Cape Coral, Florida

[br549oicu8]

Anyone here near Cape Coral, Florida?? I was noticing how reasonable the housing is in that area. Is the economy good?
Was thinking of buying a winter home somewhere warmer than the midwest. Not looking to move or start a business there...just spend some time there if it makes sense.
Anything about the area is appreciated!!

Thanks!!!

[Carolina Cuts]

I would have to say the economy sucks right about now in Florida, and that's just pretty much general concensus. BUT, you're talking about buying a second home....a vacation home? I would have to think that if you're in a financial position to purchase a second home for YOU and only as a vacation place, then I would think NOW is a great time to get a deal.

[br549oicu8]

I would have to say the economy sucks right about now in Florida, and that's just pretty much general concensus. BUT, you're talking about buying a second home....a vacation home? I would have to think that if you're in a financial position to purchase a second home for YOU and only as a vacation place, then I would think NOW is a great time to get a deal.

That's what I was wondering...
I couldn't believe the prices!!! 1800 plus square foot homes, less than 5 years old...looking very nice...some with inground pools for under 100k.
Check it out..

I am tempted to take a flight there for a few days. SWest flies with 15 miles of there and I always have a few freebies coming from them.
Gotta love that SWest Business Visa card!!!

[Carolina Cuts]

well, now that sounds extremely cheap... maybe it's not a desired location? (that particular part of Florida)

I'm seeing homes in coastal Carolina goin' up for $150's-$170's (3 bed/2bath) which I thought was pretty low.... but under a $100k in Florida???? questionable.....

[br549oicu8]

I thought so myself. I searched thru Coldwell Banker, checked the area, looked to see where the nearest airport was...etc. Tried to find the negative but couldn't. Hmmmm....very interesting.
It just might be worth a wuick flight to see what it's all about. It's very close to Ft. Myers.

[Carolina Cuts]

Hey, if ya got nothing else to do... at the very least, it's a quick get away from Kansas to Florida in the winter....... make it a mini-trip....

[br549oicu8]

Hey, if ya got nothing else to do... at the very least, it's a quick get away from Kansas to Florida in the winter....... make it a mini-trip....
I am seriously thinking about it.
Every December I take my crew leaders to Vegas for 3 days on me but have heard a comment or two from them about going somewhere else. This place might fit the bill for that also. Couldn't hurt to take a free flight and check it out for a couple of days!!! I am nearing retirement from my first job which is year round. Something like this could be a good destination for the winter, plus several getaways during the year.
Ya never know 'till you look!!!!

[grassman177]

do it man, we are counting on you!

[Greg78]

Cape Coral isn't a bad place. Lots of foreclosed homes and I mean a lot.
Mostly newly weds and nearly deads living there.

You can check out the forums over at http://www.city-data.com/forum/fort-myers-cape-coral-area/

Lots of information there.
:usflag:

[traman]

do you have any address's ? if you do go over to zillow and zoom in right to ground level and you can see to house and surrounding neighborhoods .
hare's the link http://www.zillow.com/homes/map/

[br549oicu8]

I appreciate the input and advice sincerely!!!
Just something I am tossing around but it may be worth a flight to check it out. If nothing else the guys are interested in doing a trip there in early December for their Christmas bonus. Looks like there are some nice vacation homes in the area!!!

[paradise32258]

lotsa forclosures here in florida all parts not just the west coast. but its like some one already said its like a reiterment community there, but hey sounds like a great investment opertunity. good luck with it

[yamadooski]

We too are looking at a second home purchase. I can get 2,000 rent for my place which has a pool and 5 bedrooms. We built before the boom.
So we looked a some water front property forclosures in a gated boating community. I found a 750,000 house with pool and boat dock with lift. It was 250,000. In the same area found another for 175,000.
Looked inside both and they were gutted down to the knobs on the doors and cabinets. Both ac units were gone, hot water heates gone, all doors and light fixtures gone, carpet gone and in one all the hardwood floors gone.

This is norm with all the cheap houses down here. Beware and would hate see you waste an airline ticket.

I think we are gonna build again with same builder. I can get a 2 story with 2 bonus rooms upstairs. One for relaxing and the other will be a theater room.
3500sq feet, 3 car garage, 5 bedrooms and 3 baths, $10,000. at the design center and plus 5% off list price for being a repeat customer. All for 275,000.
3.75% mortage and it the house will be 1,000sq feet bigger than one I have and the payment will be lower.

[br549oicu8]

We too are looking at a second home purchase. I can get 2,000 rent for my place which has a pool and 5 bedrooms. We built before the boom.
So we looked a some water front property forclosures in a gated boating community. I found a 750,000 house with pool and boat dock with lift. It was 250,000. In the same area found another for 175,000.
Looked inside both and they were gutted down to the knobs on the doors and cabinets. Both ac units were gone, hot water heates gone, all doors and light fixtures gone, carpet gone and in one all the hardwood floors gone.

This is norm with all the cheap houses down here. Beware and would hate see you waste an airline ticket.

