"The perfect storm": 4,000+ homes were on sale in Cape Coral in March 2024
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- Опубліковано 28 кві 2024
- Have you seen a ton of homes on sale in Cape Coral? Well, there are thousands of them and a realtor says there could be a few reasons why we're seeing so many right now.
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People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance
The government will have no choice but to print more notes and lower interest rates.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
@@LucasBenjamin-hv7sk Could you kindly elaborate on the advisor's background and qualifications?
Finding financial advisors like Sharon Ann Meny who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Is this realtor brain dead, or is she just fronting? Or both? Lemme see-sky high insurance premiums, soaring property taxes, the inevitability of another bad storm. Golly, can’t think of why anyone in Cape Coral would want to sell.
For every real estate agent it's always a great time to sell...and to buy!
All realtors are by definition brain dead.
As far as realtors go, she is top tier stuff. 🤣🤣🤣
Why would they ask a realtor? What did they her expect to say ?
@1969bones69 she has no clue 😱
Let Angie know that it's the high insurance and property taxes. I don't how she missed that in her research.
She's just BSing.
It's what has been allowed to happen over the last few decades that is now affecting over a majority of Floridians.
Research?
She’s clearly not very bright.
I was going to leave a pithy comment but the people who left one already nailed it.
BAM!
right on FH!
For a realtor she sure doesn't seem to "know" much. Typical. Also the houses are sitting longer because it's getting harder to find the next bagholder. Hocking the "Buy it now to make a fast profit by selling it next month." is starting to grow thin...
She's a perfect example of what a Florida Realtor is, a lying double face , POS, that's whole purpose is to steal your retirement. From a Floridian for 33 years.
That’s long gone. Prices are dropping and tons of people that bought to them to flip or rent are going to take it in the nads. Finally.
These vulture’s finally get what they 🎉 deserve. Charge people so much over what the house is logically worth back in 2020.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
@@OliverLiam-px3vx Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
What a waste or report didn’t tell the truth why they not selling ✌️
Exactly. Funny how they’re not mentioning insurance cost, insurance issues and property taxes thru the roof in Florida. Not a buyers market until that’s figured out.
@@Aprillove626 MAGA state....
@@ateoforever7434
Just like SoCal, right?
Special Assessments also
Google: "Florida insurance market full of ‘low quality’ companies, study finds"
Florida is always the epicenter of every housing bust. This time Texas is joining them early and Arizona is also pulling up the driveway.
Hmmm. Let's not forget politics.
Find 10 properties you like. Start making offers at 2018 prices one by one until someone starts negotiating with you.
@hokeywolf3416 Good luck! All you'll get from that process is a highly distressed property - an older house that needs extensive updates at a low elevation in a flood zone and with substandard wind mitigation. Net result is you get a cheap house that needs a lot of work and comes with outrageous insurance payments. No one in their right mind is selling a decent property at a 2018 price.
@richardjohnson8114 Right now, yes. In 6 months, I think it'll work out better if you have some cash.
@@hokeywolf3416 Not at 2018 prices. Maybe at 2021 prices, maybe. That would be 23% lower than today. 2018 prices will never get you anything other than distressed property.
@richardjohnson8114 see who will negotiate
Things will get desperate I think.
Your RE agent will refuse to work with you.
Sells pretty close to listing price after 20 price cuts.
🤣spot on.
They are on the market so long because prices are too high and Insurance is dam near out of reach to get now. They might as well lower those prices and try to rent or sell them all at all most cost. This is what happens when we let greedy corporations buy up and control the housing market.
This is also what happens when governments can only run on sales taxes and property taxes rather than state-wide income taxes, and live in a dangerous storm zone overall where the climate won't be getting better over the next several hundred thousand years!
If you look at the property history of houses listed in most places in the country you’ll see that prices have increased by 30-50% and now some slowly being lowered as reality sink in. Valuation by realtors can be subjective plus the value of the dollar is falling like a ton of bricks making real estate and car sales plummet. “It’s the economy stupid” quote from Bill Clinton, except there wasn’t Stagflation and it’s only just begun………
My friends in Bonita had no damage from Ian (Village Walk) but insurance is $6000...so they being cash owners, dropped damage coverage. Risky, but why pay to subsidize people closer to the water ?
My "research" on Zillow shows more like 5,900 properties for sale as of 5/28.
You mean...another lie?😅
Yup, it's all about insurance and property taxes.
Yes my insurance went up and my property taxes went up on my home you're 100% correct
And the next storm.... which will only make those two things more unaffordable.
I've lived in South Florida for 55 years. Insurance has been an issue since Andrew.
It's called bidenomics and the Federal Reserve.
well, now, let's be fair: they don't like their houses being flooded either. But Florida is republican country. And their climate change denial is going to bankrupt them. But it's even worse than this one example: as one meme I saw recently put it, ours will be the only species in history that will become extinct because it was not cost-effective to save it.
@@imxploring They are predicting 17 and 25 named storms this season.
Homes are on sale all over. Problem realtors don’t admit is that the homes are all overpriced. People paid too much ( again) and now they can’t unload them.
Next year the cost will be 50% less. 2008 all over again 😊
That's what I'm waiting for😊
Hope so
It's looking exactly like 2007 in Florida.
Nobody thought 2008 could happen.
Nope
I'm thinking the same thing!
yeah because there is no storm coverage on alot of them
Hurricanes, taxes, flooding, hi insurance, hi prices, too hot outdoors, mosquitoes the size of helicopters, alligators.......Hmmmm is it really that hard to figure this out?
What do you mean “May have to cut your price”? There is no
Maybe. Prices will be cut if these homes are to sell. 🤷🏻♂️
All that equity will be basically erased. I’m glad I sold my San Diego property as they’re doing that now. I also have two homes in Maui and thinking they may do the same thing there.
That won't change the homeowners' insurance rates from keeping to rise up and up and up...
Wait til this years hurricane season comes and goes. There won’t be any
Insurance
Companies left
I agree.
This does not bode well...plus the developers are still building for some reason..this will not end well..
For sale …not on sale
Perhaps on sale as well 😀
No investor was in any rush to sell when prices were going up 15 or 20% in a year. The market is turning and it’s going to get ugly.. they’ll have 6,000 home for sale eventually.
Yep! I’m seeing homes that were normally $350k sold for almost 1 Million. This will not end well
NOPE! Not the reason. The insurance costs skyrocketed after the last hurricane. Assuming you can even get insurance which is a big if!
I recall reading perhaps a month or so ago that Florida's "insurance of last resort" state-run insurance is in the red. That's not the signal you want to send out to potential buyers, who can't afford to purchase "regular" homeowners insurance policies, if they are even available any longer, so many insurance companies have just given up trying to make a profit (which is what they're in the business for) in Florida, the same in California and soon in other coastal areas - and inland Texas because of the state's propensity to let developers build in known FLOOD ZONES. Duh!
how do you get or keep a mortgage without property insurance?
@@ncunnin656 you don’t! Not any more. Insurance companies are pulling out of Florida.
Truth!
Remember 2008 bust . Cape coral housing was 80 percent off price . 30 to 60 k dollars and now they are 300 k plus . What a farse .
Buyers will have to be millionaires to buy. That’s the part that’s left out here. Nobody can afford homes in Florida and to call it a buyers market is a joke.
I wondered if that was going to be a factor. I guess now if you want it bad enough you pay cash and hope for the best 🤞🏼. Then what happens when a house is not insured, suffered a major structural catastrophe and the owners abandon it due to the cost of rebuild. There goes the neighborhood.
The market will crash over the next 5 years.
You will get a lot of them too. They are called retirees. They have those millions of dollars. They want to get out of the cold Northeast. Thats who goes and lives in Florida. The only young people who should live there are medical professionals. Otherwise you should be in the liberal northeast where they make the money, not the poor MAGA south.
Millionaires are smarter.... why buy in a market headed down.
@@boristheamerican2938 liberal northeast needs to keep their Dem voters, no one wants them in the South!!!
"I think........" "Hard to tell.....you know....I mean.....". This gal doesn't know squat yet she is portrayed as an expert.
It's not that she doesn't know she just doesn't want to say on camera that a crash is ensuing in a 70s stagflation economy.📉
She is a clown!
Completely missed the reason. It's kind of obvious, they just don't want to say it. Insurance, or lack of it, and taxes. How many of those homes are under the homesteader exemption until they sell.
