Thinking of buying/CRA (Cape Coral, Jay: to rent, HOA fees, condos)

[Bettygirl]

Hello,
I'm thinking of buying a condo located a few blocks from Jaycee Park in the heart of the area that will be redeveloped in the next 5-15 years. It's on beach parkway and I'm trying to determine if this area is going to be nagatively impacted by the redevelopment. It looks like condos on Cape Coral Parkway will have to be torn down for traffic plans. I don't see any info on the city or CRA web site that shows improvements to beach parkway. Of course, the realtor I'm dealing with says that this area is not slated for emminent domain but I take that with a grain of salt.
Any info is appreciated.

[jeffabb]

From what I have seen in the last 5 years, the CRA didn't do much in the form of execution (or had much execution tied to their recommendations), even in the heady days of high flying RE and them having "cash". They did a lot of studies (and some opinions high dollar studies that didn't do much), as well as pay staff/expenses. I think they are a non-profit, but I am not sure how they get their funding (I hope it is not from my taxes).

On the subject of eminent domain, as the economy and prices fell, this has became less popular since there are easier opportunities than forcing people to accept a price for their property (i.e. nobody really wants it, and there are people more reasonable and willing to sell). I would not even consider this for 10-15 years down the road (which the old timers say is the cycle for recovery in the RE markets around here).

If I recall what little info the CRA published, Jaycee park is pretty far from their proposed "changes". I doubt (as they say, nothing is guaranteed) you will have a problem.

I would be more concerned that I bought a condo and people were renting it out to less than desireable tenants next door (especially people that bought investments during the boom and now are taking whomever they can get just to cover the mortage, so beware of your neighbors).

That said, there are some deals out there if you have cash purchase a house on the water (and condo's are never a deal when you add in the HOA fees... you can almost get the same deals hiring your own services if that is your concern and most condo dwellers stop using the amenities after a few years... heck, join a club that has them so you are not tied to it).

Houses will also have a better resale when the market improves than a condo and you are not attached to your neighbor's dwelling.

Granted a lot of this post is my opinion, but the market here, right now, leads to renting as a better option for the short term (would give you time to look around more).

[whippersnapper]

I'd say Beach Parkway should be fine. It is a little bit off from the main "downtown" area so I can't see why they would do any major changes over there.