I think we are gonna build again with same builder. I can get a 2 story with 2 bonus rooms upstairs. One for relaxing and the other will be a theater room.
3500sq feet, 3 car garage, 5 bedrooms and 3 baths, $10,000. at the design center and plus 5% off list price for being a repeat customer. All for 275,000.
3.75% mortage and it the house will be 1,000sq feet bigger than one I have and the payment will be lower.

I think I'd reserve a nightly rental for 3 days and take a look around. I am a Building Inspector by trade so I think I'd do ok looking at existing structures overall. I'd like to check out City Hall, the water, sewer, trash services, taxes, etc.
It may just be better to rent one than actually buy.
I earn a bunch of free flights on SWest using the Rapid Rewards Visa business card. Put all my products and anything I can on it, pay it off when I get the bill, and earn flights!! It just happens that SWest flies into Ft. Myers. The flight would be free. A getaway as part of it would be nice. I am one to think long and hard about major purchases so I wouldn't rush into anything. I do appreciate all the responses. Keep 'em coming!!

[greendave]

If you're going to buy NOW is the time. Despite it all Cape Coral is a nice place. There is SO much waterfront housing available at a third of 2005 prices. If only I had the cash now that I had then.......

[yamadooski]

Well its good that you are a building inspector. That is always handy. If I had that trade I would be a full time RE Invester.
Cape Coral is a nice place. BUt a bit to slow paced for me. I love the tropicals there that I cant have in Tampa.
My Royals, Foxtails, Areacas, Spindle palms all are brown and Im afraid they will not come back this time. I even had propane heaters on them and with fans blowing. It just got to cold.
So I told my wife we are moving to the South Tampa area. We are on the east side now.
So try to get as close to the water as possible so your plants dont freeze.
Even Cape Coral got hit hard on the inland side.

[capelawncare.com]

Cape Coral is great investment right now. If you told a realtor, you were looking for 1800 sq ft 3 bedroom homes,for under a hundred grand, you'll need two weeks to see them all.

If you can a spend a bit more, I would suggest buying waterfront property. They arent making anymore of it. There are more canals in cape coral, then there are in Venice Italy. Some Fresh water, Some with gulf access, that are limited by bridge height, some without bridges that you can get big boats into.

Also check to make sure the dual water assesment is either in or is paid. Thats a hefty bill when it comes.

Cape Coral does have great amenities. City Hall is new. Good Parks and Rec. and good shopping. But our economy does suck right now, it'll get better though. That is, unless they start filling in the canals, and change the weather.

If you have any questions, I lived here for 20 years, and would be happy to answer them for ya.

[freshcut419]

[QUOTE=br549oicu8;2756776]I am seriously thinking about it.
Every December I take my crew leaders to Vegas for 3 days on me but have heard a comment or two from them about going somewhere else. This place might fit the bill for that also. Couldn't hurt to take a free flight and check it out for a couple of days!!! I am nearing retirement from my first job which is year round. Something like this could be a good destination for the winter, plus several getaways during the year.
Ya never know 'till you look!!!![/QUOTE So did you buy a house in Cape Coral yet?

[grassman177]

no, he decided against it. not sure if he will be getting on here or not soon, so i thought i woudl mention for him. we have done a trip though there. was very nice, but stayed in orlando area.

[Richard Martin]

The Cape Coral/Ft Myers/Port Charlotte area is ground zero in Florida for the housing crash. Before you go and get all excited about buying a house there here's 2 things to consider. Home insurance is gastly expensive with those pesky hurricanes and stuff. And property taxes are pretty brutal. Florida has no income tax so they have to make it up somehow.

I had also considered a purchase there since my sister lives there. Renting the house out is out of the question. I can't live here and landlord there. Just letting it sit for 11-1/2 months out of the year makes no financial sense. I just read a report yesterday from a mortgage securities expert that said that there may be up to 10 million more foreclosures before this whole mess is done. The best you can expect from real estate there is that the values will bounce along the bottom for another decade.

[David Haggerty]

This is my 8th winter in Lee County Florida. Which includes Cape Coral, Ft. Myers, North Ft Myers, Ft. Myers Beach, Sanibel Island and other communities.

People all around me are snapping up real estate bargains. Houses and land for half of what it cost to have the house built! It's driving me nuts! My Bookkeeper/fianncial advisor/wife says we have no free assets to invest in another property.

It's just like any financial downturn. There are bargains for people with cash.

I've heard it said that if you're buying property in Florida hire an attorney. It'll be the best money you'll spend.

The people who say this area is too much of anything, are trying to paint the area with too broad of a brush. From the people living in $7,000,000 condos in Bonita springs to the homeless camped in the woods the same sun shines on all of us. If there's too much of anything there are too many choices.

[grassman177]

nice, wish we had the cash to buy up a place.

[freshcut419]

I used to live in Cape Coral I sold my house just before the housing tanked. Thank god I see houses just like mine that I sold for $310,000 now seling for $80,000 taxes have seemed to come down a bit not sure about home insurance thu.