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Cape Coral Florida Property - Reasons to Buy a Home in Cape Coral, Florida

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Have you always dreamed of living in sunny Florida on a water-front property only to wake up realizing you could never afford it? Splash some cold water on your face, do the math and find a real estate professional familiar with Cape Coral Florida property. Your dream of living in paradise is about to come true!

As most perspective home owners following the real estate market know, the mortgage crisis in the U.S. dramatically influenced property value as inventory flooded the market. That is definitely true in Cape Coral. Cape Coral Florida property, in this city with more canals than any city in the world, are selling for 52% less than 5 years ago at an average price per square foot of only $69.

If you have ever longed to live in Florida or own a vacation home in the subtropics, read the next sentence very carefully. Based on figures from June 2010, the median price for homes in Cape Coral, FL was $92,650. Investors, perspective home owners, real estate agents—anyone with any interest in real estate set in an area featuring sandy beaches, fishing piers, more than 30 recreational parks, seven golf courses and access to small tropical islands on the Gulf of Mexico, might want to check out the Cape Coral Florida property listings.

Any drastic bargain like the record low prices for Cape Coral homes might seem too good to be true. Cape Coral Florida property does come with some hidden issues but single family homes and townhouses can be purchased with all issues resolved and still land in the “too good to be true” category. What is lurking behind these record bargains?

*Foreclosure rates
In the last quarter of 2009 Cape Coral ranked 3rd in the country in home foreclosure rates. That can be good news and bad news for buyers. If you are willing to be patient, more banks are starting to work with potential buyers to cut their losses. Make sure a professional handles all the legal work if you put in an offer on a foreclosed Cape Coral property.

*Over abundance of inventory
Since its development in the 1960s, Cape Coral has been one of the most speculative markets in the country. The specs were way off. Currently, the supply of Cape Coral Florida property far exceeds the demand.

*High costs of insurance and utilities
Enjoying over 400 miles of canals sounds like a good thing—until it’s time to cough up insurance money.
Add the possibility of hurricane damage in the form of wind insurance, to the potential water damage and viola! The result is high insurance rates. The high cost of utility hook ups is a short term problem while the area switches to a new sewer and water system.

*The Infamous Chinese Drywall Problem
Newer homes in the area were often built with defective drywall from China causing damage to any material that can soak up the sulfur odor. That translates into removal and replacement of drywall, carpet and insulation but it can be fixed. Ask people who flip houses for a living. It can be done. Defective drywall is a wide scale problem in recently built Cape Coral Florida property.

If a home has good bones, the reality of sinking some money into the repairs will detract from the initial savings. In the long run, the property will still end up as a huge bargain and a solid investment. After all, the market is starting to show signs of growth. Plus, Cape Coral property is still in Florida. Many people want to live in a sunny place where no snowstorms ever happen.

Once you’ve gathered yourself, take a deep breath and do the math again. Cape Coral Florida property offers a once-in-a-lifetime chance to buy a home and live in a subtropical setting where many would-be vacationers dream of visiting. Yes, there are issues attached to the unbelievably low prices. Whether those issues prevent you from making an offer on the deal of a lifetime entirely depends on your own analysis.

As one on-line comment read: “Cape Coral was ground zero for speculators during the real estate boom.” Both places are proving it is possible to recover.

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5 months ago

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