looking for a vacation home to buy, but where?? (Sarasota: real estate, 2009)

[amitygirl]

Originally Posted by hiknapster

The Gulf at Sarasota and Naples is nice. The Gulf at Fort Myers Beach and Cape Coral, eh, not so much.

And I know you don't want to rent out your vacation home, but for any other readers, please get the idea out of your head. The chances of getting someone to rent is slim, and getting a good, paying tenant is even less in Lee County. Far, far too many empty homes and extremely high unemployment.

And if you leave it unattended, the chances of everything in the place getting jacked, vandalism and/or squatters is very good.

This is very sad, I can't say enough how sorry I am that things are this way now. All of you gave me a lot to think about. I really wish that things turn around down there for all of you.

[amitygirl]

PS... is this all happening in most of the state or is it just in certain areas?

[tommy-105]

Hi Amitygirl, I’m from Long Island (Seaford, Freeport) your post is encouraging to me. You don’t seem to think things are too bad up there. I expect to be leaving the area and going back up north due to the lack of decent employment.
I’m no expert but I wouldn’t recommend buying anything in this area right now, vacation home, or otherwise. Recovery isn’t even on the horizon. How long has your girl friend been down here? What’s her view?
To answer your last question; SW Florida was hit the worse. Further north on the other coast seems a little better job wise. I have nothing to back this up though. Just what I see in the employment ads.
P.S.
You might want to look up posts from the user: "Twobeach". They are up by you in Lindenhurst and have an opposing view.

Here's an old post about area beaches:
http://www.city-data.com/forum/fort-...picks-why.html

[amitygirl]

Originally Posted by tommy-105

Hi Amitygirl, I’m from Long Island (Seaford, Freeport) your post is encouraging to me. You don’t seem to think things are too bad up there. I expect to be leaving the area and going back up north due to the lack of decent employment.
I’m no expert but I wouldn’t recommend buying anything in this area right now, vacation home, or otherwise. Recovery isn’t even on the horizon. How long has your girl friend been down here? What’s her view?
To answer your last question; SW Florida was hit the worse. Further north on the other coast seems a little better job wise. I have nothing to back this up though. Just what I see in the employment ads.
P.S.
You might want to look up posts from the user: "Twobeach". They are up by you in Lindenhurst and have an opposing view.

Here's an old post about area beaches:
http://www.city-data.com/forum/fort-...picks-why.html

Hey Tommy! Nice to see someone from home here! Things have changed here in Long Island/NY as well, but it is not like it has been described on here in the Ft meyers area. The economy has effected many , no one is untouchable. I am grateful we are ok and my husband is not in danger of losing his job. NY is expensive..it's ridiculous actually, but nothing we can do about it, it is what it is. Welcome back for when you get here!

Thanks for the link..I will check it out.

[Angelala]

Originally Posted by amitygirl

wow, my mouth is open! It's really that bad? Yes, I have heard of the Chinese dry walls, my girl friend told me about it, that is a horror for sure. I am so sorry to hear all this, I use to love being in Fla. Spent a lot of time down there in my younger years. I can't believe how much it has changed. Very sad. I guess you guys are really giving me something to think about. I really hope things turn around for everyone down there.

I totally disagree, Cape Coral is a very nice place to live. Yes you have to be careful not to buy a house with CD but I love CC and think it's great. If you like boating then you will probably love it.
You need to come take a look for yourself and you will see.

[cpslaughter]

I bought a forclosure it's value on my 2009 trim notice has fallen 66% from its original selling price. I think we have really hit bottom. There are many homes that will continue to drop, but not nice ones. The price to fix up homes that can be had at lower prices will only bring your price back up to where they were in Oct of last year. I have see about a 6% increase in the current selling price of the exact home design I purchased. As you see the real estate market story unfold on the news remember that thet they can only tell you what has happened in the past. They often use numbers that are 2 or 3 months old.

[twobums]

I've mentioned this before but here goes.... know someone who was thrilled to buy a 3/2/2 in Cape Coral at 100k in Oct '08... same homes are now selling for 65k. That is a huge loss in equity in less than a year and a very bitter pill to swallow. Calling the bottom of the Lee County RE market has been going on for the last 3 years ~ no one has been right yet.

Who wants to catch a falling knife, or worse, a falling chain saw?

[tommy-105]

Originally Posted by Angelala

I totally disagree, Cape Coral is a very nice place to live. Yes you have to be careful not to buy a house with CD but I love CC and think it's great. If you like boating then you will probably love it.
You need to come take a look for yourself and you will see.

Angelala, the op said earlier that she is more interested in proximity to the beach than boating or canals. Since the Cape doesn't really have a beach, How long would you say it takes to get to Fort Myers beach or Sanibel in season? She said she would like to be less than 20 min away. I can remember having to turn around on San Carlos Blvd and just give up on going to the beach more than once due to the traffic, but that was a few years ago.

[kroeran]

Originally Posted by twobums

I've mentioned this before but here goes.... know someone who was thrilled to buy a 3/2/2 in Cape Coral at 100k in Oct '08... same homes are now selling for 65k. That is a huge loss in equity in less than a year and a very bitter pill to swallow. Calling the bottom of the Lee County RE market has been going on for the last 3 years ~ no one has been right yet.

Who wants to catch a falling knife, or worse, a falling chain saw?

If you focus on getting a foreclosure, and as long as you are buying below building cost, and planning to use the property for at least a decade, and are not relying on working down here, it doesnt really matter if you catch the bottom, which is not possible anyway. The bottom will likely be when pessimism is at its worst.

regardless, better to rent at first and become an insider rather than taking an outsider sucker deal

[twobums]

kroeran ~ you are 100% correct, however, writing a mortgage payment every month for several hundred dollars more than the neighbor who bought after you is hard to take. Walking away from a mortgage will become even more common place.

Renting first is such a good idea... thumbs up on that idea also!


BTW I am the type of person who gets (a li'l) angry with myself when something I purchased last week @ Publix is on sale this week for a dollar less! Losing 40k in equity in a few months would give me a few sleepless nights, to say the least.