Cape Coral Vacant Land Market Update-April 2023 Statistics Cape Coral Vacant Land Market Update: May 2023. Here are are some important statistics from April 2023 Closed Sales: 223New Listings: 351Active Inventory: 2,559Median Sales Price: $50,000Average Sales Price: $75,000 April 2023 was a buyers market! The Median Sold Price increased by 6.4% from last month. Additionally, the Average Sold Price decreased by 6.2% from last month. Based on the 6 month trend, the Average Sold Price trend was "Neutral" and the Median Sold Price trend was "Appreciating" Additionally, the DOM for April 2023 was 136, down 9.9% from 151 days last month and up 60% from 85 days in April of last year. Lastly, the April 2023 Months of Inventory based on Closed Sales of 11.5 was increased by 273.6% compared to last year and up 16.5% compared to last month. April 2023 was Buyer's market. City Approves Future Land Use Change The Cape Coral Planning and Zoning Commission recommended approval Wednesday for a city-initiated small-scale future land-use amendment for 140 properties along Diplomat Parkway East totaling about 14.6 acres. Buying Vacant Land in Cape Coral Are you looking to purchase vacant land in Cape Coral or other parts of SWFL? Are you a builder, investor, or looking to build your dream home? If so, there are some important things you need to know when buying lots in Cape Coral and SWFL. Of course, we want you to know a few things you should be looking at when you decide to purchase a lot here. Click here to find out more. Selling Vacant… Continue Reading
FIRPTA & Foreign Owners in Cape Coral-Unlike other areas of the country, Cape Coral is full of foreign property owners. Some have bought vacant lots that they plan to eventually build a home on and retire in this area. Yet, others have bought the lots for cheap as a long-term investment or quick flip. We also have many foreign clients who own a home here in Cape Coral as a second home, vacation home, or income property. Either way, at some point there comes a time when the foreign property owner is ready to sell their investment. But, there are some very important factors to consider when selling a property in the United States as a foreign owner. Here we will discuss FIRPTA and Foreign Owners in Cape Coral. One of the most important things to consider is FIRPTA. Are you a foreign property owner or investor? If so, it is important to understand FIRPTA and what that means when you sell a property here in the United States. What does FIRPTA mean? FIRPTA stands for the Foreign Investment in Real Property Tax Act. Back in the 1980’s, the US government instituted a withholding tax at the time of sale when the property is owned by a foreign person. The tax code requires buyer’s to withhold up to 15% of the gross sales price if the seller is a nonresident alien, foreign corporation, foreign partnership, foreign trust, or foreign estate. Additionally, foreign investors are given a Taxpayer Identification Number (TIN) to pay taxes or to file for withholdings on properties they buy and… Continue Reading
New Developments Coming to Cape Coral-We are excited about the new developments coming to Cape Coral. It is the largest city by population in Lee County Florida, and the 8th largest city in Florida. The population in Cape Coral has been steadily increasing by 7% annually over the past 10 years (City of Cape Coral). These increases have attracted a lot of new developers and investors to the area. New construction is still booming across Cape Coral. This has been over 1625 new construction single-family home permits issued already. A lot of undeveloped land in North Cape is where most of the new homes are being built. Equally important, the increase in new single-family residential homes brings a great need for nonresidential properties, such as commercial, multi-family, and mixed-use. Below are some of the new developments coming here to Cape Coral. Bimini Square Bimini Square Rendering This will be a mixed-use development that will include luxury apartments, a 25-slip transient boat dock, a waterfront restaurant, shops, and even a Lee Health Clinic. The project is estimated at more than $100 million. The Cove at 47th Next, a $103 million mixed-use development named The Cove at 47th. It will have 327 luxury apartments with 19,000 square feet of ground-floor retail or office space, and a 585-space parking garage, with 125 spaces reserved for the public. The development will also include a rooftop bar and restaurant. The project also features a resident rooftop Sky Deck and resort-style amenities. It will be the first infill residential project with a parking garage in Cape Coral.… Continue Reading
