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Cape Coral isn't known for its high-end real estate, but that may be changing.
A buyer paid $5.3 million for a home on Armada Court in Cape Coral recently, says Ted Stout, the broker with Realmark Realty who arranged the sale.
“You can count on one hand the number of homes that have sold for more than $5 million that don't have beach access in Lee County,” Stout says.
During the downturn Cape Coral was one of the hardest-hit areas with hundreds of foreclosures. Most of the homes there are modestly priced, but speculators bid their prices up during the boom. The city hugs the Caloosahatchee River across from Fort Myers and is interlaced with canals.
The Armada Court home in the Cape Harbour neighborhood is an anomaly. The six-bedroom, six-bath house with seven boat docks and a seven-car garage measures 18,404 square feet. The furnishings included in the price cost $200,000.
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