CAPE CORAL, Fla. — For sale signs line some streets in Cape Coral, and a recent Wall Street Journal article dubbed the city the worst housing market in America, but local real estate experts say that characterization doesn't tell the full story.
Fox 4's Bella Line speaks with local real estate and economy experts about the current market:
"It portrays a picture of Cape Coral being in distress when it's not," said Karen Borrelli, president of the Royal Palm Coast Realtor Association.
Borrelli says understanding the area's background is crucial to interpreting why there are so many homes for sale.
"We had our COVID years, where the market went up very fast, and then we had a hurricane and our market still sustained, mostly from people losing their homes and purchasing homes," Borrelli said.
Amir Neto, director of FGCU's Regional Economic Research Institute, explains that Cape Coral is simply experiencing a market correction and transitioning to a buyers market.
"If southwest Florida wants to grow, it needs to continue to attract people," he said. "And to attract people, you do need to have attainable housing and I think this current market speaks to that."
Borrelli points to the "great migration" that occurred in 2020, noting some of those transplants are now returning north due to in-person work requirements, skyrocketing insurance rates, and hurricane damage.
She emphasizes the importance of working with local realtors who understand community-specific factors, especially in Cape Coral where thousands of homes will be connecting to city utilities in coming years.
"The realtor is going to know the local market, the conditions, the pricing," she said. "Does it have city utilities? Are city utilities coming. What are the assessments? Is there a wildlife on the property?"
Despite current challenges for sellers, Neto remains optimistic about the region's long-term appeal.
"Southwest Florida is a place that attracts people. It will continue to attract people here for the endowment, for the quality of life that we offer," Neto said.
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