Home Buying in Cape Coral>Question Details

Steve Sapien…, Home Buyer in Pompano Beach, FL

Looking to buy in Cape Coral

Asked by Steve Sapienza, Pompano Beach, FL Mon May 26, 2008

I'm looking for some answers about Cape Coral..Beautiful homes for $150,000...Why so cheap? Is there employment there?...Wind insurance high? Whats the catch.?.I see some high taxes, but some are low..Beautiful homes with pools...Lots of short sales..What seems to be the problem? I want to buy a pool home there for 150,but I;m afraid theres something going on i don't know about...Can someone in that area help me out?/

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Hi Steve,
Wow you have had some great answers! I just wanted to add one thing about Short Sales. I am seeing more and more that even after long waits and verbal acceptance from the banks. The banks are working with the home owners to re-negotiate the loan and keep them in it. Just don't fall in love with a short sale home because you just never know. But when it works out you usually get a great deal.
Good Luck to you,
0 votes Thank Flag Link Tue May 27, 2008

These links will provide you a multitude of information regarding short sale properties.

The best rule when placing an offer on a "Short Sale" property is to have your agent pull comps and use that as a starting point for SOLD properties of similar type. The lender who has to release the lein on the property will be pulling their own comps by doing what is known as a BPO. The offer has to make sense compared with the market value, appraised value of the property with comparable sales.

Also Cape Coral FL is only about 10-20 minutes to area beaches throughout Lee County FL.

Also take a look at some of the articles I've written provide a good explanation about what a short sale is and how they work.

What is a Short Sale and How does it work?

Short Sale Pre Foreclosure Advice for REALTORS ®

Short Sale Pre Forecloure Buyer Preparation - Are You Ready to Purchase a Short Sale?


This information should provide you a good start. If you have additional questions please contact me.

Scott Slocum
0 votes Thank Flag Link Tue May 27, 2008
Thank you all for your answers..I am getting a better idea now..I would also like to know a bit about short sales..If i like a house do i have to wait for Buyers approval or Banks approval of offer? EX...House is 150 on short sale....Do I put an offer in for 140 and wait? How long a wait ? And can someone offer 145 and i don't know about it and lose my chance..Sorry not too familiar with this new short sale stuff..Is it like some type of auction ? .thanks
0 votes Thank Flag Link Tue May 27, 2008
Very simple -- SUPPLY AND DEMAND.

We have more homes for sale here in Cape Coral than could possible be sold in the next year or two.
As for 150 for a pool home, you can do much better than that. Brand new homes with 2,000 square feet are going for 100-120k in "unassessed" sections of the Cape.

The parts of the cape that still have wells and septic systems are cheaper, no question about it. But all of the Cape is due to have public utilities by 2020. If you have a home due to get public utilities in the next few years, you may be assessed up to 20k by the City of Cape Coral. You can't refuse the expansion.

I guess Pompano Beach is faring better than we are in SW Florida.
0 votes Thank Flag Link Tue May 27, 2008
There are plenty of opportunities to be had at this time because, as previously stated, in a buyers market prices have been adjusted downward. If your plan is to purchase now for the long term(5-10 years) you have nothing to worry about, however if your interest is short term you might want to rethink your plan.

Apoint to be noted is that in this location you will not be conveniently located to beaches. A little further north, in North Port you can find a new home with a pool and be fairly close to the beach, for $150,000.

If we can help, we would be happy to hear from you.

Good luck,
The "Eckler Team"
Century 21 Alamar and Associates
Venice, Fl 34285
0 votes Thank Flag Link Tue May 27, 2008

Yes you can buy pool homes for under 150k. The reason price have adjusted downward is due to an oversupply of inventory. We have a significant number of homes for sale. With the laws of supply and demand upon us... we have too much supply and that has created a decreased pricing situation. Our insurance here is no different than anywhere else in the state of florida. We do have a lot of pre-foreclosure properties, short sales, and REO Bank Owned Homes. Many homeowners, and speculators have realized they can no longer afford homes they thought would bring them a large profit in two years (flipping) and many became victims of the predatory lending practices of ARMS, Option ARMS.

Cape Coral is a great place to live. We just have too much supply at the moment.

Stop by http://www.capecoralrealestateandland.com for more information about Cape Coral Homes.

Scott Slocum, REALTOR®
Florida Future Realty Inc.
2816 Del Prado Blvd South, Unit 2
Cape Coral FL, 33904
Direct: 239-340-1384
http://www.ScottSlocum.com Cape Coral Fort Myers Real Estate Info - FREE MEMBERSHIP
http://www.capecoralrealestateandland.com Search Real Estate For Sale in surrounding communities.
http://activerain.com/blogs/scottslocum Info on Real Estate, Property Taxes, and much more
0 votes Thank Flag Link Tue May 27, 2008
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