When real estate agent Dennis Warson first met with the sellers of a record-setting home, they told him to meet them at the cottage, conjuring visions of a quaint little place.
"I thought they wanted me to meet them somewhere else," he said.
Gerald and Carolynne Butters simply named their 8,369-square-foot Gulf of Mexico house on Pine Island with a homey vibe.
The $1.87million home, which sold March 9, was built in 2007. It is the most expensive property sold in St. James City history, Warson said, and a quick check of property records supports his claim.
More: The most expensive homes sold in 2017 in Lee and Collier
Another million-dollar property on Pine Island is listed, but comes in at $1.395 million, nearly a half a million dollars less than the record-holder.
Record-breaking properties are a notable achievement across Southwest Florida, with ceilings shattering, or at least cracking, for the first time since the market crash a decade ago.
"The Fort Myers market is a barometer, a metric of what’s happening everywhere," said Trae Zipperer, an authority in the high-end housing market with Trae Zipperer Realty in Fort Myers. "No matter where you go and run numbers, you’re going to see a similar increase in sales over a million dollars."
Based on his research, he said, sales of million-dollar-plus homes in Fort Myers are up 35.7 percent year over year for Jan. 1 to March 13.
"Fort Myers is a pretty big market, and a good snapshot of each market," he said. "Cape Coral is different than Sanibel, is different than Fort Myers Beach."
According to the Florida Gulf Coast Multiple Listing Service, which covers all of Lee County, 50 homes and 24 condos at $1 million or more sold in January, up 33 percent from January 2017.
Zipperer said his "sweet spot" is homes selling for $2.4 million to $3 million. He sold four homes in that price range within a week of them on the market, two of them within 24 hours.
The average time a million-dollar home that sold in January was on the market was 73 days, Florida Gulf Coast MLS reports.
"We're on a fantastic pace for 2018," Zipperer said. "We’re just in a perfect situation. We have a good product and have good demand, and we have good pricing."
The luxury homes are selling well above the median home prices across the region. The median home value is $185,700 in St. James City, compared to $166,800 for Florida and $184,700 for the nation, according to www.areavibes.com. In Cape Coral, the median home is $219,700; in Fort Myers, it's $202,800.
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According to online listings, at least 160 properties across all ZIP codes in Fort Myers cost $1 million or more; in Cape Coral, 74 are on the listing. The priciest home on the listing is at 1240 Coconut Drive, Fort Myers, for $15.95 million. It has six bedrooms, 8 full bathrooms, and a three-bedroom guest house.
But Zipperer cautions that just because the listing price is high, it doesn't mean the home will sell for that.
The majority of high-end homes across Lee County are in the $1 million to $2.4 million range.
Zipperer said growth is another factor in sales: The numbers of new construction homes "is off the chart right now."
He said he has 10 new builds at Town and River Estates, an exclusive community off McGregor Boulevard south of The Landings. Clients at that price range want water frontage — deep-water lagoons, canals, lakes or direct Gulf access — and large lots — about an acre.
"They either want water or they want space, and land is expensive in Fort Myers," he said.
He sold one lot for $1.5 million.
Ted Stout, managing broker of Realmark Realty in Cape Coral, said he is eyeing a record sale at $5.3 million within days, tying itself. The 15-year-old home at 5832 Armada Court sold for $5.3 million on July 15, 2013, as well. It was listed at $5.9 million.
The population of Cape Coral is 175,000, with it set to swell to 300,000 within the next few decades. Stout said Cape Coral has plenty of property available to handle the demand.
"The luxury market is super hot," he sai. "We still have vacant lots at Tarpon Point Estates, Cape Harbor and Hermitage — the gated Gulf access communities."
He has a Fort Myers property that fits the high-end shoppers' desires, on nearly an acre of riverfront and more than 9,200 square feet of living space. It’s priced at $7,777,777.
Back on Pine Island, residents are fine with a remote location with little access to shopping or entertainment, Warson said.
"Your dollar goes further on Pine Island," he said, as long as they can live without the nightlife and tons of shopping centers.
"It offers peace and quiet; people don't want the hustle and bustle. They dont' want traffic. ... they just want to be left alone."
The record-breaking property took 159 days to sell, and Warson said he checked records going back 13 years, to before the recession. He found a home that sold for $1.45 million in 2006."
"It means there's a buyer for every home as long as you price it right," he said.
Real estate agents are expecting 2018 to be a great year.
"The economy is back on track," Zipperer said. "I’m getting reports of people making record earnings, and having excess disposable income. They feel good about their financial situations. They are living their lives and can afford these homes."
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By the numbers
A St. James City home at 3583 San Carlos Drive, recently set a Pine Island record for single-family homes. Here is a look at the numbers:
- 0.43 Acres
- 4 bedrooms
- 6 baths
- 159 days on the market
- $221 — price per square foot
- 8,369 square feet
- 2007 year built
- $20,478 annual estimated taxes
- 40,000 pound boat lift capacity
- $1.87 million sales price
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