Cape Coral, FL. (sales, new house, to buy)

[hiknapster]

NYBill:

Dude. Cape Coral is the number one pick for the housing market to tank. That was the NATIONAL news. Sounds like you have sour grapes!

Me? i was smart enough to move out 14 months ago!

[NYBill]

Originally Posted by hiknapster

NYBill:

Dude. Cape Coral is the number one pick for the housing market to tank. That was the NATIONAL news. Sounds like you have sour grapes!

Me? i was smart enough to move out 14 months ago!

First off I am not your DUDE!!! JUst by the statement makes me wonder

Ok lets do a little math here:

I paid 215 for an oversized lot and older home. Put maybe 40 K into and turned into a vaction rental. At the time there where only about 50 homes in the Cape on the better vacation rental sites I was averaging 30 weekly or monthy rental a year to offset my payment and upgrades.

I appreciated almost 150% in 3 years so even if I take 30% off that number I did OK. Plus I added a 100 foot dock and 2 boat lifts and 745 square feet of plastic decking when I moved down to make it even more desirable if I want to sell.

I read the article you saw also. It was pointed out me by my accountant who is still in NY. I just sent him some photos of the area where the new homes where being put up, end of story. I get updates every day on what house are going for in my area and YES they have changed from the out of site prices that they where asking 12-18 months ago.

They may have out priced themselves but life is back to reality. We even have some builders and the city working together to make good honest affordable housing so we can attract teachers, fireman, police officers to live and work in our city. The new airpot in Ft Myers has tons of develpoment around it creating job growth. There is even a huge industrial park to attract new business both national and international with 2 miles of the airport and they haven't scratched the surface yet.

Yes we are going though some growing pains but with the median age around 40 with a few kids the area is still growing.

Bottom line DUDE look at the big picture, just not a snapshot of what is going on now.

[hairxpert44]

I agree and I'm really excited by the growth I've seen in just the year and a half that we've been here. The people are great, there's lots for kids to do, and we all just have to let the market do what it will do. It will begin to rise again soon but at a slow pace like everywhere else. bottom line, it's great to live in paradise.....from a previous Bostonian.

[NYBill]

Here is a proposed plan for S/E section, these are from the News Press in Sundays paper

http://www.news-press.com/apps/pbcs....00320/1003/ACC

Here is another about crime and what is being done:

http://www.news-press.com/apps/pbcs..../61210002/1002

[NYBill]

I was really hoping for a responce from him/her.

[V20]

I have made a number of real estate investments in Cape Coral and I have done well (I got out before the collapse). I recently bought a house in a great location in the Yacht Club at a great price.

Based on the real estate articles I have read and the opinions of the writers of these various forums there are really only two schools of thought regarding the future of the Cape Coral real estate market; 1) The market is going to collapse further and will be down for a long time, or 2) The market is stabilizing and will slowly appreciate at normal rates for the next few years.

There is, however a third possibility that few people dare speak of. Will the market come out of this slump and roar again in the not too distant future? I believe it is very possible. First let me say that I am an optimist, but my optimism is not without cause. Many of my friends have invested in Cape Coral. For the most part their feelings are not doom and gloom, but mostly of when do you think the market will revive so that they can get back in the game (It may sound crazy to some, but I repeatedly hear that theme). Also, many of us want to do more investing in the Cape, but we are tied up in other real estate investments. Clearly we cannot be the only investors eyeing Cape Coral that think this way.

I want to buy more gulf access property. Quality gulf access lots can be picked up in the northwest for $125K. I'm fairly confident that they will be $400-$500K within 5 years. So why doesn't an optimist like myself jump off my chair and buy them now? Because I believe its possible that they might dip even more - no wants to catch a falling knife. I mean what if I can get them for $25K or even $50K less in April 07?. That reasoning is precisely why no one is investing now. But when I see the lowest priced properties start to go pending, I will quickly make my moves - the above reasoning is now inverted. I better get them now or I will have to pay much more.

I believe that this will "kick start" the investing engine. As those who are tied up in real estate are freed through the sale of their properties, they will in turn acquire other properties and this will have a further snowball effect.

One last point. I do not live in Cape Coral. I live in the northeast part of the country. Like those who bash Cape Coral, there are many aspects of my area that I could complain about. The thing about my area that is notable is that even with a weak real estate market up here, equivalent properties in this area are vastly more expensive than those in Cape Coral.

Just one man's opinion.

[NYBill]

I recently bought a house in a great location in the Yacht Club at a great price

That is where I bought 4 1/2 years ago. Off Bimini Basin.

I remember when plain old lots by the Country Club where going for 7k a buiding lot. I was going to buy10 and then I got so involved with the house and updates I completely forgot about the other deals.. 3 years later they where going for 70 K a lot.

Could of, should of, comes into play there but I am still very satisfied with what I have.

[firemed]

Originally Posted by NYBill

I recently bought a house in a great location in the Yacht Club at a great price

That is where I bought 4 1/2 years ago. Off Bimini Basin.

I remember when plain old lots by the Country Club where going for 7k a buiding lot. I was going to buy10 and then I got so involved with the house and updates I completely forgot about the other deals.. 3 years later they where going for 70 K a lot.

Could of, should of, comes into play there but I am still very satisfied with what I have.

but most of the Cape is a ghetto now.

[NYBill]

Originally Posted by firemed

but most of the Cape is a ghetto now.

I don't get you, you say you made money her but you also call it a ghetto or maybe where you live

[firemed]

Originally Posted by NYBill

I don't get you, you say you made money her but you also call it a ghetto or maybe where you live

I don't live in Cape Coral. Cape Coral is 100x80 lots on a filled swamp. I live on the other side of the river. Fort Myers was the bad area for years but the cape has it beat. But if you like it, thats all that counts