$750,000 and $1.1 million. Those were the offers the Fort Myers Beach Fire District received after unsealing two bids this week for their .14 acre piece of property at 3043 Estero Boulevard? Were those good offers for that piece of land? We asked real estate guru Jorge Berrera what he thought.
Jorge tells Beach Talk Radio that according to the Southwest Florida MLS data, there has not been a sale of property in the “commercial zoning” district on Estero Blvd” in the last 365 days. “There are 15 commercial properties on the market (vacant lots and standing structures), 13 active and 2 properties under contract. The time on the market varies from 49 days to 568 days on the market based on the lack of sales and the high inventory of commercial real estate on Estero Boulevard.”
Based on that data, Jorge says the offers the Fire District received were both reasonable. “The $750,000 if selling at lot value is more aligned with current sales (residential) on Estero. The $1.1 million is a great offer if the building can be renovated under the 50% rule. The information is based on current market activity only, there are many factors that can elevate the value of a commercial property based on the type of use the property is allowed to do business under which can make a property much more desirable to investors.”
By comparison, the property at 2330-2370 Estero Boulevard, in which there was a bike shop before the storm, is .115 acres and has been listed for sale for 300 days at $2.5 million.
Below you can see a list of several other commercial properties, how much they are listed for, and how long they’ve been on the market. All of these commercial properties are on Estero Boulevard (courtesy Jorge Barrera).
i would think the building could be converted to a “firestating” theme restaurant …. hoping the $1.1 m offer is someone doing that….