Home Buying in Cape Coral>Question Details

Tony Kaneas, Home Buyer in Cape Coral, FL

What are the closing costs and average HOA fees for a Condo, 3 bd, 3 br in Cape Coral, Ft. Myers, and Naples?

Asked by Tony Kaneas, Cape Coral, FL Sat Jun 23, 2012

We are looking at purchasing within the next 6-8 months. Are there any other association fees to consider? Thanks, Tony and Mary Kaneas

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Terry McCarley’s answer
As the others have given you answers I would like to add something. Make sure you research the "health" of the association. Many communities have had large numbers of short sales and foreclosures so they do not have the reserves they need.

Feel free to contact me if you would like to discuss our market. I have lived here 24 years and know the area extremely well and would be more than happy to answer any questions you may have.

Terry McCarley, Realtor®, CDPE
Jones & Co Realty
email: leecountyrealtor@earthlink.net
phone: 239-707-4575
0 votes Thank Flag Link Tue Jun 26, 2012
Mr & Mrs. Kaneas: This is a good question for most buyers don't even take into account closing costs HOA fees, before they get a realtor.
The best way to find out the HOA & closing costs is find a realtor who works closely with a title company- plus the realtor should be with a board of realtors-either Cape Coral or the Fort Myers board of realtors- this way that realtor can- give an exact type of condo you are searching for with HOA's fees also, then relate what you are appoved(thru a lender/or you are a cash buyer) the type of condo you desire to his title company. With that you would find out pretty close what you will be paying then- you can have an idea where you really want to be with the condo you are searching-type & area- that will play into what you want.
Before you go to any realtor: You can go to my web-site: http://www.dougsellsfl.com and on the left hand side click; search area homes -there you will be able to search any city/town in Fl. and put in any criteria you want w/price and no will know but the 2 of you and when the condo you see it will most likely have the HOA written down for your in put to the equation on where you would like to live.
Have fun searching: Douglas Pelton of Blackburn Realty Inc..
0 votes Thank Flag Link Sun Jun 24, 2012
HOA Condo fees vary widely and you can't really place a number on it. Fees vary according to location and what is being offered via amenities.

Closing costs are different in Lee County(Fort Myers, Cape Coral area) than they are in Collier County (Naples, Marco island area). Although it is all negotiable, traditionally in Lee County the seller will pay title insurance so your title fees will be less than in Collier County where the buyer typically pays the title insurance. Again, it is all negotiable but this is the norm.

if you're financing 4% is a good rule of thumb. For cash buyers closing costs are much less, especially in Lee County. While the home inspection fees etc. mentioned already are costs you will have to pay they aren't paid at closing so some people may not consider some of them closing costs although they are acquisition costs. I just sold a house in Lee County for 343,000 cash and the closing costs were only $367.50. Those fees will vary. Another house I sold for 300,000 for cash the closing costs were around 1,000 but they were higher because of local water escrow tied into the closing costs. in Collier County these fees would have likely been higher because the buyer would probably have paid the title insurance. Because of this, all things being equal your closing cost may be higher in lee County when it comes time to sell.

I am a member of the MLS for each county so feel free to contact me.
Web Reference: http://www.joesansone.com
0 votes Thank Flag Link Sun Jun 24, 2012
Also, if the home is in an HOA there will be some application fees as well. The ones I mentioned were not.
Flag Sun Jun 24, 2012
Hello there,
Thanks for the great question. If you are looking for properties in gated communities in Lee County you will find there are a greater percentage of single fee HOA's that will avg. in the $300's. The Associations that have a Master Assoc. Fee plus Condo HOA fees will usually be over $500.00 per month and can be billed quarterly. This would be from larger developments that have more amenities. As you get closer to the coast and further south you will find the fees will continue to rise to $1000's per month. Some developments have CDD fees which the Tax Collector grants the Community Development District special status and allows you to pay more fees that will be included in your property taxes.

There are no surprises when my clients shop with me. I give them full disclosure of all fees prior to looking and access to the Florida Gulf Coast MLS by logging on to the link below.

Most fees will include: Building insurance, lawncare and building maintenance, community lights, street, clubhouse and pool, trash pickup, sewers and central water access, security and/or gates, property management etc.

Closing costs excluding your lending institutions fees are averaged as follows: Home Inspection: $350, Pest Inspection $50, Title Insurance and Fees $750, Appraisal $350, HOA application fee $100, Property Taxes (You receive a credit from the seller. Taxes are billed in November.)

Happy to help you when you are ready,

Sarah Garrett, Realtor
"Chosen Best in Client Satisfaction 2006-2011" by Gulf Shore Life Magazine
Cell: 239-464-8620
Email: sarahgarrett@argfl.com
Web Access to MLS:
0 votes Thank Flag Link Sat Jun 23, 2012
Closing costs are roughly 3% if Cash and 6% if financed.
Watch for special assessments either current or planned in the future.
Make sure the community is financially stable with a good healthy reserve.
Ask about any past assessments if any.
Owner occupied to tenant ratio
Look for differed maintenance in the common areas.

Within three days of your offer you should receive condo doc's read them carefully along with the restrictions (rules) my sure your comfortable with them as you'll have to live by them.

Feel free to contact me.

Have the advantage of searching like a Pro !
Just sign up for a listingbook account on the front page of my site, you'll receive the latest listing sent right to your inbox!
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No tricks ,No gimmicks, No harassing phone calls.
You tell me when you're ready !!!!
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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
0 votes Thank Flag Link Sat Jun 23, 2012
Hi Tony and Mary

The answer to this question can be such a huge, wide range. Each condo is different and had their own hoa fees. If you had a specific condo in mind, I could surely give you a more specific answer. If you would like some condo listings, let me know, I'd be glad to help.

Frank Glaab
Gulf Gateway Realty, inc
0 votes Thank Flag Link Sat Jun 23, 2012
Location means everything. A condo on the beach in Naples might have an HOA fee of more than 4 times the fee for a condo in the middle of Cape Coral. What amenities are offered make a big difference too. As for closing costs, that differs from county to county and deeply depends on the price you are paying for the condo. If you want to discuss this in depth, please contact me. Thank you Carolyn
0 votes Thank Flag Link Sat Jun 23, 2012
Hi Tony,

I would be happy to help you. Please feel free to contact me.

To learn more about me and my commitment to customers please visit my website at: http://thereseclapp.com or http://www.c21sunbelt.com/therese-clapp

Looking forward to hearing from you.


Therese A Clapp, Realtor®
Century 21 Sunbelt Realty, Inc.
725 Cape Coral Pkwy W
Cape Coral, FL 33914
Primary: 239-542-4777


- 2012 REALTOR® Leadership Academy ~ Participant
- 2011 Platinum Five Star Education Award ~ Recipient
- Community of REALTOR® Excellence ~ Member
- Real Estate Buyers Agent Council ~ Member
- Graduate Realtor Institute ~ Designation
- Short Sale Foreclosure Resource ~ Certification
- At Home With Diversity ~ Certification
- Real Estate Property Management ~ Certification
0 votes Thank Flag Link Sat Jun 23, 2012
Hi Tony,

That is a tough one to answer as there are many factors to take into consideration, for instance, if the property is going to be mortgaged it is going to have additional closing costs that would not come into play on a cash transaction.

Also, purchase price is going to affect it as well. And of course, in real estate anything is negotiable so you may be able to have the seller cover many of the closing costs if they are highly motivated to close.

If you would like to go over the specifics or have any other questions answered please feel free to reach out to me. I am always happy to be of assistance,

Anthony Cincotti
0 votes Thank Flag Link Sat Jun 23, 2012
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