If you have had your eye on the Fort Myers or Cape Coral real estate market, now may be the time to make a move. Just like many parts of Florida, the landscape of the real estate market in Cape Coral is ever-changing. Overall, this unique market has seen an upslope in sales ever since it’s recovery in 2010, although, the luxury high-end home market seems to have hit a low beginning in November of 2015. However, a recent sale could signify a positive change for this area of the market, and potentially the real estate market of Cape Coral as a whole.
A Tarpon Estates Boulevard home in Tarpon Estates was sold on October 6, 2016, by Ted Stout with a price tag of $2.8 million. This happens to be the highest real estate sale in all of Cape Coral in over three years. In fact, it is also the second highest sale in the last five years, with the highest being a $5.3 million home located on Armada Court in Cape Harbour that was sold in July of 2013.
This property was also sold by Stout who believes that the strength of the U.S. dollar has had a large impact on a slower real estate year in Cape Coral. German and Canadian buyers have been shy about making purchases in the market here due to the lower exchange rate and the pending election.
Even still, many, including realtor Danny Grimes refers to the luxury housing market in Southwest Florida as the vitamin market; meaning on average, one luxury home is sold each day in this area.
According to Grimes, 75 percent of homes listed at $2 million and up are located in Naples and that the Tarpon Estates home would have come with a price tag thrice what it did in Cape Coral. However, he does agree that although the market is down from what it was a year ago it is still above previous years. Grimes also says that Cape Coral has the best waterfront value south of Tampa and that the Cape Coral market is one to watch.
Local industry experts say that a sale of this magnitude is a sure sign of an economy and real estate market that is strengthening, especially considering that September and October and typically slower real estate months of the year. Experts also agree that now would be a great time for those shopping for a home to purchase new builds. This is because they do not have emotional sellers to deal with who have emotional ties to their property which can greatly increase the price. Home builders have several homes to wash their hands off and are more likely to make buyers a deal.
The Tarpon Estate was purchased by a Michigan entrepreneur and features four bedrooms and seven bathrooms within its 6,100 square feet. At its birth, it was a model home for the builder, PGI Homes. The home came completely furnished and decorated. Before it was listed and sold by Stout, it had been on and off the market over several years.
Cape Coral Mortgage, Inc.
3512 Del Prado Blvd. S.
Cape Coral, Fl. 33931
(239) 540 5555