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Cape Coral, Lee County FLA

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DTB

Thread Starter
Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
My brother and I along with spouses plan to go to Cape Coral for Thanksgiving and ride the foreclosure bus(es) in the hopes of nailing 2-3 SFR foreclosures to put in a VRBO type rental program.

Of course I'm the one in charge of doing our homework.

Does anyone have a link or broad synopsis of Cape Coral's market? What I'm looking for is what areas to stay away from or what areas are located near desirable amenities. I would like to block out areas before I dig deeper.

It could even turn into an assignment from us although we are not that concerned about MV, more interested in good locations that would rent and be positioned for any possible rebound down the road.

Thanks in advance.

Mike
 

LuckyLucy48

Sophomore Member
Joined
May 16, 2008
Professional Status
Certified General Appraiser
State
Florida
Is there any reason in particular that you are going to Cape Coral??
T
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Why are you going all the way to Florida to buy property? I don't think I would invest in a market hundreds of miles away I didn't completely know.
 

DTB

Thread Starter
Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
1. The flood of foreclosures in Cape Coral has brought prices waaaay down.

2. The family likes that part of FL for future vacations and/or winters.

3. Looking to get new or nearly new 3/2 well under 100K.

4. Have many properties with a long distance operation.

5. I don't think it will be a huge effort to know the Cape Coral market before pulling the trigger.

Still seeking advice on areas. Thanks.

Mike
 
Joined
Jan 5, 2004
Professional Status
Certified Residential Appraiser
State
Florida
South west and south east cape are the best. Make sure you purchase a home that is connected to water and sewer and that the assessments are paid. The assessments in areas where they are installing utilities are really high. For under 100K your pretty much going to get junk. Your better off paying a little over Two and getting a gulf access canal location. They will always be in demand were the 100K houses with no view will always be just that.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Subscribe to RealQuest and you can get all sorts of data for that market.
 

AJL118

Member
Joined
Jul 29, 2005
Professional Status
General Public
State
Florida
Sounds like you are getting sucked into a typical "fly and buy program" to me. We love to pluck you northern chickens. Best to stay close to home where you can keep an eye on your stuff. You don't have any business doing business down here if you don't know what you're doing. And being certified in Illinois doesn't qualify you. You just might get mugged.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
The declines are not over, very possibly by a few more years. Add to that there are literally THOUSANDS of vacant houses for rent. What does that tell you about the supply and demand in Florida?
 

xmmcsmielr

Junior Member
Joined
Feb 4, 2002
The foreclosure vultures can gorge themselves now, but will only loose a bit more financial weight via the value dysentery that will follow.

Arizona real estate brokers and realtor associations have been saying, NOW IS THE TIME TO BUY, THERE ARE A LOT OF BARGAINS OUT THERE. WE'VE HIT THE BOTTOM.

In fact, just like Pam says, declines are "possibly" not over for a few more years. I think late 2011 for Tucson, at the earliest.

There is another tidal wave of foreclosure looming, when five year ARMs' anniversaries hit with bumps in monthly payments during 2010. If that comes down like it seems to be shaping up now, it will take another 12+ months after that to stabilize.

So, those jumping in now, expecting to make it big in real estate probably are in for an erosion of their down payments and fix up costs.

That is of course, unless a government program socializes these losses.
 
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