Cape Coral, FL. (Miami, Tampa, Hampton: middle-class, rentals, construction jobs)

[firemed]

The News-Press, news-press.com, Local & State, Property owners get say on taxes

[Capevaca]

Thanks for your input,, maybe I should really consider selling. I bought the house 7 years ago for really cheap. I'm hoping that'll help in me selling the property. What exactly happened to this area, I thought it was going to be a booming place for families and industry. Why the major turnaround???

[topher441970]

Cape Coral is your best bet in Florida besides Bradenton and Vero Beach. My parents live in Cape Coral, and I recently moved from Cape Coral about 3 weeks ago back up to New England, which was just a personal thing where I missed it up here with the season changes, and I was tired of the blazing hot weather in Florida. But IF I were ever to return to Florida(doubtful), I would go right back to Cape Coral.... It's a nice city, they pretty much have everything you need without going over the causeway to Fort Myers(getting worse with crime). I love Cape Coral. Rent is decent, houses are a little expensive. But you would be happy there.

[NYBill]

Originally Posted by Capevaca

Thanks for your input,, maybe I should really consider selling. I bought the house 7 years ago for really cheap. I'm hoping that'll help in me selling the property. What exactly happened to this area, I thought it was going to be a booming place for families and industry. Why the major turnaround???

I am sort of in the same boat as you, but I bought in 3/02

You may think it's right here in our backyards but in reality it is nationwide.
Florida has 2 things against it right now, Taxes and Insruance.
My pet-pieve is that stupid HOMESTEAD LAW. When first concieved it might of been a good thing, but now IMHO it is the most BIASED and DISCRIMINATORY law in the country. And this moran running the LEE COUNTY TAX OFFICE needs to be replaced.

Think about it, you have a homeowner here with the same year, modell, land size home, take mine for instance. 100X125 Sailboat access, 20 minutes to the river and I played by the rules waiting till I became a florida resident to file for the H/A/ In doing so my taxes went through the roof. When I first bought in 3/02 my taxes were about 2200 a year, last year I paid 7300 becuase of losing the H/A and being an out of state homeowner. I filed and got the H/A which gives me a big 3% cap.

Now a friend of my sons has the same set up in fact a 3 plot piece of land (120X 125)and being a his Mom and Dad were full time residents for over 20 years and they pay 1400 a year. Same home and emenities.

I look at as me subsidizing the long time resident, they get the same services, same PD & FD, same trash pick up same water but why in hell am I paying 5 times the amount???

Get rid f that H/A and make everyone equal in the eyes of the tax collector. They did it in Rhode Island 25 years ago when some people filed suit and the judge gave the Plantiffs summary judgment and the whole state had to be re-assesed. Why not here?

Second is insurance which we all are holding our breath for.

As I started out the housing market stinks right now, to much inventory, to many people bought in 2005 resulting in lost equity anf foreclosures and government spending got way out of hand. Then add the mortgage and sub lenders problems. Add it all up and it makes a mess for all evrey where.
I have a buddy in NY that has had his home on the market for over 18 months, plenty of tire kickers but no takers. Then I also now people that gave up on NY, moved to North Carolina and they packed it in after 6 months being there.

The best thing to do is just sit it out and wait untill these things get right. No sence in putting your home up now, it will just sit like the rest of them and make you more frustrated. But in that time make your voice heard like with this city council election coming up, be active in meeting and voice your opinion and thoughts. Get a hold of your new City Council member and let them know what your feeling are.

Im plain English get off your duffs and do something instead of just moaning about the problems and letting some one else do it for you. The more voices heard the better.

[Capevaca]

Hey I think your right in just sitting on it now. The good part (I guess) is when I purchased all the assesments were paid. So that's an added plus . But I agree in not getting frustrated and having it just sit there, so I'll just hold on. Does anyone think in maybe a shot in the dark that this city might ever bounce back stronger than ever? or is it just a lost city and lost cause? Also,, are there any safe and good parts of the cape? I hear the SE sector is pretty good, but anywhere else? Also,,,is the crime that everyone is talking about just in the cape or in the whole Fort Myers/Cape Coral Lee county area?? Seem's that all the bad stuff I'm reading about is in the Cape. Oh and btw,,, this forum is really informative so thanks again to everyone!

[NYBill]

IMHO I think with this election coming up things will change. The people that are runing have no contacts to real estate, just concened full time citizens who are sick and tired of fat government who got to big for there britches and thought the bubble would never break.

How narrow minded can some people be

Can it corrected? I say yes.


Crime goes up every where with more people but they are adding another 30 or Police Officers to the local PD.

As far as grow houses are concerned IMHO it should fall on owners shoulders with who they rent to, do an extensive back ground check, ask for proper employmnet papers, credit reports etc. And then if the house gets busted for illegal use let the city seize it and sell it. That will put a stop to that nonsence.

