Foreclosure in Cape Coral Shrinking as Housing Sector Grows


Things have been looking up lately for Cape Coral’s housing sector though this part of the city’s economy was badly hit by the economic crisis that started almost 5 years ago. Recently, the number of foreclosed properties listed in the market is slowly starting to decrease. With inventory shrinking, more and more people are applying for building permits for single family Cape Coral properties. This is good news for local builders in Cape Coral since the increase in applications for single family home permits have started to rise in the first half of 2012.
 
The increase in building permits has been a growing trend and is taken as a sign of recovery in the first half of the year. There have been 177 building permits issued from January to June of 2012 for single family homes as opposed to 131 permits that were previously issued in the first half of 2011.
 
Mr. Paul Dickson, the director for Department of Community Development in Cape Coral, remarked that the increase in building permits for single family homes shows a marked improvement for the city’s housing sector. The director also added that the applications for these types of permits are going up, which is a definite improvement in the real estate industry.
 
The number of permits issued for every month in the first half of 2012 has surpassed the number of permits issued for the same months in 2011. But from the years 2010 to 2012, all the number of permits issued for the month of March was the highest than any other month in the whole year since 2007. In 2010, there were 33 permits issued. In 2011, 35 permits were issued in March. For 2012, 45 permits were issued for the month of March.
 
Short sales and foreclosures have made up most of the inventory of properties in Cape Coral from 2007 to 2009. During this period, there have been more than 10,000 homes in the real estate market in Cape Coral.
 
Homebuyers are now recognizing the benefits of building a home instead of buying re-sales. Ms. Diane Van Arsdale, the director for marketing and sales for Aubuchon Homes, has also noted the change in the real estate industry. Potential homeowners are now realizing that the number of foreclosed properties is shrinking and people are now turning to building homes as another option as customers get exactly what they want for an additional but affordable cost.
 
Although there is a decrease in the number of foreclosures in Southwest Florida and an increase in building single family homes, these changes are still far from the height of the construction boom that was experienced in 2005 where 7,694 permits were issued in this city.
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