State and National News:
- ‘Lack of inventory’ a top real estate challenge Read more…
- Credit-risky buyers now have more options Read more…
- Fla. mortgage purchases now outnumber cash sales Read more…
- Millennials’ waiting game may be over Read more…
- New Fla. laws go into effect July 1 Read more…
Taxes, Financing, Insurance and more:
- Treasury Dept issues final rule on flood insurance Read more…
- Hurricane season tip: Prepare your finances too Read more…
- Serving former and current member of the military Read more…
Cape Coral and SW Florida News:
- Area property values continue to rise Read more…
- Pumping stations saving Cape Coral $42 million Read more…
- Ribbon-cutting set for new Culver’s restaurant in Cape Read more…
- Cape Coral eyes removal of Chiquita Boat Lock Read more…
- Cape Coral warns of costly water scheme Read more…
Real Estate Tips:
- Quick and colorful kitchen upgrades Read more…
- Setting priorities when searching for a home Read more…
Nature:
- Cape Coral Nature Parks Read more…
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NW Cape Dredging UPDATE
City To Allow Limited Boat Traffic in
North Spreader Canal during Dredging Project
In response to requests from local boaters, the City has opened the North Spreader Canal to boat traffic for one hour during the week for the duration of the current dredging project. The canal will be open on weekdays from noon until 1 p.m.
The canal also is open to boat traffic before 7 a.m. and after 4 p.m. on weekdays, and all day on weekends. These open time periods will allow boaters adequate access to this portion of the canal and still provide City crews uninterrupted time for the dredging operation to be conducted efficiently.
The dredging project began in June and will continue until mid-November. Public Works crews will be working in the canal Monday thru Friday from 7 a.m. to noon, and 1 p.m. to 4 p.m., excluding holidays.
Boaters are requested to adhere to all posted construction signs, and follow any instructions from dredging personnel. As another option, boaters can use the launch ramp at D&D Bait & Tackle in Matlacha Isles.
Complaints about shallow depths in this portion of the canal have been increasing during the past few years. Dredging removes excess sediment from the bottom of the canals and provides a reasonable transit depth for most vessels. The City is performing this work on weekdays during the summer months to lessen the inconvenience to boaters.
Source: Connie Barron, Public Information Director, City of Cape Coral
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From the Economic Development Department:
Wow! South Cape continues to see an influx of new businesses and an increased vibrancy. Most recently, we’ve seen the opening of the Water City Grill and No. 3 Craft Brews & Beer Bar with a great deal of excitement and we will soon have the opening of the Cape Coral Brewing Co. on Miramar Street. While the influx of a few of the national chains like Starbucks, Culver’s and Waffle House is always welcome, it’s the local flavor and eclectic businesses that bring character and a sense of place to the downtown area. Won’t the snowbirds be surprised to see what’s been happening this year?
We are still looking for your suggestions of what restaurants and stores you–local business owners and residents–want to see in Cape Coral. Since putting this question out in last month’s newsletter, we’ve received a great response, but we want to hear from more of you. Please take the time to email us at [email protected] and tell us what’s missing here in the Cape. In our next newsletter in August, we’ll be sharing the results with you. Keep them coming, Cape Coral–we can do this together!
Sincerely,
Dana Brunett
City of Cape Coral
Economic Development Director
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HELP!!! Inventory is low and Listings are selling FAST! If you know someone that wants to sell their home/lot or possibly buy in the near future, please let me know.
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“Backyard News”
· Cape Coral active inventory plummets yet again by 9% to 1,283.
· Inventory has not been this low in years (2013) during which values were increasing by 18-20% monthly.
· The lack of inventory will only continue to propel prices/values forward and without adequate inventory, prices will most likely increase about 20-25% over each of the next few years.
· A record month for closings, June continues to defy past trends with an incredible 476 units sold (511 total after this report was initiated).
· Distressed sales, hovering at the 60-70 mark make up 13% of total sales. A normal market is consider that with less than 2% distressed sales.
· A startling 2.6 months of inventory for June, with a list to sale ratio of 97%. This is a great cause for concern since new construction can only pick up so much. Great for investments, not so good for long term sustainability and affordability.
· Household formations and housing demand continue at record speed, one can expect sales prices to be higher than list prices if lack of homes persists.
· With pending transactions outperforming number of listings taken each month, it’s fair to assume that July and August will likely have less than 3 months of inventory as well.
· Rent income has also increased to about $1200/month for a typical (depending on condition) 1500 sq. ft. – 3/2/2 house in Cape Coral. That same house would have only rented for $950 in 2014.
· Vacancy rates are approximately 2% and DOM for rental properties are less than 7 days.
“Industry News”
· CFPB rule (TRID) originally forecasted to take effect in August has now been extended to October. Although the extension is welcomed news for most in the industry, many lenders are moving forward with the new rules and guidelines and are encouraging sales professionals to put 45-60 day closings.
· Fannie Mae recently announced they were no longer requiring revolving debts (that are being paid off to qualify) to be closed. This announcement is retroactive, loans that have already been underwritten and have this as a condition of the approval will have this condition waived.
