The high rise condominiums located near the riverside area in downtown Fort Myers
are slowly being filled with tenants. These high rises were constructed in 2005 to 2006 before the real estate market crash. This is a positive sign as the real estate sector was rocked with the crisis 5 years ago. The major cause of this slow positive change is the low interest rates the improving economy which is leading most high rise condominiums to be slowly occupied with renters and even buyers within the last couple of months.
The sign of the real estate’s slow road to recovery is when 40 units were sold at the Oasis. The auction was held by its developer, The Related Group of Florida where the event was marked by high bids made on all 40 units even when the bids started low. As noted by one Fort Myer’s commercial real estate agent, the auction was where the bottom was made. This event has jumpstarted the change in the recovering Fort Myers real estate. This event has also helped potential buyers in gauging the market prices for units at the Oasis and other high rise condominiums.
On the side of builders, most of them have noted the increase in housing market is still modest.
High Point Place is also another high rise condominium in Fort Myers that has seen an increase in sales for this year. The manager of company that developed High Place Point has acknowledge that the seasonoverall has been good with the increase in sales with 90% of the high rise already sold out at this time.
From the start of the year up, there has been a total of 14 units sold at this high rise while at the Oasis, there are 12 units sold.These reports were published by the Lee County of Clerks and are found in their website.
Ms. Sharon McAllister, the director of Fort Myer’s ArtFest and a resident of Point Royale, a high rise in Fort Myers, has expressed her personal optimism in the city’s growth in the housing markets. To Ms. McAllister, this growth is a great thing and the director further hopes that there would be more tenants and unit owners in the high rise.
The director has also expressed her optimism that with this increase in the housing markets would benefit people living in the downtown area as the city plans to improve the waterfront with a project amounting to $5.4 million. With this increase in the housing sector of Fort Myers, more homes and units have become more affordable and those who live and work in the downtown area.