The 524-acre master-planned community of Sandoval is the shining star of the Cape Coral real estate market.  New construction home sales at Sandoval were up 74% in 2011 over the previous year with a total of 120 transactions.  New home permits at Sandoval in 2011 accounted for 44% of all the building permits issued in Cape Coral.

Unlike neighboring Fort Myers, Cape Coral has very few gated communities and the ones that are here tend to be very popular with buyers.  Sandoval offers a resort-style experience with an extensive roster of community amenities for a wide-range of buyer interests.  Residents enjoy the upscale pool, fitness center, sports fields, dog park and two mile linear park that anchors the community.  Sandoval is located off Veterans Parkway for convenient access to Fort Myers, the beaches, RSW and more.

If you are interested in further exploring Cape Coral’s true resort community, here is a resource to view active Sandoval real estate listings.

Ken Wilkinson, Lee County Florida Property Appraiser

The Godfather of Lee County real estate values, Property Appraiser Ken Wilkinson,  plays the straight man in this NBC-2 video about rising home prices in Lee County.  I am highly confident that Ken knows exactly how much prices have gone up…..but doesn’t want to preempt his annual day in the spotlight when he releases this years valuations.

Yes, real estate prices are on the rise in Southwest Florida…….although not by as much as the 2% – 3% per month that was cited in this video.  Last year home prices in Lee County rose by 13%, or just over 1% per month.  Here is a resource to find your new home in Lee County, Florida.

The remaining 577 home sites in Phase Three of Cape Coral’s Sandoval community have been acquired from Bonita Bay Group by Arizona-based builder Taylor Morrison.  Taylor Morrison along with Pulte Homes and D R Horton have already been building within the Sandoval community.

New homes in Phase Three of Sandoval are expected to be available for purchase in 2013.  Currently, there are both new construction and resale options available at Sandoval starting in the mid $100,000s.  Here is a resource to view active Sandoval real estate listings.

$2.9M - Cape Coral's highest-priced home sale in 2011

The highest priced home to sell in Cape Coral in 2011 was a riverfront home located on Riverside Drive in the Yacht Club section of the Cape.  This 10,500 Sq. Ft. home sold for $2,900,000.  In 2011, there were 12 residential home sales in the Cape over a $1m and all were single-family homes.  All of these homes were located in a waterfront setting and were located either south of Cape Coral Parkway or east of Del Prado Boulevard in Cape Coral gulf access neighborhoods.            

             Price                  Address                       Neighborhood   BR    BA    Sq Ft

1. $2,900,000      5649 Riverside Dr                  Yacht Club             6        9       10,500
2. $2,625,000      5845 Armada Ct                      Cape Harbour       5         7       6,690
3. $2,500,000      6054 Tarpon Estates Blvd    Tarpon Point         4         4       4,368
4. $1,300,000      5656 Yardarm Ct                     Cape Harbour       4         4       4,336
5. $1,300,000      5824 Harbour Preserve Cir   Cape Harbour       4         4       4,135
6. $1,250,000       1637 Edith Esplanade            Yacht Club             4         4        5,379
7. $1,250,000      4402 SE 20th Ave                    Gold Coast             5         8        5,006
8. $1,175,000       510 SW 52nd St                        Gold Coast             3         4        3,803
9. $1,135,000       1641 Edith Esplanade             Yacht Club             4          5        4,262
10. $1,125,000        1511 Hermitage Ln                 Hermitage              4         6        3,422

Morgan Stanley analyst Oliver Chang recently declared that 2012 will be “The Year of the Landlord.”  Chang further elaborated that “Rents are rising, vacancies are falling, household formations are growing and rental supply is limited,” the Morgan Stanley report stated. “We believe the demand for rental properties will continue to grow.”

One of the most interesting markets for owning income property in Southwest Florida is Cape Coral.  This city of 155,000 is located just across the Caloosahatchee River from Fort Myers.  Cape Coral is widely recognized for having affordable property and more importantly from an investor perspective, ones that can generate positive cash flow.