Buying Lots in Cape Coral and SWFL-Are you looking to purchase vacant land in Cape Coral or other parts of SWFL? Are you a builder, investor, or looking to build your dream home? If so, there are some important things you need to know when buying lots in Cape Coral and SWFL. We want you to know a few things you should be looking at when you decide to purchase a lot here. Zoning and Future Land Use It is important to ensure that the zoning and future land use will be compatible with what a buyer will want to build on the lot. Properties can have a wide variety of zoning and future land use, such as residential, multi-family, commercial, and mixed-use. If a property is zoned commercial with a future land use of commercial professional, a single-family home cannot be built on the lot. That is very important information for a buyer to be aware of. Another important consideration is to check whether the zoning and land use match. For example, there may be a lot that is zoned residential, but the future land use is commercial professional. In this case, the lot is not buildable because the zoning and future land use are not compatible. In order to build on the lot, it would require either a zoning or a future land use amendment. The process has to go through the city and can take 6 months, including public hearings, and costs associated with the process. Property Restrictions/Wildlife Some lots will have property restrictions imposed on the lot by… Continue Reading
First Steps to Home Financing-Before you start touring homes you need to have a pre-approval letter from a lender. It is important to work with an experienced realtor and mortgage lender to create a team that is looking out for your best interest in the first steps to home fiancing. These professionals will help you save a lot of time and money. The Pre-approval process When searching for your dream home, an important first step is to get pre-approved for financing. Most experienced lenders can pre-approve a potential buyer in 24-48 hours. They will then issue the buyer a pre-approval letter, which includes the total purchase price the buyer is qualified for. When sellers receive an offer based on financing, they will want to see a pre-approval letter showing that the buyers are qualified. Lenders examine three things needed for pre-approval: Credit Assets Debt-to-Income (DTI) ratio Once you receive your pre-approval letter from the lender, the search is on for finding your dream home! Lender requirements can vary, but here are some common things they may ask for: Personal information such as: social security numbers, birth dates, address history, and photo identification W2s or 1099s for the past 2 years Bank account statements Current mortgage and rent payments Documentation of assets such as investment and retirement accounts We realize there are a lot of moving parts in the process, and the lender and other parties involved in the transaction will be asking for a lot of information. Do your best to remain calm and submit all documents required as soon… Continue Reading
Cape Coral Vacant Land Market Update - April 2023 Statistics Cape Coral Vacant Land Market Update: May 2023. Here are are some important statistics from April 2023 Closed Sales: 223New Listings: 351Active Inventory: 2,559Median Sales Price: $50,000Average Sales Price: $75,000 April 2023 was a buyers market! The Median Sold Price increased by 6.4% from last month. Additionally, the Average Sold Price decreased by 6.2% from last month. Based on the 6 month trend, the Average Sold Price trend was "Neutral" and the Median Sold Price trend was "Appreciating" Additionally, the DOM for April 2023 was 136, down 9.9% from 151 days last month and up 60% from 85 days in April of last year. Lastly, the April 2023 Months of Inventory based on Closed Sales of 11.5 was increased by 273.6% compared to last year and up 16.5% compared to last month. April 2023 was Buyer's market. City Approves Future Land Use Change The Cape Coral Planning and Zoning Commission recommended approval Wednesday for a city-initiated small-scale future land-use amendment for 140 properties along Diplomat Parkway East totaling about 14.6 acres. Buying Vacant Land in Cape Coral Are you looking to purchase vacant land in Cape Coral or other parts of SWFL? Are you a builder, investor, or looking to build your dream home? If so, there are some important things you need to know when buying lots in Cape Coral and SWFL. Of course, we want you to know a few things you should be looking at when you decide to purchase a lot here. Click here to find out more. Selling Vacant… Continue Reading
FIRPTA & Foreign Owners in Cape Coral - Unlike other areas of the country, Cape Coral is full of foreign property owners. Some have bought vacant lots that they plan to eventually build a home on and retire in this area. Yet, others have bought the lots for cheap as a long-term investment or quick flip. We also have many foreign clients who own a home here in Cape Coral as a second home, vacation home, or income property. Either way, at some point there comes a time when the foreign property owner is ready to sell their investment. But, there are some very important factors to consider when selling a property in the United States as a foreign owner. Here we will discuss FIRPTA and Foreign Owners in Cape Coral. One of the most important things to consider is FIRPTA. Are you a foreign property owner or investor? If so, it is important to understand FIRPTA and what that means when you sell a property here in the United States. What does FIRPTA mean? FIRPTA stands for the Foreign Investment in Real Property Tax Act. Back in the 1980’s, the US government instituted a withholding tax at the time of sale when the property is owned by a foreign person. The tax code requires buyer’s to withhold up to 15% of the gross sales price if the seller is a nonresident alien, foreign corporation, foreign partnership, foreign trust, or foreign estate. Additionally, foreign investors are given a Taxpayer Identification Number (TIN) to pay taxes or to file for withholdings on properties they buy and… Continue Reading
