Glutton for Punishment if you invest in Cape Coral (Tampa: crime, appliances)

[Donna-501]

Originally Posted by stahltkd

So true, the WHOLE country is falling apart. Just not Cape Coral or even Lee county. My grandparents had a house in Labelle that I would visit - fell in love with the whole SW Florida feel. Married my wife - whose trustee bought her a house in the SE Cape that was to be used for investment property.

She graduated Summa *** Laude majoring in Special Education... had 10 interviews in Ohio. Not one hired her. A special education school in SW Florida sought her out. She got notification yesterday that she starts Monday at more than what she would make here in Ohio as a first year teacher.

So, she's on her way and I'm following 2 weeks later with the truck with our stuff. Is there difficulties in Ohio? Yep sure are. Are there difficulties in Florida... yep... its all in the attitude.

Congratulations on her new job and you both moving down here.

[yoko]

Originally Posted by Twobeach

No heating bills, no traffic, people are friendlier, clean beaches. Lower reasonable cost of living,

My goodness!




There are two Cape Corals...one in real life and one on Fantasy Island!

Without constant airconditioner Cape Coral houses will be covered with mold.
No traffic, because of historic population decline.
People are friendly...because are backed to wall. True victim of abuse/betrayal.
Cleanness? ummh let's don't at canals or abandoned homes
Lower reasonable cost of living...have you heard of "deflation" and its vices...drop of housing values continues.
Nature: Trees..an exotic word, thousands of Monitor Nile Lizzards winning the battle


When Cape Coral will come back? Let's see..

The worst unemployment and poverty growth rate in the nation
The worst economy in the nation
The worst tourist, services in the nation
Second worst in foreclosure in the nation
Over $1 bn debt
Collapse of rental marktet


Cape Coral needs new comers to release current residents to leave. But this should not give anybody the permission to hide facts!

Just chose a zip code and go to Zillow and see how many houses are available..people want to move...badly.









Please Google every issue and read..read.. read.
Don't trust anybody with your money!

[faithfulFrank]

Folks, This is getting old.

Cape Coral has it's problems. Many of them.

For some, especially those who have suffered a job loss, or are underwater on their homes, etc, life could be exasperating. But.....that is true all over, even up here in NY.

For others who for different reasons have a more comfortable life, Cape Coral could be a nice place to live. I'm sure.

This is true in any town all over this great country. And in EVERY town in this great country, folks should be wise and research the community, etc, before they buy, weather it is in NY, Texas, Florida or Maine.

You could take almost anyplace and make a list of the good and the bad of a place.....the key is to make sure you take off the rose colored glasses, make an honest assessment of an area, list the good/bad, then decide, based on what is important to you, if the place could be "home" to you. Do what is best for you, then be happy.

I'm currently here in NY. High taxes, beautiful 4 seasons. high unemployment. I have a good job. rust and potholes everywhere. Love my property. Minutes away from Great lakes, Canada, Niagara falls, etc. Great hunting, deer and turkeys in my yard daily. Frigid winters. Here in August at 8:30am it is 57 degrees and sunny here, 80 degrees and sunny in my Florida home. A/C is an option here, needed in Florida.

I hate the winters here, but many friends live here FOR them. I guess what I'm trying to say is that there is good and bad everywhere......THANK GOD we are all different, and like different things. Life is too short to complain.

If you like it in Cape Coral, great...enjoy! If you don't, and see nothing but gloom and doom, then for your own sake, go to where you would be happier.....there is no iron curtain in Florida, you are free to go find your happiness. If you have not decided yet, do your homework, be honest and objective, make a decision, then live with it, knowing that no place this side of heaven is perfect.

Life is not a dress rehearsal folks...you only get one....do it right.

Frank

[KasperFile]

here is a good indicator to current glut of forecloses listed in lee, “not including the 10,000s soon to be unloaded banks inventory

Go to Google maps / to the right of the search theirs a pull down “chose real estate” / to the left you see data choices check only “Foreclosure” and click “Go” I pull 16k listing over all of lee, 70% under 90k , that will soon tern to 90% under 60k as soon as the banks dumping their inventory

[twobums]

Originally Posted by faithfulFrank

Folks, This is getting old.


You could take almost anyplace and make a list of the good and the bad of a place.....the key is to make sure you take off the rose colored glasses, make an honest assessment of an area, list the good/bad, then decide, based on what is important to you, if the place could be "home" to you. Do what is best for you, then be happy.


If you like it in Cape Coral, great...enjoy! If you don't, and see nothing but gloom and doom, then for your own sake, go to where you would be happier.....there is no iron curtain in Florida, you are free to go find your happiness. If you have not decided yet, do your homework, be honest and objective, make a decision, then live with it, knowing that no place this side of heaven is perfect.