One of the more popular income property options in Cape Coral is a duplex configured with either two or three bedrooms and 2 baths per side.  Some investors elect to live in one side and rent out the other, while others rent out bout sides of the property.  Configurations with three (triplex) four (quadplex) and more units are also currently available in Cape Coral.  Here is a resource to view active Cape Coral income property listings.

The Fort Myers-Cape Coral market was ranked 6th nationally for the increases in the median list price of homes in the October to November 2011 time period.  Median list prices increased 2.69 percent for the month and have increased a whopping 21.63 percent over the last 12 months.  The median list price for a home in our market is now $224,900.

If you are interested in exploring real estate options in the Fort Myers area market, here is a resource to search for Fort Myers real estate.

Maravel at Sandoval Site Plan

The newest neighborhood in Cape Coral’s mater-planned Sandoval community is called Maravel.  This intimate enclave features 138 single-family homes sited around several of Sandoval’s beautiful lakes.

The Maravel community is being constructed by respected national builder Taylor Morrison with prices currently starting in the $160s.  Maravel residents have use of the Sandoval resort-style amenities including Club Sandoval and high speed internet and cable are included in the HOA master fee which is currently set at $168/month.

Maravel at Sandoval has the following six floor plans available:

• Carlisle – 2 BR + Den / 2 BA / 1,472 SF
• Fairfield -  2 BR + Den / 2 BA / 1,744 SF
• Abington -  2 BR + Den / 2 BA / 1,900 SF
• Pinehurst – 3 BR + Den / 2 BA / 2,055 SF
• Chatham – 3 BR + Den / 2 BA / 2,097 SF
• Daphene – 4 BR + Den / 3.5 BA / 2,598 SF

Our team has helped buyers purchase both new construction and re-sale homes in the Sandoval community.  Here is a resource to view active Sandoval real estate listings.

The News-Press reports that the city of Cape Coral is considering the interconnection of the Rubicon Canal with the Bimini Basin.  This would involve extending the Rubicon Canal across both SE 47th Terrace and Cape Coral Parkway.  Interconnection methodologies under consideration include a fixed bridge, draw bridge or a tunnel.

This interconnection would be a major boon to the all the homes and condos located along the Rubicon Canal and all the canals that feed into it.  Access to the Caloosahatchee River and the Gulf would be significantly shortened for residents of the Rubicon area.  This change is expected to increase the desirability for boaters to purchase in this area, resulting in higher valuations and ultimately increased property tax revenues.  The City of Cape Coral is currently evaluating how much these potential revenue increases might be and the feasibility of issuing a bond to fund this project.

This proposed Rubicon-Bimini interconnection is one of those ideas that just seems to make sense.  The canal system in the Cape is one of the City’s biggest assets and the opportunity to significantly improve the desirability of the Bimini neighborhood is a powerful idea.  If you are curious about real estate in this part of Cape Coral, here is a resource to view active Rubicon Canal condo listings.

With median list price increases of 34.56%, Realtor Magazine has named the Fort Myers-Cape Coral market as the top market nationally for real estate price increases for 12-month period ending September 2011.  Southwest Florida dominated the price increase list with Naples and Punta Gorda also in the top five.

Price increases have been driven by a number of factors including the rapid decline in the quantity of new foreclosure listings hitting the market. In the field we are seeing a significant number of clients who put off buying in the previous couple of years but are now jumping into the market with both feet.  The overwhelming majority of these buyers are purchasing a second home and a large percentage are cash buyers.

Clients are buying across all sectors with new construction being the most popular.  Many new communities are now building out the remaining homesites and it is currently possible to get a brand new home or condo at a price point competitive with a five or more year-old resale.

Major price reductions at Tarpon Landings have drawn buyers like steel to a magnet to this Cape Coral luxury waterfront high-rise project.  Buyers are attracted to the large floor plans which are a minimum of 2,888 SF and the wonderful waterfront views.

Currently, Tarpon Landings II (6061 Silver King Blvd) has an inventory of eight units still available out of the 70 total units.  Prices for available units start at $340,000 for a 2nd floor Bonaire (2,970 SF) model.  The penthouse, 12th and 11th floor units are gone at Tarpon landings II, but there still are two units left on the 10th floor.  At present over 30 units are still available at the Tarpon Landings III (6021 Silver King Blvd) high-rise tower.

