Cape Coral - cost of home ownership (mortgage broker, credit)

[kdzgon]

Originally Posted by hiknapster

Second home or not, prices are only going to go down, not up.

Not forever, at least IMO.

This is a much more important point if it is for spec rather than use. While waiting for the homes to bottom out, you will also lose the use of the home. Some people do not want to continually look for short term rentals, etc, especially from overseas. Falling real estate prices will eventually stabilize - the "real" question is not whether the price will fall any further but rather does one consider the price "fair" for value received, and can [the buyer] afford the total cost to hold for an extended period of time?

There is also the consideration that the weak dollar makes a purchase more affordable right now for those from other countries. While one may believe things will get worse (or at a minimum remain the same for a while) re:the rate of exchange, the future is not a known quantity.

[njkate]

Originally Posted by kdzgon

Not forever, at least IMO.

This is a much more important point if it is for spec rather than use. While waiting for the homes to bottom out, you will also lose the use of the home. Some people do not want to continually look for short term rentals, etc, especially from overseas. Falling real estate prices will eventually stabilize - the "real" question is not whether the price will fall any further but rather does one consider the price "fair" for value received, and can [the buyer] afford the total cost to hold for an extended period of time?

There is also the consideration that the weak dollar makes a purchase more affordable right now for those from other countries. While one may believe things will get worse (or at a minimum remain the same for a while) re:the rate of exchange, the future is not a known quantity.

I agree and saw some nice things out there that would be very affordable for us right now. This would be for an eventual winter snow bird home...we are looking now because in 4 or 5 years we may have missed the boat on pricing like this

[Angelala]

Originally Posted by njkate

I agree and saw some nice things out there that would be very affordable for us right now. This would be for an eventual winter snow bird home...we are looking now because in 4 or 5 years we may have missed the boat on pricing like this

This is why we bought now. We are only in our forties so we are no where near retiring but we thought we better buy now while the prices are so low. We never would have been able to afford one when the prices were high. I saw some homes as low as $60,000.00 on realtor.com in Cape Coral.

[njkate]

Originally Posted by Angelala

This is why we bought now. We are only in our forties so we are no where near retiring but we thought we better buy now while the prices are so low. We never would have been able to afford one when the prices were high. I saw some homes as low as $60,000.00 on realtor.com in Cape Coral.

I know!! I don't fully understand what is happeneing in that area??
Did these people buy at the height of the real estate frenzy when everything was over priced??

I can't quite fathom how someone colud lose a house with a 60k to 100k mortgage?
When we first started to think about this and look around I had ruled Florida out as I thought the homes very very over priced, taxes to high and did not know how much or how hard it would be to get insurance....I'm going to rethink that now

[121804]

Originally Posted by njkate

I know!! I don't fully understand what is happeneing in that area??
Did these people buy at the height of the real estate frenzy when everything was over priced??

I can't quite fathom how someone colud lose a house with a 60k to 100k mortgage?
When we first started to think about this and look around I had ruled Florida out as I thought the homes very very over priced, taxes to high and did not know how much or how hard it would be to get insurance....I'm going to rethink that now

Overspeculation. Built way more than demand will ever require. Many of the homes have never been lived in. Lack of jobs & poor wages in the area reflect pricing & inventory, also.

Cape Coral is a bedroom community. Very little is there in terms of professional jobs minus healthcare.

It has one of the highest inventories in THE COUNTRY.

Think prices are low now? Wait 1 or 2 yrs after the recession has made its mark.

This being said, be advised that most of the cheap homes that were also built quickly & cheaply are in the NW & NE part where owners are being socked with an $18k water assessment bill. It is still fairly desolate in those areas with incredible numbers of empty homes. With that comes some problems that are self-explanatory.

It is very easy to get an insurance quote. Find a house in the area you like, call an insurance company & ask for a quote. All they need is an address.

Taxes are still high for what you get in SWFL. But, many who are moving there are moving due to retirement or second homes & its not an issue.

