CAPE CORAL, Fla. - The price of paradise is skyrocketing. Only WINK News is learning that waterfront property in Cape Coral is on the rise.
A local realtor tells WINK News over the course of one year from January to January he saw a roughly 24 percent price increase.
That price jump is not lost on David Payne. He lives in upstate New York but spends the winters at his home in Cape Coral. "We bought in 2009, decided we'd like a little bigger home than what we have," Payne said.
He's been looking for that bigger dream home on the water for a couple of years. And after watching the market he's thinking "... maybe hurry the process up before they keep going?" he laughed. "Seems to be they are definitely on the increase."
Realtor Marc Joseph tells WINK News the demand for gulf access homes is increasing which means the prices are, as well.
He says it's a good sign of a recovering economy. He believes the prices are only going to go up from here. "The market inventory has gotten very tight. And as we tighten with our market. Prices go up," said Joseph.
That means you're going to pay a lot more now hat you would have a year ago.
"As of January the median sale price of saltwater homes, it's $384,000. If you look back a year ago it was $310,000," said Joseph. "As long as you believe that the sun is going to shine. People will return. The prices will continue to increase. It's a prime example of what's happening right now."
Paradise for sale. But paradise that comes at a premium. "We were just looking for the deal of the century before. Now, we're looking for the deal. Hopefully that will work for us!" said Payne.
As for some advice for buyers, Joseph says make sure you do your research, and educate yourself before making that big purchase.