Our team is available to assist in your search for a Tarpon Landings condo unit and we offer the following resource to view active Tarpon Landings real estate listings.  Additionally, here is a resource to view Tarpon Landings floor plans.

Average annual temperatures in the mid 80s, hundreds of miles of canals and rock-bottom real estate prices have propelled Cape Coral to the top of CNN Money’s top retirement destinations.  The real estate downturn significantly impacted Cape Coral and now median home prices are under $100,000.  Today’s prices are more than 60% below peak 2006 pre-bubble home prices.

Cape Coral is home to over 150,000 residents who enjoy the casual laid-back life-style in this Southwest Florida Gulf Coast community.  Boaters are attracted to Cape Coral’s 400 miles of man-made canals, many of which provide access to the Gulf of Mexico.  Cape Coral has easy access to the RSW International Airport, located across the Caloosahatchee River in Fort Myers.

Both second-home owners and investors are drawn to the value-priced real estate currently available in Cape Coral.  The large majority of our housing stock is not in gated communities and free from monthly HOA fees.  Many buyers are finding great deals on Cape Coral foreclosure and Cape Coral short sale homes that are currently available in the market.

Here is a resource to learn more about the Cape Coral real estate market and expedite your search for the perfect home in Cape Coral.

Pop Quiz:  What is the hottest real estate deal right now in Southwest Florida?

Answer: Tarpon Landings in Cape Coral!

Significantly reduced waterfront high-rise condos at Tarpon Landings are literally flying off the shelves this summer.  Buyers are impressed with the voluminous size of the Tarpon Landings units which have 3 bedrooms and 3.5 baths and start at 2,880 SF……these places are bigger than most of the single-family homes in the greater Fort Myers area!  Another deal clinching feature for many buyers is the totally enclosed, private 2-car garage that comes with each unit.  Plenty of room for the weekend vintage Corvette, his and her Harley’s or all the stuff that you can’t bear to part with.

In addition to the visitor accommodating floor plans, Tarpon Landings has a great set of resort-style amenities.  Extended families can stay at the adjacent Resort at Marina Village, which offers luxury hotel accommodations. The pool and clubhouse are right up there with any four-star hotel and will keep your visitors entertained for hours.  The 175-slip marina offers deepwater access to the Gulf of Mexico.

Our team is available to assist buyers in evaluating Tarpon Landings buyers in evaluating the various Southwest Florida high-rise alternatives.  Here is a resource to begin your search for a new Tarpon Landings condo.

While foreclosures and short sales still dominate the Southwest Florida real estate headlines, new construction in exciting subdivisions continue to gain momentum in the market.  Many buyers, particularly remotely located second home owners, want a new turnkey move-in-ready solution.

While builders are finding it challenging to borrow to fund new subdivisions, they are seeing significant success building new homes on vacant lots in existing subdivisions.  Buyers with short windows to find a home during a visit to Southwest Florida are usually wowed with the new home offerings vs. what is available in the distressed listings.

Last week’s Lee Building Industry Association Market Trends 2011 Symposium provided an opportunity to review and rejoice in the rebirth of our residential construction market. There is a significant amount of activity across many communities, here are the top five subdivisions in Lee County measured by single-family permits in the year ending June 30, 2011:

• The Plantation 114
• Sandoval 104
• Village Walk 97
• Bella Terra 86
• Botanica Lakes 85

Source: Land Solutions

Our team is available to work with buyers at all the communities with new construction in Lee County.  We have previewed all the available options and can expedite your search by aligning your housing needs with the most appropriate available offerings.

The reality of our market right now is that homes are selling for significantly more than assessed values.  Properties are assessed once a year using the prior year’s sales data, so while prices are trending upwards, the assessed values have not caught up with this trend.

We had a client this week who wanted to drill down further on selling price to assessed values for single-family waterfront homes in Cape Coral.  We analyzed selling price to assessed values for the last 10 transactions in Unit 64 (Southwest) and Unit 11 (Savona).