I have at least another 2 years here becuase of my son being a JR. in High School and after those 2 years we will see where we are at.

[Capevaca]

I'm going to cling on to the belief that things might turn around in the cape. Like I said earlier, I purchased my home for REALLY cheap so hopefully if things don't go well I can at least move it. That would be my last resort though. I remember this place as being quiet and nice (as a neighborhood). Boy how things change huh? C'mon Cape!! get it together

[NYBill]

I also hope that is the case but in reality I think that will be close to the time frame.

Lots of things have to change:

First is get rid of the inventory that we have now or close to it anyway. Taxes and insurance have to be addressed in order to do this.

Second:
Hopefully with the primary's over and choices narrowed down to 2 choices per district we can make a good choice for city council seats.
THAT IS IF YOU GET OUT AND VOTE! This was the worst turnout for the primary's in years.

Third: Getting the lenders to start writing mortgages again.

I also read in the NEWS PRESS that there are over 2000 applications in LEE COUNTY to have there taxes reviewed, which I have allways said they where way out of line. That is a record number of people standing up to our illustrious Tax Collector and about time. Maybe now he will start to realize that people will not sit around and take things like taxes for granted.

One more thing!

Just wondering why some of the people here that blast C/C have not said anything about the Homestead Act that I posted with it being an outdated law that needs refining or elimination.

[V20]

Originally Posted by NYBill

I also hope that is the case but in reality I think that will be close to the time frame.

Lots of things have to change:

First is get rid of the inventory that we have now or close to it anyway. Taxes and insurance have to be addressed in order to do this.

Second:
Hopefully with the primary's over and choices narrowed down to 2 choices per district we can make a good choice for city council seats.
THAT IS IF YOU GET OUT AND VOTE! This was the worst turnout for the primary's in years.

Third: Getting the lenders to start writing mortgages again.

I also read in the NEWS PRESS that there are over 2000 applications in LEE COUNTY to have there taxes reviewed, which I have allways said they where way out of line. That is a record number of people standing up to our illustrious Tax Collector and about time. Maybe now he will start to realize that people will not sit around and take things like taxes for granted.

One more thing!

Just wondering why some of the people here that blast C/C have not said anything about the Homestead Act that I posted with it being an outdated law that needs refining or elimination.

NYbill,

The majority of people on this forum believe that the Cape Coral/Southwest Florida market will continue to tank for several years. I, too, believe that it is still headed downward. Exactly how much further down and how long before it stabilizes, I can only guess. I value the opinions and insights of those who post on this forum regarding this issue. I do, however, believe that after the market stablizes it will be alive and strong again.

Many problems are cited for why the housing market in SW Fla will continue to slump. I find that most of the problems cited are problems that most areas in the country are dealing with (Rising crime, high property tax, immigrants changing the status quo, unemployment, greedy realtors, politicians, bankers, etc.)

What is important for me to look at are the population growth numbers and the inventory of home numbers. The population growth numbers for Cape Coral and Lee County were recently published. From April 1, 2006 to April 1, 2007 factoring in for deaths and people who have moved out, Cape Coral had a net gain of over 10,000 residents. For the same period Lee County had a net gain of over 30,000 residents.

Those numbers are startling in that contrary to popular belief, Cape Coral's phenomenal growth rate has not slowed down one iota (spelling?) since the absolute peak of the real estate boom. There is nothing concrete to indicate that the growth rate will slow down at any time in the foreseeable future.

Thus from a supply and demand perspective, the demand side is not a problem. So we must look at the supply - the inventory of homes for sale. There is a large glut of homes left over from the speculation days of 2004 and 2005. Such homes are being sold - albeit at a lesser pace than the heyday. Very few new homes are being constructed and added to existing inventory.

Thus with no new sources of inventory and massive population growth it is logical to assume that inventory numbers will shrink.

Some folks have been indicating that an upcoming wave of foreclosures will flood the market with new inventory.

However, it has been explained to me that this is unlikely to occur because most homes that will be repossessed by the bank and put on the market for sale are currently on the market for sale.

It does seem to me that all this sets the stage for a strong real estate recovery. It just may be a few years.

[121804]

How many of these people moving into Cape Coral have actually BOUGHT property? How many are renting due to the cheap rent?

That growth could still be due in large part that construction was not at a standstill & was still going strong up until a few months ago. People move onto the Cape b/c rent is cheaper on Cape Coral.

How many moving onto Cape Coral are retirees who will be adding to the professional development of the city? Little to none.

Those numbers are debatable due to what they could really mean.

People have to buy to move inventory. Things are moving at a snails pace if at all on CC. Population numbers obviously didn't effect the tanking real estate market on CC so most of these people "moving" there are not buying or else there would be demand; which everyone knows there is not.