Cape Coral - cost of home ownership (Sarasota, North Port: short sales, foreclosure)

[phatbuoy]

We are thinking of buying a vacation home in Cape Coral or somewhere close by, being principally attracted to the proximity of boating areas. However, the cost of running a canal-side home with a pool in the USA is completely unknown to us, being resident in the UK where we live inland and don't have very hot weather! Could someone give me a very rough idea of what it will cost, on a c.$500k home, per annum to have a pool cleaned, garden tended, electricity (bearing in mind air con, etc), water charges, pest control treatment, community taxes or suchlike and any other costs I haven't thought of/listed? I know it's a bit of a list but any advice would be appreciated. Many thanks.

[Angelala]

We don't have a pool yet but we have a guy take care of our lawn for about 25.00 a month, my electric bill when we are not there runs about 50.00 a month and the water/trash bill is about 30.00 a month. We are not on a canal but we live on a lake and we don't have any HOA fees. We haven't had the pest control guy there yet. We have only had the house for about 4 months now and couldn't be happier! Now is definitely the right time to buy in Cape Coral.

[SoFLGal]

I live in North Port which is just north of Cape Coral. Our electric bill runs about $150-$200 per month, our water bill is $35 a month-we are on well so this is the charge to have them service it monthly. Pool service is around $100 per month. Lawn is $65-$100 per month depending on what you want done. Pest Control is $75 every three months. Garbage is $267 per year and included in your taxes. Our yearly taxes are $3,272, but this is in Sarasota county, so yours would be different. The prices are on a 2100 sq ft under air home, built in 2003 in Sarasota county.

[hiknapster]

Originally Posted by Angelala

Now is definitely the right time to buy in Cape Coral.

There are more foreclosure in the area than in the rest of the country. I don't think the time is now, and until they get rid of the thousands of homes on the market, it won't be.

[phatbuoy]

Thanks for responding to my query, your info is really helpful. What are 'HOA' fees? Many thanks.

[SoFLGal]

Homeowners Association (HOA) fees are funds that are collected from homeowners to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs. HOA fees are typically paid monthly and run on average from $100-$700 per month – these are indeed estimates, and can vary depending on many factors (especially if there are higher-end amenities being provided via the HOA fees such as a concierge, pool, fitness center, or valet). Fees are normally set by the HOA's board of directors and adjusted annually – oftentimes, an HOA board of directors is simply all the homeowners in a complex or building, if it is small, or if there are a large number of owners, the board of directors is typically elected by all homeowners. Any excess HOA fees that exist after paying for pertinent services as described above are stored in an account and called reserve funds.

Here a link that explains HOA's.

[njkate]

Originally Posted by hiknapster

There are more foreclosure in the area than in the rest of the country. I don't think the time is now, and until they get rid of the thousands of homes on the market, it won't be.

I would think it would be a good time for some one who can afford it to pick up a vacation or second home at reasonable prices....doesn't sound like the o/p is moving there, just wants a vacation home

[njkate]

Originally Posted by Angelala

We don't have a pool yet but we have a guy take care of our lawn for about 25.00 a month, my electric bill when we are not there runs about 50.00 a month and the water/trash bill is about 30.00 a month. We are not on a canal but we live on a lake and we don't have any HOA fees. We haven't had the pest control guy there yet. We have only had the house for about 4 months now and couldn't be happier! Now is definitely the right time to buy in Cape Coral.

I see that!! Hubbie & I have been scouting around looking for a winter home all through SC and parts of GA. Someone mentioned Cape Coral to us last night and I am amazed by what I see...many short sales & Reo's listed on realtor.com

[hiknapster]

Originally Posted by njkate

I would think it would be a good time for some one who can afford it to pick up a vacation or second home at reasonable prices....doesn't sound like the o/p is moving there, just wants a vacation home

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

[njkate]

Originally Posted by hiknapster

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

Good grief, how much lower can some of these homes go?
I've seen decent homes listed as short sales for under $80K