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Monthly Archives: January 2012

Cape Harbour High Rise Condo Sales Report 2011 Review

Marina South at Cape Harbour saw a decrease in both number of units sold in 2011 and in median sales price. Compared to the rest of the condo market in Southwest Florida, my opinion is that  overall the condo market in Cape Harbour is pretty decent and has probably already bottomed out. Like most areas of Cape Coral and really Lee County for that matter the number of distressed properties seems to  be shrinking. Real Estate is a commodity much like oil or corn. It is simple supply and demand. The benefit that the high rise condos have is there is little in the way of competition in Cape Coral with Tarpon Point Marina being the only similar project here. The demand is still high for luxury condo living with the kind of amenities that Cape Harbour has to offer and as the supply of short sales and foreclosures is sold off, the prices should rise going forward. The graphs below represent year over year sales comparisons in number of units sold and median sales price respectively.

Units Sold by Year:

2007- 9 Sold

2008- 26 Sold

2009- 20 Sold

2010- 25 Sold

2011- 21 Sold

Median Sales Price:

2007- $479,200

2008- $349,000

2009- $374,500

2010- $282,000

2011- $265,000

This information was obtained through the Florida Gulf Coast MLS. If you would like to search the MLS like an agent go to www.resuperstars.com

Erik Elsea, Real Estate Superstar

Jones & Co Realty, Broker Associate

239-415-5881 off

erik@erikelsea.com

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Cape Harbour Single Family Home Sales 2011

Cape Harbour had 20 single family homes sell in 2011 with a median sales price of $751,000. The graph below compares homes sales figures by year.

Sales figures per year:

2007- 5 homes sold

2008- 18 homes sold

2009- 13 homes sold

2010- 9 homes sold

2011- 20 homes sold

The graph below shows the median home sale price in Cape Harbour year over year.

The median homes sales price in Cape Harbour by year is as follows:

2007- $1,615,000

2008- $942,500

2009- $670,000

2010- $890,000

2011- $751,000

The data tell me that the units will sell quickly if they are priced aggressively even in a tough economy. Once the median price fell  below the $800,000 mark, sales shot up from 9 homes in 2010 to 20 homes in 2011. That is a huge increase. It is still a buyer’s market. That being said Cape Harbour is an extremely desirable place to live and if the inventory is priced right there are plenty of buyers for it.

To search Cape Harbour properties visit www.resuperstars.com

Be sure to follow my blog for up to date information about Cape Harbour. For any additional questions please don’t hesitate to contact me.

Erik Elsea, Real Estate Superstar

Jones & Co Realty, Broker Associate

239-415-5881 office

erik@erikelsea.com

 

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Tuesday Night Block Party @ The Joint

Hope to see you there tonight!

Date: Tuesday, January 10, 2012

Start Time: 6:00 pm   End Time: 10:00 pm
LocationThe Joint

Category: Joint Event

Band to be announced!

Contact: The Joint
Phone: 239-542-0123

More Infowww.capeharbourdining.com 

 

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Cape Harbour 2011 Real Estate Market Review

As the Real Estate market here in Southwest Florida continues to improve the sales in Cape Harbour are strong as well. According to the Florida Gulf Coast MLS there were 47 residential sales in the community in 2011. Of those properties sold 34% (16) of them were distressed sales. There were 10 Short Sales and 6 sold foreclosures. This figure is lower than the market here in Lee County which has been hovering around 50% of sold transactions being distressed.

There were 20 Single Family home sales in Cape Harbour in 2011. The highest closed sale was $2,625,000 and low was $400,000. The median sales price of a single family home was $751,000 with the average being $858,045. This leads me to believe that new construction is in our future here in Cape Harbour because the average sales price per square foot was $253.99. I will discuss lot sales in a later article but with builders aggressively pricing their models and land values being low there is opportunity for new construction in the horizon. The average days on market for a home was 115 days so less than four months meaning if your home is priced to compete with the distressed properties there are enough buyers in the market that it will sell and in a reasonable amount of time. Homes sold at an average of 89.9% of their list price.

The majority of sales in Cape Harbour took place in the high rise condos in the Marina South Towers. 21 condos sold there last year. The highest sale was $310,000 for a 1798 sq. ft. unit on the 15th floor. The lowest priced sale was a 1251 sq. ft. 2 bedroom unit on the 11th floor that was a foreclosure for $150,150. The median sales price in the high rises was $265,000. Marina South at Cape Harbour had an average sales price of $255,562 or $160.73 per sq. ft.. Units in the high rises sold at 94% of their list price and had an average days on market of 155. I believe the days on market would have been substantially lower if not for all of the short sales on the market last year.

The mid rise condos that make up Marina View at Cape Harbour had 5 units sell. The numbers for this are skewed a bit because of a 3776 sq. ft. 4 bedroom 3.5 bathroom fully decorator furnished Penthouse that sold for $875,000. The next highest sale in Marina View was only $353,000 with the lowest sold unit at $301,000 and the median being $309,900. Because of the penthouse the average sale price of $428,780 is actually higher than the second highest sold unit. If you remove that sale the average sale price in Marina View would be $317,225. Including all sales the average price per sq. ft. was $181.56 and the condos sold at nearly 95% of their list price.

Last year only one property sold in the Coach Homes at Cape Harbour. It was a 3 bedroom 2.5 bathroom 1882 sq. ft. home that sold for $205,000. It sold for 91% of its list price of $224,900. It was only on the market for 15 days. The price per sq. ft. was an extremely reasonable $108.93 considering it had plenty of upgrades.

In my next blog I will cover these sales figures against previous years. Be sure to follow my blog to get all the latest information about Cape Harbour!

Erik Elsea, Real Estate Superstar

Jones & Co Realty, Broker Associate

239-405-4063 cell

erik@erikelsea.com

SEARCH MLS LIKE AN AGENT! FREE LISTINGBOOK ACCOUNT:

www.resuperstars.com

 

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Living the Life in Cape Harbour, Breakfast On the Balcony!

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Welcome to Cape Harbour Properties

I am pleased to announce my new blog about all things Cape Harbour. This blog will be your source for information about the community, events, news, and mostly the real estate market in Cape Harbour. This information is  brought to you by Real Estate Superstar Erik Elsea, Broker Associate and Sales Manager of Jones & Co Realty. Stay tuned for the latest information and be sure to subscribe to this blog to stay up to date. Until then search the local MLS like an agent by going to www.resuperstars.com

 

 

 

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