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The luxury housing market is booming in Fort Myers and Cape Coral

If you live in or near Fort Myers and Cape Coral, you have probably noticed a surge in development in the past few years. A U.S. Census Bureau report from earlier this year found that the area is among the fastest-growing in the nation with over 750,000 people moving in between the years of 2010 and 2018.

Many of the people moving in are looking for housing in the form of apartments and condos for a couple reasons. Younger people likely cannot afford a down payment on a house or simply don’t want to make that commitment. The older folks occupying these spaces probably wanted to downsize and do less maintenance.

Luckily, the area has plenty of luxury housing popping up to accommodate all the growth. News Press estimates there are around 10,000 units either being planned or in pre-construction, and almost 2,000 new units are set to open this year. Here are a few upcoming projects:

  • The Decorum has 435 units that will rent from $1,389 to $2,240 per month, depending on the type of unit.
  • The Edison at has 327 units ranging from $1300 to $2,000 per month.
  • Grand Central has 280 units ranging from $1,200 to $1,665 per month.

While the rate at which these new buildings are filling up has dipped slightly, over time it seems that the supply of apartments and condos will ultimately meet the demand of tenants. Joe Bonora, founder of the development company that built Grand Central, told News Press, “Everything is filling up. It doesn’t seem like in the foreseeable future that there’s going to be any cooling off. I don’t see a situation where it’s oversaturated.”

When you are moving into a brand new building and rent is at a premium, you expect the space to be perfect. Unfortunately, mistakes can still happen. If you moved into a luxury development in the area and are noticing flaws in workmanship or even safety hazards, an attorney experienced in construction law can help.

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