Financing in Cape Coral>Question Details

Rmmichaels, Home Buyer in Cape Coral, FL

I want condo, Gulf access 2bed 2bath under 100k. I see them listed in cape coral, what should i look for to make sure no problems. I know about

Asked by Rmmichaels, Cape Coral, FL Sun Jan 31, 2010

chinese wall board. Anyrhing else>? Thanks
Robert

Help the community by answering this question:

Answers

7
We sold some in a nice gated community in Cape Coral and renting them out as vacation rental property.
Not only is it important what the other agents recommended but also think about resale value and rental posibillity

Contact us for more information
0 votes Thank Flag Link Sun Jan 30, 2011
I do agree with the other agents about the HOA. Do check their balance sheet. Talk to other condo owners where you are about to buy. Get a good agent to protect you when making this deal. Have to agent research the market for recent sales and expired listings. Agent have being trained to recommend market pricing to you. Another thaught is to have the home inspected by a qualifed home inspector. Hopefully your agent will recommend a good home inspector.
0 votes Thank Flag Link Thu Feb 18, 2010
Hi Robert,

The biggest concerns right now with condo purchases is the management/HOA defunking. If the deficiency rate is too high in the community, financing will be very difficult because the lenders consider it a high risk. Although, I do work with a local lender who is able to get financing in these types of situations. Many of the communties that are in trouble with high HOA fee deficiencies are pulling together through the unit owners forming a management team until times get better, once the community stabilizes then they can again have a professional management firm take over. Buying a gulf access condo now, when the prices are so good does come with some concerns, you just have to know if you are able to accept them for now until it gets better. Good Luck! Feel free to start your search for free at: http://www.welcomehome2swfl.com

You will find listings with current status updates, great community statistics, property tax information on each listing, pictures of properties and you have compleate control over setting your criteria and changing it whenever you want.

Sincerely,

Debbie Stack
239-677-7186
0 votes Thank Flag Link Mon Feb 8, 2010
As other have answered, the health of the condo association is key. Many of the units below 100k in Cape Coral are were built before the building boom and these developments are on the whole more stable than some of the newer developments.

With these older communities, an area of concern are the expensive mechanical and structural items like the roof, air conditioning etc. Does the community have reserves available to fix these types of issues?

For gulf access in cape Coral, it is also important to evaluate the distance by boat on the canal to the Caloosahatchee River and also the width of the canal. Wider canals that are closer to the gulf are in the most demand.

Three areas of Cape Coral that are popular for this type of gulf access condo are:

Rubicon Canal condos: http://www.greaterftmyers.com/rubicon-canal.php
Beach Parkway condos: http://www.greaterftmyers.com/beach-parkway.php
CRA District condos: http://www.greaterftmyers.com/cra-district-condos.php

Good luck with your search!
0 votes Thank Flag Link Mon Feb 1, 2010
RM,

An important awareness for today's buyer should be that some of the best appearing deals may also bring with them problems that can drastically offset the savings related to the purchase.

The purchase of any condo should involve an extensive audit of the association's financial standing and the complexes occupancy/ownership ratios. Communities that do not have a solid foundation of occupancy may be a liability worthy of looking elsewhere.

Good luck
The Eckler Team
0 votes Thank Flag Link Mon Feb 1, 2010
Most condos in the Cape are older so Chinese drywall won't be an issue for the most part. The biggest concern for ANY condo is how healthy the HOA is.

The condo market has been in dire straits the last year due to high default rates, numerous foreclosures & short sales. Some management companies have raised rates, cut services or even filed bankruptcy. With all that said, not all are terrible. Do your homework & if you're financing, discuss your options in detail with your lender before you're locked into a contract.

If you have any questions feel free to contact me.

Danielle Sharp
Sharp Homes
Cell 248.207.4445
Sharphomes@yahoo.com
http://www.sharphomes.listingbook.com
Web Reference: http://www.mysharphomes.com
0 votes Thank Flag Link Sun Jan 31, 2010
To be honest, Robert, your best bet is to contact a realtor who will make sure you don't run into any problems, such a chinese dry wall, overpriced properties or a house in an undesirable area.

If you'd like to call us or email us, we'd gladly send you all the available listings for what you're looking as well as represent you exclusively as a buyer to give you more protection. You can call us right now if you'd like.

Elena Ollick
Amerivest Realty
Faith Home Loans
1-800-801-6080
239-206-4500
239-443-5400
eo@oceanhomesrealty.com
0 votes Thank Flag Link Sun Jan 31, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer