Cape Coral Florida Real Estate News

June 29, 2018

 

State and National News:

• Fla. a top 5 state for residents ready to make a move   Read more…
• Amendment 2 supporters say it’s for everyone:  “No catch”   Read more…
• Great Tax Exodus out of Blue States   Read more…
• 8 people arrested in real estate wire fraud scheme   Read more…
• New Fla. laws go into effect   Read more…
• Homebuying decisions: Should the kids’ opinions count?   Read more…
• Study: Fla. home to 5 of the top 10 U.S. beach towns   Read more…
• Builder confidence slips as lumber prices soar   Read more…

Taxes, Financing, Insurance, Scams, and more:

• Property insurer reliability: New study ranks Fla. firms   Read more…
• Uncommon ways to prepare for a hurricane   Read more…
• Should retirees pay off the house early?  Read more…
• Realtor report: Financing top reason for closing delays   Read more…
• A 70-foot tree blocks my view.  Can I cut it down?   Read more…
• Important insurance coverage you probably overlook   Read more…
• Finding a downpayment: Can I tap my IRA to buy house?   Read more…
• RE Q&A: Condo walls don’t stop secondhand smoke   Read more…
• Here’s what you need to know about reverse mortgages  Read more…

Cape Coral and SW Florida News:

• City Commission vote would allow townhouses for 85 acres in west Cape Coral   Read more…
• Cape Coral City ‘On the Move’ Newsletter   Read more…
• Middle section of Burnt Store Road widening to begin   Read more…
• Cape Coral considering fining Waste Pro   Read more…
• Fla.’s Babcock Ranch: America’s first solar-powered town   Read more…
• Cape Coral City Council votes to maintain existing bald eagle protections   Read more…
• City of Cape Coral working to repair hurricane-damaged sea walls   Read more…
• Cape Coral voters will decide on parks referendum in November   Read more…

Real Estate Tips:

• Trending: Fashion-forward tile for walls and floors   Read more…
• Listings: Which amenities will fetch a higher price?   Read more…

Nature and Parks:

• Cape Coral Canal watch   Read more…

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May’s FEATURED HOMES:

2657 SUNSET LAKE DR, Cape Coral  – $209,000…

Come enjoy the Florida Lifestyle at its best in this 1600+ sf WATERFRONT home located in the attractive GATED Community of Coral Lakes. The light and bright OPEN FLOOR PLAN offers a great room with sliders leading out to the screened lanai and a GORGEOUS VIEW of the water. Master bedroom offers more of that WATERFRONT view, a separate entry to the lanai area, two walk-in closets, en suite bathroom with large soaking tub, dual sinks and a large shower. Spacious Kitchen with: STAINLESS appliances, GRANITE, glass block under cabinets for lots of light, pantry, and tiled floors. The two guest bedrooms share a ‘Jack and Jill’ full bath. Impressive high ceilings. A/C NEW in 2016. TILED ROOF. Exterior painted 2017. Wood-like flooring NEW in 2013. Upgraded fans and fixtures. Separate Laundry room. Beautiful COMMUNITY POOL w/SPA, grand clubhouse, fitness room, volleyball, play area, basketball and more. County website shows this property does NOT REQUIRE FLOOD INSURANCE and your insurance company will be happy to hear that this home comes with STORM SHUTTERS too. Close to grocery, restaurants, shopping and more…. and Ft Myers International Airport, is only about 25 miles away.

