeable improvements in those industries over the past few years that have done
a great deal to increase job growth in Southwest Florida.

State and national unemployment figures sat at 3.8% and 4.0%, respectively, for June 2018. These
figures are expected to remain near current levels over the next 6-9 months.

Florida & National Unemployment Rate


11.5
11.0
10.5
10.0
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0% 4.0
3.8%
3.5
3.0
Jun-93
Jun-94
Jun-95
Jun-96
Jun-97
Jun-98
Jun-99
Jun-00
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Florida Unemployment Rate National Unemployment Rate
Source: US Bureau of Labor Statistics

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Migration

The Internal Revenue Service (IRS) provides annual migration data based on the addresses from
annual tax returns received and compared year over year. IRS migration data captures roughly 80%
of all United States residents but excludes those lower income residents who do not need to file a
return. While it does not capture all migration, it does represent data regarding migrants who have
the ability to purchase a home in Southwest Florida.
Data depicted in the following tables is from the 2016 tax year, which was released on November 30,
2017. Data for the 2017 tax year is scheduled to be released in October 2018. The data below shows
the top originating counties and states for in-migrants.

Collier Inflow Migration


In-State Inflow Out-of-State Inflow
Rank County Total Rank State County Total
1 Lee County 3,001 1 IL Cook County 431
2 Miami-Dade County 941 2 CT Fairfield County 248
3 Broward County 538 3 TX Travis County 218
4 Palm Beach County 309 4 IL DuPage County 176
5 Hillsborough County 226 5 MA Middlesex County 168
6 Orange County 216 6 NY Suffolk County 166
7 Hendry County 181 7 FR Foreign 161
8 Manatee County 180 8 MI Oakland County 160
9 Sarasota County 135 9 NY Nassau County 148
10 Pinellas County 129 10 NJ Bergen County 139
11 Polk County 83 11 NJ Ocean County 139
12 Charlotte County 68 12 IL Lake County 136
13 Duval County 67 13 MA Plymouth County 129
14 Monroe County 64 14 CT Hartford County 128
15 St. Lucie County 48 15 NY Westchester County 128
16 Leon County 47 16 NJ Monmouth County 121
17 Pasco County 46 17 NY New York County 120
18 Martin County 43 18 CT New Haven County 116
19 Alachua County 40 19 OH Cuyahoga County 116
20 Brevard County 39 20 MA Essex County 114
21 Highlands County 38 21 NJ Morris County 113
22 Volusia County 36 22 MN Hennepin County 110
23 Osceola County 35 23 MA Barnstable County 109
24 Marion County 27 24 OH Franklin County 107
25 MI Wayne County 104
Source: IRS

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Lee Inflow Migration
In-State Inflow Out-of-State Inflow
Rank County Total Rank State County Total
1 Collier County 4,113 1 IL Cook County 502
2 Miami-Dade County 1,929 2 TX Travis County 494
3 Broward County 1,253 3 NY Suffolk County 300
4 Charlotte County 683 4 MI Oakland County 254
5 Hillsborough County 614 5 IL Lake County 215
6 Palm Beach County 564 6 NY Nassau County 213
7 Orange County 512 7 IL Will County 211
8 Sarasota County 433 8 OH Franklin County 208
9 Pinellas County 395 9 CT Fairfield County 205
10 Hendry County 345 10 PA Allegheny County 203
11 Manatee County 263 11 OH Cuyahoga County 196
12 Polk County 244 12 CT Hartford County 194
13 Duval County 168 13 MI Macomb County 194
14 Monroe County 168 14 MN Hennepin County 194
15 Pasco County 163 15 NJ Ocean County 194
16 Seminole County 159 16 CT New Haven County 192
17 Volusia County 154 17 MA Middlesex County 189
18 Brevard County 149 18 IL DuPage County 186
19 Osceola County 139 19 NY Erie County 182
20 Alachua County 110 20 MI Wayne County 181
21 Lake County 107 21 NY Bronx County 179
22 Highlands County 103 22 NY Queens County 175
23 Marion County 99 23 KY Jefferson County 163
24 Leon County 95 24 NY Kings County 161
25 St. Lucie County 85 25 TX Harris County 158
26 Glades County 72 26 IL Kane County 156
27 DeSoto County 71 27 VA Fairfax County 156
28 Escambia County 67 28 NY Monroe County 153
29 St. Johns County 56 29 MA Essex County 150
30 Clay County 54 30 FR Foreign 149
31 Hernando County 50 31 MA Worcester County 149
32 Indian River County 48 32 MD Anne Arundel County 149
33 Bay County 46 33 NJ Bergen County 145
34 Martin County 45 34 AZ Maricopa County 139
35 Citrus County 41 35 NV Clark County 139
36 Okaloosa County 31 36 NC Mecklenburg County 137
37 PA Bucks County 133
38 IN Marion County 133
39 MO St. Louis County 130
40 CA Los Angeles County 128
Source: IRS
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Charlotte Inflow Migration
In-State Inflow Out-of-State Inflow
Rank County Total Rank State County Total
1 Sarasota County 2,197 1 CT Hartford County 97
2 Lee County 833 2 MA Worcester County 93
3 Desoto County 270 3 NY Suffolk County 76
4 Manatee County 186 4 IL Cook County 75
5 Miami-Dade County 184 5 OH Franklin County 69
6 Broward County 183 6 MI Oakland County 68
7 Hillsborough County 164 7 MA Essex County 67
8 Collier County 155 8 MA Middlesex County 67
9 Palm Beach County 150 9 CT Fairfield County 60
10 Pinellas County 127 10 CT New Haven County 60
11 Orange County 107 11 RI Providence County 57
12 Polk County 90 12 TX Travis County 57
13 Monroe County 64 13 NY Erie County 54
14 Pasco County 64 14 MA Plymouth County 53
15 Highlands County 48 15 NH Rockingham County 51
16 Duval County 46 16 MA Bristol County 50
17 Marion County 39 17 NJ Ocean County 50
18 Seminole County 32 18 MI Wayne County 48
19 ME Cumberland County 48
20 NY Queens County 47
Source: IRS

Those migrating into Collier, Lee, and Charlotte Counties tend to either be from other local counties
or Northeastern and Midwestern states.

Migration outflow data for Southwest Florida showed the majority of those leaving the area moved
to destinations within a three-hour drive of their previous home.

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The following chart provides inflow from the top originating states to Collier, Lee, and Charlotte
Counties combined.

SWFL Inflow Migration


Rank State Total
1 New York 3,311
2 New Jersey 2,665
3 Illinois 2,625
4 Massachusetts 2,239
5 Ohio 1,974
6 Pennsylvania 1,709
7 Texas 1,610
8 Michigan 1,593
9 Connecticut 1,503
10 Indiana 730
11 Minnesota 725
12 California 676
13 Maryland 651
14 Virginia 509
15 Georgia 496
16 North Carolina 420
17 Rhode Island 416
18 Foreigners 409
19 Wisconsin 406
20 Colorado 394
21 New Hampshire 393
22 Kentucky 356
23 Arizona 322
24 Missouri 317
25 Tennessee 252
Source: IRS

Historical data has shown a shift in in-migration from predominantly Midwestern states to
predominantly Northeastern states over the past 15 years.

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Housing Overview

Collier County Permits

The graphs in this section show the history of issued permits for single family detached, single family
attached, and multi-family product in Collier County. All product types are important when viewed
in terms of the overall health of the real estate market.

Collier County saw a total of 2,585 single family detached permits issued over the past 12 months,
ending on June 30, 2018. This was a 5.2% increase over the previous 12-month period. The permit
level is expected to decline slightly over the next 12 months from the current level.

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New single family detached home permits issued per month in Collier County
June 2013 – June 2018

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The tables below rank the top communities and builders for Collier County by building permit
issuance for new single family detached homes over the past 12 months, ending on June 30, 2018.