The bottom line is that the last 10 waterfront homes to sell in Cape Coral Unit 64 sold for an average of 137% of assessed value and the last 10 waterfront homes in Cape Coral Unit 11 sold for 123% of assessed value.  If you are an analytical buyer looking for an information rich, low pressure experience, the Greater Fort Myers Team is ready to assist with your search.

Canadians, Granadians, Australians and Botswanians (maybe not but it rhymes!) and residents of the entire global community are targeting our very own Cape Coral as a place to invest in real estate.   As covered by Wink News, Trulia recently reported that Cape Coral was the third most popular US city after Los Angeles and New York for foreign investment. This is quite remarkable as Cape Coral and its 154,000 residents is dwarfed by New York and its population of around 8 million and LA with just under 4 million citizens.

Investors are primarily eying single-family homes in Cape Coral in both waterfront and off-water settings. Many investors are pursuing a buy and hold strategy…..electing to rent out rather than personally use their Cape Coral home. With the severe real estate market bust, there are significant numbers of Southwest Floridians who are eagerly renting these investor-owned homes.

Our team enjoys working with foreign investors from all continents and countries as they pursue investment opportunities in Southwest Florida. To get started, here is a resource to view Cape Coral foreclosure real estate listings.

One of the most common questions our team is asked these days is what is the justification for paying x more for this house than the last buyer paid a few months ago.  While there can be multiple ways of answering the question, most buyers won’t like any of the answers.  The bottom line is that home prices, particularly at the lower-end of the market have been creeping upwards in 2011 (yes I just typed that!!).

For investors curious about the Fort Myers area market, some of the best opportunities for either a flip or long-term hold are in Cape Coral.  This community of over 150,000 residents is located just northwest of Fort Myers and is dominated by affordable single-family homes.  Here are resources to view Cape Coral foreclosures and also Cape Coral short sales.   Our team is experienced at assisting investors with hot opportunities that come on the market and would welcome the opportunity to be your “go to” resource in Southwest Florida.

Following a foreclosure proceeding, condos at the luxurious Tarpon Landings high-rise development in Cape Coral are back on the market at significantly reduced price points.  Tarpon Point, where the Tarpon Landings high-rises are located, offers a resort-style atmosphere with a marina, three restaurants, pool, tennis, day spa and resort.

Differing from much of the waterfront high-rise product in Southwest Florida, Tarpon Landings units are truly over-sized and allow for spacious condo living.  Units feature 3 BR / 3.5 BA and range in size from 2,888 SF – 3,048 SF.  As an added bonus, every unit features its own private enclosed two or three car garage.

Prices have been dramatically reduced at Tarpon Landings and now start at under $300,000 for new units.  Here is a resource to view active Tarpon Landings real estate listings.  Please inquire if you would like assistance in getting the best possible deal on a Tarpon Landings high-rise condo.

Additional information about Tarpon Landings is available from  this NBC-2 video:

The brightest light in the improving Cape Coral real estate market is the gated master-planned community of Sandoval.  Located in Southwest Cape Coral at the intersection of Veterans Parkway and Surfside Boulevard, Sandoval offers a unique living experience.

Sales at Sandoval have been brisk in the first quarter of 2011, with 44 transactions.  This is up 83% over sales in the first quarter of 2010.  Buyers are attracted to Sandoval for a variety of reasons including the extensive roster of amenities, the upscale home designs and the reputation of developer Bonita Bay Group.

If you are interested in further exploring Cape Coral’s true resort community, here is a resource to view active Sandoval real estate listings.

NBC-2 reports on the increase in the number of new homes under construction in Cape Coral.  Last month 26 building permits were issued in Cape Coral, following a whopping 35 in March 2011.  This March figure was the highest number of new permits in Cape Coral since August 2007.

The master-planned gated Sandoval community is hotbed of new construction activity.  The upscale architecture of Sandoval, its location in SW Cape Coral, coupled with the extensive roster of amenities have proven to be a draw for this neighborhood.

While new homes are under construction throughout Cape Coral, we remain bullish on neighborhoods featuring gulf access canals including the Yacht Club and Gold Coast neighborhoods.  New construction opportunities are available in both of  these boating-centric neighborhoods.   Here is a resource to view Cape Coral new construction listings.