New Developments Coming to Cape Coral - We are excited about the new developments coming to Cape Coral. It is the largest city by population in Lee County Florida, and the 8th largest city in Florida. The population in Cape Coral has been steadily increasing by 7% annually over the past 10 years (City of Cape Coral). These increases have attracted a lot of new developers and investors to the area. New construction is still booming across Cape Coral. This has been over 1625 new construction single-family home permits issued already. A lot of undeveloped land in North Cape is where most of the new homes are being built. Equally important, the increase in new single-family residential homes brings a great need for nonresidential properties, such as commercial, multi-family, and mixed-use. Below are some of the new developments coming here to Cape Coral. Bimini Square Bimini Square Rendering This will be a mixed-use development that will include luxury apartments, a 25-slip transient boat dock, a waterfront restaurant, shops, and even a Lee Health Clinic. The project is estimated at more than $100 million. The Cove at 47th Next, a $103 million mixed-use development named The Cove at 47th. It will have 327 luxury apartments with 19,000 square feet of ground-floor retail or office space, and a 585-space parking garage, with 125 spaces reserved for the public. The development will also include a rooftop bar and restaurant. The project also features a resident rooftop Sky Deck and resort-style amenities. It will be the first infill residential project with a parking garage in Cape Coral.… Continue Reading
Buying Lots in Cape Coral and SWFL - Are you looking to purchase vacant land in Cape Coral or other parts of SWFL? Are you a builder, investor, or looking to build your dream home? If so, there are some important things you need to know when buying lots in Cape Coral and SWFL. We want you to know a few things you should be looking at when you decide to purchase a lot here. Zoning and Future Land Use It is important to ensure that the zoning and future land use will be compatible with what a buyer will want to build on the lot. Properties can have a wide variety of zoning and future land use, such as residential, multi-family, commercial, and mixed-use. If a property is zoned commercial with a future land use of commercial professional, a single-family home cannot be built on the lot. That is very important information for a buyer to be aware of. Another important consideration is to check whether the zoning and land use match. For example, there may be a lot that is zoned residential, but the future land use is commercial professional. In this case, the lot is not buildable because the zoning and future land use are not compatible. In order to build on the lot, it would require either a zoning or a future land use amendment. The process has to go through the city and can take 6 months, including public hearings, and costs associated with the process. Property Restrictions/Wildlife Some lots will have property restrictions imposed on the lot by… Continue Reading
First Steps to Home Financing - Before you start touring homes you need to have a pre-approval letter from a lender. It is important to work with an experienced realtor and mortgage lender to create a team that is looking out for your best interest in the first steps to home fiancing. These professionals will help you save a lot of time and money. The Pre-approval process When searching for your dream home, an important first step is to get pre-approved for financing. Most experienced lenders can pre-approve a potential buyer in 24-48 hours. They will then issue the buyer a pre-approval letter, which includes the total purchase price the buyer is qualified for. When sellers receive an offer based on financing, they will want to see a pre-approval letter showing that the buyers are qualified. Lenders examine three things needed for pre-approval: Credit Assets Debt-to-Income (DTI) ratio Once you receive your pre-approval letter from the lender, the search is on for finding your dream home! Lender requirements can vary, but here are some common things they may ask for: Personal information such as: social security numbers, birth dates, address history, and photo identification W2s or 1099s for the past 2 years Bank account statements Current mortgage and rent payments Documentation of assets such as investment and retirement accounts We realize there are a lot of moving parts in the process, and the lender and other parties involved in the transaction will be asking for a lot of information. Do your best to remain calm and submit all documents required as soon… Continue Reading