The Daily Soak - April 29

Foreclosure Tours Gaining Momentum in Cape Coral; Lee County

In the second of a two-part series, NPR puts the national spotlight on Southwest Florida' housing bargains and an enterprising Florida real estate agent-cum-tour operator. Marc Joseph is leading foreclosure tours through hard-hit Cape Coral and other areas of Lee County where an estimated three to five years of unsold inventory sits dormant. Not for long if Joseph and other area entrepreneurs have their way with foreclosure tours that are drawing bargain hunters. As NPR notes, many of the homes are being offered at below replacement cost, so the timing is excellent for those who are looking for homes in Southwest Florida. Click here to listen to a 6-minute feature on the current glut in the Lee County housing market.


Why More Boomers Will Look Beyond Florida for Retirement

MSNBC features excerpts from author and broker Barbara Corcoran's new book, Nextville: Amazing Place to Live the Rest of Your Life. In what can only be described as a wake-up call for Florida policymakers at all levels of government, Ms. Corcoran shares the following summary of the Sunshine State where, ironically, both her parents reside. One gets the feeling she won't be following in their footsteps. To me, Florida is as much a symbol as a real, live place. It symbolizes the conventional — a predictable approach to retirement. For so long, it was the place to retire, and its popularity has taken its toll on the state through the years. These days, Florida has too much traffic and not enough water (the drinkable kind, that is). Many areas grew too quickly, with buyers overpaying for real estate. Now take a drive through onetime Florida hot spots and you'll see a FOR SALE sign on too many blocks. People are leaving for a number of reasons, one of them being their concern about the next big storm and the exorbitant cost of home-owners' insurance that protects against hurricane damage. Some older retirees leave because Florida doesn't provide for some basic needs, like easy transportation; the state has actually been losing a growing number of people over seventy-five of late, some of whom are returning to northern states that provide better senior services. Meanwhile, younger boomer retirees tend to steer clear of Florida simply because it's seen as "too old" or — as my parents affectionately call it — "Heaven's waiting room."


St. Joe CEO Peter Rummell Stepping Down; Led Diversification

Florida Trend Magazine reports Peter Rummell will step down this month as CEO of St. Joe, Florida's largest private landowners. Totaling over 700,000 acres, the St. Joe land portfolio is concentrated primarily in the Panhandle and dates back to the 1920s. During Rummell's eleven year tenure, the company made several attempts at diversification into real estate development. St. Joe played a principal role in two major Panhandle projects, WaterColor near Santa Rosa Beach and the new Pensacola-Bay County International Airport which opens in 2010. As the Florida real estate market cooled in 2007, so did the company's residential real estate revenues. When asked about the market in Northwest Florida, incoming St. Joe CEO Britt Greene notes, We’re starting to see a trend of some stabilization in niche areas, in price and resale inventory. Click here for a Q&A with Britt Greene.