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More homes for champagne wishes and caviar dreams

July 13, 2018
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

It's time to open up more champagne and break out your finest caviar, as we wrap-up our mid-year salute to famed television producer Robin Leach, with another episode of our jetsetters' tour of some of the highest priced home sales so far this year in Southwest Florida.

Our first stop will be in Southwest Cape Coral in the Harbour Preserve section of Cape Harbour, along the southwest spreader canal, where we landed on a "one of a kind estate designed with the yachtsman in mind." This registered as the highest priced property sold in Cape Coral so far in 2018, and along with the primary property, it also included the two adjoining vacant lots. The sale of this "crown jewel of Cape Harbour," located just minutes by yacht through the boat lock to the river, closed at $3.925 million on May 31. As described in the Multiple Listing Service, this compound sounds like nothing short of a Thurston Howell III dream home, that is almost a private island unto itself, with about 600 feet of seawall and "plenty of room for multiple 70-foot yachts." It also features a waterfront promenade with a beach-style entry vanishing edge pool with a spa, fireplace and breathtaking views.

But you will feel far from stranded on the landscaped grounds of this 1.5-acre property that includes the main house with an elevator built in 2003, a guest cottage, caretaker's quarters, six bedrooms, and six full bathrooms, plus three half baths. There are also three fireplaces, an entertainment level, gourmet kitchen, outdoor kitchen, wine loft, a library and a reading loft. It includes a garage bay stretching 42 feet deep and can accommodate up to seven cars. With approximately 13,608 square feet of living area and some 18,404 square feet of total area, along with a gated entry with a digital camera security system, one could only hope to find themselves marooned here.

The highest list price on this Cape Harbour estate was set at $6.975 million back in October 2015, putting the ultimate sales price 43.73 percent below, or over $3 million under, this peak list price. For the most recent attempt at selling this estate, the list price started at a more reasonable $5.9 million on June 2, 2017, so the final sales price was off by only $1.975 million or 33.47 percent. This estate was sold furnished in a cash transaction and the records indicate the seller bought this estate for $5.3 million in cash back in July 2013.

Moving back across the bridge, it's only a short limo ride to our next home, located in the Seminole Park neighborhood of Fort Myers, where the highest priced home sale so far this year was for a 10,517-square-foot home sitting on 1.02 acres of riverfront property built by Arthur Rutenberg Homes in 2008.

This "exclusive waterfront luxury home" includes a first floor foyer leading to the gallery with dining and living areas, a gourmet kitchen complete with a leisure room, morning room, fireplace, butler's pantry and wet bar. The first floor also has a hobby shop, a theater and a gym, along with the master suite which features a sitting area, plus his and her bathrooms. The second floor has a child's wing with two bedrooms, each with their own full bathrooms, plus two full-sized guest suites. There is an "amazing" large covered sunset lanai on both levels of this home, with the ground level lanai featuring an outdoor kitchen, fire pit and a lagoon-style infinity pool overlooking a 200-foot stretch of the river with a boat dock and lift.

This home was new to the market on March 6 of this year with a list price of $4.7 million, and it was advertised as a "no reserve auction" to be held on site on April 14. The home, which was open for public previews on the weekends and also by scheduled private appointments, went under contract with a buyer at the auction on April 14, with the final sale closing as a cash deal for $3.7 million on May 31. So this exclusive property came in at $1 million, or 21.28 percent, under the asking price.

For our final home, we headed across the causeway onto Sanibel and Captiva islands, where the highest priced home sale so far in 2018 was a "spectacular trophy compound" on over 4 acres along West Gulf Drive. Built in 1971, with 315 feet of unspoiled Sanibel beach frontage, this sprawling 10,450-square-foot, old world Mediterranean-style estate home was completely remodeled back in 2000. It features six bedrooms, seven full bathrooms and two half baths, formal and informal gathering areas, marble flooring, four fireplaces and a guest house. The home comes complete with a three-car garage, an elevator and sweeping lanais that capture endless sunset views, along with an incredible pool and a tennis court.

This beachfront compound was initially listed for sale at $13.875 million back in July 2008, as the real estate market was going through its unraveling process, and the owners continued chasing the market down throughout 2009, as they lowered their price to $10.9 million. After taking a break, they came back to the market in March 2013 at a list price of $8.9 million, only to raise their price to $9.495 million in October 2013, before coming off the market again in April 2014. The home was put back on the market again in August 2016, at $8.975 million and it went under contract with a buyer on April 3, 2017, only to have the deal fall through after 11 days.

This was followed by a $480,000 price decrease in May 2017, with the property going back under contract with a buyer in November 2017, and closing as a cash sale on Jan. 1 of this year for $7.8 million.

This was 13.09 percent below the new listing price from August 2016, and over $6 million, or 43.78 percent, below their initial attempt to sell this property from back in 2008, so unfortunately, a lot of caviar was left on the table with this sale.

All of this helps illustrate just how difficult it can be to come up with an accurate initial listing price that will be in a range to attract a buyer.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County as of July 6, 2018. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral single-family homes, not including condominiums, foreclosures or short sales. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with the RE/MAX Realty Team office in Cape Coral. They have lived in Cape Coral for over 38 years. Geri has been a full-time Realtor since 2005, and Bob, who also holds a Certified Financial Planner designation, joined with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)



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