NY to Cape Coral (Lee: sales, mortgage, how much)

[mc3140]

I own a lot in the NE area of Cape Coral. I just received my tax statment and my lot is only worth about 25K. We currently owe about 100K, but we plan on paying it all in three years.

We are thinking of building on it, my question is: Can we use the lot as collateral or is it is worthless? How much down will we have to put if we build on it. I love Paul Homes, but there houses are about 350K. Does anyone have a Paul Home

[rusty78]

Originally Posted by mc3140

I own a lot in the NE area of Cape Coral. I just received my tax statment and my lot is only worth about 25K. We currently owe about 100K, but we plan on paying it all in three years.

We are thinking of building on it, my question is: Can we use the lot as collateral or is it is worthless? How much down will we have to put if we build on it. I love Paul Homes, but there houses are about 350K. Does anyone have a Paul Home

Before the collapse...some banks would take the land as security...but I would doubt it now......I would check out the builder you are interested in...he might take the land as a down payment...build your house and then sell/transfer everything back to you when you receive financing...Many builders work on the 1/3 rule...1/3 for the lot...1/3 for the house...1/3 in profit...so if you are putting up the land...and for some reason change your mind...the builder could be in the 2/3 profit area...a better than average risk for him...even in this market...

[sfabian]

it seems like even if you don't have a mortgage in cape coral it cost about $800/month just to carry the house with electric, retaxes, utilities and maintenance. how can you retire even if you pay off the mortgage

[MOBETTABLUES]

Why doesn't ft.myers have state tax?

[SW_Pirate]

The state of Florida has no state tax. That was an incentive for me to leave New York State.

[kroeran]

no judgement here, but the system is set up to financially soak snowbirds and those with second homes, who don't vote, which is a significant proportion of the residential base.

By paying for the state budget with residential tax, instead of income tax, you are spreading the costs over a much larger combined local and out-of-state population, many of the latter who don't consume the services, such as schools and resident or child-focussed recreation.

this is magnified by the homesteader deduction, which makes the first $50k of property value tax free, for residents, and as well, there is a 3% annual cap on tax increases for homesteader residents, which can have a huge impact on taxes when prices are rising 10% per year.

this discrimination applies equally to Brits and Canadians and out of staters, but as well to investment properties or second homes of Florida residents.

however, in the end, wages have their own natural equilibrium, and the housing tax "subsidy" ends up being reflected in lower wage rates...people keep coming to florida and bidding down wages just to the unbearable suffering point, taking into account all the artificial market distortions.

[Fred Perkins]

Originally Posted by SW_Pirate

The state of Florida has no state tax. That was an incentive for me to leave New York State.

I believe you meant NO State INCOME tax ! right SW ?

[SW_Pirate]

Correct, Florida does not have State Income Tax , we do have 6% sales tax here in Lee County, 3% less than we paid in NY State

[malibush]

I don"t want to get lost here with all the vacant chatting going on, but I do want to get involved with the meaningful dialogue, such as it is.
Keep me in mind for that please. I just moved to SW Florida, and like it here, and want to get involved with what is based on reason and sound judgment. A view to the future is so much more vibrtant than a portal to the past.
shc44net@aol.com