Cape Harbor & tarpon Point condo's??? (cape coral) (Sarasota, Naples: sale, real estate)

[Jkgourmet]

We are looking at both communities and would like to hear opinions - good or bad.

[nhkev]

I frequent cape harbour. the resturaunts are good, it has a nice atmosphere, good marina services if you're into boating, good gulf access. drawbacks are they are pricey condos , and a lot of the people that live in these mixed use zones complain about the noise from live music and bars (why would someone buy here not knowing that?). Tarpon pointe is even nicer than cape harbour, but it is new and the develper is in foreclosure. What sometimes happens in situations like this is they "create" a new company, made up mostly of people from the existing company and they get the private equity financing necessary to purchase the property at foreclosure for a lot less than what they owe on it, kind of a convenient form of refinancing with principal write downs. most of the businesses in there have leases that have to be honored by the new owners so there should not be any disruption in business. and the individual condo units will go up for auction and if Oasis was any indicator there could be some very good deals to be had. a big con of either is you need to know how many units are privately owned , with condos you always run the danger of non HOA fee payment by other owners which leaves other owners on the hook. Would not buy into either one without a good real estate attorney advising me. I see lots of upside at each but their is always risk

[Jkgourmet]

Thank you for your valuable insight. Are there any similar condo communities in the area you would suggest we look at? We'd even consider Sarasota if the pricing were similar(but I doubt that it would be!)

[hiknapster]

Jk, have you checked out the prices in Sarasota? I'm wondering if you think it's more expensive than it actually is. The prices are higher than Cape Coral but they are not stratospheric, either. Contact SoFLGal, she's the Sarasota expert. Not only is she smart but she's honest and has integrity.

http://www.city-data.com/forum/membe...al-209399.html

[nhkev]

Originally Posted by Jkgourmet

Thank you for your valuable insight. Are there any similar condo communities in the area you would suggest we look at? We'd even consider Sarasota if the pricing were similar(but I doubt that it would be!)

I am not a condo person in the least, but I know they appeal to some. If money was not an issue my list of places for florida are Sanibel, then sarasota, parts of Naples, then SW cape coral below cape coral parkway. There's another development called Burnt store marina it's very nice but pretty far from everything except punta gorda.

There is another condo development I can't remember it's name but it's on burnt store rd , right around where it intersects pine island road, it is right next door to the boat ramp and almost across from Publix, they are waterfront condos, gated, look very nice and I thought I saw one for like $136k on the MLS yesterday

edit: just checked that listing ...was for $131k on shadroe cove cir.. has in description that it has chinese drywall, no wonder why so cheap. there is another listing in the same development for $199k and it says in the listing NO chinese drywall. so it is obviously a problem in that development.

[Halifax2011]

Originally Posted by nhkev

There is another condo development I can't remember it's name but it's on burnt store rd , right around where it intersects pine island road, it is right next door to the boat ramp and almost across from Publix, they are waterfront condos, gated, look very nice and I thought I saw one for like $136k on the MLS yesterday

edit: just checked that listing ...was for $131k on shadroe cove cir.. has in description that it has chinese drywall, no wonder why so cheap. there is another listing in the same development for $199k and it says in the listing NO chinese drywall. so it is obviously a problem in that development.

I looked at these places on Shadroe Cove a couple of months ago. The place is infested with Chinese drywall, which is a shame because the location and the actual units themselves are very nice.

Apparently, back in the day, a couple of the highest-priced units sold for upwards of $600K each.

Fast forward, past the real estate crash and past the discovery of the Chinese drywall, and the developer sold the final 19 units to an investor for $950K total ($50K per unit). I asked the lady in the rental office (who told me about the sale of the 19 units) if the new buyer/investor had started to remediate the units yet, and she said "No, he's just renting them out for now."

I was kind of surprised to hear that, as I didn't realize that a landlord could knowingly rent out a property that had tested positive for Chinese drywall, but apparently it's not against the law.

[hiknapster]

Originally Posted by Halifax2011

I was kind of surprised to hear that, as I didn't realize that a landlord could knowingly rent out a property that had tested positive for Chinese drywall, but apparently it's not against the law.

I bet it isn't against the law. The owner is leaving himself wide open for a nice, fat lawsuit, though.

[monikac21]

Both communities are very nice (Tarpon Point and Cape Harbor) Cape Harbor. Both communites offer a lot and are located in SW Cape Coral.

[CCRESI]

I hope he disclosed the defective drywall... Personally I will not sell or rent out a home with the stuff. No thank you. If the stuff blackens copper, imagine what it does to your insides. And as far a's remediation, wouldn't sell one of those either. To me, it's too much of a gamble. Your home is your biggest purchases, why buy one that is defective? Or was?
Cape Harbor- pro-less Hoa fees, more affordable than tarpon landing. Con- can be noisy when bands play and you can sometimes smell rum runners when out in your lanai, depending on location and wind sheer.