Community SFD Permits Builder SFD Permits


1 Golden Gate Estates 606 1 Lennar/WCI/Calatlantic 355
2 Maple Ridge/ Hampton Ave Maria 167 2 Pulte 298
3 Stone Creek 165 3 Taylor Morrison 245
4 Naples Reserve 162 4 CC Devco 202
5 Esplanade G & CC 148 5 DR Horton 188
6 Artesia 92 6 GL Homes 174
7 Fiddler's Creek 92 7 Ashton Woods 79
8 Raffia Preserve 92 8 Lux Enterprise 72
9 Winding Cypress 80 9 Stock 72
10 Greyhawk G & CC 75 10 Minto Communities 58
11 Isles of Collier Preserve 60 11 Quality Homes 51
12 Lamorada 55 12 Ash-Ann Homes 41
13 Esplanade at Hacienda Lakes 51 13 Mattamy Homes 39
14 Bent Creek Preserve 48 14 Metro Home Builders 38
15 Del Webb/Bellerawalk Ave Maria 45 15 Toll Brothers 37
16 Orange Blossom Ranch 42 16 Sanchez Enterprise Group 31
17 Fonterra 40 17 FL Star Construction 30
18 Twin Eagles 40 18 Habitat for Humanity 26
19 Compass Landing 39 19 Kaye Custom Homes 20
20 Avery Square 36 20 Nova Homes 18
21 Mockingbird Crossing 28 21 ARCS Investments 15
22 Arrowhead Reserve 27 22 Golden Home Construction 14
23 Azure at Hacienda Lakes 27 23 Gator Home Construction 13
24 Avalon Park/Emerson Ave Maria 27 24 Laram Construction 13
25 Barrington Cove 26 25 Majestic Residential 12
26 Hadley Place 24 26 Scharp Contracting 10
27 Orange Blossom Grove 24 27 T Metro Construction 9
28 Quail West 18 28 Habourside Custom Homes 8
29 Naples Park 17 29 Naples Home & Remodeling 8
30 Pine Ridge Estates 16 30 Nian Construction 8
31 Golden Gate City 14 31 Royal Home Builders 8
32 Talis Park 11 32 Seagate Development 8
33 Palazzo at Naples 10 33 Florida Lifestyle Homes 7
34 Immokalee 9 34 JJ Quaility Builders 7
35 Marbella Isles 9 35 PBR Builders 7
36 Hallendale 8 36 The Gebelhoff Group 7
37 Windward Isles 8 37 Wade Jurney 7
38 Lake Kelly 7 38 AAA Florida Contractors 6
39 Pelican Bay 7 39 ARBC 6
40 Verona Pointe Estates 7 40 Blue Diamond Home Builders 6
41 Enclave of Naples Bay/Linda Park 6 41 Terra Home Builders 6
42 Mediterra 6 42 3D Quality Builders 5
43 Conners Vanderbilt 5 43 London Bay 5
44 Naples Manor 5 44 Premier Finishes 5
45 Treviso Bay 5 45 Sunwest Custom Homes 5
46 Ultimate Building Innovation 5
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There were a total of 266 new single-family attached permits issued for Collier County over the past
12 months, ending on June 30, 2018. This was a 2.3% increase from the previous 12-month period
for that product type.

The tables below rank the top communities and builders for Collier County by building permit
issuance for new single family attached homes over the past 12 months ending on June 30, 2018.

Builder SFA Permits Community SFA Permits


1 DR Horton 78 1 Naples Reserve 78
2 Pulte 54 2 Orange Blossom Ranch 38
3 Lennar/WCI 48 3 Isles of Collier Preserve 36
4 Minto 36 4 Winding Cypress 30
5 Habitat for Humanity 26 5 Liberty Landing/Faith 26
6 Neal Communities 18 6 Del Webb/Bellerawalk Ave Maria 24
7 Individuals 2 7 Marquesa Isles 18
8 Lagrasta Homes 2 8 Artesia 8
9 Ultimate Building Solutions 2 9 Golden Gate City 4
10 Bent Creek Preserve 2
11 Naples Park 2

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Collier County issued permits for 1,431 multi-family units (buildings with 3 or more units) over the
past 12 months, ending on June 30, 2018. This was an 31.4% increase from the previous 12-month
period. 947 of the 1,431 multi-family units were for rental apartments or assisted living units.
Excluding rental and assisted living units, the county saw a 1.0% decrease in for-sale multi-family
permit issuance over the past 12 months.

Collier Multifamily Units Issued Per Month


375

350

325

300

275

250

225

200

175

150

125

100

75

50

25

0
Feb-06

Feb-07

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Source: Collier County Community Dev. Issued Units

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The tables below rank the top communities and builders for Collier County by building permits issued
for new multi-family units over the past 12 months, ending on June 30, 2018.

Community MF Permits
1 Addison Place Apts. 240
2 Thrive Naples Assisted Living 197
3 Discovery Village Senior Living 175
4 Watercrest Senior Living 128 Builder MF Permits
5 Residences at Sapphire Lakes ALF 127 1 Kaufman Lynn Construction 240
6 Avalon of Naples 72 2 Deangelis Diamond 197
7 Esplanade G & CC 72 3 Henning Group 175
8 Legacy Naples Apts. 64 4 Lennar/WCI/Calatlantic 142
9 Richmond Park 64 5 Neal Communities 136
10 Treviso Bay 60 6 Walker & Company 128
11 Autumn Leaves Assisted Living 50 7 Gates Butz Insitutional Construction 127
12 Talis Park 50 8 Taylor Morrison 72
13 Lely Resort 40 9 GCI Construction 64
14 Terracina Assisted Living 30 10 Lake Superior Contracting 50
15 Lamorada 20 11 Stock 40
16 Artesia 16 12 Waltbillig & Hood GC 30
17 Azure at Hacienda Lakes 8 13 Front Door Communities 8
18 Del Webb Ave Maria 8 14 Pulte 8
19 Isles of Collier Preserve 6 15 Toll Brothers 8
20 Regatta Landing at Windstar 4 16 Minto 6

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The following graph shows the trend for total residential units permitted in all of Collier County
municipalities combined. Figures from the City of Naples and Marco Island are included in the graph.
There were a total of 4,576 residential units permitted across all product types over the past 12
months, ending on June 30, 2018. This was a 12.3% increase over the previous 12-month period.
Excluding rental and assisted living units, the county saw a 4.9% increase in for-sale permit issuance
over the past 12 months. Looking forward, we believe residential permit issuance in Collier County
will be slightly negative (-7% to -2%) over the next 12 months.

Collier Total Residential Units Permitted (Issued)


850
800
750
700
650
600
550
500
450
400
350
300
250
200
150
100
50
0
Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Source: Collier County Community Dev. Issued Residential Units

The City of Naples issued permits for 108 single family homes and 88 multi-family units over the past
12 months, while Marco Island issued 98 permits for new single-family homes for the same time
period. The City of Naples had 6 permits issued for new single-family homes in the Mangrove Bay
community. The projects where the multi-family permits were issued in the City of Naples can be
seen below.

Community MF Permits
1 Naples Square 77
2 505 5th Ave S 8
3 Trianon 745 12th Ave S 3

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Lee County Permits

The data for Unincorporated Lee County is shown below. The City of Cape Coral, City of Bonita
Springs, Sanibel, Fort Myers Beach, Village of Estero, and City of Fort Myers have their own permit
reporting department figures that are reported separately. The Village of Estero started reporting
their permits separately in January 2015. Their permits are included in the chart below prior to
January 2015.

Lee County Unincorporated Single Family Detached Issued Permits Per Month
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
10
0
Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Source: Lee County Community Dev. Issued Permits

Unincorporated Lee County issued a total of 1,763 single family detached home permits over the past
12 months, ending on June 30, 2018. This was a 32.5% increase over the previous 12-month period.
The permit level in Unincorporated Lee County is expected to increase slightly through the rest of
2018.

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The tables below rank the top communities and builders for Lee County Unincorporated by building
permit issuance for new single family detached homes over the past 12 months, ending on June 30,
2018.

Community SF Permits Builder SF Permits


1 Place at Corkscrew 194 1 Lennar/WCI 384
2 River Hall 151 2 Pulte 328
3 Westbrook 123 3 DR Horton 150
4 Portico 120 4 Neal Communities 104
5 Corkscrew Shores 89 5 Adams Homes 53
6 Mirada 45 6 Cay Homes 42
7 Town Lakes 44 7 Wade Jurney 38
8 Verandah 44 8 LGI Homes 36
9 Hampton Park 41 9 SCP Enterprises 29
10 San Carlos Park 37 10 Kolter Signature Homes 18
11 Shadow Lakes 36 11 Stock 17
12 Cypress Walk 31 12 Habitat for Humanity 16
13 Daniels Place 27 13 Coral Isle Builders 11
14 Venetian Pointe 27 14 KB Homes 10
15 Bokeelia 23 15 Sposen Signature Homes 10
16 St James City 21 16 Bagans Construction 9
17 Miromar Lakes 19 17 Daniel Wayne Homes 9
18 Buckingham Park 17 18 DSD Homes 9
19 Coconut Cove 17 19 John Michael Koza Contracting 9
20 Cape Royal/Royal Tee 14 20 Argo Homes 8
21 Hidden Harbor 13 21 Harden Custom Homes 8
22 Marblebrook / Groves 13 22 Providence International 8
23 Town & River 11 23 M and J Construction 7
24 Coastal Key 10 24 MP Contractors 7
25 Coves of Estero 10 25 Accurate Builders of SWFL 6
26 Boca Grande 9 26 Diamond Gulf Construction 6
27 Horsecreek 9 27 Lyons Housing 6
28 Mirror Lakes 7 28 Taylor Morrison 6
29 Punta Gorda Isles 7 29 Carlton Naumann 5
30 El Dorado Acres 6 30 Divco 5
31 Estero Pointe 6 31 Imperial Homes 5
32 North/Upper Captiva 6 32 Lauren Homes 5
33 Renaissance 6 33 MP 3 Construction 5
34 Briarcliff 5 34 Royal Corinthian Homes 5
35 Rails End 5 35 Sun Country Homes of FL 5
36 Fort Myers Shores 4 36 Team Davenport 5
37 Remington Oaks 4 37 We Builders 5
38 Twinlake Estates 4
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In addition to single family detached, there were a total of 204 new single family attached permits
issued for Unincorporated Lee over the past 12 months, ending on June 30, 2018. The communities
and builders for single family attached can be seen in the following charts.

Builder SF Att. Permits


1 DR Horton 40
2 Taz Construction/Zuckerman 34
3 Taylor Morrison 32
4 Deangelis Diamond 28
5 Chris-Tel Construction 14
6 Wade Jurney 12
7 Dalton Communities 8
Community SF Att. Permits 8 Individuals 6
1 Marblebrook/The Grove 36 9 Eastmond Enterprises 4
2 Venetian Pointe 34 10 MP Contractors 4
3 Lucaya 32 11 Above Grade Builders 2
4 Avida Senior Living/ALF 28 12 AVS Cape Coral 2
5 Lehigh Acres 28 13 BMR Construction 2
6 Cypress Cove Villas/ALF 14 14 Diamond Gulf Construction 2
7 Vistanna Villas 12 15 Manatee Construction 2
8 Riverside Avenue Villas 8 16 Primebid Construction 2
9 Magnolia Landing 4 17 RAFO Corporation 2
10 Fort Myers Shores 2 18 Terrahome Builders 2
11 Other 2 19 The Wolter Group 2
12 San Carlos Park 2 20 We Builders 2
13 Villas at Causeway Key 2 21 Wright Way Builders 2

There were also 625 multi-family units (3 + units per building) built in Unincorporated Lee County
over the past 12 months, ending on June 30, 2018. This was a 38.8% decrease over the previous 12-
month period for this product type. 523 of the 625 multi-family units were for rental apartments or
assisted living units. Excluding rental and assisted living units, Unincorporated Lee County saw a
49.8% decrease in for sale multi-family permit issuance over the past 12 months. The communities
and builders for multi-family units can be seen in the following charts.

Community MF Permits Builder MF Permits


1 Summerlin Ridge Apts. 224 1 Brooks & Freund 224
2 Millennium Apts. 151 2 Essian Construction 151
3 The Preserve ALF 113 3 Manhattan Construction 113
4 Coconut Plantation 36 4 Gates Construction 36
5 Hammock Cove 30 5 Deangelis Diamond 30
6 Shell Point ALF 30 6 DR Horton 30
7 Palmetto Cove 28 7 Lennar 28
8 Prentiss Pointe 8 8 ES Homes 8
9 Lake McGregor 5 9 James E Hawley 5
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Lehigh Acres submarket figures, which are included in the Unincorporated Lee County chart, are
shown separately in the following charts.

Lehigh Acres Single Family Issued Permits Per Month


750
732
700
650
600
550
500
450
400
350
300
250
200
150
100
50
0
Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Issued Permits
Source: Lee County Community Dev.

There were 471 permits issued for new single-family homes in Lehigh Acres over the past 12 months,
ending on June 30, 2018. This was a 10.0% increase over the previous 12-month period. Lehigh Acres
experienced its best monthly output (72) in June 2017 for permits issued for new homes in Lehigh
Acres since June 2007. To put the current level of new home permit activity into perspective, there
were only 68 new single-family permits issued in total in Lehigh Acres over the five-year period
2009-2013. Permit activity is expected to continue to increase in Lehigh Acres over the next 12
months.

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New single family detached home permits issued in Lehigh Acres
June 2013 – June 2018

Lehigh Acres Single Family Issued Permits Per Month


75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Aug-13

Aug-14

Aug-15

Aug-16

Aug-17
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18
Issued Permits
Source: Lee County Community Dev.

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The Village of Estero figures, shown in the following chart, are in addition to the Lee County
Unincorporated figures. The Village of Estero issued a total of 85 single family home permits over
the past 12 months, ending on June 30, 2018. This was a 40.6% decrease over the previous 12-month
period. Permit figures for the Village of Estero were included in Unincorporated Lee County figures
through December 2014 and separately thereafter.

Village of Estero Single Family Detached Issued Permits Per Month

22

20

18

16

14

12

10

0
Dec-15

Dec-16

Dec-17
Aug-15

Aug-16

Aug-17
Feb-15

Feb-16

Feb-17

Feb-18
Jun-15

Jun-16

Jun-17

Jun-18
Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18
Source: Village of Estero Community Dev. Issued Permits

The tables below rank the top communities and builders for the Village of Estero by building permit
issuance for new single family detached homes over the past 12 months, ending on June 30, 2018.

Community SF Permits Builder SF Permits


1 Tidewater 54 1 Pulte 54
2 Pebble Pointe 16 2 Taylor Morrison 16
3 Oaks of Estero 6 3 Neal Communities 8
4 Estero Place 2
5 West Bay 2

In addition, there were permits issued for 26 new single family attached homes within the Village of
Estero over the past 12 months, ending on June 30, 2018. All 26 single family attached homes were
permitted in the Tidewater community being built by Pulte Homes.
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There were also 64 multi-family units (3 + units per building) built in the Village of Estero over the
past 12 months, ending on June 30, 2018. The communities and builders for multi-family units can
be seen in the following charts.

Community MF Permits Builder MF Permits


1 Genova 36 1 Surety Construction 36
2 Copper Oaks 28 2 Lennar/Calatlantic 28

The City of Cape Coral figures, shown in the following chart, are in addition to the Lee County
Unincorporated figures. Cape Coral issued a total of 2,087 single family home permits over the past
12 months ending on June 30, 2018. This was a 32.4% increase over the previous 12-month period.
Cape Coral new single-family home permit activity is expected to increase slightly over the next 12
months.

Cape Coral Single Family Issued Permits Per Month


900

840

780

720

660

600

540

480

420

360

300

240

180

120

60

0
Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Jun-00

Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Issued Permits
Source: City of Cape Coral

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New single family detached home permits issued per month in Cape Coral
June 2013 – June 2018

Cape Coral Single Family Detached Issued Permits Per Month


240
230
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Aug-13

Aug-14

Aug-15

Aug-16

Aug-17
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18
Source: City of Cape Coral Issued Permits

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The tables below rank the top builders and communities for Cape Coral by building permit issuance
for new single family detached homes over the past 12 months, ending on June 30, 2018.

Builder SF Permits
1 DR Horton 445
2 Wade Jurney/WJHFL LLC 185
3 JHS Builders 112
4 LGI / All About Building 99
5 Taylor Morrison 61
6 Holiday Builders 60
7 Maronda Homes 55
8 Dalton Communities 50
9 Sposen Signature Homes 50
10 Adams Homes 47
11 Hansen Homes 47
12 Pinnacle Building Solutions 45
13 Beatie Development 36
14 Coral Isle Builders 33
15 Lennar 32
16 Donnelly Homes/Construction 31
17 Goodwin Construction 30
18 Wall Homes 23
19 Groff Building 21
20 Arnold Roberts Signature Homes 17
21 GSD Construction 16
22 Paraco Inc 16
23 Option One Builders 15
24 Premier Cape Construction 15
25 Diamond Gulf Construction 13
26 Windward Construction 13
27 Bellwether Construction 12
28 Imperial Homes 12
29 Pascal Construction 11
30 Tundra Homes 11
31 Michael Devito Homes 10
32 Poseidon Homes 10
33 Sweet Home Construction 10
34 Tracey Quality Building 10
35 RCH Enterprises 9
36 Spo Construction 9
37 Aubuchon Homes 8
38 Costa Bella Homes 8
39 Majowski Construction 8
40 Nextech Construction 8
41 Paul Homes 8
42 Qualitas Gobal Developments 8
43 Ravenwood Homes 8
44 White Stone Property Solutions 8
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Community SF Permits
1 Villages of Entrada 150
2 Sandoval 62
3 Bella Vida 32
4 Sunset Pointe 16
5 Cape Harbour 4
6 Tarpon Point 3
7 Palmetto Pine Estates 2

In addition to single family detached, there were a total of 196 new single family attached permits
(including duplex units) issued for the City of Cape Coral over the past 12 months, ending on June 30,
2018. This was a 26.3% decrease over the previous 12-month period. The builders for that product
type can be seen in the table below.
Builder SF Att. Permits
1 SN Construction 96
2 Ability Construction 14
3 Dalton Communities 10
4 Gulf Stone Construction 8
5 Sweet Home Construction 8
6 All Trades Construction 6
7 Individuals 6
8 Manclar Builders 6
9 Armex Construction 4
10 Fremar Construction 4
11 Indesol Inc 4
12 M & J Construction 4
13 Paraco 4
14 Ramos Builders 4
15 West Bay Construction 4
16 Concept Construction 2
17 Diamond Gulf Construction 2
18 Florida Style Ventures 2
19 Lindsey Carpentry 2
20 Pascal Construction 2
21 Pelican Home Builders 2
22 Pinnacle Building Solutions 2

There were also 612 multi-family units (3 + units per building) built in Cape Coral over the past 12
months, ending on June 30, 2018. This was a 45.0% decrease over the previous 12-month period. The
builders and communities for multi-family units can be seen in the following charts.

Community MF Permits Builder MF Permits


1 Thrive Cape Coral Asst. Living 140 1 DeAngelis Diamond 140
2 Atrium at Liberty Park Asst. Living 130 2 Brooks & Freund 130
3 Casa Di Fiori 40 3 Casa Di Fiori LLC 40
4 8th Place Apartments 12 4 Tracey Homes 12
5 Cape Oasis Apts. 10 5 Rafo Corporation 10
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The figures for the City of Fort Myers are also in addition to the Unincorporated Lee County figures.
The City of Fort Myers issued a total of 547 single family detached home permits over the past 12
months, ending on June 30, 2018. This was a 12.6% decrease from the previous 12-month period.

City of Ft. Myers Single Family Detached Issued Permits


90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
Feb-07

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17
Issued Permits
Source: City of Ft Myers Community Dev.

The top communities and builders of new single family detached homes for the City of Fort Myers for
the past 12 months, ending on June 30, 2018, can be seen in the following charts.

Community SF Permits
1 Plantation/Bridgetown 179 Builder SF Permits
2 Marina Bay 105 1 Pulte 179
3 Pelican Preserve 89 2 Lennar/WCI/Calatlantic 168
4 Arborwood Preserve 60 3 GL Homes 105
5 Lindsford 37 4 DR Horton 41
6 Watermark 29 5 Neal Communities 29
7 Castalina 19 6 Habitat for Humanity 11
8 Majorca Palms 8 7 SCP Enterprises 3
9 Caloosa Pointe 4 8 Eastmond Enterprises 2

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In addition to single family detached, there were a total of 260 new single family attached permits
issued for the City of Fort Myers over the past 12 months, ending on June 30, 2018. This was a 9.2%
increase for that product type over the previous 12-month period. The top communities and builders
for that product type can be seen in the following tables.

Community SF Att. Permits


1 Lindsford 98
2 Marbella 64 Builder SF Att. Permits
3 Marina Bay 44 1 DR Horton 98
4 Watermark 26 2 Lennar/WCI/CalAtlantic 92
5 Castalina 18 3 GL Homes 44
6 Pelican Preserve 10 4 Neal Communities 26

There were also permits issued for 951 multi-family units (buildings with 3 or more units) in the City
of Fort Myers over the past 12 months, ending on June 30, 2018. This was an 26.5% increase for that
product type over the previous 12-month period. 863 of the 951 multi-family units were for rental
apartments or assisted living units. Excluding rental and assisted living units, the City of Fort Myers
saw a 37.5% increase in for sale multi-family permit issuance over the past 12 months. The
communities and builders for that product type can be seen in the following tables.

Community MF Permits
1 Decorum Apts. 435 Builder MF Permits
2 Grand Central Apts. 280 1 Deangelis Diamong 435
3 Portofino Cove Apts. 148 2 Brooks & Freund 280
4 Pelican Preserve 56 3 Prime Home Builders 148
5 Arborwood Preserve 24 4 Lennar/WCI 80
6 Plantation/Bridgetown 8 5 Pulte/Centex 8

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Permit figures for Bonita Springs were included in Unincorporated Lee County figures through June
2008. Beginning July 2008, Bonita Springs started to report their figures separately.

Bonita Springs Single Family Detached Issued Permits Per Month


170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
10
0
Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Jun-00

Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Source: Bonita Springs Community Dev. Issued Permits

The City of Bonita Springs issued a total of 510 new single family detached home permits over the
past 12 months, ending on June 30, 2018. This was a 53.6% increase over the previous 12-month
period.

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New single family detached home permits issued in Bonita Springs
June 2013 – June 2018

Bonita Springs Single Family Detached Issued Permits Per Month


70

65

60

55

50

45

40

35

30

25

20

15

10

0
Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Aug-13

Aug-14

Aug-15

Aug-16

Aug-17
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18
Issued Permits
Source: Bonita Springs Community Dev.

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The top communities and builders measured by single family detached permit issuance in the City of
Bonita Springs for the past 12 months, ending on June 30, 2018, can be seen below.

Community SF Permits
1 Bonita National 158
2 Valencia 125
3 Bonita Landing 49 Builder SF Permits
4 Wildwood Preserve 43 1 Lennar 207
5 San Carlos Estates 23 2 GL Homes 125
6 Bonita Fairways 22 3 DR Horton 44
7 Quail West 10 4 Home Dynamics 22
8 Bonita Beach 7 5 Toll Brothers 9
9 Red Hibiscus 7 6 Habitat for Humanity 7
10 Bonita Lakes 6 7 Chala Development Group 6
11 Bonita Bay 4 8 Stock 5
12 Bonita Farms 4 9 Donnelly Construction 4
13 Heitmans 4 10 Potter Homes 4
14 Brendan Cove 3 11 Distinctive Development Group 3
15 Cordova at Spanish Wells 3 12 Sposen Signature Homes 3
16 Sun Village Estates 3 13 WPM Southern 3

In addition to single family detached, there were a total of 96 new single family attached permits
issued for the City of Bonita Springs over the past 12 months, ending on June 30, 2018. The
communities and builders for that product type can be seen in the following charts.

Community SF Att. Permits Builder SF Att. Permits


1 Valencia 86 1 GL Homes 86
2 Heitmans 4 2 Plymouth Group Construction 4
3 Other 4 3 Thomas Lawerence Enterprises 4
4 Windsor Acres 2 4 Ramos Builders 2

There were also permits issued for 156 multi-family units in the City of Bonita Springs over the past
12 months, ending on June 30, 2018. This was a 50.5% decrease for that product type over the
previous 12-month period. The communities and builders for that product type can be seen in the
following charts.
Community MF Permits Builder MF Permits
1 Bonita National 116 1 Lennar 116
2 Paloma 40 2 DR Horton 40

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The following graph shows the trend for total residential units permitted in all of Lee County
municipalities combined; including figures from Sanibel and Fort Myers Beach. There were a total of
7,952 residential units permitted across all product types over the past 12 months, ending on June
30, 2018. This was a 4.1% increase over the previous 12-month period. Excluding rental and assisted
living units, Lee County saw a 18.5% increase in for sale permit issuance over the past 12 months. If
we look at only single family detached figures, Lee County experienced a 24.4% increase over the
previous year. Looking forward, we believe residential permit issuance overall in Lee County will be
flat to slightly negative over the next 12 months.

Lee County Total Residential Units Permitted (Issued)


2,250

2,100

1,950

1,800

1,650

1,500

1,350

1,200

1,050

900

750

600

450

300

150

0
Feb-05

Feb-06

Feb-07

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-05

Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Issued Residential Units


Source: LSI

Fort Myers Beach had 26 permits issued for new homes over the past 12 months, while Sanibel had
24 over the same period.

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Charlotte County Permits

There were a total of 1,283 permits issued for new single family detached homes within Charlotte
County over the past 12 months, ending on June 30, 2018. This was a 27.9% increase from the
previous 12-month period.

Charlotte Single Family Detached Issued Permits Per Month


475
450
425
400
375
350
325
300
275
250
225
200
175
150
125
100
75
50
25
0
Feb-06

Feb-07

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-05

Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17
Source: Charlotte County Building Dept. Issued Permits

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New single family detached home permits issued in Charlotte County
June 2013 – June 2018

Charlotte Single Family Detached Issued Permits Per Month

160

150

140

130

120

110

100

90

80

70

60

50

40

30

20
Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Aug-13

Aug-14

Aug-15

Aug-16

Aug-17
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18
Source: Charlotte County Building Dept. Issued permits

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The top communities and builders measured by single family detached permit issuance in Charlotte
County for the past 12 months, ending on June 30, 2018, can be seen below.

Community SF Permits Builder SF Permits


1 Port Charlotte 597 1 DM Dean Inc 89
2 Punta Gorda Isles 122 2 DR Horton 76
3 Babcock Ranch 108 3 Snyder Construction 73
4 Rotonda Lakes 43 4 Adams Homes 68
5 Waterford 32 5 Lennar 67
6 Rotonda Pinehurst 27 6 Maronda 64
7 River Club 25 7 HD Custom Homes 54
8 Villa Milano 24 8 Wade Jurney/WJHFL 40
9 Rotonda Pine Valley 23 9 Habitat for Humanity 32
10 Rotonda Broadmoor 21 10 Porter Contracting 30
11 Calusa Creek 19 11 Snyder Built Construction 30
12 Rotonda Heights 18 12 Casas Del Sol Inc 24
13 Rotonda White Marsh 17 13 Walker Homes 23
14 Coral Caye 15 14 Pulte 20
15 Tropical Gulf Acres 13 15 Quality Homes of Port Charlotte 20
16 Harbor Heights 12 16 Tradewinds Luxury Homes 19
17 Rotonda Long Meadow 11 17 Breakwater Construction 18
18 Ridge Harbor 9 18 Southwest Building 18
19 Cape Haze 7 19 Vantage Homes 17
20 Rotonda Sands 7 20 FM Contract Service 15
21 Cape Haze Winward 6 21 Impact Homes 15
22 Charlotte Park 5 22 Southern Style Homes 15
23 Tee & Green Estates 5 23 Capital Building & Const. 13
24 El Jobean Ward 4 24 Hamsher Homes 12
25 Pirate Harbor 4 25 JWM Residential 12
26 Grassy Point Estates 3 26 DMI Inc 11
27 Pebble Creek 3 27 Benko Construction 10
28 Prairie Creek 3 28 Brigon Homes 10
29 Town Estates 3 29 Thornberry Custom Builders 10
30 Peace River Custom Homes 9
31 Warren Hope Builders 9
32 Harbor Home Builders 8
33 Anthony Fiore Construction 7
34 Frank Fredricks Custom Homes 7

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There were 145 single family attached permits issued in Charlotte County over the past 12 months,
ending on June 30, 2018. This was a 158.9% increase from the previous 12-month period for that
product type. The communities and builders for that product type can be seen in the following charts.