Click here to see more…

 

 

 

5236 VERSAILLES CT, Cape Coral  – $186,900…

Location! Location! Location! This home is across from waterfront Homes and has quick access to YACHT CLUB beach, Cape Coral Bridge, Fort Myers, shopping, restaurants, grocery, and more…. REMODELED KITCHEN with STAINLESS APPLIANCES and GRANITE. Island style countertop seating. Grand four-panel sliders open up to a spacious: covered, screened and tiled lanai for outdoors living. Living room has custom lighted cabinetry. Separate dining area. Carpets recently cleaned. MAN CAVE/utility room has entry way from the main bathroom and also from the lanai area. Laundry room in residence with washer, dryer, storage, and utility tub. Both master bedroom and guess room have extra long closets. En-suite Master bathroom with shower. Big inviting backyard. Screened entryway with bench. Groomed landscaping with palm trees. Extended paved parking area off the driveway. Western exposure. Wind rated garage door NEW in 2015. City water/sewer in and ASSESSMENTS PAID! Easy access to Sanibel Island and Fort Myers Beach. AND….. Fort Myers International Airport is only about 17 miles away. Hurry!

 

 

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   “Backyard News”

Cape Coral:

• 487 total single family home sales in Cape Coral for May, the highest number of closings (May) in over 8 years.
• Inventory levels dropped again last month to 1,850, last month over 25% of listings came off the market.
• The average sales price dipped from last month’s high of $300k, however, year over year Cape Coral saw an increase in appreciation of 8.2%. The average price of a single family home totaled $289k.
• New Construction permits totaled 232 in May, an increase of 21% in one month.

Fort Myers:

• Fort Myers reached its much-anticipated peak of the year! Total closings totaled 404 an increase of 10% from May of 2017.
• Inventory levels declined by over 7% driving this market into a seller’s market!
• With an increase in sales and a decrease in active inventory, appreciation in Fort Myers rose to nearly 13%.
• The average single family home equaled $345k.

“Industry News”

Emotional Support Animal Letter in Florida

The requirements you need to meet in Florida to qualify for an emotional support animal letter are the same as in the other states. The only distinction is that you will need to get a letter from a Florida licensed mental health professional in order to qualify. This is because ESA laws are based on the Air Carrier Access Act and the Fair Housing Act. Please note this is different than a service animal.

These are the basic Florida emotional support animal letter requirements for owners:

• A licensed mental health professional needs to determine that you have an emotional disability
• Your mental disability is in the Diagnostic and Statistical Manual of Mental Disorders
• The identified condition substantially limits your ability to participate in at least one major life activity
• The professional has to determine that an emotional support animal would help treat the condition or ease your symptoms
• You need to get an emotional support animal letter which is a prescription for an ESA
• The letter must come from a licensed mental health professional
• Your letter must be on your therapist’s official letterhead
• Must include your therapist’s license details, issue date, and state

“FHA and APPRAISALS”

• Most lenders charge borrowers for appraisals when they are ordered (typically $500 cost), the Borrower pays the $500 for the appraisal and then the amount is deducted at closing towards the 3.5% down payment.
• FHA is cracking down on the use of a credit card. If one is used, (credit card), the amount can’t be used towards the down payment and the new credit card debt must be calculated. Although the new debt may not be a deal killer, it may create some delays. Borrowers are encouraged to use debit cards in order to avoid cash to close or debt to income issues.
• Fannie Mae has updated their guidelines EFFECTIVE JUNE 5TH!
• Single Entity Ownership
  • Allow single-entity ownership in Condo projects w/21 or more units to increase to 20% from 10%
• Commercial Space
• Increase commercial space to 35% from 25%
• Allow investors to be eligible for Limited Review for LTV, CLTV, and HCLTV to 75% (Florida will have a 5% reductions in LTV: 70% LTV, 75% CLTV, 75% HCLTV)
• Waive project review requirements for new and established condo projects that consist of no more than 4 units (including gut rehab and non-gut conversions)
• Allow delivery of conventional loans secured by units in established condo project approved by FHA’s HUD review and Approval Process (HRAP) **It must be an established project; cannot be used on new construction or newly converted condo projects
• Investment Property Transactions
• 2 – 4 Unit Condo Projects
• FHA Project Review

 

For more… click here for Cape Deb’s Blog…..

 

Have questions?  Need Cape Coral Real Estate assistance?  Call Deb Cullen at (239) 233-2322 or click here…..