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Cape Coral Real Estate News – March 2018

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Cape Coral Florida Real Estate News

March 24, 2018

 

State and National News:

  • Report: Fla. building codes thwarted hurricane damage   Read more…
  • NAR: Most renters want to own a home   Read more…
  • 44% of retirees still have a mortgage   Read more…
  • Who’s buying Fla. real estate?  It changes over time   Read more…
  • Builders 10 biggest concerns   Read more…
  • The hourly income you need to afford rent around the U.S.  Read more…

Taxes, Financing, Insurance, Scams, and more:

  • Court ruling overturned in ‘Assignment of Benefits’ case   Read more…
  • Surprise tax savings for owners who paid PMI in 2017   Read more…

Cape Coral and SW Florida News:

  • Cape Coral City “On the Move” Newsletter   Read more…
  • America’s biggest Boomtowns and why they’re blossoming   Read more…
  • Iowa Jima monument one of many tributes at Veterans Memorial   Read more…
  • Dangerous intersection in Cape Coral moves closer to realignment   Read more…
  • County signs off on $8.5 million road realignment in NE Cape Coral   Read more…
  • Curious Cape: Why did the city remove the trees along Cape Coral Parkway?   Read more…
  • City says residents’ conservation efforts are keeping canal levels stable   Read more…
  • Seawall quality remains large issue after Hurricane Irma damage   Read more…
  • Cannoli Italian Market & Bakery in Cape Coral is deliriously good   Read more…
  • 6 dog friendly restaurants in Fort Myers, Cape Coral   Read more…
  • Developer plots project with $3.5M purchase   Read more…
  • More builders in Lee, Collier target entry-level home buyers   Read more…

Real Estate Tips:

  • Surprising ways Home Staging can sabotage your sale   Read more…
  • Selling a home to millennials?  Add plants   Read more…
  • New tech makes it seem as if a home can talk   Read more…

Nature:

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TWO FEATURED HOMES:

760 Coral Drive, Cape Coral  – FURNISHED & TURNKEY and priced at $214,900…

Location! Location! Location! Yacht Club area — MILLON DOLLAR NEIGHBORHOOD! For three generations this home has been in the same family, and lovingly cared for. Mr and Mrs Gaumer spent many hours back in 1963 searching for the perfect location for their home. When they found 760 Coral Drive they knew they had found Paradise. As you travel Coral Drive to the end, you also will know that you’ve found home in this Island lifestyle neighborhood. The owners call this “the friendliest place on the Cape”. Home is offered TURNKEY—including furniture, pots, pans, linens, etc…. Just bring your toothbrush and you’re ready to relax and enjoy your oasis. LARGE SCREENED LANAI with view of the SOUTHERN EXPOSURE backyard, Corner lot, HUGE POCKET SLIDERS in Living Room, a/c NEW in 2012, City water/sewer in and ASSESSMENTS PAID, light and bright open floor plan, split bedroom design offering Master Bedroom on one side of the home and guest rooms on the other for ultimate privacy. Close to shopping, restaurants, yacht club beach, Ft Myers Bridge, and more… Easy access to Sanibel Island and Fort Myers Beach. Plus, Fort Myers International Airport is only about 18 miles away.

Click here to see more…

 

2824 SW 38th Ter, Cape Coral  – GORGEOUS Gulf Access Waterfront Home at $499,900…

Gorgeous RENOVATED–LIKE NEW home with WATERFRONT GULF ACCESS located in the desirable neighborhood of SURFSIDE…Situated on an oversized TRIPLE LOT on quiet cul-de-sac… This home shows pride of ownership! HEATED POOL with SOUTHERN EXPOSURE. High-end fixtures, stunning ‘TILE LOOK’ METAL ROOF, exquisitely landscaped with palm trees, ASSESSMENTS PAID, Tile and Travertine floors throughout, crown molding, updated baseboards, renovated kitchen with custom cabinetry, STAINLESS appliances & Jenn-air refrigerator, impact windows and shutters, WRAP AROUND DOCK w/8K lb IMM Silver Series Aluminum lift and easy care Trex decking, repiped plumbing, built-in double office suite, custom dining cabinetry, GRANITE & QUARTZ countertops, beautiful waterfront view from the master bedroom, HIGH CEILINGS, half bath with access to the pool, walk-in closet, walk-in shower w/separate soaking tub, Guava, Fig and citrus trees. Boating access to the Gulf of Mexico, beaches, and surrounding islands such as Cayo Costa, Cabbage Key, Sanibel, Boca Grand…. New Custom homes being constructed in the neighborhood. Close to shopping and restaurants and Fort Myers International airport is only about 25 miles away.

Click here to see more…

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   “Backyard News”

> On Tuesday March 6th the Lee County Commission voted to extend discounted impact fees in Lee County for 5 more years. They adopted a new Base Rate based from recommendations from County staff. This new base rate would mean that the county could collect $17,836.00 on every newly constructed home in Lee County, regardless of the value of that home.
The Commission, after three hours of public comment, adopted a collection rate of 45% of the new base rate, while collecting 100% of the Fire and EMS fees. There is also an escalator clause in the new rates that will increase the collection rate 2.5% per year for the next 5 years, at which time the Commission will review the rates again.
This equates to a fee of $8,478 that will go into effect in 90 days on new construction homes pulling permits. It is important to remember that impact fees are due when permits are applied for, not when homes are sold to buyers.

> An unusual increase in inventory last month, brings our single family market to the highest it’s been in over 4 years, current inventory levels are at 1996.

> Single family homes sales up from last month totaling 349, nearly 50% of all Lee County sales are in Cape Coral.

> Although inventory levels rose, Cape Coral remains at neutral levels but just barely. The average sales price stands nearly at the $300k, off from peak prices by 24%. Peak to recession prices dropped nearly 70% in Cape Coral.

> Cape Coral permits in February totaled 161 and virtually 50% of all Lee County lot sales were in Cape Coral last month.

> Fort Myers inventory rose to 1824, an increase of 2% and total sales were up to 266.

> Fort Myers single family home prices fell last month to $317k, inventory levels continue to favor buyers

> Fort Myers permits were 126 in February with a taxable income of $29m.

 

“Industry News”

> Interest on home equity, HELOC or second mortgage (in some cases) can be deducted. Despite newly enacted restrictions on home mortgages, tax payers can still deduct regardless of how the loan is labeled. The key factor is that the proceeds of such loans must be used to buy, build, or substantially improve the taxpayers home that secures the loan. Interest on a home equity or other loan used for personal living expenses (i.e. paying off credit card debt, education or vacation) are not deductible.

> Interest rates have risen again are expected to continue, an increase of 1% diminishes buying power by nearly $20k. This interactive site shows the cost of waiting.

> Manufactured homes are now financeable, so long as they are attached to a permanent foundation and the home and the land on which it is situated is titled as real property.