Cape Coral Gulf Access Vacant Lot Update
UPDATE DECEMBER 2011. In the last Cape Coral Vacant Lot Update, we wrote about prices for high-end Direct Access (“Sailboat”) residential canal lot prices. In this December 2011 update, we cover upper-end Gulf Access lots with these characteristics:
- Gulf Access (one or more bridges to pass under)
- Seawall in place
- No lift to pass over (may have a lock to pass through)
The saltwater canal lots with these characteristics are generally in the Southwest area of Cape Coral. Our analysis of recent activity included active listings, pending sales, and closed sales. We threw out some very high priced waterfront land (exceptional lake views, oversized parcels) and some very low priced waterfront parcels (frontage on a major thoroughfare, less than 80’ of seawall).
The analysis shows that the average asking price for Gulf Access canal home site is just under $150,000. The average sales price (from October 2011 through December 10th 2011) was $85,000, with over 50 lots sold in this period.
Sale prices are at 30% of the market high in January of 2006. This market has bottomed out and sales are increasing, as inventories are depleted we expect that prices will once again climb. The better locations are rapidly disappearing from the market.The lot pictured here is in the Southwest portion of Cape Coral, and sold for $84,000 in September 2011.