Home Buying in Burnt Store>Question Details

Glavelle66, Home Buyer in Bokeelia, FL

I'm looking to buy a piece of land in Cape Coral. Some of the listings I am looking at talk about "future assesment fees". What does?

Asked by Glavelle66, Bokeelia, FL Thu Apr 21, 2011

this mean? How are these fees determined? Are they deisclosed?

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Answers

7
Rafael Vidal’s answer
Future assessments are for water & sewer, which can be spread out in 20 years or paid when first assessed. My listing is M1465633, 2140 SW 7 Pl. Cape Coral, which you can call me-cell 305-608-7431 or if you prefer call another broker. Assessments on this property are ongoing & purchaser would assume same.
Videli Investments, Inc.
Lic. Real Estate Broker
videli@bellsouth.net
305-380-6125
305-608-7431
1 vote Thank Flag Link Thu Apr 21, 2011
Water and sewer......


jessemcgreevy@gmail.com
239-898-5329
http://www.Bonita-Estero-RealEstate.com
0 votes Thank Flag Link Thu Apr 21, 2011
Future assessements reference the utility expansion project or UEP (i.e., water/sewer/irrigation). As of today a little over 1/3 of Cape Coral is on city utilities and the remaining 2/3 have yet to be assessed or hooked in. Prior to assessments coming through a particular neighborhood you will receive notification along with the cost. The city is currently locked into a contract until 2012 which I believe they will let expire since the contract company is not willing to renegotiate lower rates to reflect today's lower labor costs (the contract was originally agreed to in '04 or '05). The last assessment area was assessed approximately 25k and yes, that sounds scary!! Assessments are typically tax billed over a period of 20 years unless you wish to pay them in full at the time or defer the payments (not what I would recommend considering it's compound interest). The UEP is on hold for now but it will happen sometime in the future; could be next year or ten years from now.

If you have questions or want further clarification feel free to pick my brain!

Regards,
Danielle
Web Reference: http://www.mysharphomes.com
0 votes Thank Flag Link Thu Apr 21, 2011
Future Assessments are for central water and sewer in Cape Coral. There are areas in Cape Coral (mainly SE) where central water and sewer is in (since years) and all the assessments are paid. There are certain areas in Cape Coral where central water and sewer is in but the assessments are still open either in full or partially. And there are areas in Cape Coral where there is no cental water and sewer (yet). Property owners in those areas have their own water (well) and there own "sewer" (septic). The city of Cape Coral plans to connect all properties within the city limits to central water and sewer within the next 5 years. If you purchase a property with no central water and sewer you will have to connect to the central system as soon as the city puts it in. That means those costs will come towards you in near future.

However the City does have payment plans and you can choose which plan will work for you. One of them is that you can pay those assessments with your property taxes over years to come.

More infos about the city water and sewer project in cape coral: http://www.capecoral.net

You can also check on individual properties (lots) if you would like to know if there are still assessments unpaid (open) and how much those are. Just click on "find" and from there got to "assessments pay off". In the new window yuo will be able to enter the property address, and here you click on "loan pay off".

Hope that helps
0 votes Thank Flag Link Thu Apr 21, 2011
The future assessments are part of the Cape Coral Utilities Expansion Plan. Special Assessments are one-time charges to property owners when their property (including vacant property) is serviced for water, sewer or irrigation water. Once any of these services are available, hookup to water and sewer lines is mandatory for all developed properties. Irrigation line hookup is optional.

Contribution In Aid of Construction fees are one-time fees charged upon development when properties are not in an assessment area but have City services available (within 200 feet).
CIAC rates are:
Water CIAC = .32 per square foot
Sewer CIAC = 1.05 per square foot
Irrigation CIAC = .33 per square foot

A fifteen (15) year payment plan. Interest rate shall be established at time of application and shall equal current prime lending rate as published in the Wall Street Journal on the last day of the month preceding the application, plus one percent (1%) plus a one percent (1%) administrative fee.

Capital Expansion Fees are a one-time charge incurred when homeowners hookup to City water and sewer. These fees, plus a $10.00 lien fee, may be paid over a six-year term after zero percent, to any amount, down payment. Billing occurs annually.

More information and Frequently asked questions are available at CapeCoral.net

Neil G. Blair-Bennett
Broker-Associate
Sellstate Achievers Realty Network
(239) 645-3798
HopeHomesUSA.com
Facebook.com/HopeHomesUSA
Web Reference: http://Hope4HomeBuyers.org
0 votes Thank Flag Link Thu Apr 21, 2011
Hi Glavelle -

Just briefly noticing your question on the page, I would assume that there will be future Owner's Association dues or monthly, yearly, etc. dues/fees for using/building on the property. They should be disclosed or give you a roundabout idea of how much they will be but usually there will be an official prospectus or bylaw packet discussing the fees. They are usually determined by the maintenance and operation of the area or neighborhood.

Hope that helps.
0 votes Thank Flag Link Thu Apr 21, 2011
Future fees are for infastructure ie: water and sewer.

Search the latest listings thru my website!
Have the advantage of searching like a Pro !
Just sign up for a listingbook account on the front page, you'll receive the latest listing sent to your inbox!
I"m a buyers agent I work for you! The listing agent works fo the seller !
No tricks ,No gimmicks, No harassing phone calls.
You tell me when you're ready !!!!

Best regards ,
Susan Callahan, ABR, CNS
Coldwell Banker Residential Real Estate LLC
CELL: 239-896-6342
7205 Estero Blvd # 724 Fort Myers Beach, FL. 33931
E-Mail: Agent4lee@aol.com
http://www.AGENT4LEECOUNTYFL.com
0 votes Thank Flag Link Thu Apr 21, 2011
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