Builder SF Att. Permits


1 DR Horton 46
2 KB Homes 31
3 Lennar 30
Community SF Att. Permits 4 Individual Owners 8
1 Waterford 33 5 Hamsher Homes 6
2 Tuscany Isles 31 6 Wade Jurney 6
3 Babcock Ranch 30 7 B&D Construction of SW Florida 4
4 Port Charlotte 18 8 Best Future Homes 4
5 The Landings at Coral Creek 13 9 Maronda Homes 4
6 Punta Gorda Isles 12 10 Gulf Reef Homes 2
7 Rotonda Pebble Beach 6 11 Witters Contracting 2
8 Rotonda Oakland Hills 2 12 Tressler Homes of SW Florida 2

There were also permits issued for 267 multi-family units in Charlotte County over the past 12
months, ending on June 30, 2018. There were no permits issued for that product type over the
previous 12-month period. The communities and builders for that product type can be seen in the
following charts.

Builder MF Permits
1 Kaufman Lynn Construction 256
2 Canino Construction 11
Community MF Permits
1 Springs at Port Charlotte Apts. 256
2 Harborside El Jobean 11

Charlotte County issued permits for a total of 1,695 residential units across all product types over the
past 12 months, ending on June 30, 2018. This was a 60.1% increase over the previous 12-month
period. Looking forward, we believe new home residential permit issuance in Charlotte County will
remain relatively flat over the next 12 months.

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Total Combined Permits (Collier, Lee, & Charlotte)

There were a total of 14,223 permits issued for new residential housing units in Collier, Lee, and
Charlotte Counties combined over the past 12 months, ending on June 30, 2018. This was a 11.4%
increase from the previous 12-month period, which saw 12,772 new residential housing units
permitted. When we exclude rental apartments and assisted living units, Collier, Lee, and Charlotte
Counties combined saw a 15.6% increase in for-sale permit issuance over the past 12 months. When
we look at only permits issued for new single family detached homes, our market saw a 17.7%
increase. Looking forward, we project to see between 12,900 – 13,300 new residential units
permitted over the next 12 months. The combined monthly trend can be seen in the following chart.

Total Residential Units Permitted (Collier, Lee & Charlotte) 1,900


1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0
Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Source: LSI & County/City Departments Total Residential Units Permitted

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Collier MLS Sales Trends

The following graphs indicate single family and multi-family sales trends for Collier County. The data
for this portion of the report was obtained from the Naples Area Board of Realtors (NABOR). The
median price for the second quarter of 2018 stood at $467,000 for a single family detached home in
Collier County, which was a 7.4% increase over the same period from 2017.

Collier Single Family Detached MLS


$1,200,000 570
$1,125,000 540
$1,050,000 510
$975,000 480
$900,000 450
$825,000 420
$750,000 390

# Sold
Price

$675,000 360
$600,000 330
$525,000 300
$450,000 270
$375,000 240
$300,000 210
$225,000 180
$150,000 150
$75,000 120
$0 90
Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Source: NABOR # Sold Average Sale Price Median Sale Price

The median income in Collier County, according to the 2016 U.S. Census Bureau’s ACS, supports a
median home price of approximately $262,136 with a 10% down payment and assuming a 4.00%
interest rate.

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The median price for the second quarter of 2018 stood around $275,000 for multi-family homes in
Collier County, which was an 4.8% decrease over the same period from 2017.

Collier Multifamily MLS


$750,000 800
$700,000 750
$650,000 700
$600,000 650
$550,000 600
$500,000 550

# Sold
$450,000 500
Price

$400,000 450
$350,000 400
$300,000 350
$250,000 300
$200,000 250
$150,000 200
$100,000 150
$50,000 100
$0 50
Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Source: NABOR # Sold Average Sale Price Median Sale Price

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Lee MLS Sales Trends

The following graphs indicate single family and multi-family sales trends for Lee County. The data
was taken from the Realtor Association of Greater Fort Myers and the Beach. The median price for
the second quarter of 2018 stood at $256,750 for a single family detached home in Lee County, which
was a 6.5% increase over the same period from 2017.

Lee Single Family Detached MLS


$375,000 1750
$350,000 1650
$325,000 1550
$300,000 1450
$275,000 1350
$250,000 1250

# Sold
$225,000 1150
Price

$200,000 1050
$175,000 950
$150,000 850
$125,000 750
$100,000 650
$75,000 550
$50,000 450
$25,000 350
$0 250
Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
# Sold Average Sale Price Median Sale Price
Source: Greater Ft Myers MLS

The median income, according to the 2016 U.S. Census Bureau’s ACS, supports a median home price
of approximately $221,456 with a 10% down payment and assuming a 4.00% interest rate.

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The median price for the second quarter of 2018 stood at $190,000 for multi-family homes in Lee
County. This was the same as the second quarter of 2017.

Lee Multifamily MLS


$320,000 800
$300,000 750
$280,000 700
$260,000 650
$240,000 600
$220,000 550
$200,000 500

# Sold
Price

$180,000 450
$160,000 400
$140,000 350
$120,000 300
$100,000 250
$80,000 200
$60,000 150
$40,000 100
$20,000 50
$0 0
Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
# Sold Average Sale Price Median Sale Price
Source: Greater Ft Myers MLS

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Subdivision Vacant Developed Lot Inventories

The following charts show the top subdivisions by volume of vacant developed lot (VDL) inventories
for single family detached lots in Collier, Lee, and Charlotte Counties as of June 30, 2018.

Collier Vacant Developed Lots


Rank Community VDL Rank Community VDL
1 Fiddler's Creek 397 24 Mediterra 54
2 Arrowhead Reserve 234 25 Treviso Bay 51
3 Stone Creek 222 26 Orange Blossom Grove 50
4 Royal Palm Golf Estates 207 27 Esplanade @ Hacienda Lakes 43
5 Maple Ridge/Hampton Village 193 28 Coco Lakes 33
6 Isles of Collier Preserve 180 29 Valencia Lakes 33
7 Greyhawk 176 30 Fonterra 32
8 Compass Landing 172 31 Palazzo at Naples 27
9 Naples Reserve 149 32 Twin Eagles 27
10 Dell Webb/Bellerawalk 132 33 Mangrove Bay 25
11 Avalon Park/Emerson Park 122 34 Lely Resort 23
12 Esplanade G & CC 117 35 Talis Park 21
13 Winding Cypress 114 36 Breeze of Calusa 17
14 Lamorada 96 37 Enclave on Naples Bay 16
15 Quail West 93 38 Audubon Country Club 13
16 Orange Blossom Ranch 78 39 Naples Club Estates 13
17 Artesia 71 40 Willoughby Preserve 13
18 Valencia Golf & CC 70 41 Windward Isles 13
19 Azure at Hacienda Lakes 67 42 Mercato Residences 12
20 Raffia Preserve 60 43 Legacy Estates 11
21 Hadley Place 59 44 Chatham Woods 10
22 Bent Creek Preserve 53 45 Landings at Bear's Paw 10
23 Avery Square 40 46 Grey Oaks & Estuary 8
Source: LSI

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Lee Vacant Developed Lots
Rank Community VDL Rank Community VDL
1 Place at Corkscrew 687 30 Daniels Place 40
2 Valencia GL 337 31 Remington Oaks 40
3 Plantation CC/Bridgetown 317 32 Horse Creek 38
4 River Hall 286 33 Serrano 30
5 Portico 221 34 Cape Harbour 28
6 Westbrook 219 35 Kismet Lakes 27
7 Lindsford 214 36 Hickey Creek 24
8 Magnolia Landing/Herons Glen 174 37 Calusa Ridge 22
9 Villages of Entrada 166 38 Mirada 22
10 Bonita Fairways 165 39 Serengeti 22
11 Marina Bay 157 40 Coconut Cove 21
12 Corkscrew Shores 149 41 Tarpon Point 21
13 Pelican Preserve 143 42 Hampton Park 20
14 Verandah 130 43 Cypress Walk 19
15 Bonita Landing 127 44 Blue Lake 18
16 Marblebrook/The Grove 111 45 Shell Point/Palm Acres 18
17 Caloosa Preserve 110 46 Renaissance 15
18 Tidewater 96 47 West Bay 15
19 Cape Royal/Royal Tee 82 48 Trieste Preserve 14
20 Town Lakes 82 49 Palmetto Pine Estates 13
21 Bonital National 79 50 Hidden Harbor 11
22 Miromar Lakes 71 51 Johnathan Harbour 10
23 Arborwood Preserve 69 52 Rails End 10
24 Corkscrew Ranch 59 53 Carleton 9
25 Estero Pointe 57 54 Pebble Pointe 8
26 Castalina 55 55 Sunset Pointe 8
27 Coves of Estero Bay 53 56 Lakes of Estero 8
28 Venetian Pointe 53 57 Hunters Glen 7
29 Copperhead 50 58 Oak Ridge 7
Source: LSI
Charlotte Vacant Developed Lots
Rank Community VDL
1 Babcock Ranch 620
2 Tern Bay 201
3 Island Lake Estates 178
4 Waterford Estates 134
5 River Club 93
6 Eagle Preserve Estates 62
7 Villa Milano 53
8 Coral Caye 48
9 Calusa Creek 44
10 Kingsgate 14
11 Rio Villa Lakes 11
Source: LSI
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65
Cape Coral and Lehigh Acres Lot Sales Trends

The real estate bust of 2008/2009 led to a massive decline in single family lot prices in Cape Coral
and Lehigh Acres. The average selling price for a lot in Lehigh Acres and Cape Coral fell about 92%-
95% from their peak in late 2005 and have since rebounded. Sale prices for these lots started to show
healthy gains in 2013 and continued into early 2016. As we approached the end of 2016/beginning
of 2017, we started to see lot prices in Cape Coral plateau. We expect to see the same phenomenon
play out in Lehigh Acres over the next year. The following charts indicate average lot sale trends in
those markets for lots under 0.33 acres on a monthly basis. Lot data for Cape Coral only pertains to
non-waterfront lots.

