Judging by the last few months of 2015, value appreciation, increased mortgage lending, more jobs, and greater real estate opportunities are some of the highlights in store for Cape Coral in early 2016.
The Cape Coral housing market has already come a long way since the dark days circa 2008. Most residents of Lee County would like to forget the time when several subdivisions of Cape Coral and surrounding communities were rudely abandoned and left to blight by disappointed homeowners who were crushed under the weight of the Great Recession. With those days officially behind us, this is a good time to review the strength of the recovery in recent months and what 2016 will bring.
Residential Development
The good news is that there are virtually no distressed properties left in Cape Coral. Gone are those abandoned homes awaiting foreclosure and the repossessed properties that banks barely looked after. The current trend in development is not only residential but also commercial; virtually all the properties that were left unfinished years ago have been refurbished and acquired at great prices, and ambitious projects such as Seven Islands and Liberty Village are now the norm.
With building permits for single-family homes in Cape Coral increasing by more than 60 percent this year, median prices have also been on the rise. According to an October report by RealtyTrac, the Cape Coral housing market posted the highest increase in sales prices, up by 15 percent on a year-over-year basis. Other markets such as Denver, Charleston and St. Louis also posted double-digit price increases, but Cape Coral was the highest in the Sunshine State.
Business and Jobs
Healthy commercial development has been a highlight of 2015 for Cape Coral. Small and medium-sized retailers such as the Water City Grill, Duffy’s Sports Grill and the Cape Coral Brewing Company have already set up shop, and others that are planning to do open for business in 2016 include: Big Blue Brewing, Cape Cabaret, Wicked Dolphin, and a second Panera Bread.
Of course, commercial development also means more jobs. In this regard, two companies that have recently expanded are MobilMAX Technology and SeaHunter Boats. These two firms represent major investments for Cape Coral, and MobilMAX is a tech manufacturer from Taiwan that overlooked setting up shop in competitive markets such as Brazil, Costa Rica and Mexico.
Speaking of jobs, the latest Employment Outlook Survey from the Manpower Group indicates that Cape Coral has once again been selected as the top regional job market in the U.S. According to the survey, 35 percent of Cape Coral firms are thinking about expanding their payrolls from January to April 2016, more than any other regional job marketplaces across the nation.
With regard to mortgage lending activity, prospective borrowers are getting ready for the inevitable hike in interest rates towards the end of 2015. This is always a wake-up call for house hunters who have been sitting on the sidelines and waiting, and thus mortgage lenders and brokers in Cape Coral are getting ready for an uptick in activity.
All in all, 2015 has been a good year for the Cape Coral housing market, and we can safely expect that 2016 is going to be even better.
Cape Coral Mortgage, Inc.
3512 Del Prado Blvd. S.
Cape Coral, Fl. 33931
(239) 540 5555
