Homebuyers No Longer Play Waiting Game in Southwest Florida


BONITA SPRINGS, FL--(Marketwire - January 28, 2009) - It's a compelling combination: Home prices below the 20-year historical median price, master-planned community home values maintained at a higher rate, a diminishing inventory of homes available for purchase and a location that continues to lure residents from around the world.

That's the story from the Naples/Bonita Springs/Fort Myers area, where home sales soared 58 percent in 2008 over 2007 at master-planned communities developed by Bonita Bay Group, the region's longtime market leader.

"In the 25-plus years we've been developing master-planned communities in Southwest Florida, we've seen several market cycles," said Kitty Green, president and CEO of Bonita Bay Group. "Fortunately, communities like ours tend to hold their value better than scattered-lot homes. Buyers see the value in the amenities we offer -- golf, fitness centers, trails, nature preserves, marinas -- so their purchasing decision becomes easier to make.

"These days, strong deed restrictions and the governing systems to enforce them are top-of-mind, as well," Green said. "You know that your neighbor's yard won't have grass that's a foot tall."

Research shows that the developer's credibility and its communities' mature amenities are the primary reasons fueling the uptick in home sales, according to G. Russell Weyer, senior associate at Fishkind & Associates, an economic consulting firm. "Bonita Bay Group is one of the strongest and most trusted in this market," Weyer said. "Additionally, the median home price in master-planned communities has retained its value better than other communities, which adds to the long-term investment."

Weyer added that current prices are below the 20-year historical median, and there is a diminishing inventory due to increased sales; homebuyers who understand the real estate market are recognizing that staying on the sidelines may no longer be the best strategy. "The timing is right to take advantage of the purchasing opportunities in master-planned communities," he said.

Further research on 2008 sales underscores the buy-now urgency: 25 percent of Bonita Bay Group buyers made their purchasing decisions within only 30 days of their first visit. "There are great deals available and our buyers don't want to lose out," said Green.

Bonita Bay Group's communities include Mediterra and TwinEagles in Naples, The High-Rises at Bonita Bay in Bonita Springs, Verandah in Fort Myers and Sandoval in Cape Coral. Visit www.bonitabaygroup.com.

Sales are under way for luxury high-rises at Bonita Bay in Southwest Florida.