Lehigh Acres Single Family Lot Sales


475
(Under .33 Acres) $57,000
450 $54,000
425 $51,000
400 $48,000
375 $45,000
350 $42,000
325 $39,000

Average Price Per Sale


300 $36,000
Sales Per Month

275 $33,000
250 $30,000
225 $27,000
200 $24,000
175 $21,000
150 $18,000
125 $15,000
100 $12,000
75 $9,000
50 $6,000
25 $3,000
0 $0
Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Source: Greater Ft Myers MLS Sales Per Month Average Price Per Sale

On average, lots sold for approximately $18,262 in Cape Coral and $5,565 in Lehigh Acres in the second
quarter of 2018. Comparatively, the average selling price in 2003 was $16,804 in Cape Coral and $6,860 in
Lehigh Acres.

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66
Lehigh Acres Single Family Lot Sales
250
(Under .33 Acres) $6,500

225 $6,000

200 $5,500

175 $5,000

Average Price Per Sale


150 $4,500
Sales Per Month

125 $4,000

100 $3,500

75 $3,000

50 $2,500

25 $2,000

0 $1,500
Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18
Aug-13

Dec-13

Aug-14

Dec-14

Aug-15

Dec-15

Aug-16

Dec-16

Aug-17

Dec-17
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Source: Greater Ft Myers MLS Sales Per Month Average Price Per Sale

MLS Cape Coral Non-Waterfront Single Family Lot Sales


(Under .33 acres)
360 $108,000
340 $102,000
320 $96,000
300 $90,000
280 $84,000
260 $78,000
240 $72,000
Average Price Per Sale
220 $66,000
Sales Per Month

200 $60,000
180 $54,000
160 $48,000
140 $42,000
120 $36,000
100 $30,000
80 $24,000
60 $18,000
40 $12,000
20 $6,000
0 $0
Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Sales Per Month Average Price Per Sale


Source: Greater Ft Myers MLS

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67
MLS Cape Coral Non-Waterfront Single Family Lot Sales
(Under .33 acres)
180 $24,000
170 $23,000
160 $22,000
150 $21,000
140 $20,000
130 $19,000
120 $18,000

Average Price Per Sale


110 $17,000
Sales Per Month

100 $16,000
90 $15,000
80 $14,000
70 $13,000
60 $12,000
50 $11,000
40 $10,000
30 $9,000
20 $8,000
Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18
Aug-13

Dec-13

Aug-14

Dec-14

Aug-15

Dec-15

Aug-16

Dec-16

Aug-17

Dec-17
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18
Sales Per Month Average Price Per Sale
Source: Greater Ft Myers MLS

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Notable Transactions

Price per Units / Price per


Sale Date County City Project Name/Location Seller Buyer Price Acres Comments
Acre Lots Unit/Lot
The Resort at Tranquility
Lake / 4100 & 4002 Edward, John, and RESORT AT RV resort site with 87-acre
07/10/17 Lee Cape Coral Mackenzie Stern TRANQUILITY LAKE LLC
$ 5,300,000 154.91 $ 34,213 275 $ 19,273
Burnt Store Rd N, SW lake.
corner Durden Pkwy
LEGACY GATEWAY 60 Zoned Commercial
WATERMEN AT
13461 Chana Ct, off LLC & LEGACY
DANIELS PKWY LLC Intensive at time of sale.
07/20/17 Lee Fort Myers Daniels Pkwy east of I- (Watermen
GATEWAY 40 LLC $10,692,000 69.28 $ 154,330
(Goldberg Companies,
Includes 15.49-acre
75 Development Group)
Inc) conservation easement
4151 Veronica
Transaction included two
Shoemaker Blvd
separate mixed-use
(frontage on Colonial Colonial Hammock
08/04/17 Lee Fort Myers Istrouma Trustee, LLC $ 6,500,000 104.78 $ 62,035 properties: 70.18 acres on
Blvd and Winkler Ave), SWFL, LLC
Colonial Blvd and 34.6
and 10801 Metro Pkwy,
acres on Metro Pkwy.
6191/6193 Idlewild St
CalAtlantic Homes plans
Castalina / Veronica
Colonial Hammock 108 twin villa units and
08/04/17 Lee Fort Myers Shoemaker Blvd & Calatlantic Group, Inc $ 5,400,000 60.91 $ 88,655 246 $ 21,951
SWFL, LLC 138 single-family lots (50')
Winkler Ave
in this new PUD.
12682 Trade Way Dr, SE SHADI OF NAPLES INC
Bonita Zoned for Mixed Planned
08/11/17 Lee quadrant of Bonita BERNWOOD LLC & SOUTHLINKS $ 7,006,318 25.09 $ 279,230
Springs ASSOCIATES LLC
Development
Beach Rd & I-75
Village of Amaranda, Single-family homesites
PULTE HOME
08/21/17 Collier Naples Fiddler's Creek, off FCC AVIAMAR LLC $ 6,532,000 71 $ 92,000 for 1,671-3,077 square
COMPANY LLC
Tamiami Trail E (US 41) feet priced from the $500s
CP LAND INVESTMENT COCONUT POINT
SE corner Williams Rd & Apartment site in the
08/30/17 Lee Estero LLC (Oakbrook HOLDINGS LP (13th $ 2,200,000 6.62 $ 332,468 180 $ 12,222
Via Coconut Point Properties) Floor Investments)
Coconut Point DRI
Riverfront parcel includes
15500 Cook Rd, off Iona Christopher & Ginger Mark & Julie
09/07/17 Lee Fort Myers Johnson Marinello
$ 2,250,000 4.45 $ 505,618 old home but majority of
Rd
value in the land
Golden Palms Motor Site includes 97 RV pads,
EDGEWATER
Coach Estates, 13614 FAB 1 INC (First 68 twin villa pads, most
09/22/17 Lee Fort Myers OPPORTUNITY FUND IV $ 2,704,000 54.40 $ 49,706 165 $ 16,388
Golden Palms Cir, off SR American Bank) LP (Ron Greenland) infrastructure and
82 clubhouse
TRINITY ENTERPRISE
Bonita 12585 E. Terry St, east of The buyer (church) owns
09/25/17 Lee BONITA EAST 20 LLC HOLDINGS INC $ 2,200,000 20.00 $ 110,000 200 $ 11,000
Springs I-75 (Diocese of Venice)
adjacent parcel
Located between Neal's
Between Laurel Rd and Pamlico Point
Sandra Hurt, Trustee Milano community and
10/02/17 Sarasota Venice Border Rd, east of Management LLC $12,500,000 290.00 $ 43,103
and SJMR LLC Neal's Woods at Venice
Jacaranda Blvd (Neal Land Ventures)
site
Radio Lane
Radio Ln, off Radio Rd &
10/12/17 Collier Naples Development LLC & D. R. Horton Inc $ 3,875,000 21.50 $ 180,233 83 $ 46,687 Platted 50' lots
Davis Blvd Sarecino LLC
Venetian Pointe,
LYNX ZUCKERMAN AT 50' single-family lots
10/13/17 Lee Fort Myers Gladiolus Dr & NAPLES LLC
D. R. Horton Inc $ 1,050,000 10 $105,000
($2,100 per front foot)
Summerlin Rd
Finished homesites.
The Ranch at Orange
Lennar Homes and Lennar: eight 52' lots.
10/23/17 Collier Naples Blossom, Oil Well Rd The Ronto Group $ 1,395,200 16 $ 87,200
Pulte Homes Pulte: four 52' lots and
east of Immokalee Rd
four 62' lots
Lot count will likely be
Waterford Estates, off Maxcy Development diminished if buyer
Punta
11/09/17 Charlotte Airport Rd and Group Holdings - D. R. Horton Inc $ 4,509,000 180 $ 25,050 replats multifamily to 50'-
Gorda Waterford Estates, Inc
Carmalita St 60' singlefamily lots
similar to adjacent phase

