All Forum Posts by: Adam Bartomeo

@Mike Anderson This was probably true years ago but in todays world most snow birds second the home as a STR which helps offset some of the costs. As for the HOA, simple, just don't buy in an HOA. None of my properties are in an HOA, I hate them! Also, you forgot about the rise in insurance. But, we use Citizens for most of our insurance which is still affordable.

@Jay Hinrichs I fully agree about 2008. I also agree with the weather. A few of these properties have seen mold growth because the builder didn't put in windows or doors, so, there is rain getting into the property. And, rainy season is right around the corner.

@Chris Seveney Yes, I hear it often, there is a shortage of homes in the country... We don't see it here, not right now at least. 

@Robert Ellis I agree with your points. Something to keep in mind, you want to buy when everyone is selling. You don't get many opportunities to reverse the hand of time and buy with extreme discounts.

We encourage all of our owners to pay for lawn maintenance - there are very few that we will even bring on board unless they are willing to do this. We have a fairly lenient pet policy throughout our portfolio but we are willing to work with owner that have restriction as long as we have a very thorough conversation with them about the ramifications of not allowing pets. 

Check out our interview with Fox 4 by clicking the link or read it some of it below.

SOUTHWEST FLORIDA — How many single-family homes do you think are on the market in Lee and Collier counties as of January? Remember that number, because the answer is probably going to shock you.

In Cape Coral alone, there's a good chance you've seen a home on sale no matter what road you go down. Fox 4 Senior Reporter Kaitlin Knapp went to Adam Bartomeo, owner of Bartomeo Realty, to validate what seems to be a housing boom.

"Now we have the highest inventory we ever had in Southwest Florida," Bartomeo said.

Bartomeo explained to Knapp why we're seeing a huge spike in inventory:

"My opinion is that the sediment of folks was 'hey, Trump's going to come in and houses are going to sell like crazy,' so there was an influx of inventory," Bartomeo explained.

He also says many remote workers are going back to the office, which may not be in Florida.

So because of these reasons, how many homes do you think are on sale in Lee and Collier counties as of January?

"12,000 homes for sale," Bartomeo said.

That's just single-family homes! He says condos are through the roof, too.

Adding to that number is what Bartomeo calls a "shadow home." It's a partially built home that went under contract, but the builders ran out of money.

"So now, these houses are starting to come to market," he said. "I think what has happened is they spent a lot of money on other things to keep the business running."

Bartomeo believes the high inventory might stay that way for a while. Data from the Southwest Florida MLS shows there's enough inventory to last 10 to 11 months, and that's if no other homes are listed.

"Buyers are not in a rush," Bartomeo said.

This has a big domino effect. Homes are staying on the market for about 60 days, which has some people rethinking selling.

"My number one customer is I can't sell my home, can you please make it a rental?" Bartomeo said.

That, coupled with more apartment complexes going up, means the inventory is even higher. Bartomeo says that will impact how much you pay.

"Until we get through some of this inventory, I'm foreseeing that we're going to be decreasing in both rental prices and single family home sales until about the end of the year," he explained.

It's not good news for sellers. Bartomeo says there's a lot more people that are willing to negotiate anything, such as closing costs.

On the flip side, he says it's fantastic to buy homes.

There's a lot to choose from, but there's a catch.

"Interest rates do have to come down, because that prices are still too high," Bartomeo said.

So if you're a seller, Bartomeo suggests to hold on to the property if you can. If not, he says to make the house as nice as possible or stage it.

We've been in an unstable market for a while — really since the pandemic.

Knapp asked Bartomeo how do we level out the market.

"So the first thing that has to happen is they have to stop building," he replied. "Once the building gets done, then those houses will be eaten up by all the people that are actually moving down here and that will correct the market in that way."

Bartomeo says we will get a better idea of where our market is headed after tourism season, because that's when people tend to buy.

@Neal Coppola Thanks for the mention. I am just trying to help all of those who have been taken advantage in this terrible situation.

They are listed in the MLS. They are easy to find, just go to the lowest priced properties in Cape Coral

You should make it as easy as possible for your tenant to pay rent. Accepting multiple payment forms is advisable but check, money order, and Zelle are easy enough to work with and track. You only have 4 tenants so it should be fairly easy.

We would gladly "float" your repairs, but the 10% commission would have to be raised. 10% is not a lot to make on a property that needs lots of repairs which it sounds like your property is in need of.

We have a maintenance limit of $500. We try to consolidate visits put it depends on the trades that are needed as there could be multiple companies involved for one repair.