More people are moving and calling Southwest Florida home, they’re also buying empty lots to live exactly where they want.
One realtor said he’s sold 150 Cape Coral lots in just the last year and a half and there’s no sign of stopping.
The force of supply and demand has shifted focus to empty lots, given that there aren’t enough homes on the market in Cape Coral to go around.
Yoselyn Hollow, a broker with Remax, said the demand has always been there but they haven’t seen anything like what’s been happening lately.
“With the number of people that are moving into the area with very limited inventory as far as single-family homes and condos and inventory in general,” Hollow said. “The only other option or alternative was to look at the residential.”
Hollow told WINK News, that before the pandemic, a lot with freshwater access would have cost $20,000 to $30,000. But since the pandemic, that same lot might cost $40,000 to $60,000.
Realtor Jose Torna said the reason for the increasing interest in lots may indicate a change in the way buyers are thinking.
“People who have lived in big towns big cities all of a sudden wanted to have more open space,” said Torna. “They didn’t want to be on top of each other.”
“I think they will continue to grow but they’re not going to grow at the rate we have seen over the last year,” said Torna.
Torna, who sold 150 lots in the last year and a half, believes what drives the market in this part of Cape Coral is growth, especially with major projects in development.
“As soon as you guys announce that in the media we see a jump in real estate out there,” said Torna.
A solid portion of the lots are in the northeast or northwest part of Cape Coral where the infrastructure is trying to catch up, which according to Hollow is good.
“The growth in that area is going to help their values increase over time as well,” said Hollow.
Hollow told WINK News they have seen this happening across Lee County and not just Cape Coral.