I am looking to buy vacant land in Cape coral to start building single family homes. Is there anything specific to look for when analyzing land deals in cape coral? I am looking to buy in the NE and NW cape.

Hi Swapna,

Pay no more than you have to; there are a ton of lots for sale in NW and NE Cape Coral. I've done CMA's for owners who paid $80K for a dry lots (not on a canal) fifteen years ago that are now worth $8,000, ouch!

Also be aware that the UEP, utility extension project (water, sewer and irrigation) is occurring up there now and sooner or later owners will be assessed the cost to pay for that. The current North 2 project area is running about $19K for your standard 10K sf lot. 

Also if you're buying lots on canals, there's considerable value (or cost) to having (or installing) a seawall. Again, 10K sf lot, or 80' of seawall will cost about $15K according to builders I've asked.

Good luck!

Thank you !! That is great information. I really appreciate it. I was looking at single family homes as well to buy and hold but is there anyway to find out if the house has been converted to city water?

Hi, Swapna.  I’m a Realtor here and my husband and I bought a couple of vacant lots in NW Cape Coral to either hold or build spec homes, we haven’t decided yet.  We also have a duplex under construction we plan to sell.

If you’re looking for homes on Zillow they will say “city water” and/or “city sewer” rather than “well” and “septic.”  That’s how you’ll know.  If they say “city water and/or sewer” you’ll also want to look for “assessments paid or unpaid.”  The assessments typically are attached to the annual property taxes and paid over time.

When buying vacant land another HUGE thing to be aware of is burrowing owls.  Many lots have them they’re protected.  The only way to know is to drive by and look at the lots.  Depending on their location on the lot you may still be able to build, but only during specific times of the year, a certain distance from the nest, etc.

I don't know much about the real estate in Cape Coral, we only drive through there to get to North Captiva Island. All I know is there are a ton of vacant lots there. With that much supply I can't imagine they'd be worth much. 

Originally posted by @Joy Hunton :

Hi, Swapna.  I’m a Realtor here and my husband and I bought a couple of vacant lots in NW Cape Coral to either hold or build spec homes, we haven’t decided yet.  We also have a duplex under construction we plan to sell.

If you’re looking for homes on Zillow they will say “city water” and/or “city sewer” rather than “well” and “septic.”  That’s how you’ll know.  If they say “city water and/or sewer” you’ll also want to look for “assessments paid or unpaid.”  The assessments typically are attached to the annual property taxes and paid over time.

When buying vacant land another HUGE thing to be aware of is burrowing owls.  Many lots have them they’re protected.  The only way to know is to drive by and look at the lots.  Depending on their location on the lot you may still be able to build, but only during specific times of the year, a certain distance from the nest, etc.

 Thank you @Joy Hunton. With lots of land available now, we are thinking the same. Buy the land, build some SF or MF and sell it or rent it as the rental market is still good. The hefty assessments is one thing that is driving us off and heard about the burrowing owls too. Thank you for the great information. !! 

Originally posted by @Nick C. :

I don't know much about the real estate in Cape Coral, we only drive through there to get to North Captiva Island. All I know is there are a ton of vacant lots there. With that much supply I can't imagine they'd be worth much. 

 some lots are still priced very high. But recently seeing that lot of lot prices are coming down.