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Old 07-25-2010, 10:20 AM
 
58 posts, read 107,025 times
Reputation: 43

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I`m investing heavily in Cape Coral for my families` future..where else can you purchase a 2b/2b home for 45k, in a nice neighbor hood, one mile from the beach and rent it out for $800 a month? That`s $9600 a year from a $45k investment...plus the property will appreciate in the long wrong. 3 homes and counting

 
Old 07-25-2010, 10:22 AM
 
58 posts, read 107,025 times
Reputation: 43
Quote:
Originally Posted by chaotix View Post
This is a FACT!

Check out the map as to where Americans are moving, you have to wait a bit for map to upload, then click on Lee County

Map: Where Americans Are Moving - Forbes.com

yup..I`m one of the black lines from Pa to Lee county
 
Old 07-25-2010, 10:38 AM
 
681 posts, read 879,290 times
Reputation: 161
Quote:
Originally Posted by yoko View Post
" The utility rates are rising to help the city pay off loans on $400 million worth of utility plants and to expand the system. The city was counting on new residents to pay for the projects, but since population growth has all but stopped, the cost is being spread among the existing customers.


One project calls for $2 million for landscaping around the new water plant on Kismet Parkway.

Councilman Bill Deile said he doesn’t want to lower the utility rates by shifting them to the property taxes collected by the city.





July/21/2010
Cape Coral utility rate hike may be reduced | news-press.com | The News-Press

Since Cape Coral's economy is based on growth and NO growth is existing, one can imagine what is ahead..."the worst economy in the nation", continued .


Some background information:

Assessments for new water and sewer lines were going to pay off the $404 million loan, but the bursting housing bubble blew that plan away. The system had no growth throughout 2009, and the extension program was suspended."
Meanwhile, the $18 million-a-year payments on the debt still have to be made."

May/17/2010
http://www.news-press.com/article/20...roposals-ready



The city has more than $404 million in utility system loans to cover. A rate increase was approved to help meet payments. But council members want to soften the blow to ratepayers, who will see a 92% increase in their bills over the next five years if the increase isn’t modified.

May/17/2010
http://www.news-press.com/article/20...-rates-changes



Several Cape Coral City Council members seem to be leaning toward a general obligation bond to reduce interest on municipal utility system debt to mitigate rate increases for existing water and sewer customers.
Councilmember Kevin McGrail: "If we let the rates keep jumping, we will be a community no one wants to move to, and we will lose residents."

May/20/2010
http://www.cape-coral-daily-breeze.c...id/516747.html


The city could issue a bond worth $332.5 million and lower the rate increase impact to 2.4 percent over five years.

http://www.news-press.com/article/20...-rates-changes
 
Old 07-25-2010, 10:56 AM
 
1,087 posts, read 1,938,541 times
Reputation: 1316
Quote:
Originally Posted by yoko View Post
Some background information:
Assessments for new water and sewer lines were going to pay off the $404 million loan, but the bursting housing bubble blew that plan away. The system had no growth throughout 2009, and the extension program was suspended."
Meanwhile, the $18 million-a-year payments on the debt still have to be made."

May/17/2010
http://www.news-press.com/article/20...roposals-ready

The city has more than $404 million in utility system loans to cover. A rate increase was approved to help meet payments. But council members want to soften the blow to ratepayers, who will see a 92% increase in their bills over the next five years if the increase isn’t modified.

May/17/2010
http://www.news-press.com/article/20...-rates-changes
Several Cape Coral City Council members seem to be leaning toward a general obligation bond to reduce interest on municipal utility system debt to mitigate rate increases for existing water and sewer customers.
Councilmember Kevin McGrail: "If we let the rates keep jumping, we will be a community no one wants to move to, and we will lose residents."
May/20/2010
http://www.cape-coral-daily-breeze.c...id/516747.html

The city could issue a bond worth $332.5 million and lower the rate increase impact to 2.4 percent over five years.
http://www.news-press.com/article/20...-rates-changes
Your responses are redundant. Cape is not unique to problems, the same argument can apply to many cities in the US that are having similar financial difficulties however, Latest Brookings Institute Report says Cape Coral economy is showing signs of improvement, which is good news for south Florida and the Cape.

