Buying a Condo in Fort Myers

What the drop means for buyers

All Fort Myers homes are down 4.2% over the year and up only 6.7% over five years, so the run-up of the early 2020s has mostly given back. Condos fell faster than houses: single-family values are down 3.2% to about $352,645. A condo here costs about 61% of a typical house.

For buyers that means more listings to choose from and more room to ask for repairs or credits. A typical one-bedroom is about $117,345 and a two-bedroom about $214,882, which puts a two-bedroom condo within reach for many retirees, first-time buyers and second-home buyers. The lower third of the whole market tops out near $185,816.

A falling index also means some sellers bought near the top and can't cut much. Others have owned for decades and can. Ask how long the seller has owned and what the unit last sold for; public records show both. That tells you more about room to negotiate than the asking price does, and it helps you decide how hard to push on inspection items.

Newer buildings change the condo math

Census puts the median home in Fort Myers at 2001, decades newer than many east coast cities. A large share of the condo stock was built in the 2000s and later, much of it under the Florida Building Code that took effect in 2002, with stronger wind design and window requirements. A building from 2005 won't reach its 30-year milestone inspection until 2035, unless the local building official sets the 25-year trigger.

Newer doesn't mean free of obligations. Every condo association in a building three or more stories tall must have a Structural Integrity Reserve Study, and for budgets adopted on or after December 31, 2024, owners can't waive those reserves. Many Fort Myers condos are in low-rise garden buildings of one or two stories, which fall outside the milestone and SIRS requirements, though the association still budgets for roofs and paint.

Storm history: the questions to ask after Ian

Hurricane Ian hit Lee County in September 2022, and many associations spent the following years on repairs, insurance claims and, in some cases, special assessments. When you look at a Fort Myers condo, ask the association how the building fared and how repairs were paid for.

• Was there storm damage, and is all repair work finished and permitted
• Is an insurance claim or lawsuit still open
• Was a special assessment levied, and is any balance still due from owners
• What is the building's flood zone and elevation, and does the association carry flood insurance
• How has the master insurance premium changed in the last three years

Ground-floor units in flood zones deserve extra attention. Ask whether the unit took water, what was replaced, and whether the work had permits. A unit that was fully rebuilt with permits can be a better buy than one that was only patched.

Fees and insurance for Fort Myers condos

The monthly fee usually covers the master insurance policy, reserves, grounds, the pool and other common areas. Insurance has been the fastest-rising part of many Lee County budgets. Ask for the current policy summary and its wind deductible, then ask whether the association plans to pass any deductible to owners after a storm. Your own HO-6 policy should include loss assessment coverage for that reason.

If the building or unit is in a FEMA A or V zone, the lender will require flood coverage. In a condo, the association typically insures the building for flood and you insure your contents and improvements. Get your HO-6 quote during the inspection period.

Financing and closing in Lee County

Lenders check whether the building is warrantable. Pending storm litigation, unfinished repairs, a high share of delinquent owners or one entity owning many units can make it non-warrantable, which usually means more money down or a cash-only sale. Have your lender review the condo questionnaire as soon as your offer is accepted.

On the closing statement, the seller usually covers the deed doc stamps at $0.70 per $100. For a buyer with a mortgage, the state collects note stamps of $0.35 per $100 and intangible tax of 0.2%. On a $173,000 loan, about 80% of the typical condo value, that's $605.50 and $346. As a resale buyer you also get 7 days, excluding weekends and legal holidays, to cancel after receiving the association's documents.

Fort Myers or a nearby city

Fort Myers is the lower-priced part of the Lee County coast. On the all-homes index, Cape Coral is about $334,660, Bonita Springs about $502,544, Estero about $486,132 and Fort Myers Beach about $483,097, against $304,566 for Fort Myers. North Fort Myers at about $261,655 is cheaper still. If you want a condo on the water, Fort Myers along the Caloosahatchee often costs less than the islands and beach towns.

Census counts 11.4% of Fort Myers housing units as seasonal homes and 23.2% of residents as 65 or older. If you'll live here full time, file for homestead to take up to $51,411 off the assessed value. Send me your budget, the fee range you're comfortable with and how close to the water you want to be, and I'll put together a shortlist of buildings with clean storm and insurance records.