Over the past few years, Cape Coral has been one of the areas in the nation with high rates of foreclosures.  This foreclosure phenomena can be attributed to significant speculative investing during the real estate boom years.  Investors with no intention of living in their home built in Cape Coral with hopes of flipping for a quick profit.  This quick flip strategy worked handsomely for investors in the early days of the boom, but ultimately proved to be a house of cards when the market turned.

Much of the Cape Coral foreclosure inventory consists of single-family homes which are located on quarter-acre lots throughout the community.  These single-family homes, most of which are not in gated communities with high HOA fees, are attractive to both second homeowners as well as investors looking for an ROI positive asset.

To assist in your search for a great deal on a Cape Coral foreclosure, here is a free resource to view Cape Coral foreclosure listings.  Only active available property is displayed and our database is updated on a daily basis.

The list of great waterways in Cape Coral is lengthy and includes classics such as the South Spreader, the Bimini Canal, Eight Lakes and the Rubicon Canal.  Homes and condos on these grand waterways are among the most sought after in Cape Coral.  Tucked away on the east bank of the Rubicon Canal is a boutique waterfront condo development called the Grand Rubicon.

The Grand Rubicon delivers an upscale waterfront experience in an intimate casual setting. The finishes at the Grand Rubicon are superior and include high ceilings, 8-foot doors, stainless appliances, 18-inch tile, custom tiling and designer faucets.  The west facing balconies of the Grand Rubicon provide the daily enjoyment of a Southwest Florida sunset that is second to none.  Grand Rubicon amenities include private gulf access boat docks, private garages, dedicated storage space and a pool.

Boaters will truly appreciate the quick access from the Grand Rubicon to the Gulf via the Rubicon and Plato Canals which lead to the Caloosahatchee River though Cape Coral’s Gold Coast.  Cape Coral’s CRA District with shopping, dining and entertainment is just a few blocks and very walkable from the Grand Rubicon.

Currently four units at the Grand Rubicon are listed for sale with prices starting at $319,900.  Here is a resource to view available listings at the Grand Rubicon.

The most expensive home to sell in Lee County, Florida during February 2011 was a Cape Coral single-family waterfront estate home located within the Harbour Preserve neighborhood of Cape Harbour.  This 6,690 SF is located at 5845 Armada Court, Cape Coral, FL and features 5 BR / 7 BA.  The home was on the market for 100 days.  The selling price was $2.625M / $392 SF, which was 80% of asking price.

Congratulation to selling Realtor Jim Peterson of Miloff Aubuchon Realty Group for closing the most expensive residential property in February 2011.

Honorable mention for 2nd most expensive Lee County residential property sold in February 2011 was a Fort Myers Beach single-family homes located directly on the Gulf of Mexico in the McPhie Park neighborhood.  This 4,164 SF home located at 5820 Estero Boulevard, Fort Myers Beach, FL features 5 BR / 4 BA.  This home was on the market for 1198 days.  The selling price was $2M / $480 SF, which was 154% of asking price.

Congratulations to selling Realtor Jeff G. Tyson of Sellstate Landmark Properties for closing this transaction.

In February 2011, there were seventeen residential transactions in Lee County with a selling price over $1M, up from seven in January, 11 in December 2010, five in November 2010 and seven in October 2010.  The Fort Myers luxury market was up considerably last month.

Here is a resource if you are interested in learning more about Fort Myers luxury homes that are currently listed for sale.

With its quirky and historic downtown and status as the county seat, Fort Myers serves as  a major commercial hub for Southwest Florida.  Businesses are attracted to the area to serve an ever growing population in this fast growing part of Florida.  Currently available Fort Myers commercial property listings currently run the gamete from retail to office space and industrial.  With the wide range of options currently on the market, it is a great time to start of relocate a business in Fort Myers.

Just to the northwest of Fort Myers sits Cape Coral, the most populous city in Southwest Florida.  With demographics trending towards families and a younger crowd, Cape Coral is another interesting market for new businesses.  Available Cape Coral commercial property listings include retail, industrial, office and hospitality.

