Cape Coral Market Update

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Here are some personal observations about the Cape Coral real estate market over the last month. Normally most of the inquiries I have received in past years about buying real estate in Florida that comes from areas such as Indiana, Illinois and different parts of Canada usually start to taper off this time of year (mid April). This year though the phone is still ringing and the buyers are still here looking for deals on Cape Coral real estate not just for single family houses and condos, but for gulf access land as well.

Last year around this time no one seemed to want to buy lots in Cape Coral whether gulf access or dry lots. Now I can’t find the inventory especially on waterfront gulf access lots to sell to my buyers! The City of Cape Coral just closed on a large parcel of gulf access land on Old Burnt Store Road along with some other scattered parcels in the Cape this past Monday for $13 Million, which was a absolute steal for the amount of land they got. Every time I drive along the NW area of Cape Coral searching for gulf access lots that may have popped up for sale by an owner I see new stakes down of land owners starting the process of permitting for new homes to be built on the water. Also with my conversations with builders in the area their foot traffic from potential buyers especially buyers that are looking for second home to buy in Cape Coral is up tremendously year over year from the same time last year. I am also seeing that the dry lots in NW and NE Cape Coral that are priced below $10,000 are being sold extremely quickly. In fact I was looking at a list of lots for a buyer earlier this week in the NW Cape and from the list of 12 lots that we had that were priced the best for the market, 3 of them had pending offers in less than a week of being listed on the MLS.

I had a buyer from out of state that was looking for a second home to buy in Cape Coral for himself and his grandchildren to use as a vacation home. We started the process of looking for homes by email in the under $100,000 price range that we started looking for in early March 2012. We had pinpointed 4 potential homes that he wanted to make offers on when he flew down in the beginning of April and by the time he got here all were under contract, but one just came back on the market because the buyer was not able to qualify for a loan and we will hopefully get this house under contract this week. What is happening with the real estate right now in Cape Coral as well as Fort Myers is the buyers from the Northeast are coming in and realizing that these second homes that they want to buy in Cape Coral for less than $100,000 are disappearing as buyers realize how underpriced real estate was in Cape Coral. The same goes with the lots being bought so quickly especially the gulf access ones as the buyers who want to build a second home on the water don’t want to have to pay more for prices by waiting. If you are a buyer looking to buy a second home in Cape Coral or Fort Myers or a gulf access lot in Cape Coral please give me a call and I will be happy to help you. Use this site to search for homes for sales or lots for sale and then give me a call and I can answer questions about our local real estate market.

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