Cape Coral, FL. (Fort Myers, Matlacha, Pine Island: relocating, real estate, foreclosure)

[NYBill]

I always wonder on the flip side.

10K move in but what about how many left?

Especially the point of these people renting homes rather then buying?

[V20]

Originally Posted by 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.

Those are some valid points. I don't believe that those numbers could by and large represent people who moved to the city for construction jobs as anyone in the field would have known for more than a year that residential construction was soon to be over (building permits have been way down for over a year).

As far as people moving in the city renting vs. buying. In my opinion there is a logical reason as to why most would choose to rent....for the time being. I believe that this is based on the concept "Why would I want to buy now. 2 years ago, a new off-water house in Cape Coral was $300k. A year ago it was $225. And now it is $150k. If I wait another year it may be $100k."

When there is some indication that the market is starting to turn, most people who have been following the above thinking and attempting to "time the market" will jump into the market. Visualize this, if someone moved to Cape Coral and all they saw were news articles indicating "Housing Slump Continues", "Prices Dropping"...why would they buy a house now? However, if they saw that houses were available at $150k and then several months later looked into it and found that anything below $165k was sold immediately - would there not be strong pressure to buy at that time?

I also believe that the cheap rent is directly related to inventory (large glut of spec homes - people who cannot sell them trying to rent them). But if the population numbers continue at such a fevered pace and new construction
is at a standstill, it is fair to assume that increased competition for rentals would make them less available and more expensive. At some point if home prices continue downward and rental prices climb, it would make sense to buy rather than rent.

If buying than occurs at any significant increase from where it is now, inventory numbers will plummet.

Of course all of this is predicated on the population numbers continuing to increase at this wild rate. Only time will tell.

[hiknapster]

Someone posted a link about the growth of Lee County a couple of months ago. It was from The News Press. If you do a search at The News Press website, it is gone. The story about my family moving out of Lee County is gone, too. I guess that is how The News Press runs its website.

However, the story about population growth had a huge caveat. It said the increase was coming from people migrating from Miami and its environs, as well as illegal immigrants, and that is what is fueling the growth of the schools.

In other words, they are leaving a bad situation, and making another bad situation worse.

So, let's take a fresh look at this huge growth.

Housing inventory is sky-high. Middle-class families have moved away, due to the lack of decent-paying jobs.

Even two years ago, my daughter was in a Kindergarten class where only half of the students spoke English. This left her teacher at a huge disadvantage, since she only spoke English, also. She didn't learn. How could she?

The New Press has lots of articles about houses abandoned in Lee County, especially Cape Coral. It has been the subject of many national news articles.

This is only touching the surface. Then there is the issue of crime, hurricanes, home-owners insurance, taxes, etc.

To paraphrase "Wall Street," growth (and greed) is not always good.

[Donna-50]

Originally Posted by hiknapster

Someone posted a link about the growth of Lee County a couple of months ago. It was from The News Press. If you do a search at The News Press website, it is gone. The story about my family moving out of Lee County is gone, too. I guess that is how The News Press runs its website.

However, the story about population growth had a huge caveat. It said the increase was coming from people migrating from Miami and its environs, as well as illegal immigrants, and that is what is fueling the growth of the schools.

In other words, they are leaving a bad situation, and making another bad situation worse.

So, let's take a fresh look at this huge growth.

Housing inventory is sky-high. Middle-class families have moved away, due to the lack of decent-paying jobs.

Even two years ago, my daughter was in a Kindergarten class where only half of the students spoke English. This left her teacher at a huge disadvantage, since she only spoke English, also. She didn't learn. How could she?

The New Press has lots of articles about houses abandoned in Lee County, especially Cape Coral. It has been the subject of many national news articles.

This is only touching the surface. Then there is the issue of crime, hurricanes, home-owners insurance, taxes, etc.

To paraphrase "Wall Street," growth (and greed) is not always good.

Just wondering what school was that. Don't think I live in the same Cape Coral as you.

[floridamove2]

Lets not talk bad about Cape Coral I'm trying to sell my home here! Things are great and we have a tax cut this year. Waterfront homes are going fast.

[NYBill]

Originally Posted by floridamove2

Lets not talk bad about Cape Coral I'm trying to sell my home here! Things are great and we have a tax cut this year. Waterfront homes are going fast.

Yacht Club area?

Where form Long Island a re you from?

[floridamove2]

Originally Posted by NYBill

Yacht Club area?

Where form Long Island a re you from?

Yes, The house is in the Yacht Club area. We are from the Hamptons. I just don't like Cape Coral and can't wait to move. Want to buy a house?.

[NYBill]

I also live in the Yacht Club Area, off Bimini Basin.

I am also from Long Island (Centereach) and know the Hamptons well. I kept my boat in Hamptons bays the last 2 years I was up there, in Ponquoge Marina right by the bridge and Coast Gurad station.

[jimboy]

I lived in Ft Myers 8 years & Cape Coral 4 years. Company transferred me to Tampa.
I have the oportunity to move back now.
Cape Royal is a great golf course community in Cape Coral where I lived before a company transfer.
I'm not trying to advertise it, but there is a home for sale there now that tempted me to move back. MLS200737916. It was sold last summer new for a reduced price of $400K.
Now it's $330K and owner will deal, don't know why only one year.
Decided area is to low, 5 ft above sea level, had 2 hurricanes, insurance, taxes, increases in crime. (Insurance won't cover 1st 2.5% home value on hurricane claims.)

[NYBill]

That deducatble is on any named storm/depression/hurricane is for any where in the states, not just Florida. I know people that live on the water in NY and have the same deductable

BTW that is based on what just the home is worth, doesn't included property value. For exapmple you own a home on the water for 450K, Older home is worth 165-175K. so in reality your deductable is 3250- 3550 based on 2%. Thats is just wind insurance then you will need flood also.

I also have my contents insured for full replacement value otherwise they pro-rate the age of your contents on both policies.