Southwest Cape Coral: Latest Gulf Access Waterfront Home Sale Analysis!

A gentleman (I'm making assumptions here, but he seems like a decent guy) contacted me recently after having read my blog. He mentioned that I haven't gone over Gulf Access Waterfront homes in my analysis yet - and he was right!

So (we'll just call him Jay) Jay, here it is. Hope it provides some insight into the marketplace. It did for me, because it's quite different than other types of property.

First, it's important to realize there are multi-million dollar homes involved here - not bunches of them, but they are included, and can tweak the numbers a bit. However, if they came into my analysis, they likely appraised, so are valid entries.

Southwest Cape Coral: The Numbers

Specs: 3 to 5 Bedroom, 2 or more Baths, Built 1990-2009, Gulf Access Waterfront Pool Homes, 1600 to 5000 sq ft of LIVING AREA. Did not specify bridge/no bridge, height of bridges, width of canal, lock or no lock to pass through.

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ACTIVE: 170 (5.3% Bank-Owned, 16% Short Sale, 78% Direct Sale.)

Median List Price: $597,449

Median Square Footage: 2468

Median Price Per Square Foot LIST PRICE: $235.00

Median Days On Market/Cumulative Days On Market: (DOM/CDOM): 184/256 (This means previous listings either terminated, expired, etc. and it was relisted - often at a lower price.)

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UNDER PURCHASE CONTRACT: 54 (18.5% Direct Sale, 18.5% Bank-Owned, 68.5% Short Sale.)

Median List Price: $377,329

Median Square Footage: 2320

Median Price Per Square Foot LIST PRICE: $162.00

Median Days On Market/Cumulative Days On Market: (DOM/CDOM): 151/240

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SOLD LAST 90 DAYS: 47 (45% Direct Sale, 27.5% Bank-Owned, 27.5% Short Sale.)

Median List Price: $396,100

Median Square Footage: 2400

Median Price Per Square Foot LIST PRICE: $164.00

Median Days On Market/Cumulative Days On Market: (DOM/CDOM): 112/147

Median Sale Price: $374,400

Median Price Per Square Foot SALE PRICE: $156.00

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The above indictes to me that we still have far more inventory of these homes than we have buyers -- but for you sellers, never fear: Season's Here! Buyers are likely going to see that the times they are a' changin' and may actually pull the trigger this season.

From this analysis, it's clear that mostly what's left ON the market are direct sales, which are those which are NOT Short Sales (Owner trying to sell for less than they owe the bank) or Bank-Owned foreclosures. This typically results in higher pricing, and lower sales, but the homes also show much better than either shorts or bank-owned properties.

It makes an odd kind of sense that most UNDER CONTRACT homes in this category are Short Sales, as they take the longest, and can accumulate.

As for SOLD homes in the last 90 days, we get back to what seems to make sense: Pricing is lower, but the ease-of-buying is far greater on direct sales, which is why they dominate. You can see that the owners who did sell likely lowered their pricing to move - and these lived-in homes outsold the other types by a large margin.

Keep watching over the next couple of days -- I'll be doing Northwest Cape and Southeast Cape.

Hope this helps some of you!

Thanks for reading!

Eric