Exactly. Many of the homes on the market these days are not "grandfathered" under the homesteader exemption and when potential home buyers do their research and discover what the costs are going to be, they say "no thanks."
Taxes are cheap here. Try going to New England 3 or 4 times higher.
@@DennReidwages a lot higher there
@@taffyalusa4642 wrong,wrong,wrong! MA and CT top the chart for property tax, do your research!!
@@DennReid Absolutely, lived there and never again!
How do you know when a realtor is lying? There lips are moving.
their
Actually, it's more than there/their. "Realtor" is singular. "Their" is plural. May the English language rest in peace.
Yes, you can say that again!!!
@@pearlperlitavenegas2023 no one cares!
Let me know when you can get a 3 bedroom for $100.000
That’s easy…1997….
HOA’s , condo fee increases…insurance…. if you can get it has doubled…plus quite a few elderly deaths in Florida since covid… kind of a no brainer.
People trying to sell more now for some reason. Property taxes and insurance doubling. That could be the reason alone with hurricanes? Thousands of condos that are going to be condemned because of the new safety regulations passed. That could be the reason? Could be Florida is a wonderful state to visit, not live anymore.🤔
Seasonal only. Just to hot in the Summer. Like you said, visit only.
Nothing is going to be condemned. There is a thing called grandfathered in
In 2019 my dream house was $550,000. That same home in Cape Coral is now close to a Million. Everything else is bull s**t
Perhaps they are all moving to Naples just rated the best city in the US to live- what a joke! High prices, traffic 24/7 and insurance you cannot get in Florida! No wonder so many people moving!
Nothing in Naples is selling. There is a ton of units for sale
Zillow lists 5878 homes for sale, Realtor lists 6985 homes for sale in Cape Coral. Why the big difference?
we live very land locked - very far from any coast or water. Home insurance has doubled for the last 2yrs. Over 5k per yr to insure. Insurers are leaving many markets - not accepting new policies. Welcome to the "You will own nothing and be happy world". This is just the beginning of what will be some very long, hard years - potentially ending property ownership as we've known it in the past. Why do you think so many apartments are being built in EVERY market? they want us all in boxes.
Cape Coral is primed for an epic crash, but its not here yet. People are still buying, people are still renting, people are still working. This is not a buyers market yet. Good luck offering a seller a fair price. They would rather delist the property and either rent it or try again later this year closer to the SWFL home buying season. When the labor market starts falling apart, that's when the power will start to swing from the sellers to the buyers. I don't see a buyable housing market in Cape Coral until 2026 at the soonest.
The underlying cause is the high likelihood of having the house, and probably neighborhood destroyed at least one by storms in the next decade.
I think most of these homes are post-Andrew, and therefore, concrete block. The structure isn’t going down from wind in Cape Coral. Roof can be replaced, and interior water damage can be repaired. If these homes were wood frame i’d agree with you. Florida building code changed drastically after Andrew.
Cape coral city motto:
"If you cant afford to live here, we really dont want you here anyway."
Yeah, just move already!!
If people are smart and make good life choices they will NOT buy in Florida. it is that simple
Lower the fucking prices!
There is a good chance many owners are trying to simply clear their mortgage.
why?...they sell in 50days for list...
Listing price after reductions....
Prices will head down despite what this realtor is trying to sell people. People will start lowing the price… and it will go down like an escalator. The inventory climbing will cause prices to drop.
I was wondering about Sanibel and Captiva, how much rebuilding is going on there?
Can’t imagine paying the property taxes on a house or lot that you can’t use.
Why can't you use it? Captiva and Sanibel are open for business.
Was on Sanibel in April.. no one living there yet.
One giant traffic jam... construction and visitors all have to go on and off the island DAILY.
No hotels open. Very few restaurants. Virtually no livable homes.
insurance premiums and property taxes will match your mortgage payment.
Gee, a lot said that said nothing. Realtors always defend, "it's a good time to buy."
❤❤❤
Nice saying
Would you be open to a private chat some time?
There’s no recession to see here folks…keep it moving
Um....that realtor called it a "buyer's market" when - per the report here - homes that sell are sold at near asking to asking. That would make it a seller's market.
Our Governor was too busy campaigning around the country to care for FL residents.
Insurance has been increasing every year. Always some excuse and every time, Tallahasse does nothng
I agree. He should be working for Florida all the time and get this under control. He never had a chance, a total waste of his time
Just go to the comment section for the real reason why.
