Cape Coral Vacation Properties (Clearwater, Fort Myers: real estate market, rentals, insurance)

[T-Bird]

From Canada - Recently looking to purchase vacation home - stumbled on Cape Coral -I'd like some feedback on the area - so far everything is negative and I can't understand why - the spot we had in mind was NE - close to Ft. Myers, etc. - Can someone explain the difference in the areas (SW, SE, NE, NW)?
The home look like good value for the price - seems like not a good place to work and live but for vacation - why not?
Also, I noticed lots of negative feedback - coming from one person in particular - this will scare away investors that could improve the community by attracting vacationers... what's your thoughts...
...and if cape coral is not great for vacation property - what would you recommend?

[Compression]

[quote=T-Bird;4772846] Can someone explain the difference in the areas (SW, SE, NE, NW)?
The home look like good value for the price - seems like not a good place to work and live but for vacation - why not?
I noticed lots of negative feedback this will scare away investors that could improve the community by attracting vacationers... what's your thoughts...
QUOTE]


The city is divided into quadrants, (divided roughly by Pine Island Rd separating n-s, and Santa Barbara Blvd separating e-w). The two southern sections were developed earliest, so those areas have the infrastructure like city utilities(in most, but not all areas) as well as mature landscaping, and about 95% of the business entities. The Northern sections are pretty much on well, and septic systems, and the closest shopping is generally located along Pine Island Rd with a few exceptions in the NE area.
Home values have crashed in past two years, no real bottom in sight yet.
Why would you buy a vacation home here? Will you be vacationing all year? There is a GLUT of vacant homes here, that you could very likely rent on a month, or even weekly basis, at the time you wanted to take your vacation. Why have the liability of taxes, and insurance on something that will sit vacant, most of the year? The fact that it sits vacant is a major liability in itself.
This area has NEVER had a problem with attracting "vacationers", the problem is going to be in getting vacationers that can AFFORD to come here. As the economy fails all over, the vacationers wont be able to afford to come here. The well heeled, seasonal residents, own their houses here, and have no need to rent one. They'll show up the first week of October like they ALWAYS do. That being said, the transient tourist market this coming season will be the foreigners, European, and even Canadian like yourself, spurred by the favorable exchange rate. That would be your target. Assuming, that you are looking to rent to other vacationers.
As far as negative feedback is concerned, you need to consider two things...1) Opinion, what you hear that is one persons "view" of a given situation, and 2) Fact, which you should absolutly check into, before making any decision. Many opinions will blow sunshine up your shorts all day long, but you cannot dispute cold, hard FACTS. If the FACTS "scare" you, you'd be best to stay away, no? Barring that, come on down and form your own opinion. Fair enuf?

[Angelala]

We live in Indiana and bought a house in SE Cape Coral on a lake and couldn't be happier. We get down as often as we can and have not had one regret. We love it and are planning on putting in a pool this year. We have found everyone to be very friendly. There are negative things about every town. There are great deals to be had right now, I suggest you head down and see for yourself.

[GFMRE]

The real estate market in Cape Coral is in serious distress right now. Great time to be a buyer, terrible time to be a seller. As a result of all the price reductions, Cape Coral has become very affordable for second home buyers. With the large inventory of homes on the market, out of town buyers have significant leverage in getting a great deal.

With over 400 miles of man-made canals, Cape Coral is a boaters dream. The SE and SW quadrants offer the most gulf access boating options. Residents store their boats on lifts behind their homes and find this a very convenient option.

Cape Coral is primarily a plated community and has fewer gated communities than surrounding areas. For some out of town buyers, this can be viewed as a negative. Other options in the area for a vacation home are South Fort Myers and Estero. Both of these communities have a wide range of options for second home owners.

[lobsterss]

I can tell u from personal experience #1 There are many vacation rentals. Little does many know that the Euro plays a big roll in stimulating the vacation economy here. There has been a BIG surge in Europeans especially germans coming to live as residents in Florida. Now when someone said "oh they can't afford the vacation rentals" They could not be more wrong..The Euro is almost double the dollar atm , so i laugh at those comments..Plus as far as the area for safety , ive been here 6 months and i enjoy it. I can actually walk down the street and feel safe. To me cape coral is so laid back and relaxing. I originally come from the suburbs in Chicago, IL. Plus the cape does have it's own beach at the local yacht club. Also it has dmv , skate parks , movie theatre, golfing, many yacht clubs, marina, just so much . Excellent CLEAN shopping malls . Especially the public grocery store , it's my personal fav place to shop. Sure u have rough spots here and there and u avoid them. Cape Coral even has a $2 fee for crossing the bridge in from Ft. Meyers . I think the economy will head up . I keep reading about business ventures they have going on to build more for the community and offer more jobs. Plus the new airport about 3 years old is THEE Cleanest Nicest airport i have been inside in my entire life, and trust me im not some spring chicken. I have seen enough and i have traveled nationwide, even living in Europe ~ So I would give positive feedback on the cape for the living area, what they have to offer , school system (my kids are in it), cost of living is good, the vacation rentals are phenominal. I stayed in one in the SW cape coral area and this place was immaculate. The owner even had every single thing u could desire inside , from a needle and thread to pool floats , a cooler for the beach , beach chairs, umbrella , on and on~ u name it she had it ! I am originally from Clearwater Florida btw~so i like this change of pace here in the cape