I would never recommend living in that area unless you are well knowledge of the area. It has its share of issues. Don't be swayed by low cost homes...there is a reason for the low cost.

No need to rush. There are thousands of homes for sale there & they will not be sold next week or next year.

Get to now the area very well. That should be said for any area anywhere where someone wants to buy these days.

There are several several several posts about CC on this site. Both with good & bad. Take the time to review them.

[njkate]

Originally Posted by 121804

Overspeculation. Built way more than demand will ever require. Jobs & wages in the area reflect pricing, also.
Cape Coral is a bedroom community. Very little is there in terms of professional jobs minus healthcare.
It has one of the highest inventories in THE COUNTRY.
Think prices are low now? Wait 1 or 2 yrs after the recession has made its mark.

This being said, be advised that most of the cheap homes that were also built quickly & cheaply are in the NW & NE part where owners are being socked with an $18k water assessment bill. It is still fairly desolate in those areas with incredible numbers of empty homes. With that comes some problems that are self-explanatory.

It is very easy to get an insurance quote. Find a house in the area you like, call an insurance company & ask for a quote. All they need is an address.

Taxes are still high for what you get in SWFL. But, many who are moving there are moving due to retirement or second homes & its not an issue.

I would never recommend living in that area unless you are well knowledge of the area. It has its share of issues. Don't be swayed by low cost homes...there is a reason for the low cost.

No need to rush. There are thousands of homes for sale there & they will not be sold next week or next year.

Get to now the area very well. That should be said for any area anywhere where someone wants to buy these days.

There are several several several posts about CC on this site. Both with good & bad. Take the time to review them.

Thanks for the advise.
I'm not rushing into anything as this would be a second home to live in part of the year, away from the north eastern winters..lol

I have no doubt 6 months to a year from now there will be plenty of homes or condos still available at decent pricing.

In just the 3 days of reading this particular forum I've learned a lot such as the water/sewer issue.

I'll keep reading and asking questions eventually going down for a look see and leaving my check book back here in Jersey..lol

My first choice is and always has been the Savannah GA/ Bluffton SC area but hubby always had his heart set on FL for some forsaken reason..

[NYBill]

I am not saying buy right now but if you are really serious I would watch the market. Foreclosures are starting to move and even some homes that were just left mid construction are being finished off. I have a buddy in commercial construction who has many offers from banks to finish the home and sell it.

These were 99% spec builders who missed the boat and bought late in 2004 and early 2005.

There was an article in the paper the other day stating the Cape Coral had the most sales pending for the month of Feburay out of all Lee County.

I have owned my home in C/C since 3/02 and have seen prices rise a fall. I moved here full time in 7/05 just when the market started to drop.

Given the influx of new money the Fed broke out yesterday and dropping interest rates hopefully it will stimulate the market nation wide, not just here.

[121804]

Originally Posted by njkate

My first choice is and always has been the Savannah GA

Give me a home there any day. Savannah is such a pretty area. Still pretty pricey there, though

Best of luck.

[njkate]

Originally Posted by 121804

Give me a home there any day. Savannah is such a pretty area. Still pretty pricey there, though

Best of luck.

Yes, unless you are willing to live in the hood while it waits for gentrification

[njkate]

Originally Posted by NYBill

I am not saying buy right now but if you are really serious I would watch the market. Foreclosures are starting to move and even some homes that were just left mid construction are being finished off. I have a buddy in commercial construction who has many offers from banks to finish the home and sell it.

These were 99% spec builders who missed the boat and bought late in 2004 and early 2005.

There was an article in the paper the other day stating the Cape Coral had the most sales pending for the month of Feburay out of all Lee County.

I have owned my home in C/C since 3/02 and have seen prices rise a fall. I moved here full time in 7/05 just when the market started to drop.

Given the influx of new money the Fed broke out yesterday and dropping interest rates hopefully it will stimulate the market nation wide, not just here.

Thanks I will. I know how fast a market can sometimes turn be it higher or lower