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Cape luxury home market posts a solid third quarter

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

With nine months in the books for 2019, it is time once again for our quarterly tip of the cap to the late Robin Leach with our version of "Cape Coral Homestyles of the Rich and Famous." So here's to champagne wishes and caviar dreams, as we take a snapshot of the highest priced home sales in Cape Coral in the third quarter and for the first nine months of this year.

For our purposes, we took a look at the number of closed single-family home sales in the Cape with final sales prices of $1 million and above. Despite a solid third quarter of home sales in our luxury market, the highest priced home sale so far in 2019 remains a home sold for $2.55 million in the Southwest Cape during the second quarter of this year. This top home sale of 2019 is still running some $1.375 million or 35 percent below the highest-priced sale of $3.925 million from the second quarter of 2018. We currently have 66 active listings of homes for sale in our luxury segment, with asking prices ranging from $1.06 million to $2.75 million, and there are currently five homes under contract as pending sales at list prices from $1.1 million to $2.395 million. These sales will likely close in the fourth quarter.

In the recently completed third quarter of this year, there were a total of 16 high-end homes sold, ranging in price from $1,012,000 to $1,995,000. Of these 16 sales, six were in Cape Harbour, six were in the Southeast Cape and four were in non-gated neighborhoods in the Southwest Cape. This compares to only 8 homes being sold in this price segment in the third quarter of 2018, at prices ranging from $1,050,000 to $1,750,000. Of these 8 home sales, two were in the Southeast Cape, and six were in non-gated Southwest Cape neighborhoods.

As a point of reference, back in 2018, we were in the midst of having a very solid year of sales in the $1 million and up, high-end luxury price segment of our single-family home market, with a total of 30 closed sales by mid-year. But since almost all of these higher priced homes in the Cape tend to be located on prime riverfront, or gulf and sailboat access canals, the water quality issues of 2018 started to weigh heavily on the sales in this segment in the second half of last year. As mentioned above, there were only 8 such homes sold in the third quarter of 2018, so we have recovered by doubling that number in the third quarter of this year. However, we have yet to overcome the slow start to this year when there were only 7 luxury homes sold in the first quarter, which was 41.67 percent below the 12 homes sold in the first quarter of 2018. As it stands, through Sept. 30, there have been 36 homes sold for $1 million or more in the Cape in 2019, versus a total of 38 homes sold over the first nine months of 2018.

One of the more interesting stories in the third quarter was about a new construction, custom built riverfront home located in Southeast Cape Coral. According to the records, the new construction permits were issued in late 2015 and the home was completed in early 2017. This home has three bedrooms, all with their own bathrooms, plus 2 1/2 other bathrooms. There is also a formal living room, a formal dining room, a separate office, an open kitchen with a walk-in pantry and a large center island, an informal dining area, plus a family room. The pool area has great open water views of the river, and there is a cement dock, but no boat lift. This home has 3,500 square feet of living area and it was initially listed for sale in February 2017 at $1.795 million. Following multiple price reductions, the sale on this home closed in August of this year at a final sales price of $1,162,500 and it was financed with a VA loan. This was $632,500 or 35.24 percent below the initial list price.

The highest priced Cape Coral home sale in the third quarter was for a riverfront home on an oversized three-lot site in the Southeast Cape, just south of the Cape Coral bridge. This home was built in 2006, with approximately 4,340 square feet of living area, including four bedrooms, five full bathrooms, a den, and a four-car garage. The master suite has a boutique-style closet. There is marble flooring, a large gourmet kitchen with a gas cooktop, a big center island, two dishwashers and two ovens, along with an outdoor kitchen, making it a great home for entertaining. The home is equipped with electric roll down storm shutters and roll down screens in the lanai. There is also a high-end, heated pool with custom upgrades and a large boat dock with a 16,000-pound boat lift and a personal watercraft lift, to go with the great views of the river. This home had been on the market for 10 months at $2.15 million without selling back in 2016, before being listed for sale again in November 2017 at $2.175 million. It went under contract with a buyer as a pending sale in July of this year, before closing as a cash deal at $1,995,000 on Sept. 23. So, this home sold for $180,000 or 8.28 percent below the list price.

The second highest priced Cape Coral home sold in the third quarter of this year provides a glimpse at the recent price appreciation in the high end, $1 million-plus segment of our market. This estate home was built in the gated Harbour Preserve section of Cape Harbour in 2014, with roughly 4,787 square feet of living area on a canal off of the Southwest Spreader to the west of Rumrunners. This four-bedroom, 5 1/2-bathroom home is said to have a sprawling, luxurious interior, including a lavish master bedroom and a "jaw dropping" gourmet kitchen featuring the highest end appliances from Wolf and Sub Zero. A second floor screened balcony provides a beautiful canal view beyond the custom pool area framed by three fire bowls, all overlooking the private boat dock with a captain's walk and a boat lift. There is an outdoor kitchen, and the home has a four-car garage. Listed at $1,895,000 in mid-May, this home went under contract with a buyer in 21 days, with the cash sale finalized in early July at $1.715 million, so the sales price was $180,000 or 9.5 percent below the initial list price. The seller originally bought this home for $1,575,000 in May 2017, so in 26 months this home appreciated in value by a total of $140,000 or 8.89 percent.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Oct. 7, 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 40 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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