[Compression]

Originally Posted by lobsterss

I can tell u from personal experience #1 There are many vacation rentals. Little does many know that the Euro plays a big roll in stimulating the vacation economy here. There has been a BIG surge in Europeans especially germans coming to live as residents in Florida. Now when someone said "oh they can't afford the vacation rentals" They could not be more wrong..The Euro is almost double the dollar atm Cape Coral even has a $2 fee for crossing the bridge in from Ft. Meyers . , school system (my kids are in it), cost of living is good,

There will be many more vacation rentals, If you had actually read the posts above, it was mentioned that the european tourist IS the market here, it is the local (U.S. traveler/tourist) that wont be able to afford to come here.
Somehow, having to pay $2.00 admission fee to come home each night, never has been a big selling point to me, but what do I know? So, you're not only retired, but you have kids in school. So you must be better heeled than the averge working joe that makes up (just guessing) 80% of the population here. Cost of living must be good, if you're paying in Euro's..

[lobsterss]

Originally Posted by yachtcare

There will be many more vacation rentals, If you had actually read the posts above, it was mentioned that the european tourist IS the market here, it is the local (U.S. traveler/tourist) that wont be able to afford to come here.
Somehow, having to pay $2.00 admission fee to come home each night, never has been a big selling point to me, but what do I know? So, you're not only retired, but you have kids in school. So you must be better heeled than the averge working joe that makes up (just guessing) 80% of the population here. Cost of living must be good, if you're paying in Euro's..

No i am not European and i never mentioned i was ) But yes they come here and add some flavor to the cape and spend thier hard earned money in the community so KUDOS to them!! I know many Its called stimulating You may want to check how the Euro is High and how they are having 2 times the vacation atm I don't mind the $2 fee on the bridge hehe its revenue for the city. I think the city is the cleanest city i lived in ...try coming from chicago lol even the suburbs ! You will find a huge difference in the areas and how clean they keep things. Yes i am retired with 2 beautiful children thank you I pay cold hard american cash for my lifestyle and its quite mediocre . Does not matter what kind of money u have as i stated above u can still go out have a great time. It a matter of enjoying the simple area around u . You might want to appreciate the small things around you and thank the heavens your alive

[DailyJournalist]

Originally Posted by lobsterss

No i am not European and i never mentioned i was ) But yes they come here and add some flavor to the cape and spend thier hard earned money in the community so KUDOS to them!! I know many Its called stimulating You may want to check how the Euro is High and how they are having 2 times the vacation atm I don't mind the $2 fee on the bridge hehe its revenue for the city. I think the city is the cleanest city i lived in ...try coming from chicago lol even the suburbs ! You will find a huge difference in the areas and how clean they keep things. Yes i am retired with 2 beautiful children thank you I pay cold hard american cash for my lifestyle and its quite mediocre . Does not matter what kind of money u have as i stated above u can still go out have a great time. It a matter of enjoying the simple area around u . You might want to appreciate the small things around you and thank the heavens your alive

I am not from Chicago, but I have been there several times and it is an absolutely georgeous and very clean for a city its size. The culture, history, and entertainment in Chicago is top-notch. Comparing Cape Coral to Chicago is absolutely laughable.

[T-Bird]

Thanks for your input. In Toronto, anything on water is more than $400k and if the water is near the city, it's going to cost upwards of $600k. This year it's rained all summer so even though it's warm, it's not sunny. Near the city there are jobs but we are being impacted by mass layoffs although no where near what the folks in Fl have experienced. There is "value" in the sun, water and relaxation and the prices are unbelievable. It seems to me that the economy will improve if the real estate starts moving but I have not met anyone here in Canada that has heard about the area. It's also been tough working with some of the RE agents. Most of the info we have has been from our own research. I really hope things start turning around for CC because it's in such a beautiful spot. I think it's well worth the investment!