Cape Coral Florida's Real Estate Guide

Survey: Cape 7th most affordable housing in the world

CAPE CORAL:

In a list of mainly industrialized cities up north, Cape Coral landed is seventh in the world for having the most affordable homes.

An international housing affordability survey found median home prices in the Cape right now are about $94,000.

David Diaz, of local investment group Carney Properties, says during the boom, housing prices skyrocketed as incomes stayed the same. But now the Cape is overcorrecting itself.

"If you make $100,000 in the family, you're now buying a house worth $175,000 in Cape Coral. Whereas the rest of the country to live in the same type of house, you're looking towards more of a 300,000 number," he said. "[It's] kind of this diamond in a patch of very troubled areas."

And this is good news for local businesses. The city was having a hard time attracting new companies when home prices were high.

Now though, it's prime time for new businesses to move in.

"It's a good time for a company to be thinking about relocating. They can find affordable housing for their employees and employees can find a good, high quality house," said Audie Lewis, a Cape Coral business recruitment specialist.

But Diaz said one problem with affordable homes is that investors are looking to snatch homes and resell them quickly - which may lead back us back to where we were three years ago.

He says homebuyers should do their homework and get a good deal now because eventually, prices will go back up.

"If you're counting on that home to appreciate 200-percent in four years, you shouldn't be buying a home. But if you want to lock into a long term value, it's perfect," Diaz said.

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