Today I got an email from a customer who has been looking on my site for almost 7 months. He is still looking as he is not quite ready to pull the trigger and make SW Florida his permanent home.
"I hear home prices on river properties are being affected because of discharge from Lake Occachobee .... algae problems?"
Here is my answer;
"I hate to be vague, but the answer is yes and no. When all the green algae was big in the news, prices for canal homes remained constant. Not gaining the same type percentages of increased value but not going down in value.
Now that the governor has really gotten behind the initiative to get the problem corrected, there may be some algae over the next few years, but not as bad hopefully as this past year.
The general economy of SW Florida went down during the summer months of 2018. We were not seen as a fabulous destination during that time.
However I can tell you we are in season right now and the crowds and potential home buyers coming down is over last year from what I can see.
Some homes are reducing in price, though I see that as an over zealous home owner thinking their home is worth more than it is, and that the number of homes on the market is increasing each month giving more competition to the ones still on the market.
In January listings went up by 4.5% over 2018. That being said sold home prices went up 5-7% over the previous year."
For those of you on the fence about moving to SW FLorida, I hope this helps. I have gone to the beaches when it is reported that they ALL have red tide and videoed where they ALL do not. I have seen the same stock footage shown on local tv here of the algae and I live across from one of the canals. I do not see the fish kills where I live in the Cape though that does not mean it is not happening. I do have friends that could not stand the smell that live on a canal from last year or launch their boat because of the stain it would make on their expensive go fast boat, so it does exist. I see it happening in specific areas and have no explanation for why it is there. Our Governor and the new water board members are working on this along with the Core of Engineers.
Prices for homes are not going down due to this or a change in the market. If prices are going down, it is due to one of three things, Over pricing, Condition of the property, Increase in number of like homes on the market.
Have a great day and enjoy some beach time.