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Cape’s top priced first-quarter of 2019 home sales

April 11, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

This week we are looking at the closed sales prices from the first quarter of this year in the high end of our single-family home market, as a part of our quarterly homage to the late Robin Leach, in our Cape Coral version of "Lifestyles of the Rich & Famous." For our purposes, we searched for homes in Cape Coral that were sold by a Realtor for $1 million and up, with the sales being finalized during the first three months of 2019.

The first thing we noted about the Cape's million dollar-plus luxury home market is that the number of closed sales in the first quarter of 2019 were down 41.66 percent, with only seven homes sold at this luxury price point, versus 12 closed sales over the first 3 months of 2018. The good news is that we are already on track during the month April to register a higher number of closed luxury home sales in the second quarter of this year, compared to the first quarter, so the trend of stronger closed home sales from April through June looks to be intact in the higher end of our market. The final sales prices of these seven closed home sales ranged from a low of $1,025,000 to a high of $1,875,000 versus a price range from $1 million to $1.8 million in 2018, with the median sales price coming in just slightly higher in the first quarter of last year compared to this year.

Of the seven closed sales in the first quarter of this year, five were located in the Southeast Cape and three of these five homes were riverfront properties. The other two sales were in the Southwest Cape, with the lowest priced home overall in this group of seven homes located in Cape Harbour. Five of these seven homes were bought in cash deals, while the other two involved conventional mortgages. This illustrates one of the points we have made over the past several years, that our market will tend to be less influenced by higher interest rates because a lot of our buyers are capable of paying cash, or capable of at least making larger down payments if they need to finance their home purchase with a mortgage.

Here are a couple of more details about these seven sales. The oldest home was a riverfront home used for vacation rentals in the Yacht Club area, which was built in 1970 and has been updated. The other six homes were built in 2004 or later, with the four highest priced sales on homes that were built between 2014 and 2018. Two of the seven homes had final sales prices that were only 3.77 percent and 6 percent lower than their initial listing prices, while the other five homes sold for between 10.42 percent to 22.66 percent below their initial list prices. On a sales price per square foot basis, the low was at $266.68 per square foot, and the high was at $604.84 per square foot for the riverfront home built in 2018. The median sales price per square foot for these seven homes came in at $442.25 per square foot.

As we mentioned above, the top sales price for a single-family home in Cape Coral during the first quarter of this year was for a newly constructed, custom built four bedroom, four bathroom riverfront home off of Savona Parkway. This home was originally listed for sale on July 11, 2018, for $1,995,000 and it went under contract with a buyer on Nov. 20, 2018, before the sale finally closed on Feb. 22 of this year, at $1,875,000. So the closing price was only 6 percent below the initial list price for this home, which has 3,100 square feet of living area, plus over 1,200 square feet of covered, outdoor waterfront space on an oversized lot with wide river views. The home also features a unique cabana with 12-foot ceilings, an outdoor kitchen, island bar and a fireplace, plus a spa spilling over into a river leading into the high end custom built pool. The main kitchen was designed for entertaining with double islands and much more. About the only thing missing from this home was a boat dock, which was left for the buyer to install. This purchase was financed with a conventional mortgage.

One of the other interesting things about this home is that this lot had an older home on it, which was built in 1978, prior to the construction of this new home. This older home was purchased by the most recent seller for $565,000 in September 2017, and a demolition permit was taken out on the home in November 2017, to make way for the new home.

The second highest priced closed sale in the first quarter of this year was another newer riverfront home built in 2015, which also involved the prior purchase and demolition of an older home built in 1972. According to the records, the older home on this lot, which was also in the Savona neighborhood, was purchased for $390,000 back in 2001, and then sold again in February 2015 for $575,000. Demolition permits were taken out on this home in March 2015, with a permit on file for the new construction beginning in April 2015.

This newer, custom built, riverfront home was completed in December 2015, with four bedrooms, a den and four bathrooms, totaling about 3,150 square feet of living area on an oversized lot. The open floor plan features "massive" 90 degree disappearing 10-foot sliding doors leading to the lanai and pool area, a large center island in the kitchen with views of the infinity edge pool, boat dock and river, plus a second floor that could serve as a master suite with a large open air deck overlooking the river. There is also a new, elevated seawall and a dock with a 16,000-pound boat lift large enough for a 37-foot boat, plus a double jet ski lift.

This home first went on the market in October 2017, at a list price of $1,495,000 and then it was taken off of the market after only 17 days, before being re-listed a year later on Oct. 21, 2018, at $1,598,000. It then went under contract with a buyer on January 11, 2019, before closing as a cash deal on Valentine's Day at a final price of $1,412,000. So this unfurnished luxury riverfront home ended up selling for 11.64 percent below its list price.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of April 8, 2019. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral single family homes, and does not include condominiums, short sales or foreclosures. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with the RE/MAX Realty Team office in Cape Coral. They have lived in Cape Coral for over 39 years. Geri has been a full-time Realtor since 2005, and Bob joined with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)



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