Totally depends on the area. I'm guessing some of these houses in Cape Coral were sent non renewals of property insurance or will have to pay a ridiculous amount to get insured.
When sellers stop being greedy, and lower the price, houses will sell. No one should buy a bubble priced house right now.
They are u dewatering, skyrocketing insurance, property taxes are sky rocketing, interest rates still climbing.. new build cost 20% less tan a year ago.. (if you bought new at $400K. That same house would now be $320K. FOMO bite all of you right in the as$.
The market is a mess.
What is the inventory level compared to what is considered healthy? We may find that the market is actually stabilizing versus collapsing with the additional inventory and consumer choice.
Diesnt the cost of homeowners insurance have something to do with it?
This exact scenario is playing through SW Florida. 1. Many of those homes are older and not up to current Florida hurricane building standards. 2. There are many national builders in the area developing large communities (brand new homes). Those LARGE builders are originating the mortgages or buying down two or three percent lower rates versus what you'll find an existing home mortgage for.. One problem is that many large builders are packaging the mortgages with a two year cap... remember balloon mortgages? People don't seem to care, remember 2007-09?. IF again if we see lower interest rates that inventory of existing homes will go to normal attrition rates. This real estate person being interviewed may be a great seller (I don't know her), but she doesn't know squat about the financial backdrop.
Are the homes “on sale” or “for sale”? The reporter starts with “on sale,” and then switches to “for sale.” There’s a difference.
she doesnt know how to speak english
Lots of mold, hidden storm damage, electrical nightmares, and now their insurance has tripled due to Ian...perfect storm alright😢
Unless you have a boat and waterfront property there is absolutely no good reason to move to cape coral
Why is insurance going up tenfold for homes and cars? If you can answer honestly this question, then Florida needs to work on that to fix it and it can be fixed. Oh, it has nothing to do with climate change, hurricanes, material costs or flooding.
Realtors have no integrity.
Nothing new about that, don't forget car salesman,politicians.
That place is devoid of any vegetation besides a few palms. Do they have laws against planting trees?
Property taxes, home owners insurance, interest rates, and cost of the home is your answer.
They are playing with the stats. 200% more homes and
Minimal price decrease! BS
Prices in Cape Coral have been generally overpriced for a few years now. Good reason, the place is as close to an Island paradise your going to find. Filled with FL wildlife. Interesting reading the comments, my first thought was finding a bargain. Despite all the bad news, a properly built and maintained home can be insured at a reasonable rate, add flood insurance, in FL. I'm doing it now in Daytona Beach.
Cape Coral is a S hole, and a zoning nightmare.
I don’t pay much attention to the economic opinions of real estate agents. I have had a few as clients, and generally speaking, they aren’t the sharpest knives in the drawer. What is happening is a simple Price-Demand reaction. Price is a sum of purchase cost, taxes expense, and maintenance/operating expense. Price has risen dramatically due to home price inflation post-Covid, jurisdictions that use this price increase as a tax collecting windfall, insurance premium increases due to home price inflation, increased energy costs, increased building material/maintenance costs. Income hasn’t risen to match this cost of ownership inflation. Hence, price up, demand down. Demand down -> temporary oversupply until prices go down.
When you want to know the brutally honest truth about Real Estate, Go talk to a Realtor.🤔🤐
They forgot to mention all the wells drying up and the water isuue. Traffic is awful, and now one of the major bridges will be under complete construction soon from Fort myers. Plus, the pay wages are similar to Mississippi. I definitely would sell also.
It’s not “On sale”. It’s “For sale”.
Owned 2 homes in Naples, Florida 1990/2014. Saw the writing on the wall and bailed in 2014. Made a ton on the property. Headed to Western North Carolina. Perfect. Good luck living in Southwest Florida.
Ha ha I'm in W/NC......from sWfl
Traded the 🌊 ocean for the mountains ⛰️
@@dennistyler9852 That's right
Is this mainly for homes along the coast or those in the middle of the state as well?
Why should I buy? Give me one good reason other than that it’s a buyers market?
If you don't want to buy don't, rent. If you want to own a home, then buy one. It's that simple.
“We have discovered the problem…and it is us”
The water is awfully close to the ground floor. I would raise those houses higher.