What's noteworthy here is that the South dominated by accounting for 54 percent of all new homes sold in this time period. Economic news from our area? The Brookings Institute released its latest Metro Monitor report for the first quarter, reporting: "Recent signs of improvement are showing in economies around the country, but most notably in the south (the hardest hit of the housing bust)." Housing appears to have halted the free fall and employment has begun to grow in areas in the South. Cape Coral/Fort Myers and unincorporated Lee County was ranked top in the 100 metropolitan areas surveyed in first quarter of 2010 in job growth change.

In other words, job growth in Lee County improved by 1.1 percent between the fourth quarter of 2009 and the first quarter of 2010. Most major metropolitan areas suffered continued decreases in job growth during the same period. In fact, we moved from worst-performing to best-performing in job growth.

This report provides further indication that my "first in, first out" theory may have credibility, after all. While Southwest Florida was the first and hardest hit in the housing bust, it appears that we could be the first to recover. At any rate, it seems very clear that there is no place to go but up.The sun seems to be rising again in the South and all these statistics indicate that Florida could be on the rebound: Our job market is improving, our population is still growing and demand for new homes is starting to increase.

Commercial Connection: Land sales robust in Southwest Florida | news-press.com | The News-Press
 
Old 07-25-2010, 12:34 PM
 
74 posts, read 115,926 times
Reputation: 39
How’s that 1.1 % number look after you factor in the 2000+ Census workers that were hired to temp walk door to door to gather the Census?



Quote:
Originally Posted by chaotix View Post
Your responses are redundant. Cape is not unique to problems, the same argument can apply to many cities in the US that are having similar financial difficulties however, Latest Brookings Institute Report says Cape Coral economy is showing signs of improvement, which is good news for south Florida and the Cape.

What's noteworthy here is that the South dominated by accounting for 54 percent of all new homes sold in this time period. Economic news from our area? The Brookings Institute released its latest Metro Monitor report for the first quarter, reporting: "Recent signs of improvement are showing in economies around the country, but most notably in the south (the hardest hit of the housing bust)." Housing appears to have halted the free fall and employment has begun to grow in areas in the South. Cape Coral/Fort Myers and unincorporated Lee County was ranked top in the 100 metropolitan areas surveyed in first quarter of 2010 in job growth change.

In other words, job growth in Lee County improved by 1.1 percent between the fourth quarter of 2009 and the first quarter of 2010. Most major metropolitan areas suffered continued decreases in job growth during the same period. In fact, we moved from worst-performing to best-performing in job growth.

This report provides further indication that my "first in, first out" theory may have credibility, after all. While Southwest Florida was the first and hardest hit in the housing bust, it appears that we could be the first to recover. At any rate, it seems very clear that there is no place to go but up.The sun seems to be rising again in the South and all these statistics indicate that Florida could be on the rebound: Our job market is improving, our population is still growing and demand for new homes is starting to increase.

Commercial Connection: Land sales robust in Southwest Florida | news-press.com | The News-Press
 
Old 07-25-2010, 01:00 PM
 
74 posts, read 115,926 times
Reputation: 39
Quote:
Originally Posted by mlehman59 View Post
I`m investing heavily in Cape Coral for my families` future..where else can you purchase a 2b/2b home for 45k, in a nice neighbor hood, one mile from the beach and rent it out for $800 a month? That`s $9600 a year from a $45k investment...plus the property will appreciate in the long wrong. 3 homes and counting

In theory that investment sounds great to some uninformed folks, but lee’s reality is a whole deferent story. The % of lee’s folks that could afford $800 a month + around $200 utilities for a 2bd is very small, and theirs 100s (and rapidly growing ) of these rentals on the market At this time..

And by the way back in the 80s you could have gotten a real nice 3/2 in Lee for 30k to 50k so 45k for a 2/2 isn’t that great of a deal IMHO


anyway good luck..
 
