The new home building permit data for December 2011, reported by the city of Cape Coral Florida, shows continued growth when compared to those issued in the previous three years. The current year is the best year for building permits since 2007. There were 23 new single family building permits issued for the month of December 2011, almost tripling the eight issued for 2010. It was the best December since 2006. The final total for 2011 for Cape Coral, Fl is 268. That number easily beats the 2010 new house building permits total of 215.
Sandoval accounted for 3 home building permits in December. The amenity rich Sandoval community was responsible for 116 of the 268 permits issued in 2011 or 43% of the Cape Coral total. Sandoval had averaged about 50% of the new home permits in previous months. The drop seems to be related to the availability of waterfront villa lots. They are almost sold out for Phase I and II.
Taylor Morrison has purchased the remaining 577 lots in Sandoval from the Bonita Bay Group, the original developer. The shortage of waterfront lots for villa homes will continue in the short-term because the infrastructure work has not been completed for Phase III of Sandoval’s development. There are a few larger waterfront lots currently available in Phase II. If you had plans to build on a waterfront house lot in Sandoval this winter contact me quickly for information on what is available. Don’t forget to ask why Sandoval is such a bargain in comparison to other Cape Coral, Fl locations. 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.
Resale home inventories are way down from the 2007-2009 period where foreclosures and short sales increased the number of listed homes on the market to over 10,000. Resale properties have leveled off to the 1400-1500 range for single family homes since July 2011. 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 40% to 50% discount compared to prices of just a few years ago.
The numbers point to a housing recovery in Cape Coral Fl. Tarpon Point, Cape Coral’s most luxurious development has also 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.
Cape Coral is a long way from 2007 when 824 building permits were issued; but, after new home building permits trended steeply downward in 2008 (209) and 2009 (180) they are climbing again. The 2010 number of 215 saw a return to 2008 levels. The 268 permits issued in 2011 is a good sign for Cape Coral, Fl.
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 and Tarpon Point, 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 from January 2008 through December 2011.
Contact me today or call my cell phone at (239) 738-8088. I will be happy to update you on the Cape Coral and Fort Myers Fl real estate market or guide you through the process of buying or selling a home. I can also provide useful 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 will pay off for you.
The chart tells the encouraging story of Cape Coral Fl!