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69
Price per Units / Price per
Sale Date County City Project Name/Location Seller Buyer Price Acres Comments
Acre Lots Unit/Lot
Cypress Hammock,
12770 & 12990 Six Mile CYPRESS HAMMOCK Multi-family site near
11/20/17 Lee Fort Myers TEG CYPRESS LLC $ 5,600,000 25.63 $ 218,494 225 $ 24,889
Cypress Pkwy north of SWFL LLC Whole Foods
Daniels Pkwy
Copper Oaks, off Three CALATLANTIC GROUP
11/22/18 Lee Estero COPPER OAKS TV LLC $ 656,625 17 $ 38,625 Townhome lots
Oaks Pkwy INC
Purchased for
preservation under Lee
Edison Farms, east of I- County's Conservation
Bonita INVESTORS WARRANTY
11/30/17 Lee 75, south of Corkscrew OF AMERICA LLC
LEE COUNTY $42,435,000 4,000.00 $ 10,609 20/20 program. Includes
Springs
Rd 2,800 acres wetlands and
1,200 acres uplands in
DRGR.
Chapel Creek is entitled for
Chapel Creek, up to 395 multi-
North Fort S.W. Florida Land 163,
12/12/17 Lee 7511/7651/7701 LLC
Light Real Estate, LLC $ 4,290,900 143.03 $ 30,000 625 $ 6,865 family/ALF, 170 single-
Myers
Bayshore Rd family, 60 townhomes, and
60,000 sf commercial
Single-family homesites
Rails End, McGregor RAILS END FT MYERS
12/12/17 Lee Fort Myers LLC
D. R. Horton Inc $ 2,700,000 6.70 $ 402,985 15 $180,000 including 2 riverfront and
Blvd & Shaddelee Ln
4 common area parcels
Hidden Lakes, Wake Fern 28521 BONITA
HIDDEN LAKES
CROSSINGS LLC &
Bonita Dr / Bonita Crossings HOLDINGS LLC & MER Rezoned to RPD for a multi-
12/21/17 Lee ROUGUE PROPERTIES
BONITA CROSSINGS LLC $ 4,300,000 27.40 $ 156,934 241 $ 17,842
Springs Blvd & S. Tamiami Trl (Milhaus
family/apartment site
(US 41) LLC
Development)

Calusa Creek Brookwood Calusa The deal spans three


(US17/Duncan Rd, Punta Creek, LLC, communities and consists
Punta
Gorda), River Club Brookwood River Club of 299 developed single-
Charlotte Gorda /
12/21/17 (Oakview Dr, Port 1, LLC, Brookwood D. R. Horton Inc $14,000,000 657 $ 21,309 family lots, 118 townhome
/ Lee Lehigh River Club II, LLC, and
Charlotte), and The lots, 178 twin villa lots,
Acres Brookwood Groves,
Grove (Homestead Rd, and 62 undeveloped single-
LLC
Lehigh) family lots

13851 TREELINE Zoned agricultural at time


Treeline Ave, south of LEANDRO
12/21/17 Lee Fort Myers INTERNATIONAL CORP
AVENUE LLC & 10610 $ 3,946,506 47.74 $ 82,667 of sale but in Tradeport
Daniels Pkwy LIPPIZAN ROAD LLC future land use. $1.90 psf
CatAtlantic Homes
purchased the SE portion
WildBlue, Corkscrew Rd ALICO EAST FUND LLC CALATLANTIC GROUP of WildBlue, which is
12/27/17 Lee Fort Myers $27,500,000 705.87 $ 38,959 450 $ 61,111
east of I-75 (Private Equity Group) INC nearly half of the entire
project entitled for 1,096
units total
Bonita BONITA SPRINGS
12/27/17 Lee Wellfield Rd, east of I-75 BE 278 LLC (Oakbrook) $ 4,925,000 278.00 $ 17,716
Springs UTILITIES INC
To be developed as
Windsong, Blasingim BLASINGIM ROAD NEAL COMMUNITIES OF
Windsong, a gated
01/05/18 Lee Fort Myers Rd, south of Penzance PROPERTY LLC SOUTHWEST FLORIDA $ 2,500,000 24.11 $ 103,691 104 $ 24,038
(Cameratta) LLC community with twin
Blvd
villas
NEAL COMMUNITIES OF
Verandah, off Palm KH VERANDAH LLC Vacant Developed Lots (50'-
01/08/18 Lee Fort Myers (Kolter Group)
SOUTHWEST FLORIDA $ 6,650,000 95 $ 70,000
Beach Blvd/SR 80 LLC
60'). $1,274 per front foot
Venetian Pointe, 50'-55' single-family lots
LYNX ZUCKERMAN AT
01/12/18 Lee Fort Myers Gladiolus Dr & NAPLES LLC
D. R. Horton Inc $ 2,100,000 20 $105,000 ($1,900-$2,100 per front
Summerlin Rd foot)

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70
Price per Units / Price per
Sale Date County City Project Name/Location Seller Buyer Price Acres Comments
Acre Lots Unit/Lot
Rezoning from single-
NW corner of Embers EMBERS LAKE LLC family to multi-family for
01/15/18 Lee Cape Coral Pkwy and Nelson Rd. RA LAKES LLC (Forge Development $ 3,500,000 104.00 $ 33,654 363 $ 9,642 up to 1,323 units and 21
South of Stonewater Group) acres commercial/mixed-
use
Livingston Rd north of Planned for 64 lots with
Vanderbilt Beach Rd, 75' frontages. 31.67 acres
01/16/18 Collier Naples Various WCI Communities LLC $ 2,835,000 45.55 $ 62,239 64 $ 44,297
next to Marsala at developable, 13.88 acres
Tiburon preserve
Laredo St, north of
Tamiami Trl E in rural Habitat for Humanity
01/18/18 Collier Naples Timothy Mullen $ 900,000 14.70 $ 61,224
area near Naples of Collier County Inc
Reserve
NEAL COMMUNITIES OF Vacant Developed Lots
Verandah, off Palm KH VERANDAH LLC
02/02/18 Lee Fort Myers (Kolter Group)
SOUTHWEST FLORIDA $ 840,000 12 $ 70,000 (mostly 65'). $1,098 per
Beach Blvd/SR 80 LLC front foot
Within Tree Farm PUD at
Tree Farm of TBC Tree Farm 2 LLC The previous owner was
02/06/18 Collier Naples NW corner of Collier Southwest Florida LLC (Brookline)
$10,500,000 36.92 $ 284,399 200 $ 52,500
planning 200 townhomes
Blvd & Immokalee Rd
Assemblage with adjacent
Marquesa Isles, County County Barn Investors
Alice A. Keller & Jaxe 38.12 acres to develop site
02/09/18 Collier Naples Barn Rd, south of Davis LLC (Neal $ 5,250,000 28.88 $ 181,787
LLC planned for 156 attached
Blvd Communities)
villa units
Bonita Bonita Fairways, West ALAGOLD HOME DYNAMICS
02/09/18 Lee COMMUNITIES LTD LLP BONITA LLC
$ 3,000,000 17.45 $ 171,920
Springs Terry St
First Street Village, West
MADISON AVE CITY WALK FORT MYERS
First St, McGregor Blvd, Approved for mixed-use,
02/13/18 Lee Fort Myers INVESTMENT GROUP LLC (Aileron Capital $ 7,000,000 7.80 $ 897,436
Virgina Ave, Atlamont LLC Management) multistory development
Ave
The Groves at Orange
RP Orange Blossom Final takedown of 70'
02/13/18 Collier Naples Blossom, Oil Well Rd Owner, LLC
Lennar Homes, LLC $ 2,705,590 27 $100,207
estate homesites
east of Immokalee Rd
HOPE HOSPICE AND SAVONNA PARKWAY
1730 Savona Pkwy W,
02/13/18 Lee Cape Coral COMMUNITY SERVICES APARTMENTS LLC $ 1,750,000 9.98 $ 175,351 160 $ 10,938 Apartment site
west of Chiquita Blvd INC (Roers)
1311 NE Pine Island Rd, NEW YORK TOWERS
02/27/18 Lee Cape Coral BANK OF THE OZARKS $ 1,550,000 6.47 $ 239,567
west of Del Prado Blvd LIBERTY HOUSE CORP
Strategic relationship
between Forestar and D.R.
Cascades/Seasons of Horton for the supply of
Bonita SHR BONITA SPRINGS FORESTAR USA REAL
03/06/18 Lee Bonita Springs, east end LLC (Regent) ESTATE GROUP INC
$14,000,000 102.69 $ 136,333 284 $ 49,296 developed lots. Might
Springs
of Bonita Beach Rd involve a true-up. Phase I
out of total project 548
units on 168 acres.
Arie Dosoretz and Residential site with 200±
04/12/18 Lee Fort Myers 11660 McGregor Blvd Ashish Adi $ 2,890,000 3.60 $ 802,778
Jane Bernstein feet of river frontage
3,000± feet of river
23631 Palm Beach Blvd Grand Caloosa River Haven Holdings,
04/16/18 Lee Alva Estates, LLC LLC
$ 2,400,000 109.81 $ 21,856 frontage and 4,000± feet of
(SR 80)
SR 80 frontage
Weeks Fish Camp, Donovan, LLC, Estero Site includes 72-slip
LB Estero Bay
Bonita 23149 Weeks Fish Camp Bay Marine, LLC, and marina with direct access
04/18/18 Lee Sugar Mountain
Investments, LLC $12,750,000 30.51 $ 417,896
Springs Rd, off Coconut Rd next (London Bay Homes)
to the Gulf of Mexico from
to Hyatt Regency Resort Development, LLC Estero Bay