Old 07-25-2010, 01:08 PM
 
1,087 posts, read 1,938,541 times
Reputation: 1316
Quote:
Originally Posted by KasperFile View Post
How’s that 1.1 % number look after you factor in the 2000+ Census workers that were hired to temp walk door to door to gather the Census?
I'd have to analyze and factor in economic indicattors to answer this question and since I am not an economist by any measure I will leave that to so-called experts.

However, you seem to agree ‘Yoko posts factual statistics’, this is Yoko’s post and the same entity namely Brookings Institute Yoko refers to in the topic of this thread, now Brookings latest report states that the Cape is on its way to recovery and Yoko disregards it and now you disagree. Go figure.
 
Old 07-25-2010, 03:50 PM
 
Location: The Conterminous United States
22,584 posts, read 54,070,979 times
Reputation: 13613
Quote:
Originally Posted by KasperFile View Post
In theory that investment sounds great to some uninformed folks, but lee’s reality is a whole deferent story. The % of lee’s folks that could afford $800 a month + around $200 utilities for a 2bd is very small, and theirs 100s (and rapidly growing ) of these rentals on the market At this time..

And by the way back in the 80s you could have gotten a real nice 3/2 in Lee for 30k to 50k so 45k for a 2/2 isn’t that great of a deal IMHO


anyway good luck..
Agreed. First of all, it is tough to rent out most properties, right now. Anywhere. In Lee County, a rental is a dime a dozen. There are hundreds and hundreds and hundreds of them. If you are renting it out, now or in season, you are very, very lucky.

That's not to say that if you buy a property now, and retire in 10 or 20 years, that it wasn't a good investment. But if you are going to rely on renting it out to pay the mortgage and upkeep bills, then forget it. You are going to go into foreclosure, more than likely.

And by the way, you could have had a house like that, at that price, in the 90s, too. Lee County has historically had very little appreciation. For the heck of it, I followed a piece of property from Lehigh Acres that was originally purchased back in the 60s. Taking into account just taxes, even if that property was sold during the boom at premium, they barely came out ahead. And that was a once-in-a-lifetime situation.

This guy that is gobbling up properties could very well be left holding the bag. Silliness. I don't think people should invest in things that they know little about. Especially Lee County. It's a unique area that doesn't always behave like other places. Sorry, it doesn't.

But, once again, if you are looking for one second home - a vacation home - or you are a retiree, I think this is a great place to buy, right now. Absolutely.
 
Old 07-26-2010, 09:15 AM
 
1,087 posts, read 1,938,541 times
Reputation: 1316
Quote:
Originally Posted by KasperFile View Post
In theory that investment sounds great to some uninformed folks, but lee’s reality is a whole deferent story. The % of lee’s folks that could afford $800 a month + around $200 utilities for a 2bd is very small, and theirs 100s (and rapidly growing ) of these rentals on the market At this time..

And by the way back in the 80s you could have gotten a real nice 3/2 in Lee for 30k to 50k so 45k for a 2/2 isn’t that great of a deal IMHO


The issue here, people that lost equity in their homes will not see those values rise as they did to the peak levels for a long time, if at all. I don't have the faintest idea of any recovery timeline, trying to time a market is a fools game, but I play the devils advocate here, one report will say it will not ever recover another says its recovering, go figure.

Fact is that homes are at a record low, can they go any lower? maybe, however, bottom line is good deals are to be had, esp for investors.
 
Old 07-26-2010, 03:31 PM
 
74 posts, read 115,926 times
Reputation: 39
Here we go again, your still touting RE as a good investment in Lee when every unbiased indicator sates the direct opposite?/ yea your reading “ good time are here” or “things are getting brighter” but take a close look at the sources your reading or hearing these statements from, not one is independent of the RE industry so there is huge motives behind them putting out scud/false/biased opinions.


As for “good investments” were? 1st of all you if your even able to get a turnkey rentable home (No repairers improvements needed ) for 45k you still need to rent it out for years before you can see a return on your time/monies.

how are these RE being touted as good investments when the time line for showing that it was a good investment isn’t even close, you would need at least 4 years of growth and positive cash flow to show a good investment
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