Cape Coral Real Estate & Home Prices

Living in Cape Coral 

Life in Cape Coral, Florida is designed to be easy. Surrounded by the Gulf of Mexico, the Caloosahatchee River and a network of canals, Cape Coral is a community unlike any other. Nicknamed “Water Wonderland,” it has more than 400 miles of navigable canals, more than anywhere else on earth. Getting out on the water is a way of life here.

Cape Coral was the brainchild of Leonard and Jack Rosen, sibling real estate developers from Baltimore. They had a revolutionary idea for a town and were searching for a sizable property to develop it. They flew over Redfish Point, a peninsula near Fort Myers, and knew that they had found the perfect location. With a group of investors they bought 103 acres and began to develop their dream.

Their vision for Cape Coral was a completely master-planned community, with a grid of tidy home lots of varying sizes and an extensive network of man-made canals, so that nearly every lot is “waterfront”. Commercial shopping and services are dispersed throughout the city at convenient intervals, providing easy access for residents. Schools, parks, and entertainment venues are similarly spaced. Bridges connect the town to neighboring Fort Myers. They planned for the future, allowing for expansion, but always keeping the vision of the ideal town in mind.

Instead of listing the lots with realtors, the brothers developed the land sales themselves using the “dinner party” model. They would offer free dinner for two in exchange for hearing the sales presentation. This method was so successful that they could close a deal within 90 minutes. The first four homes were completed in 1958 and development continued steadily through the recession of 2008. The city was officially incorporated in 1970.

The climate in south Florida is completely suited to the lifestyle the brothers envisioned. Part of their goal was to preserve the native flora and fauna, and Cape Coral has two designated nature preserves. The area is classified as both tropical savanna and tropical monsoon zones. It averages 355 days of sunshine per year, with temperatures between 55° - 91°F. Humidity levels are very high and it rains almost daily (although very briefly) during the summer months. There are abundant opportunities for walking, recreational fishing, bird watching, and water sports. Manatees are often sighted in some of the larger waterways.

Surprisingly, Cape Coral has only one public beach, situated on the Caloosahatchee River. There are a number of popular beaches (Fort Myers, Sanibel Island) within a 15-minute drive. The Gulf of Mexico offers access to sport fishing, wildlife rookeries, and several small, tropical islands so the city maintains several public boat launches for the convenience of the community. Cape Coral has a water park and a small amusement park, as well as a museum, a performing arts venue, and seven golf courses.

Homes and architecture of Cape Coral

By all standards, Cape Coral is a very young community. From its beginning in 1957, it has been continuously defining itself and innovating. In 1978, the city installed the largest reverse-osmosis water treatment plant in the world, allowing residents to enjoy superior water quality. Although it is a master-planned community, the architectural styles of the homes are chosen by the individual homeowners, not the city. Therefore, there is no dominant style. In keeping with the climate, however, you will see a predominance of Contemporary, Spanish, and Mediterranean influences. Realm’s data analysis indicates that most of the homes in Cape Coral were built in 2006 and there are some common popular features in the local housing market. Realm found that swimming pools were the most popular amenity, with 4,496 mentions in recent local real estate listings. Beautiful landscaping goes hand in hand with outdoor life, so it makes sense that landscaping would make the top five most popular features, with 1,317 listings noting this feature. They say that good fences make good neighbors and that must hold true in Cape Coral, where fencing was another popular feature, mentioned in 1,762 recent real estate listings.

None of the properties recently listed for sale in Cape Coral were located within a designated wildfire perimeter. However data analysis by Realm shows that 41% of homes in Cape Coral are subject to flooding. Flood insurance is mandatory for most homes in the city. Wind damage insurance is also mandatory in Florida for homes located near a river or a beach. A word to the wise: as hurricane season approaches, the cost of these policies rises. If a hurricane or tropical storm is imminent, insurance companies will not issue policies at all. Therefore, it is wise for homeowners to purchase good insurance in the off season. 

With constant high humidity, maintaining the home’s HVAC system and roofing are of primary importance. Regular maintenance and timely repairs are key to getting the best performance from these critical components. Realm’s data analysis shows that sellers in the Cape Coral housing market made sure to call-out these features in home listings: HVAC was the second-most popular feature, with 2,041 mentions, and roofing came in third, with 1,914 mentions.

Frequently asked questions about Cape Coral real estate

What does it cost to build a home in Cape Coral?

The construction of an upscale 3-bedroom home in Cape Coral is approximately $360,000. That does not include the price of the lot, however. Home lots in Cape Coral vary in price depending on whether they’re water side or off water, and what type of canal access is provided. Off water lots range in price from $30,000 - $90,000 depending on location. Waterfront lots range in price from $120,000 - $150,000. For a waterfront home in a good location with a pool, boat dock, and boat lift you should expect to pay around $600,000. (All prices are as of October 2021.)

Is it expensive to live in Cape Coral?

As of July 2021, the cost of living in Cape Coral was 4% higher than the national average. While the city is certainly not the least expensive place to live, it is still considered affordable. For example, housing costs are on par with the national average, and utilities are rated at 1-2% less than the national average. Groceries can be up to 5% higher, but the cost of eating out can be nearly 5% lower! The most expensive sector is health care, which averages 17% higher than the rest of the nation. That’s not good news for the elderly or those with chronic health issues, but if other expenses are minimal, spending a bit more for health care may not be an issue.

Is Cape Coral very crowded?

As a fully-planned community, Cape Coral has been designed to avoid urban sprawl. City planners report that the community can comfortably house up to 400,000, and as of the 2020 census, the population was only 194,000 – less than half of maximum capacity. The city continues to grow but there is no danger of overcrowding. Home values remain high, living expenses remain relatively low, employment is plentiful, and Cape Coral’s relaxed lifestyle continues to attract families and retirees alike to this “Water Wonderland.”