Real Estate: Residential

>>The slowdown in Southwest Florida's residential real estate market and the high costs that long-time residents face in trying to move to a new home means many homeowners are staying at the same address longer than they had wanted or planned. And that's good news for those in the remodeling and renovations business.

"There are a lot of people talking about doing renovations," says Chris Spina, president of Spina Realty Co. "People who live here generally cannot find something comparable to what they live in for [the price] they'd sell for."

And many couldn't afford the tax on a new home here. "Once they buy a new property, the [original] homestead [exemption] is washed out," he says.

Homeowners who claim homestead exemption benefit from the Save Our Homes appraisal cap. If they were to buy a new home, they would have to pay taxes based on current assessments-a reason many homeowners now feel trapped. It has led to much-debated proposed legislation to make that cap portable from one home to another.

"Until this bill or a similar version passes, updating a kitchen or bath tends to look a lot less expensive than moving would be," Spina says.

Jon Levy, president of Builders Integrity Group in Naples, says his firm is busier than ever before, defying even its own seasonal nature. "Our sales season is historically January through April," when part-time residents are in their Southwest Florida homes, he explains. "Our production time is April through December." This past year, however, Levy picked up new jobs in the fall.

Pockets of renovation work are lingering from the past years' storm damage, says Bob Miller, president of Renovations Plus. "There's so much stuff that still hasn't been touched. People weren't insured properly and now they have to come up with the money."