The barrier island of Sanibel beckons many visitors who elect to stay for a lifetime.  Entrepreneurship runs strong throughout the Sanibel community is the lifeline of the Sanibel economy.  Currently available Sanibel commercial property is dominated by retail offerings with hospitality and office options also available.

Taylor Morrison has reduced prices on new construction single-family homes at the Sandoval master-planned, gated community in Cape Coral.

The Pinehurst model with 3BR + den / 2 BA and 2,055 SF of living space has been reduced to 197,900 form the previous price of 214,502.  Pinehurst features and finishes include a single-story layout, open floor plan, granite counter tops, stainless steel appliances and two walk-in closets.

Sandoval offers an extensive roster of resort-style amenities including a two-mile linear park, fitness center, pool, tennis, dog park and fishing pier.  The community delivers the best of Cape Coral and is a highly sought after place to live.

Here is a resource to learn more about Sandoval Real Estate.

Portfolio.com rated each area in the six categories below. The highest scores in each category went to the markets described in parentheses.

1. Seniors as share of total population—Percentage of all residents who are 65 or older. (Highest scores: largest percentages.)
2. Median age—The market’s midpoint age, with half of all residents being older and half being younger. (Highest scores: oldest medians.)
3. Seniors born out of state—Percentage of all seniors who were born in a different state from their current state of residence. (Highest scores: largest percentages.)
4. Incoming seniors—Percentage of all seniors who moved to their current county of residence from another county (or nation) during the previous 12 months. (Highest scores: largest percentages.)
5. Difference in out-of-state births—Comparison of the percentages of seniors and younger residents (64 or younger) who were born out of state. (Highest scores: largest advantages for seniors.)
6. Difference in incoming rates—Comparison of the percentages of seniors and younger residents who moved to their current county from another county (or nation) during the previous 12 months. (Highest scores: largest advantages for seniors.)

Here in the trenches of Southwest Florida, we are seeing a steady flow of pre-retirement baby boomers from Northern cold-weather climates looking to jump on a retirement home while our prices are really low.   A large percentage of these clients are paying cash and viewing the purchase as an asset relocation from a stock portfolio to value-priced Southwest Florida real estate.  On average over the past year, our clients are spending just under $200K on their Fort Myers area properties.  The housing style is fairly evenly divided between town homes, condos and single-family homes with a significant majority located in gated communities.

If you are considering an investment in a retirement home in Southwest Florida, here is a comprehensive Fort Myers area real estate resource to begin your search from the comfort of your home.  Hopefully, this resource will help you evaluate different housing options from afar so that your trip down to view properties is most productive.

The most expensive home to sell in Lee County, Florida during November 2010 was a Cape Coral waterfront home located in the luxury Hermitage community.  The Hermitage neighborhood, veiwed by many as the finest in Cape Coral, offers direct sailboat access to the Gulf of Mexico. This 3,253 SF home located at 1506 Hermitage Lane Cape Coral, Florida features 3 BR / 3.5 BA.  The home was on the market for 399 days.  The selling price was $1.3M / $400 SF, which was 87% of the asking price.

Congratulation to selling Realtor Maggie Van Pelt of LocateHomes for closing the most expensive residential property in November 2010.

Honorable mention for 2nd most expensive Lee County residential property sold in November was a Fort Myers home located in The Enclave at Fiddlesticks Country Club.  This 4,069 SF single-family home located at 15881 Grey Friars Court Fort Myers, Florida features 4 BR / 3.5 BA.  This home was on the market for 1 day.  The selling price was $1.232M / $303 SF which was 100% of the asking price.

Congratulations to selling Realtor Ernie Horvath of RE/MAX Realty Group for closing this transaction.

In November 2010, there were five residential sales in Lee County with a selling price over $1M, down from seven in October, up from three in September 2010, six $1M+ transactions August 2010, two in July 2010, twelve in June 2010, seventeen in May 2010 and thirteen in April 2010.

Here is a resource if you are interested in learning more about Fort Myers luxury homes that are currently listed for sale.

