Cape Coral real estate: What buyers can expect in the city's four zones

Cape Coral Realtors Dawn and Joe Souto said the Southwest Florida market has cooled off a bit.

But it’s still hot.

While that means fewer bidding wars, fewer cash offers and prospects less willing to buy “as is,” sellers still are able to close on their homes quickly.

“You can’t turn on a news station or read something online without seeing Cape Coral being in the top 10 in the U.S. in selling a home,” said Dawn Souto, who joined her husband, Joe, two years ago in the real estate business. The couple moved to Cape Coral 12 years ago and Joe has been a real estate agent for seven of those years. The Souto Team has built a nice business through MVP Realty.  

Dawn and Joe have had many conversations since home prices skyrocketed. They have had renters wanting to buy a home because they could no longer afford the rent, only to find that buying a house created different problems.

Renters with solid credit who qualified for a loan have been beaten out by cash buyers or buyers who can afford to waive appraisal contingencies. Buyers from out of state who have been living in their homes for years have taken their windfall and edged out the locals.

There’s another problem. There just aren’t many homes out there. Joe said there is less than two months of inventory available. “Usually it’s six or seven months,” he said.

"And there’s only a handful of homes available for $350,000 or less," added Dawn. The Cape Coral market, particularly waterfront properties, have been undervalued for years.” 

If you're selling your home, the most important fact to remember when you list your house is that it is no longer your home. It is an investment. It is not the place where you made memories - it is now something that will get you to the next stage of life.

Stage your home, clean your home, paint it, and make it the most desirable it can be to as many people as possible. Declutter by about 30 percent. Remember to price it appropriately. If you overprice your home and it stays on the market too long, buyers will think there is a problem with your property, and buyers will want it at a discount.

The Soutos said they’re seeing a lot of buyers coming from the East Coast, particularly Miami, because they’re getting priced out of their local market.

“We’re also seeing a lot of people from the Eastern Seaboard, Michigan, Wisconsin, Indiana, Ohio and a small percentage from California and the West Coast,” Joe said.

When they get here, it's helpful to understand the four zones Cape Coral is divided into geographically and what each has to offer. The north and south areas are divided by Pine Island Road, while the east and west areas are split by Santa Barbara Boulevard. Here's what the Soutos had to say about each area:

Northeast Cape: The Northeast Cape has some great valued homes and is close to shopping. “Have you noticed all the new shopping and dining coming to the corner of Del Prado Boulevard and Pine Island?” Joe asked. “I have found some fantastic homes for families looking for easier commutes. The proximity to (U.S.) 41 makes it easy to commute to Fort Myers or north to Charlotte County.” There are some beautiful new homes being built in the mid $300K range and it recently was announced that a new duplex community is to be built in the Northeast. There will be 76 duplexes coming to the area. “This should provide some price relief to some deserving families,” said Joe. This project is planned to be completed in 2024.

Northwest Cape: "When we moved here in 2010, people would ask, 'Why would you live all the way out in Northwest Cape,'" said Joe. "Now, Northwest Cape Coral is growing at a fast pace. There has been an explosion of Gulf access homes being built west of Burnt Store Road. I’m not sure if it is because of the potential of the Seven Island project or if there was a surplus of Gulf access property compared to the Southeast and Southwest Cape. I personally love it out there. Currently, the least expensive Gulf Access home for sale is $849,000 – built in 1989 with an average price of $1.301 million. There are 26 Gulf access homes for sale in the MLS mostly built in 2015 and newer. This is a huge change from when I started in 2016 and I can find you a Gulf access home with no bridges for $500,000. If you want newer, more modern homes, Northwest Cape is for you."

Southeast and Southwest Cape: "Those buyers still love it because we have our 'downtown' in the southern part of the Cape, with the Southeast giving us some of the older and more original Cape Coral architecture," said Dawn. "I tend to get people who want to vacation there or buy rental properties. They want to be near Cape Harbour, the Yacht Club, and restaurants like Slate's, Point 57, or Nice Guys. They also like the activities that area brings, such as the Farmers Market on Saturdays, and events held on Cape Coral Parkway like Red, White & Boom.

Southeast Cape, Part II: "Southeast Cape offers more options than the Northwest for buyers with Gulf access condos and single-family homes,” said Joe. “You can buy a single-family home with direct Gulf access starting at $585,000 for a home that was built in 1962 with low ceilings, and laundry in the garage. The average price right now is a little over $1.5 million. The Southeast does offer the most homes that were built in the 1960s-1980s. Some buyers love the charm of the Old Cape style homes and others just see it as a beautiful piece of property that needs a new home. This is when they tear it down and build a modern home."

More information

Joe and Dawn Souto can be reached at 239-841-4477, TheSoutoTeam@gmail.com, or www.TheSoutoTeam.com

Look for them on Facebook, Instagram, and TikTok @thesoutoteam