Question about home prices in Cape Coral (sales, foreclosed)

[hiknapster]

Originally Posted by rikoshaprl

I think 15-20 years is a little too pessimistic. Prices may bottom out within a couple of years or sooner. Then a 3% per year increase would not be out of the question considering the retiring baby boomer population. That would be a pretty good return on your down payment if you could get rents to cover your bills. I doubt you will ever see the double digit increases that we had in the early 2000's. I would never be a landlord in an area I didn't live in anyway.
But for a retirement home who cares what the price appreciation or depreciation is?

Well, that's my question. The poster called it a "great investment opportunity" and is assuming that the rents will be there. I say buy the second and/or retirement home if you can afford it and sit back and enjoy. Fortget about the rest of it.

[monikac21]

Being a Realtor in SW Florida since 1994 I have seen the market going up, going down and coming up again.

I believe the main reason for the still low prices in our area is that Cape Coral was within the worse cities hit by foreclosures. A lot of investors bought way over their budget, interest rates adjusted and their strategy to just keep the property for a few month and then sell it with a good profit, did not work out anymore. Way to many investors tried to jump on the train and got drawn into purchasing more house than they could efford. Unfortunatly a lot of younger first time home buyers where almost forced to purchase in the high market, the economy broke down and a lot of people got laid off. Now they were not able to make their mortgage payments anymore. All of those homes turned up on the market as either bank foreclosures or short sales. The market turned from a seller's market to a buyer's market and prices came down drastically.

Now however we see the market turning back to a seller's market. Our Market is extremly fast, good priced properties come on the market and those homes are sold very often in less than a week. This results in a price increase and buyers are starting to offer over asking price just to get the property. The good prices together with the low interest rate is attracting a lot of buyers in our area.

In my opinion - there are stilll good deals out there, but they are getting less.

[Fred Perkins]

Originally Posted by KasperFile

I was just there and you would be hard pressed to find a home were there’s not a 3 to4 a banded homes in the same street in fact I was able to rent a VERY , VERY NICE fully furnished 4bd pool home on a the largest lake complete with motor boat for a all inclusive sum of $50 a night..

How much to buy that house outright ?

[Iamrita]

Originally Posted by Dino1

Let me ask the obvious question: why are prices so much lower there than other parts of the state? From the little I've researched, it seems like a very nice place and a good investment. Opinions welcome, especially from residents of Cape Coral.

I've been located (temporarily) in Cape Coral for employment reasons for 3 months. Have just completed day 60 of 90 and I can't wait to get out of here. IMO Ft. Myers is a dump and Cape Coral is Cape Nowhere. It feels like a ghost town. I feel sorry for the people who live here. Houses sit abandoned, retaurants are closing down, there are numerous issues with the city budget, water, etc. I wouldn't invest a dime here. Just please be sure to do your research in person before you make any decisions. As for me, the sooner I leave, the better.

[rikoshaprl]

Originally Posted by Iamrita

I've been located (temporarily) in Cape Coral for employment reasons for 3 months. Have just completed day 60 of 90 and I can't wait to get out of here. IMO Ft. Myers is a dump and Cape Coral is Cape Nowhere. It feels like a ghost town. I feel sorry for the people who live here. Houses sit abandoned, retaurants are closing down, there are numerous issues with the city budget, water, etc. I wouldn't invest a dime here. Just please be sure to do your research in person before you make any decisions. As for me, the sooner I leave, the better.

Where are you working and living?

[Iamrita]

Originally Posted by rikoshaprl

Where are you working and living?

I am working at Lee Memorial Hospital and living in the SW Cape.

[mot7355]

I think for the money Cape Coral gives you alot of Bang for your buck I have flipped 32 homes to date in the last 14 months ,, Great place to live ...lots of ammenties Its going to come back the the rest of the country ..we are in bad cycle

[Iamrita]

Originally Posted by mot7355

I think for the money Cape Coral gives you alot of Bang for your buck I have flipped 32 homes to date in the last 14 months ,, Great place to live ...lots of ammenties Its going to come back the the rest of the country ..we are in bad cycle

Enlighten me please about the amenities offered in Cape Coral...

[rikoshaprl]

Originally Posted by monikac21

Being a Realtor in SW Florida since 1994 I have seen the market going up, going down and coming up again.

I believe the main reason for the still low prices in our area is that Cape Coral was within the worse cities hit by foreclosures. A lot of investors bought way over their budget, interest rates adjusted and their strategy to just keep the property for a few month and then sell it with a good profit, did not work out anymore. Way to many investors tried to jump on the train and got drawn into purchasing more house than they could efford. Unfortunatly a lot of younger first time home buyers where almost forced to purchase in the high market, the economy broke down and a lot of people got laid off. Now they were not able to make their mortgage payments anymore. All of those homes turned up on the market as either bank foreclosures or short sales. The market turned from a seller's market to a buyer's market and prices came down drastically.

Now however we see the market turning back to a seller's market. Our Market is extremly fast, good priced properties come on the market and those homes are sold very often in less than a week. This results in a price increase and buyers are starting to offer over asking price just to get the property. The good prices together with the low interest rate is attracting a lot of buyers in our area.

In my opinion - there are stilll good deals out there, but they are getting less.

When I bought my home in SE Cape Coral in March, there were 3 others bidding against me. I had to pay $3,000 over the listing price. So in my case monikac21's statement was accurate

[nhkev]

Once again riko new group not bringing anything intelligent to the table best to just ignore and when they can't get a rise out of anyone they'll go away