Life is not a dress rehearsal folks...you only get one....do it right.

Frank

Awesome post, Frank ~ thx for keeping it real!

We love living down here but not everything is sunshine & roses... it's all about balance.

Rep points coming to you...

[yoko]

Originally Posted by KasperFile

here is a good indicator to current glut of forecloses listed in lee, “not including the 10,000s soon to be unloaded banks inventory

Go to Google maps / to the right of the search theirs a pull down “chose real estate” / to the left you see data choices check only “Foreclosure” and click “Go” I pull 16k listing over all of lee, 70% under 90k , that will soon tern to 90% under 60k as soon as the banks dumping their inventory

pretty neat!
Have you tried the yahoo real estate foreclosure listing? Also good.
Zillow is interesting too. As it gives you the listing of houses on market in every category.


All these information help one to have a clear vision of what is ahead while contemplating to sell or to buy.

[yoko]

" But in 2010, home sales have been dragged down by a number of factors, including the end of the homebuyer tax credit, the temporary lapse of the National Flood Insurance Program and fears that the BP Gulf oil spill would reach the beaches in the area.

Still, the oil spill has given tourists and home buyers something to worry about.

Sales status. In June, the metro area’s home sales were 18 percent lower than in June 2009.

The local market has relied on international buyers and vacation home buyers, many of whom have been paying in cash. But in the second quarter that dropped to a little over 65%, perhaps because many second-home buyers held back to see what damage came from the oil spill.


Five years ago, most families who lived and worked in the area couldn’t afford to buy a home. “The market was very influenced by speculators who artificially increased the prices,” X says. “Now they are very affordable.”





Aug/08/2010
Case of hiccups plagues Lee market | news-press.com | The News-Press
Prices will be "very affordable" after new waves of foreclosures.

[nhkev]

just to clarify although sales were down compared to 2009 the 2nd qtr of sales was the 2nd largest in history. June of 2009 was just off the charts. sales are still extremely high.

also because you are again getting into areas that you know nothing about I will define what shadow inventory is.

it is houses that are broken down to two catergories homeowners that are 90+ days delinquent and homes that are in the foreclosure process that have not yet been taken over by the bank (REO properties). The bank cannot list a house that they don't already own so the shadow inventory is a way to forecast what a bank is likely to expect to own in the future. so what you would see is an increase in initial filings. The initial filings across the country have been largely increasing but cape coral has been bucking this trend.

yes there are a lot of homes that are being taken as reo now from initial filings that took place a year ago when initial filings were high but they have been absorbed by buyers at the courthouse steps.

Banks cannot have a hidden inventory. they are required by law to disclose their non performing assets. their non performing assets include leases, commercial properties, and residential. Lee county is just ahead of the rest of the country. there are few places that have had the sales volume that lee county has had over the last 2 years.

[yoko]

“ A deficit

Property in Lee County is worth half of what it was just three years ago.

Aside from the havoc it wreaked on consumers, banks and builders, the real estate boom-bust has mangled the county's tax system, which is based on property values.

"Lee County had the largest drop (in property values) last year of any other county (at 23 percent)," said communications director for the Florida Association of Counties.

Lee County's property values dropped again ahead of this year by 14 percent - one of the worst declines in the state. “


The deficit leaves the county unpleasant options:

- Spend down $206 million worth of reserves, a strategy that pushes the problem down the road.
- Raise the tax rate.
- Cut services, alongside layoffs.





Aug/08/08
Lee County faces certainty of change | news-press.com | The News-Press

[nhkev]

Originally Posted by KasperFile

here is a good indicator to current glut of forecloses listed in lee, “not including the 10,000s soon to be unloaded banks inventory

Go to Google maps / to the right of the search theirs a pull down “chose real estate” / to the left you see data choices check only “Foreclosure” and click “Go” I pull 16k listing over all of lee, 70% under 90k , that will soon tern to 90% under 60k as soon as the banks dumping their inventory

I don't normally follow all of lee county mostly because real estate in the area is greatly different... there is just no comparing sanibel to lehigh. and even in fortmyers there is a huge difference between 33916 and say Paseo.

but out of curiosity I decided to run a property search on all of lee. What I came up with is 18000+ properties. backed out vacant land, properties that are already under contract and there are 11000 single family homes and condos for sale, still sounds like a lot but if you divide by the amount of monthly sales (which in June were 1500 homes and 420 condos) it comes out to a 5.7 month supply which is a lot better than the rest of the country which has been around 7 to 9 months supply.