The slow recovery of our housing market continues as national builders are ramping up their efforts to build spec homes in our established gated communities. These new homes offer buyers a refreshing alternative to the current inventory of existing homes, many of which are distressed properties.

Pulte Homes is building a new single-family neighborhood in the upscale Cape Coral Sandoval community.  The new neighborhood, coined Anguilla will feature 48 single-family homes overlooking two lakes.

Homes in the Anguilla neighborhood will have 3 BR / 2 BA / 2 car garage configurations.  Two floor plans are available with 1,515 SF and 1,725 SF and prices start at $159,900.

Here is a resource to view Sandoval real estate listings.

It was wonderful to see that the community leadership in Cape Coral is meeting to strategize about bringing new businesses and attractions to Cape Coral. The economy of the Cape, which has long been fueled by real estate and development, desperately needs to diversify into other areas.

Topics discussed at the workshop included building a bigger beach, attracting a college or university and expanding Sunsplash Water Park.  I have long thought that Cape Coral would really benefit from an expanded beachfront presence on the Caloosahatchee River.  Too many Cape residents and visitors have to cross the bridge to enjoy Southwest Florida beaches as the Yacht Club beach is just not big enough to support the Cape’s population.

A university or college in Cape Coral would serve as a significant anchor for future economic growth.  I have long thought that the Cape Coral Country Club parcel would be a great spot for a campus. While this spot is surrounded by a significant number of residential homes, a college here might be a tough sell.  The impact on the Cape’s economy of hundreds or thousands of students is  an exciting prospect.

Here is a video from NBC 2 about the economic development workshop:

The Cape Coral master-planned community of Sandoval recently received permission from the City Council modify its development plans.  The approved change will allow Sandoval to build 50 more single-family homes in exchange for eliminating 104 multi-family homes from the plan.

Single-family homes in Cape Coral’s gated communities are among the most sought after housing options in Southwest Florida and this change will allow Sandoval to target this demand.  Buyers generally welcome the deed restrictions in place in these gated communities limiting residents ability to store boats and park commercial vehicles in their driveways.  Buyers also are attracted to the certainty associated with in-place municipal utilities in Cape Coral gated communities.

At present both new construction and resale options are available at Sandoval. Here is a resource to view active Sandoval MLS listings.

Check out Cape Coral new construction options throughout the city.

What should investors be targeting for the best returns?

Over the past year many investors have entered or are re-entering the Southwest Florida real estate market.  Home prices beaten down by the extensive inventory of distressed property in our area has allowed investors to see positive ROI in some sectors.

The almost daily question that I get asked from out-of-region investors is what Southwest Florida real estate investment will provide the best return?  While this is one of those questions that will often get a wide range of answers, there is no need to rub the crystal ball right now as one sector of our market really stands out for offering the best returns.  The answer to the million dollar question is……Cape Coral single-family homes.

With the job losses and foreclosure crisis that has devastated our region, there is a whole segment of the population that cannot for the foreseeable future qualify for a mortgage.  Most of these residents will be long-term renters until they can clean up their credit challenges and they are driving the rental market in Cape Coral.

Cape Coral is divided into quarters segmented north-south by Hancock Bridge Parkway/Embers Parkway and east-west by Santa Barbara Boulevard.  Currently, the areas of the Cape offering the best returns are in the NW and NE quarters.  Home prices tend to be lower in the NW & NE, so the initial capital required for the investment will be lower in this section of the Cape.  Also, much of the housing stock in the NW & NE is newer, which should offer lower maintenance and insurance costs.

Another investor benefit is that there are no HOA fees in the plated sections of Cape Coral which tend to gobble up investor ROI in so much of the Florida market. Most of the NW & NE sections of Cape Coral do not have city utilities and are on well and septic, this offers your tenants significant savings on municipal water and sewer expenses.

At present, bank-owned foreclosures in Cape Coral are generally priced below market to quickly attract a buyer.  Investors paying cash have a significant advantage in getting an offer accepted by the bank vs. a traditional buyer with a mortgage contingency.  If you are considering an investment in Southwest Florida, here is a resource that is updated daily with the latest Cape Coral single-family foreclosure listings.