Somewhat surprisingly, every month this year Cape Coral home prices rose over the same month in 2018. In July there were 490 home sales versus 450 in July last year and home prices rose a nominal $3,000 from last July (at least prices were in the positive direction). There is only 3.6 months of home inventory, extremely low for this time of year. Currently, there are fewer than 1,800 Cape homes for sale, the lowest number in over a year.
Considering that summer is our slowest real estate season and we are in a stagnant part of the real estate cycle these sales numbers over the first seven months of the year were truly unexpected. Granted, current Cape Coral sales numbers and prices are still lower than in the winter/spring months, especially true for waterfront homes. Further adding to our optimism is the fact that there were 191 building permits issued in Cape Coral, the highest number in a year.
When we prepared our 2019 Cape Coral/SWFL Projections in January we expected home prices to drop at least a few months compared to 2018. Not only have Cape home prices not dropped a single month in 2019 but based on homes under contract we now believe that all twelve months this year may have higher sales prices than the same month last year. Quite impressive for the “down market” in a real estate cycle. Tom: first let me say that I love projecting slightly wrong when it’s favorable to our market. Secondly, if this is how the Cape Coral real estate market is performing during the stagnant period, I can’t wait to see what the “turnaround” or “upmarket” has in store for us. See my comments in the articles below.
Fla. will continue growing by more than 330,000 people each year (906 per day) and top 22 million residents in 2022, according to state economists. This population explosion will result in over 22 million residents by 2022. Lee County will be leading with a projected growth of 32.7% in the next 10 years, and Cape Coral even higher with a projected growth of about 50% in the next decade.
The population increase will primarily stem from “net migration” as people move into Florida, rather than births, which are offset by deaths. The state’s forecasts are actually lower than population projections by the U.S. Census Bureau. Tom: we know that 10,000 of those people moving to Fl each year will be Cape Coral residents 😎.
While many economists expect a growing home inventory and possibly the start of a recession in late 2020, Realtor.com disagrees. It now predicts tighter home inventory by 2020 leading to the return of bidding wars, stronger price appreciation and fewer days on the market. Realtor.com thinks the inventory decrease could begin in only a few months. Tom:Due to the seasonality of our SWFL market I don’t expect significant real estate improvement until high season starts, and barring a hurricane I’m sticking my neck out and predicting that this winter will start the resurgence of the SWFL real estate market.
Neogenomics, described by one employee as “doctors for cancer doctors” will build a 150,000 square-foot, $50 - $60 million international headquarters in south Lee County. Neogenomics is the only international company that focuses exclusively on comprehensive cancer diagnostics.
The site covers about 14 acres just west of I-75 and about a half-mile north of Alico Road. Projections are to break ground by the end of this year and to open by the end of 2021. The new headquarters will have room for the company’s 300 existing employees and additional space for the 295 people expect to be hired over the next five years. Sue: Cancer diagnostics is certainly an area that should be explored to the fullest and it's exciting to know that a company of this caliber will be operating right in our own backyard.
Two thumbs up for Crisp Creperie! You’ll find Crisp Creperie tucked away in a small space in the Coralwood Shopping Center. It’s been open just a few months and is an expansion of the owner’s successful food truck creperie that was based in Seattle. The restaurant offers both sweet and savory crepes and all that we’ve tried have been melt-in-your-mouth delicious. After tasting her fare, it’s not hard to believe the owner/chef is a classically trained French chef. Crisp Creperie is a welcome addition to the ever-expanding options for restaurants in the Cape. If you enjoy crepes, definitely put this eatery on your must-try list.
Lee & Charlotte Counties Tie for Fla. Top Recycling Spots: Lee County recycled 1.5 million tons of waste in 2018, according to the Fl Dept of Environmental Protection. This would be enough to fill 107 football fields with material 70 feet high. This tied Charlotte County for top recycling cities in the state.👍
Senate Introduces Bill to Extend National Flood Insurance: A bill introduced recently will extend the NFIP for five years. The bill includes provisions for yearly premium caps to 9%, better flood mapping, and rules for companies that offer private flood insurance. Sue: this will ease the minds of waterfront home buyers for at least the next five years.
Top Reasons Americans are Moving – Porch.com:
1. Larger home - 26% 2. Desire to own, not rent - 19% 3: Downsizing - 12% 4. New job or job transfer - 9% 5. Better Neighborhood 6. Divorce/Separation 7. Moving out of parents’ house Tom: Relocating for tax reasons was not included as one of the options, but we know that is a huge reason many people are moving to Florida.
Cape Coral & SWFL – Mid-Year Real Estate Report - Northern Homebuyers Continue Migrating to Sunshine State - Fla. Economy Poised for Long, Positive Run
Notable Florida Honors - Cape Coral/SWFL Real Estate Market Holding Steady - Gov. DeSantis Appoints Blue-Green Algae Task Force
Cape Coral Home Prices Break $300K . . . 1st Time in 12 Years - Two More National Accolades for Cape Coral/Ft Myers - Luxury RV Park Under Construction
Is The Real Estate Shift Done Shifting? - SWFL Home Prices Continue To Rise During "Shift" - Cape Coral #29 Safest City In U.S.
Local Real Estate Market Holding Steady - Massive Income Tax Exodus - Beach Business Strong Again
Governor DiSantis Keeping His Word About Improving South Florida Water Quality - Local Real Estate Market Snapshot - Cape Coral & Punta Gorda Two Fastest Growing U.S. Retirement Towns
2018 Wrap Up And 2019 Expectations - SWFL Million Dollar Home Sales Stay Strong - Gov. DeSantis Signs Order To Fight Algae And Red Tide
SWFL Real Estate Has Another Positive Month - Chiquita Boat Lock Removal Update - Snowbirds Arrived Early
Why Aren't Homeowners Becoming Sellers? - Local Real Estate Prices on Upswing Again in Oct - Kiplinger: Fla. #4 Tax-friendly State – and Top 3 Are Cold - Hurricane-Proofing Fla. Homes Worth the Cost
More Accolades Heaped On Cape Coral And Ft Myers - Cape Population Likely To Reach 200,000 Full-Time Residents In 2019 - FL Ranks 4th In U.S. For High-Earners And Affluent Families
Local Real Estate Market Holding Steady - Kiplinger Ranks Fla. No 8 for Job-Growth Rate - U.S. Tax Overhaul Causing High-Income People to Flee Many States
Chiquita Boat Lock Update - 2018 Property Tax Rates Released - 95% Likelihood Home Prices Will Rise Over Next Two Years