Area Growth and Home Values: The Hertz Effect
As we all know by now, Hertz has decided to make SWFL the new home for its global headquarters. There has been a lot of discussion about how the move will influence area growth and home values. According to Lee County Property Appraiser Ken Wilkinson, estimated property values show increases all over Lee County. “Every area-cities, unincorporated areas and fire districts- experienced an increase in values, and that trend continues to be the norm.”
Hertz Car Rental is an international company with offices in 145 countries and is the largest car rental company in the United States by total number of sales. The company originated in Chicago, and eventually set up their headquarters in Park Ridge, New Jersey. Moving to Estero, Florida (paradise) offers the company a number of advantages and will provide the area with new jobs and rising real estate values. Hertz’s goal is to maximize the Florida markets in Orlando, Miami, and Southwest Florida. These areas are becoming increasingly popular destinations for tourists, both Disney World and Florida beaches draw an estimated 80 million people each year alone.
The Village of Estero, Florida offers Hertz an opportunity to expand its horizons in the near future. It offers companies large plots of land at good prices for building new facilities and offers employees many luxurious amenities such as gulf coast beaches and luxury shopping malls. The new jobs that are going to be provided in the Estero area are expected to pour additional money into the local economy, ultimately increasing revenues to small businesses. According to Today’s Florida Real Estate, the car rental company’s transition is expected to bring 700 new jobs to the area.
Why Lee County?
Lee County provides ready-to-develop properties and with no personal income tax, Florida consistently ranks as one of the best places to conduct business. Lee County also has a strong and growing talent channel for a variety of businesses, thanks to its convenient location in between Orlando and Miami. Not to mention choosing a strategic location such as Southwest Florida makes traveling for business very enjoyable.
The county’s population grew by more than 50 percent between 2000 and 2010 and is expected to grow at an average of 1.9 percent per year, making it one of the fastest-growing regions in the nation. The Lee County areas offer a refreshing and affordable quality of life for those who call Southwest Florida home. Some assets include active lifestyle opportunities, year-round sunshine, beautiful beaches, and a thriving arts and culture community. Residents have easy access to wildlife, hiking and biking and paddling at a variety of national, state, and local parks such as Six Mile Cypress Slough Preserve and Great Calusa Blueway Paddling Trail.
In addition, Lee County offers a diverse range of housing options for all types of families. From the traditional style single-family home, to the up-scale condominiums and country clubs, to beachfront, riverfront, or lake view homes, there is truly something for everyone.
Home Values and Area Growth
Consonant to the News Press, “Estimated property values for 2015 show increases all over the county.” The area’s growth and home values will help to prosper the local community and are expected to continue rising in the near future.
Local real estate markets are also expecting to benefit from the move to Estero. Thanks to the arrival of new businesses like Hertz, bringing full-time employees and more discretionary spending will help boost the economy as well as home values in the area.
Over the past decade alone, the Lee County area has been one of the fastest-growing areas in the country, and the trend is likely to continue. In fact, the county’s 18-24-year-old population -those available to enter the workforce- is growing twice as fast Florida’s overall workforce population, and many times faster than the United States. There are also 44,890 students currently enrolled in higher education programs, which means that they too will be entering the real estate market and workforce soon.
With the Lee County population on the rise, so is the housing market. Existing home values (based on county property appraisers’ just value) have significantly increased since 2010. Single family homes average just value in 2014 was $207,668, exceeding the state average. Home sales prices have also increased, the Florida average being $185,000 and Lee County average being $291,677 in 2014.
By adding an average of 803 new residents each day between July 1, 2013 and July 1, 2014, Florida surpassed New York to become the nation’s third most populous state, according to the U.S. Census Bureau. As a result, Lee country continues to attract companies like the Fortune 500 car rental giant Hertz, and is home to more than 19,000 small-to-medium size business.
Southwest Florida: Looking to Buy or Sell?
Things are not going to slow down any time soon, and
the area will continue to develop for years to come. Whether you are looking to buy or sell a home in Southwest Florida, now is the perfect time to do so.
If a luxurious lifestyle is what you seek, I strongly encourage you to visit The Colony in Bonita Springs. The Colony in Bonita Springs overlooks the glorious waters of Estero Bay and the
Gulf of Mexico. Our high-rises represent over half of The Colony’s home style and offers an abundance of amenities, including:
- The Bay Club
- 18-Hole golf course designed by Jerry Pate
- The Country Club
- 6 Har-Tru tennis courts
- Exclusive Beach Park
- State-of-the-art spa/fitness center
- Kayak & Canoe Park
- Sailing Center
For more information about buying or selling a luxury home in The Colony, contact real estate expert Jill Kushner today.
What are your thoughts about Hertz moving its HQ to Estero? Leave them in the comments!