MONEY

What SWFL city among new top spots to retire? Which beach resort is on market for $30 million?

Phil Fernandez
Naples Daily News

Without question, Southwest Florida has taken a hit on the affordability meter since coronavirus struck and spurred a migration to the more open spaces of the Peninsula.

But despite those higher prices, it found a No. 23 perch in brand new rankings of the best places to retire by WalletHub, a personal finance company.

Specifically Cape Coral attained that spot in the study of 180 of the largest cities, which didn't include any of the smaller destinations in Lee or Collier counties.

What Florida cities did better than SWFL on retirement rankings?

That's still in the bottom half of the Sunshine State pack, with Tampa grabbing the nation's No. 1, followed by No. 3 Fort Lauderdale, No. 4 Orlando, No. 5 Miami and No. 12 St. Petersburg.

What helps put them ahead of Southwest Florida, according to WalletHub?

Yep, more affordable on most counts except Lauderdale and The 305 (Miami), which crushed in the Activities category that includes museums, theaters, art galleries, music venues and other entertainment, all per capita.

A view from the most expensive home for sale in Cape Coral at 2620 S.E. 26th Place for $7.6 million.

How much higher are the newest housing median prices in SW Florida?

In the newest data, Cape Coral's median housing price reached $405,000 in July, a 1.3% jump over the previous month and well above its highs at Thanksgiving, Christmas and New Years, according to the Lee County-based Royal Palm Coast Realtor Association.

Royal Palm's overall for its region that includes Fort Myers, Babcock Ranch and other communities came in at $370,000. Its stats put Fort Myers Beach at $699,000, the town's highest point since Hurricane Ian's Sept. 28 destruction. Look for more on the island later in this column. Homes with the Naples Area Board of Realtors, known as NABOR, continue to set the pace on a wider scale at $595,000.

Agents say there's no sign that those will plunge, even with sales tailing off in Southwest Florida by 12 to 15% as compared to a year ago.

"Activity for our area has flatlined compared to last year, but it is still trending higher than before the pandemic,” said Molly Lane, senior vice president at William Raveis Real Estate. “While there might be fewer homes to show buyers right now, a significant number of sales are still occurring, and there’s nothing to indicate that home prices will drop suddenly.”

5820 Harbor Preserve

What Sunshine State destinations couldn't keep up with Cape Coral?

Despite Cape's pricing, it finished ahead of Pembroke Pines, Jacksonville, Port St Lucie, Hialeah and Tallahassee in that order, among the rest of the Florida communities in WalletHub findings of best places to retire.

Cape's WalletHub success comes largely in the form of quality of life, second in Florida, and by rolling into third in the United States on its percentage of 65 and older population, behind only Pearl City, Hawaii and Scottsdale, Arizona.

In the Know: August 2023 rendering for new Neptune Resort that had been destroyed by 2022's Hurricane Ian.

And the flattening of parts of Southwest Florida by Hurricane Ian may have led a few to have second-thoughts but long-term, it hasn't slowed too many investments, as you've read for the past year in this column.

"COVID-19 caused many people to reevaluate city life, making Florida a destination for those previously living in metropolitan areas like New York and Chicago," said Jeannine Stetson, senior vice president at Naples Trust Company, who touts how Florida ranks 48th in the nation on state tax collections of $2,264 per capita. "Later, Hurricane Ian caused others to pause their plans to move to the Sunshine State. There will always be factors that create an ebb and flow." 

So what was the only non-Florida city on WalletHub's overall Top 5 best places to retire? Indeed, at No. 2 was Scottsdale, which received a higher mark in health care than all the Peninsula's cities.

In the Know: Myerside inn designs next to Fort Myers Beach library for project coordinated by The Neighborhood Company.

What two hotels are headed soon to the FM Beach town staff, council?

Representing two high-profile Fort Myers Beach projects where vintage hotels sat, Southwest Florida-based The Neighborhood Company is on the verge of moving its plans forward to the town.

"We are looking to likely submit end of September, early October," Neighborhood  V.P. Ken Gallander told me this past week of the Myerside resort redevelopment. It's "very difficult to schedule out a start date, but perhaps construction starting within 16 to 18 months and completion another 18 to 24 months."

In the Know: Myerside inn designs next to Fort Myers Beach library for project coordinated by The Neighborhood Company.

Its number of floors and height for the 42-unit edifice would vary, based on architectural designs for 145 School St., next to the Public Library and near Beach Elementary.

"One to three stories of lodging units, depends on the portion of the structure, over the ground level of commercial," Gallander said. "Overall height is four stories and approximately 45 feet from grade/ground to top of the highest roof."

On a similar timeframe is its 71-unit Neptune inn redo about 1,500 feet away, with a hopeful debut by 2026 at 2310 Estero Blvd.

Neighborhood is "planning on submitting toward end of September," Gallander said.. "We’re excited to keep the momentum going to help Fort Myers Beach get some projects approved and out of the ground."

In the Know: One of the 7-Eleven stores on Fort Myers Beach damaged by Hurricane Ian, as pictured Oct. 19, 2022.

What would the reopening of 7-Eleven stores mean to FMB residents?

That enthusiasm includes involvement with JR Evans Engineering and other entities on a few Beach 7-Elevens, which would be welcomed in a major way by islanders.

"The availability of those (types of) stores and their attendant products and services would do a great deal more to restore normalcy in the day-to-day lives of my family and neighbors," long-time Fort Myers Beach reader Ed Lombard told us.

With factors such as underground gas tanks or other challenges left by Ian, permitting records show those don't come together as easily as one would think with 2,400 square feet or so. Besides approval for signs or other minor steps, at least a couple of them have been largely stalled since April.

But Tuesday Wilson's Petroleum Equipment, which also specializes in electrical work, was at the 7120 Estero Blvd. southside site after getting town paperwork straightened out that day, public records show.

In the Know:Another massive SWFL island hits market; and your questions on U-Pick farms and FM Beach

What Fort Myers Beach resort just hit the market again for $30 million?

The old Lahaina Inn Resort at 5600 Estero Blvd. is among the latest Ian wreckage to hit the market. Or in this case, re-hit the market.

Selling for $30 million, the 2.6 acres includes 360 feet of Gulf of Mexico frontage, according to brokers, LSI Cos.

Built more than four decades ago with interval ownership in mind, the property featured 37 accommodations ranging from efficiencies to three bedrooms in various two-story structures to go with a pair of swimming pools, records show.

Storm scare:For SWFL, Idalia was no Ian as residents clean up after their latest hurricane encounter

In the Know: Lahaina inn interval ownership plans on Fort Myers Beach from 1980 Lee County public records.

What happened to previous Southwest Florida resort deal on the Beach?

After Ian hammered the complex, owners decided Thanksgiving weekend against rebuilding, which was estimated to cost more than $30 million, according to summaries of board meetings and owner communications viewed by In the Know. A 75% yes vote would have been required by the owners, who were holding their latest meeting a couple of days ago at the Bonita Springs Public Library.

By January, the property was under contract with condominium builders, Dublin Real Estate Investment Group, which is currently constructing its centerpiece of Gulfside Twelve condos on part of the sands that had held the Carousel Inn 3,500 feet away. However, the agreement was dropped over the summer after Dublin proposed a hotel concept that would involve current owners as fellow investors and would mean delayed payouts until after the new resort was completed.

Based at the Naples Daily News, Columnist Phil Fernandez (pfernandez@gannett.com), who grew up in Southwest Florida, writes In the Know as part of the USA TODAY NETWORK. Support Democracy and subscribe to a newspaper.