Demand in Cape Coral is still high, but people don't seem to be in a selling mood. We sold a rental property at our asking price last month; then bought another one for the same price a week later.
You live in a neighborhood where 3,000SF houses sell for $3 million to $4.5 million? And prices have been stable for 5 years or so? What city and neighborhood is that?
Prices have gone up 11% over the last year, but houses are staying a bit longer on the market. The multi-million dollar estates on top of mountains/hills are the ones that are spending the most time on the market.
Honestly don't know but most are short-term vacation rentals. That is a major industry along the beach. During a holiday period, I would guess $2k+ for the week.
Almost none of the houses in my neighborhood are that big. Most are in the 1000-2000 square foot range, with a fair number of the older ones like mine being <1000. Last month, one of the larger ones (2500 square feet), which abuts my backyard, sold for 4.4 million. We live in coastal California about four miles from the water.
I am always amazed at how expensive California real estate is..................2500 sq feet on a suburban lot for $4.4M????????
We definitely have houses that size with nice views, but they cost well into the eight figures. I have never seen any properties with more than 10 acres, and anything with 5+ acres is $100 million+. I’m guessing some of the suburbs have 5-10 acres plots in the $10-20 million range, but I doubt there is any residential property in California with more than 100 acres. Oprah’s estate on the central coast is 70 acres, I believe.
I get Zillow updates from Destin and that market is full of reductions in price. One of the challenges is the big increase in dues and the special assessments some condo owners have received this year.
Our old house in Orange County with 1600 sf in a “desirable” neighborhood (Anaheim Hills) was on Zillow recently for $1.6M. California prices are astounding to those of us who live east of Cali, but we moved many times and lived all over the country. I’ve checked recently on our old houses and the prices everywhere have sharply increased.
