Cape Coral, Florida – update on the current real estate market
Cape Coral residential property update
Cape Coral is a city located in SW Florida. You may already be familiar with the city, even live here but if you are not from the area you may have heard of the city but were not quite for sure what is actually going on there an what it is like.
Cape Coral is often times called a ‘waterfront wonderland’ due to the miles and miles of navigable canals. The city of Cape Coral contains nearly as many canals as it has roadways! Many homeowners keep their boats at their own private docks right in their own backyard!
In the early 2000s property values really started to increase in Cape Coral. There was great growth and new development in the area. Values were literally increasing 20-40% year over year in 2003-2005.
Today the values are back down considerably. There are areas that are distressed. We have quite a few short sales and foreclosures here in Cape Coral. This makes for a great opportunity for home buyers and investors alike.
Are properties selling? YES! Most of the houses listed below $100,000 that are priced right are going under contract (pending sale) within 30 days. If it is a bank owned or regular sale it usually closes within 30-45 days. If it is a short sale it could be anywhere from 60-180 days – sometimes even longer! Some houses are listed at market value, some are listed too high and some are even listed too low. When houses here are listed too low they end up selling for more than the list price with a multiple offer / bidding situation. The ones that are listed too high can sit on the market unnoticed for many months.
Buyers are looking for great deals right now and don’t usually look much higher than their budgets. At times a great home can be purchased for lower than market value if you can find something that others aren’t seeing. Maybe it has high days on market, maybe it was over priced, maybe it needs work, etc. Having an experienced real estate agent to help you through this process is critical. In most cases it does not cost the buyer anything to have a real estate working with them.
I created the following video recently to go over the different price points for houses in Cape Coral to give you an idea of what the current Cape Coral real estate market value truly has to offer!
Are you a buyer looking for a house or an investor wondering what real property makes sense for your portfolio? You can always reach us directly at (239) 542-8521 or email me at Susan@SusanMilner.com. But if you want to look at properties right now from your own computer you can visit our free online search.
Cape Coral real estate search