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.
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 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...
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!
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.
@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.
@@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.
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."
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.
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.
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!
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.
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.
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.
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.🤔
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.
They need to drastically cut prices. Insurance is outrageous and the prices are way overpriced. Plus, a lot of people don't want to live in Florida anymore due to its politics.
@carolr7823 Florida has the 2nd highest net inbound migration in the nation, to the tune of about 300K per year. That's less than it was at the COVID peak, but it's still a large population increase. People are absolutely still coming to FL.
@@geocam2 Well, YTD 2024, through 4 months, FL is #2 in total numbers behind Texas and #3 in % population growth. You are certainly welcome to your opinion, but as of now there is no data to support it.
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.
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.
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.
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.
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.
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.
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?
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
why can’t anyone admit that the housing prices need to come down drastically. The numbers don’t lie and there is not going to be a surge of homebuyers.
ME thinks, denial is also among realtors like it is among drunks. I would love to know what she and others were saying before the 2006-2008 real estate bust?
Insurance, flood insurance and upgrading the sewer system. Isn't that the issue in Cape Coral. I'm also hearing crime is increasing around the area. Mostly in Ft Meyers
The pandemic boom in FL is no longer….some homeowners still trying to get those high prices when selling. Prices need to go way down. Then you have high insurance costs or can’t get insurance due to Ian (flood zone etc.), sky rocketing HOA fees and high property taxes. Homes that are rented out to vacationers are not worth it anymore so they are selling as well. And of course high interest rates.
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...
@@richardjohnson8114 To each their own. good luck in your conquest and hope you find your suitable partner ... If that's what you desire. Still thinks she looks good in that red dress.
The agent should just say she has no idea! Clueless. But, high insurance, property tax, the heat, housing costs, a lot of people decided to move out of Florida due to the governors assault on immigrants, book bans, assaults on teachers, etc. A lot has been made out of the fact that people from California and elsewhere were moving to Florida and Texas. But here in Texas I see more Florida plates than any other out of state plate. Even here the flood of people has slowed considerably. Houses are sitting on the market for longer and longer. Stories of people moving back to California, more and more common!
Wow. I have read that progressive insurance was dumping homeowners. Guam. On the U.S. territory. They build with the typhoon’s fury in mind. Solid concrete and not all that pretty but totally functional.
@jaymontange8260 New homes in Cape Coral are close to bomb proof. I have many friends in new homes who's only damage during Ian was to their pool cage and landscaping. New homes are all at least 9 feet above sea level as well, so much less flood threat than older homes built at 7 feet.
, maybe ,the hyperbole from the Weather Channel is destroying the will to own in the sun .......after all the Weather Channel is always predicting the perfect storm .....any day now 😮
