The new home building permit data for November 2011, provided by the city of Cape Coral Florida, indicates new permits continue to exceed those issued in previous years. The current year is the best year for building permits since 2007. There were 22 new single family building permits issued for the month of November 2011, easily surpassing the 15 permits issued last year. In fact, it was the best November since 2006. The 2011 year to date total for Cape Coral, Fl now stands at 245. That number already exceeds the total permits issued for any of the last three years. It puts 2011 thirty permits ahead of the 215 total issued in Cape Coral Fl for all of 2010 with one month remaining.
The highly sought after Sandoval development continues to drive the new home building permit data for Cape Coral Fl in November. The amenity rich community accounted for 4 of the 22 permits issued in November. Sandoval builders are responsible for 113 of the 245 new permits issued for the year or 46% of the total. You can view the MLS listings for Sandoval by clicking here or learn about the community amenities and view over 60 Sandoval photos by clicking here.
It certainly appears like Cape Coral, Fl is in the early stages of a housing recovery. Inventories are also way down from the 2007-2009 period where foreclosures and short sales caused the number of listed homes on the market to exceed 10,000. Resale properties have leveled off to the 1400-1500 range for single family homes since July. Buyers are returning slowly but surely according to the data. Why not? Cape Coral, Florida still has its 400 miles of canals, the Caloosahatchee River, Gulf of Mexico, proximity to Naples, Fl and Fort Myers, Fl and desirable Southwest Florida climate to attract those seeking to purchase at a 50% discount compared to a few years ago.
Further proof of Cape Coral’s recovery, can be found at Tarpon Point, Cape Coral Florida’s most luxurious development. It has experienced strong interest after repricing the never lived in, 2888 to 3048 sq ft units, in its three, 12 story luxury high-rise towers at Tarpon Landings. Approximately 40 units have sold or are currently pending since June 2011 at prices reduced by $300,000 to $400,000 from 2006. Only six units remain in the second tower. You can find more information about Tarpon Point here and here.
New single family home building permits are just one indicator pointing to a housing recovery. Going back as far as 2007, when 824 building permits were issued, permits trended steeply downward in 2008 (209) and 2009 (180). The year 2010 (215) saw a return to 2008 levels. Thankfully, 2011 is the best year of the last four years for new home building.
I’m encouraged by the building now taking place in Cape Coral, Fl. Gulf access, no-bridge lots on the spreader are selling again. Several have sold for over $300,000 in the last few months.Visit my website for more information on eight fabulous featured communities, including Sandoval, plus prestigious waterfront dream lots and homes by clicking here.
The chart below indicates the number of building permits issued by month for new single family residential homes in Cape Coral, Fl dating back to January 2008. Stay tuned for the December 2011 building permit data. Cape Coral Florida will need to issue only 9 new single family home building permits in December 2011 to beat the number issued in December 2007, four very long years ago.
Contact me by clicking here or call my cell phone at (239) 738-8088. I will be happy to update you on the Cape Coral Fl real estate market or guide you through the process of buying or selling a home. I also have the knowledge to provide valuable information related to Southwest Florida builders that will assist you in weighing the pros and cons of building a new home or discuss existing resale opportunities. Speak to an individual who researches the market and it may pay off for you.
The chart says it all!