Final installment on Gulf Access Waterfront Homes. These are all pool homes, 1600 sq ft and larger, no "year built" specified (Area is mostly newer), 2-4 car garage, 3+ Bedrooms, 2+ Baths, All located on waterways with access to the Gulf of Mexico!
This area is more rural, but still close to shopping and restaurants. I get downtown from my home in NW Cape Coral in about 18 minutes - and that's in drive-time traffic. Carrabba's, Shrimp Shack, Foster's Grille, Publix, Beef O'Brady's, Kohl's, Michael's Crafts, and many other places are just 10 minutes away, as are drug stores and gas.
The best thing about this area IS the more recent construction. You're unlikely to have a home built in 1970 next door -- most of them are way further south. Vacant lots abound - including many Gulf Access waterfront lots, some with seawalls - but I don't mind that, either. I have vacant lots on either side of my home, and guess what? When someone eventually builds, it'll be a brand new home - right?
So let's get started. The first thing I discovered was the DIRECT SALE sellers here are still somewhat unrealistic in their pricing.
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D I R E C T S A L E S T A T I S T I C S
DIRECT SALE LISTINGS (Not Short Sales, Not Bank-Owned): 32
Breakdown: Median List Price: $509,436. Median Sq Ft: 2511. Price/Sq Ft: $204.00. Days On Market/Cumulative Days on Market (DOM/CDOM): 200/253. 84% of Total Category Listings.
DIRECT SALE UNDER CONTRACT, NOT YET CLOSED: 6
Breakdown: Median List Price: $357,466. Median Sq Ft: 2216. Price/Sq Ft: $162.00. Days On Market/Cumulative Days on Market (DOM/CDOM): 154/306. 32% of Total Category Listings.
DIRECT SALES SOLD IN LAST 90 DAYS: 3
Breakdown: Median List Price: $375,167. Median Sq Ft: 2890. List Price/Sq Ft: $146.00. Days On Market/Cumulative Days on Market (DOM/CDOM): 82/82. Median Sale Price: $349,667. Sale Price/Sq Ft: $136.00 37.5% of Total Category Listings.
Note the disparity between what the DIRECT SALES are listed for (median figure) and where the SOLD properties came out. Median ASKING price for the still ACTIVE homes is $204.00! The Median SOLD price per square foot is only $136.00. Most of these sellers are going to have to come to their senses unless they have an awfully special property with every amenity under the sun.
As indicated, many of these homes were built between 2004 and 2007, so likely in our peak market -- loans easy to get, prices high, and now far below where they were. The $68.00 per square foot variance between what sellers are asking and where the homes are selling is a big number, and it will need to adjust to bring those 32 listings to the point where buyers show enough interest to make an offer.
Last, people are often willing to pay more for a home that is well-tended and in excellent condition, so this figure will undoubtedly be higher than Short Sales and Bank-Owned properties -- but how much depends on the house, and whether it will appraise, or is a CASH deal.
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B A N K - O W N E D S T A T I S T I C S
BANK-OWNED ACTIVE LISTINGS: 2
Breakdown: Median List Price: $331,950. Median Sq Ft: 2258. Price/Sq Ft: $162.00 Days On Market/Cumulative Days On Market (DOM/CDOM): 83/174. 5% of Total Category Listings.
BANK-OWNED UNDER CONTRACT: 1
Breakdown: Median List Price: $173,000. Median Sq Ft: 2089. Price/Sq Ft: $83.00 Days On Market/Cumulative Days On Market (DOM/CDOM): 107/107. 5% of Total Category Listings.
BANK-OWNED SOLDS - Last 90 days: 4
Breakdown: Median List Price: $312,925. Median Sq Ft: 2650. List Price/Sq Ft: $121.00 Days On Market/Cumulative Days On Market (DOM/CDOM): 76/76. Median Sale Price: 309,350. Sale Price/Sq Ft: $119.00 50% of Total Category Sales.
First, it's a good idea to take STRONG note of the LOW NUMBER of Bank-Owned properties in this area/market category. There are ONLY two active bank-owned properties here! Just 1 under contract, and only 4 having sold in the last 90 days. But also note how much closer the banks are to where the homes are actually selling, with regard to pricing accuracy.
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S H O R T S A L E S T A T I S T I C S
SHORT SALE LISTINGS: 4
Breakdown: Median List Price: $346,375. Median Sq Ft: 2390. Price/Sq Ft: $143.00. Days On Market/Cumulative Days On Market (DOM/CDOM): 61/151. 11% of Total Category Listings.
SHORT SALES UNDER CONTRACT: 12
Breakdown: Median List Price: $301,658 Median Sq Ft: 2359. List Price/Sq Ft: $127.00. Days On Market/Cumulative Days On Market (DOM/CDOM): 263/339. 63% of Total Category Listings.
SHORT SALE SOLDS: 1
Breakdown: List Price: $346,500. Sq Ft: 2417. Price/Sq Ft: $145.00. Days On Market/Cumulative Days On Market (DOM/CDOM): 392/392. Sale Price: $346,500. Sale Price/Sq Ft: $143.00 12.5% of Total Category Solds.
Again, we see VERY few Short Sale homes in this category of home and area. There are only 4 available! Why are so many under contract? Well, because they take so long they will accumulate over time. Why did so few close in the last 90 days? They are a tough closing because so often the buyers give up after waiting a few months, and just move on. The benefit of Short Sales in ANY category of home is that you may be up against less competition, as people are unwilling to miss other nice homes while they WAIT and WAIT on banks to make the decision on the short sales.
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So I hope this analysis helps you get some idea of the market in NORTHWEST Cape Coral waterfront properties. Your best hope to get one of these seems to be working with some Direct Sale sellers who may have been on the market a long time, and are finally willing to consider any offer.
It is clear that at those asking prices, these owner-occupied homes are seeing little buyer traffic. That alone would make you unique ... and if you make a "decent" offer, they just might not want to see you disappear.
Thanks for reading!
Eric
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