Cape Coral - cost of home ownership (Margate, Fort Myers: foreclosed, HOA)

[NYBill]

Originally Posted by sandinmyshoes

hey saber,sounds like real good deals.what was with the poster who mentioned a $18k water assesment?do the houses have wells or "city"water.i'm ready to retire in 4 years and have been scoping out cape coral.why are prices so low?what are re taxes about.100k mortgage at say 6% is about $600 a month right? why can't people pay the mortgages?any first hand experienced info would be greatly appreciated.thanks

Some of these homes are spec bult homes that were built during theGOOD times. Some of these people just walked away.

Builders a re selling homes they built for almost 50 cents on the dollar.

Others lost there homes because of the high unemploymnet rate (9 1/2%) which were almost all construction jobs lost becuase of the slow down.

You would have to find out about water assements when inquireing about a home. There were about to start the N/E corridor but that came to a halt for some poltical reason.

There some great rates right now.

Also another thing to consider is becuase there are so many foreclosures they have decieded to hire part time judges just to handle these homes getting them off the waiting list on onto the court steps, simply put they are trying to get these homes on the market rather then being held up in court.

Here is a link to the local paper, just read it every day and it will help keep you updated.

news-press.com | The News-Press | Southwest Florida news, community, entertainment, yellow pages and classifieds. Serving Southwest Florida, Florida

[Phillip Rouse]

I have been looking at homes there (Cape Coral). Houses that are on the waterfront seem to cost more (around 200,000 to 300,000) for an OK basic 2,3 beedroom home. Home awayfrom the water are very good in price. Some 75,000 and in nice condition. The big cost is the tax. It can be quite high. I looked at one very nice home on the water, was 250,000 but the taxes were 7,500 per year. This does not include insurance. Insurance there is around 2,300 and up for the home and 1,300 for basic flood insurance. This does not include untilities... So take that into account. I have to figure if it is worth it.

[NYBill]

When you buy a home figure 1.6% of the buying price for your NEW tax base.
That home was probably not homesteaded, so being that people are out of town owners there taxes will be higher.

I would look into that a bit further,best of luck.

[nononannette]

Hello:

Did you buy the property in Cape Coral? If so, do you still like living there? Comming to the Cape in a couple of days and would appreciate your input.
Thanks,
NDK

[NYBill]

Originally Posted by nononannette

Hello:

Did you buy the property in Cape Coral? If so, do you still like living there? Comming to the Cape in a couple of days and would appreciate your input.
Thanks,
NDK

If you are asking if you buy a home yes you own the property.

I own here since 2/02 and BELIEVE ME now is the time to buy.

[justNancy]

Originally Posted by NYBill

When you buy a home figure 1.6% of the buying price for your NEW tax base.
That home was probably not homesteaded, so being that people are out of town owners there taxes will be higher.

I would look into that a bit further,best of luck.

I'm confused. That's what I keep hearing, but when I look at listings, the taxes are at least 2% or better. I've seen homes listed for $150,000 that show $4,800 for property tax. Will they be adjusted after the new homeowner takes possession? Also, AFAIK you can only claim homestead in January. Does this mean I need to wait until 2010 to get the benefit of the homestead exemption? I've been a FL resident for many years, but I'm renting.

Originally Posted by NYBill

I own here since 2/02 and BELIEVE ME now is the time to buy.

Funny - 2 agents told me to wait. I even found a couple of homes I was very interested in and they said it's not a good idea to buy now, especially in Cape Coral. I really want to move, but I also don't want to make a big mistake. Been there/done that!

[NYBill]

Your new tax will be based on what you pay for the first year of ownership.


Homestead:

Lets say you buy in April 09. and close in May or June. You would quailify to apply for the homestead that following Jan.10.

You have to have owned the home for a minimum of 6 months before applying. There are other items needed but they will fall into place after you take ownership. All dealing with proof of resindency. But that can be done right after closing like Drivers license, voter registration, car registered in your name in Lee County, house hold bills etc. If married and the home is in both your names you both need the above ID.

Now if you close in August 09 you would have to wait to Jan 11 to apply. Thats why I would suggest Closing before July 1ST if you are serious about buying..

OR

You could play the waitng game like the realtors would suggest.

The last month there has been a huge spike in home sales mainly because of the drop in price and the amount of foeclosures that are availabale.

What section are you looking at and are you on city water and sewar, IE assements paid.THAT IS HUGE!!!! It's a 17K bill if you don't have them in the street and then pay a plumber to hook it up.


CA CHING!!!!!!!!!!!!!!

[sandinmyshoes]

thankyou NYBILL, sorry i got sidetracked.thankyou for your info,and link to paper...and others too.i had to read 3x where a re agent told you to wait(other poster).i see lots of cape coral houses that have sold for 50% of a low listing price.NE,SE,NW,NE .....what is best area?

[NYBill]

What are your needs..waterfront..land locked etc,

Please be specific in your answere//has a lot to do with price and what is availble for services also and what your budget is.

I live in the S/e with sailboat access with a canal in my backyard..you may not need that but just ask and I will try my best to help.

[mlucaj]

NYBILL first let me say thanks for your insiteful posts. I have been reading these boards for many days now. I personally am looking to buy a winter home. In your opinion, if you had 150-200K what area of cape coral or ft myers would you purchase in? Pool is mandatory and boating would be nice, although I dont know if you can touch waterfront for that amount Thanks again