Let's Make a Deal

Home sales in Southwest Florida have been disastrous in the past couple of years, with the Cape Coral market gaining national notoriety for its record number of foreclosures. But by early summer, the real estate picture was arguably looking a little more promising. Sales volumes were on the rise, although median sales prices had dropped.

Is slashing the price the only way to close a deal in this market? What it takes, say area developers, is getting creative with buyer incentives.

Take a look at what McCann Development Series II LLC put on the table recently for homebuyers at Palmetto Cove, its Fort Myers condominium community: If you buy now, the company will pay your closing costs and two years of condo association dues. McCann also had a limited-time offer to include golf club membership for a year in the price of a home.

"We’re not waiting for the market to correct itself; we’re doing something helpful now," says Marty Berger, a McCann managing member. "It’s all about worry-free living. Plus, our homes are now priced from the $160,000s."

West Bay Club has implemented a "Value Protection Program" for its luxury residential towers in Estero. With units priced from $480,000 to $2 million, the program ensures the value of your investment and guarantees that West Bay Club will either sell or buy back your residence at the full cost of the purchase price three years after closing.

"We are confident that the Southwest Florida real estate market is strong over the long term," says Carmine Visone, managing director at Lehman Brothers, owner/developer of West Bay Club. "That is why we have created such a powerful and protective guarantee for our buyers. The Value Protection Program gives peace of mind to buyers who would like to purchase their dream home now but are unsure of the timing of the market."