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71
Price per Units Price per
Sale Date County City Project Name/Location Seller Buyer Price Acres Comments
Acre / Lots Unit/Lot
4360 Petal Dr, Multifamily site across
CDC Land Continental 422 Fund,
04/26/18 Collier Naples Thomasson Dr near US Investments, Inc LLC
$12,990,000 34.19 $ 379,936 340 $ 38,206 from Publix anchored
41 shopping center
Margaret Walters SD Fruitville
NE corner Fruitville Rd &
04/27/18 Sarasota Sarasota Trust & Glenn Walters Commons, LLC (Stock $10,000,000 41.30 $ 242,131
I-75 Trust Development)
5015-5179 Mina Cir, WDK INVESTMENTS LLC
EDISON RESIDENCES Apartment site for The
05/09/18 Lee Fort Myers Ortiz Ave near Colonial (Watermen
LLC (LIV Development)
$ 4,400,000 20.00 $ 220,000 327 $ 13,456
Development Group)
Edison
Blvd & I-75
WildBlue, Corkscrew Rd ALICO EAST FUND LLC PULTE HOME
05/10/18 Lee Fort Myers $20,600,000 221.04 $ 93,196 256 $ 80,469
east of I-75 (Private Equity Group) COMPANY LLC
WildBlue, Corkscrew Rd ALICO EAST FUND LLC Seller's preliminary site
05/11/18 Lee Fort Myers LENNAR HOMES LLC $18,554,821 2,035.46 $ 9,116 180 $ 103,082
east of I-75 (Private Equity Group) plan indicates 75' lots
WildBlue, Corkscrew Rd ALICO EAST FUND LLC SC WILDBLUE LLC
05/11/18 Lee Fort Myers $ 8,115,209 59.00 $ 137,546 47 $ 172,664 105's
east of I-75 (Private Equity Group) (Stock Development)
WildBlue, Corkscrew Rd ALICO EAST FUND LLC SDWB LLC (Stock
05/11/18 Lee Fort Myers $ 5,728,202 20.60 $ 278,068 46 $ 124,526 85's
east of I-75 (Private Equity Group) Development)
DEAN STREET 2005 LLC MOSAIC AT OAK CREEK Apartment site for Mosaic
Bonita SE corner Dean St & Old
05/11/18 Lee & PRESERVE EQUITY DEVELOPMENT LLC $ 5,940,000 18.00 $ 330,000 273 $ 21,758 at Oak Creek and 15,000
Springs 41 Rd LLC (Incore Residential) sq ft of commercial space
4715-4820 Cypress Improved with 18 vacant
CYPRESS GARDENS
Gardens Loop, built apartment units and
05/16/18 Lee Fort Myers INVESTORS COMPANY FM INVESTCOM LLC $ 4,900,000 9.71 $ 504,634 192 $ 25,521
Challenger Blvd near Six LTD developed pads for 174
Mile Cypress Pkwy more units
Sonoma Oaks, 14295 & MPUD also allows 456 ALF
05/17/18 Collier Naples 14335 Collier Blvd, Voila II, LLC We Have Arrived, LLC $ 5,532,500 37.50 $ 147,533 114 $ 48,531 units and includes 9 acres
north of Vanderbilt Rd commercial up to 120K sf

Commercial site to provide


17365 San Carlos Blvd, SAN CARLOS
housing for workforce for
05/18/18 Lee Fort Myers dual frontage on Pine SAN CARLOS 15 LLC APARTMENTS II LLC $ 2,500,000 15.70 $ 159,256
(Tom Torgerson)
Margaritaville Fort Myers
Ridge Rd
Beach project

1705 & 1807 Tamiami


1705 & 1807 Tamiami
05/21/18 Collier Naples Trl E, SE corner Davis Trail, LLC
London of Naples, Inc $ 5,250,000 1.99 $2,638,191 Mixed-Use site
Blvd
CenterPlace, Alico Rd ALICO WEST FUND LLC TAYLOR MORRISON OF Zoning allocates 487 units
06/01/18 Lee Fort Myers (Private Equity Group) FLORIDA INC
$33,800,000 778.90 $ 43,395 1,250 $ 27,040
east of I-75 to be single family homes
Sanctuary RV Resort,
Bonita MANNA CHRISTIAN SANCTUARY RV RESORT Improved property (RV
06/08/18 Lee 13660 Bonita Beach Rd MISSIONS INC LLC
$ 5,480,000 19.86 $ 275,932 185 $ 29,622
Springs park)
SE, east of I-75
Crystal Lakes Village, 76-lot portfolio in a 55+
MHC CRYSTAL LAKES
06/20/18 Lee Fort Myers 5010 Country Lakes Dr, CL85 LLC
LOT LLC
$ 1,026,000 76 $ 13,500 gated manufactured home
near Luckett Rd & I-75 and RV community
Winding Cypress, near
DiVosta Homes, L.P.
06/21/18 Collier Naples Collier Blvd and CSG Group, LLC
(Pulte)
$11,395,500 116.80 $ 97,564 202 $ 56,413 Phase 3
Tamiami Trl E
Acreage includes 0.94 acre
3350 Winkler Ave &
WINKLER HOLDINGS FLORIDA LAND corner parcel in Vizcaya
06/27/18 Lee Fort Myers 4130 Veronica LOT 9 LLC DEVELOPERS LLC
$ 1,512,000 10.68 $ 141,573
Villas apts across the road
Shoemaker Blvd
from 9.74 acre site

PRI-CAR III LLC (Dick TRINITY ENTERPRISE Across from Babcock


North Fort
07/02/18 Lee 20501 SR 31 Pritchett & Scott HOLDINGS INC $ 2,037,000 340.63 $ 5,980 Ranch future phase. Zoned
Myers Carter) (Diocese of Venice) AG at time of sale.
Immokalee Rd &
World Strategic Immokalee Square,
07/09/18 Collier Naples Catawba St, across from Alliances (WSA), LLC LLC
$ 2,400,000 24.51 $ 97,919
Twin Eagles

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72
Construction Material Indexes
The following graphs produced by Ken Simonson, Chief Economist for the Associated General
Contractors (AGC) of America, show price indices for various construction materials with a base
starting point of May, 2016. Higher material costs are a concern because they make new homes less
competitive against re-sales.

Source: AGC of America


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73
General Limiting Conditions

Every reasonable effort has been exerted in order that the data contained in this report reflects the
most accurate and timely information that is possible, within practical budget limitations, and is
believed to be reliable. However, no responsibility is assumed for errors or inaccuracies caused by
any clerical error or inadvertent mistakes in the transcription of information from public domain to
this report.

Commissioning of this report does not grant the client any right of access to, or ownership of, any
data, computer programs, spreadsheets or any other work product acquired or created by Land
Solutions Inc., whether for the preparation of this report or otherwise.

This report may not be used for any purpose other than that for which it was prepared. No part of
this report may be published without the prior written consent of Land Solutions, Inc. Violation of
these limiting conditions may lead to legal action and damages against the offending party.

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74
Market Research & Reporting

by Doug Meschko, Market Research Director

As the Director of Market Research for Land Solutions, it is my


goal to provide the most accurate and up-to-date information
about land and improved properties throughout Southwest
Florida. I have been active in real estate statistics and
valuation for several years. I was previously a Research
Analyst with Metrostudy and continue to provide the most
comprehensive research and reporting to our prospects and
clients. Unlike other research organizations that rely on
national data to formulate market predictions, we track
transactional data including permitting and demographics to
paint an accurate picture of the market in real time. We
research every aspect of statistical and transactional data in
Lee, Collier and Charlotte counties to keep the finger on the
pulse in Southwest Florida.
Doug Meschko is the Market
Should you need assistance with real estate market Research Director & Broker
research or reporting, please consider Land Associate for Land Solutions. A
Solutions as your brokerage firm that can provide
resident of Naples, Doug is a
your organization with any of the following:
licensed broker with 17 years of
· Market Studies real estate experience ranging
· Valuation Services from consulting to sales and
· Litigation Support leasing. He was previously a
· Target Market Analysis Market Analyst for Metrostudy.
· Highest and Best Use Analysis He holds a BA degree from Ohio
· Feasibility Analysis State, an MBA from Florida Gulf
· Site Selection Coast University, and is an
· Data Gathering Accredited Land Consultant
· Appraisal Reviews (ALC).
· Pricing Strategy
· Absorption Forecasts
· Demographic Analysis
· Acquisition, Reposition, & Disposition Strategies
· Broker Opinion of Value
· Custom Reports
· Product Recommendations

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75
More Than Just Dirt.

6810 International Center Blvd.


Fort Myers, FL 33912
239-489-4066
www.landsolutions.net