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Commercial Growth Continues in Cape Coral

By Susan Milner

Real Estate Agent with Florida Future Realty, Inc. BK3071625

September 10, 2006 02:17 AM

While we are still seeing a decline in most residential markets here locally we are seeing more and more commercial developments. Cape Coral has been behind in commercial growth for years. Slowly, we now have about 8% commercial. A recent article in the news-press examines this. Many of my clients & prospective clients have been worried about the current market conditions. They call & e-mail me to see what I think they should do in this current market. One aspect that always seems to come up is the commercial growth. With over 150K residents in Cape Coral & with so much vacant property ready for newcomers, businesses see opportunity here & are capitalizing on it. Many small businesses have opened along the Pine Island Corridor, restaurants & strip centers as well. Along the Santa Barbara/Veterans intersection the same thing - a new Home Depot just opened & a new Lowes is being built right next to our fairly new Target/Publix shopping center. For years, residents of Cape Coral drove to nearby Ft. Myers (across the Caloosahatchee River) for shopping, dinner & other needs - now they are able to stay in their own town. It's a great convenience - time & money saver. You can read about a few of the developments in this recent news-press http://www.news-press.com/apps/pbcs.dll/article?AID=/20060905/NEWS0101/609050323/1008/ACC article. From this commercial growth we'll see the residential side start to stabilize & then turn around to appreciate again. While I do not believe we will see appreciation rates in the 20-30-50+ ranges anytime soon again, I do think we'll see 5-10% a year after we stabilize. It's still a great time to buy - especially since I believe it will turn around quickly & leave many would-be buyers on the sidelines too late to have gotten a great opportunity. We are not however, in a market for quick-flips (unless you find a pre-construction or rehab opportunity). Now, buyers & investors need to look more at the long term picture & have a plan in place. Contact me if you have any questions. I can help you decifer what is the best plan for you personally.

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Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission.

Florida List For Less Realty, Inc. Broker/Owner. - Cooper City, FL

The problem with Cape Coral is it`s over built at the moment. It will take years to correct itself.

Sep 10, 2006 02:57 AM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Scott, What makes you think that it will take years to correct itself & that's it overbuilt? I have lived here over 12 years now & have seen years of extreme growth & years of stagnant times as well. Our stagnant years were earlier when we had less population than we do today. We have about 60 people moving into Cape Coral EVERY day. We were undervalued for years & just within the last few years saw huge appreciation - in the end fueled by mostly speculative investors - that's where the correction comes into play. We will still see more appreciation but only after the investor inventory is sold. We are also the second largest city in Florida landwise and the ONLY city in the WORLD with this many miles of canals - more than VENICE, Italy. I still think we are a tropical paradise & see great things after this investor-glut passes. We are also still ranked #5 in the US for most growth.

Sep 10, 2006 03:11 AM

Excuse me for asking. How many builders have recently pulled out of Cape Coral. I was there last week, and the amount of inventory on the Cape is tremendous.

Have I missed anything?

Sep 10, 2006 03:20 AM

Scott, our building permits were actually UP last month. Yes builders ACROSS THE US have been offering incentives, etc this year, not just here but everywhere.....

Sep 10, 2006 03:27 AM

Susan,

How many lots are available on the cape now priced between $100,000-$300,000?

Sep 10, 2006 03:33 AM

Many. Our city, as mentioned previously, is still VERY under-developed. We have a lot of vacant land available. Most of the lots were purchased by investors out of state & out of the country over the years as an investment and not with the intention of moving here. This is another reason why I say there is still much room for growth here. End users are now the ones purchasing these lots versus the other investors who were purchasing them over the last couple of years. This is a good thing. It's a more 'real' market now.

Sep 10, 2006 03:38 AM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Hi Susan, Is Cape Coral an Avatar Community? For some reason I think my market Poinciana and your market are related.

Sep 10, 2006 04:34 AM

Commercial Growth Continues in Cape Coral

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