Eye on Cape Coral Real Estate…The Hardest Hit & The First to Bounce Back
Of course, the residents of Cape Coral, Florida are quite aware of the economic progress and tremendous recovery the city has made, but now it’s official.
According to the latest Brookings Institute quarterly report, Cape Coral is pretty much a miracle baby amidst the state of the rest of the nation. The pendulum has definitely swung both ways for the Cape. We witnessed an incredible, almost unbelievable, housing increase a few years ago. The home values rose to unheard of levels, and just as high as we soared…we crashed.
The area became one of the hardest hit, and some were heard to dub the area “the foreclosure capital of the nation.” Short sales and auctions became the norm for the city, and many individuals, families, and businesses pulled up roots and moved back up north (or wherever they felt would be safer). Fortunately the long-time residents of Cape Coral and SW Florida are pretty used to weathering storms. For many of us, instead of pulling out and leaving town, we decided to “hunker down” as we have so many times during adverse weather situations. I guess we figured that all of this would eventually pass, just like the hurricanes…We were right.
Unlike many cities that still see no sign of life, Cape Coral has bounced back in a big way. The Brookings Institute states it this way: “Cape Coral, Florida illustrate just how different the recovery has been in different places. Two years after the beginning of the Great Recession, Cape Coral had 14 percent fewer jobs than it had when the recession began. Two months after each of the three previous recessions, in contrast, it had either recovered almost all the jobs it had at the start of the recession or actually gained jobs.”
So, history repeats itself again. The economy is up, the employment rate has improved, and the housing market is improving. Brookings went on to say, “Recent signs of improvement are showing in economies around the country, but most notably in the south (the hardest hit of the housing bust.”
As of earlier this year, Lee County and Cape Coral were ranked in the top 100 metropolitan areas for job growth improvement. Reports also show a steady increase in population for the area. All of these combined reports give credibility to the “first in, first out” theory that many economical advisors have been discussing.
What does that mean for the home buyers and investors? It proves that “location” really does rule, and will always be the safest real estate bet. Major metropolitan cities that rely on population and industry alone, are capable of falling apart without hope of ever recovering. On the other hand, waterfront property, boating, fishing, and warm, tropical breezes will never go out of style.
SW Florida truly has the best of everything; a perfect vacation atmosphere coupled with promising industry, career opportunities, low crime, and affordable housing.
Call our offices today to check out the latest available listings. There’s still time to get your piece of paradise.
For more information on Cape Coral Real Estate or other property in Southwest Florida, please contact us at 239-691-0157.