And in five more years you'd have to have it raised again, and then five years after that, again...and again... and finally you'll be 10 feet under water and what the heck is the point?
The initial rush of people coming to Florida drove prices way above reality, and this is nothing more than a proper balancing of the market and prices. Realtors call it a disaster, buyers call it a blessing.
A Florida realtor laughing about Cape Coral being in a flood zone? Everyone is selling before the 2024 hurricane season because all of Florida below Lake Okeechobee is a drained swamp.
My strategy is to just make a lot of really stupid offers. Most people will tell you to F off, but you’ll always find that one homeowner that will accept the offer. It may not be the exact house you want, but you won’t lose money on it either.
I have mentioned this before private equity firms own around 650k in inventory of homes, Now if they (the equity firm) unloads even 1/2 of these homes in Floridia and people can not afford to buy them, Then yes it will become a perfect storm. We have to remember that during the Covid Pandemic all the people who took advantage of the federal programs to not pay your rent or home loan or even student loans, Now these people have bad credit and may not qualify for a home loan. In the past everyone was complaining that there was not enough housing or homes on the market and this was because these equity firms were buying up all these homes and just either renting them or letting them sit vacant.
When these equity firms off load all there inventory ( witch may be within the next 24 months ) it will cause the housing market to collapse, because now you have to many homes on the market and not enough qualified buyers
I believe the bottom will fall out of the housing market in Fl. by the end of 2025
The real question is are they selling at a high price beside the high insurance or higher hurricane prices for the
Hurricane, flood zone, and crime, reasons not to move in this direction. One highway is always a challenge.
Not only the current taxes and insurance but the fear of what those numbers might become.
If more than 4,000 homes are for sale in Cape Coral don`t tell they will sale within 50 days. She is dreaming.
The largest employer in Lee county is Publix and construction jobs so not sure how this is going to shake off when the economy tanks and all the construction jobs slow down.
My Venice home owner insurance jumped from $2,500 to $4,100 in one year.
I live just outside of Chicago and pay $800 a year.
Awesome
@@boristheamerican2938 For a trailer I assume. I lived in Naperville and paid $2,500 per year 7 years ago..
@@steveconkey7362 Trailer? No I have a 3 bedroom 2 bath split level ranch.
Longtime investors in my community got greedy immediately after the pandemic and doubled their rents, longtime renters eventually moved out and now all these investors are scrambling to get renters since their units have been sitting empty since November 23 even after lowering their rents back to pre pandemic prices.
Actually “for sale.” Unless she meant for sale moved into on sale. But I think not. Not for nothin’, the average person CANNOT afford flood insurance. And it’s gonna keep going up sharply. That’s only one factor.
Try looking at HOA’S. They are out of control.
Where Insurance and Taxes are higher than a house payment it is a recipe for collapse !Thus, where that recipe does exist the homeless are increasing in unforeseen numbers !
bring down those prices
An area that suffers yearly hurricanes. Property taxes through the roof including insurance rates or even insurance simply dropping the homes claiming they're high risk... sink holes appearing out of nowhere and without warning.... it's Florida after all.
And how much does it cost for homeowners insurance in Cape Coral these days, say for a $400,000 home?
Basic Economics 101 = when supply outpaces demand prices tend to gradually drop. If you don’t have to sell, you could pull your home off the market. If you have to sell, you might have to drop your price and move forward. Perhaps you can pick up your loss on a new house purchase.
New home sales are down 39% in central Texas since 2022.
It's not just FL that is experiencing major changes in the real estate market. For some different reasons, and for some of the same reasons. Some reasons.. water, too much or not enough. Interest rates and insurance. Local employment availability and paycheck to price issues. Crime and violence. People just want to live in peace, for a price they can afford. Fl and many other places are still fine for that if you don't live in fancyville.
Skyrocketing insurance costs, and inflated property tax are some reasons.
Finally....A crash???
I think its a sign of a collapse coming back again. That insurance and taxes plis the high cost of living and the jobs for the majority of people are not matching up...
It’s just starting
Half price sale in two years.
Yep, hurricanes and insurance prices. It is expensive here in Florida now.
prices headed straight down in the Florida market. Good luck insuring your homes.
If you are here & hurting, the book “THE SUN ALWAYS PIERCES THROUGH” will help u heal forward.