"The perfect storm": 4,000+ homes were on sale in Cape Coral in March 2024
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- Опубликовано: 28 апр 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.
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?
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...
I was going to leave a pithy comment but the people who left one already nailed it.
BAM!
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!
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.
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.
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.
Florida is always the epicenter of every housing bust. This time Texas is joining them early and Arizona is also pulling up the driveway.
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."
yeah because there is no storm coverage on alot of them
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
Next year the cost will be 50% less. 2008 all over again 😊
That's what I'm waiting for😊
Hope so
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.
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...
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 know when a realtor is lying? There lips are moving.
their
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 😀
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
Diesnt the cost of homeowners insurance have something to do with it?
If people are smart and make good life choices they will NOT buy in Florida. it is that simple
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.🤔
insurance premiums and property taxes will match your mortgage payment.
Why should I buy? Give me one good reason other than that it’s a buyers market?
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.
"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.📉
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.
Wait til this years hurricane season comes and goes. There won’t be any
Insurance
Companies left
I agree.
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....
Cape coral city motto:
"If you cant afford to live here, we really dont want you here anyway."
Yeah, just move already!!
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
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.
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.
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.
Unless you have a boat and waterfront property there is absolutely no good reason to move to cape coral
Home prices and rents are ridiculous. Sky high home owners insurance, HOA’s, mortgage interest rates…
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.
The real question is are they selling at a high price beside the high insurance or higher hurricane prices for the
On sale or for sale?
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.
Hurricane, flood zone, and crime, reasons not to move in this direction. One highway is always a challenge.
I cannot figure out why prices are so high. Higher mortgage rates and higher insurance costs should have significantly lowered sales prices.
And how much does it cost for homeowners insurance in Cape Coral these days, say for a $400,000 home?
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
Perfect storm you couldn’t label it any better. Who wants to live in a hurricane zone? Nobody…
Finally....A crash???
prices headed straight down in the Florida market. Good luck insuring your homes.
They are playing with the stats. 200% more homes and
Minimal price decrease! BS
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?
Let me know when you can get a 3 bedroom for $100.000
I'd be interested to see how expensive it is compared to where I live
Realtors have no integrity.
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!
Gee, a lot said that said nothing. Realtors always defend, "it's a good time to buy."
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...
50 days is great. I'll take it
Isn’t it because of the outrageous cost of insurance?
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
Good thing most people aren't trying sell because they can't. Insurance and the lack of is making mortgages not possible.
The perfect storm great movie 👍😁🤘
“We have discovered the problem…and it is us”
Taxes, high insurance and lots of inventory is the recipe for a Lower priced market. We are holding off at least four years to let the market reset
I wish I could afford to live there.
If you got close to a mil sittin around collecting dust then yes it's a buyers' market.
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?
When sellers stop being greedy, and lower the price, houses will sell. No one should buy a bubble priced house right now.
On the market, for sale. "On sale" would indicate a price reduction.
Zillow lists 5878 homes for sale, Realtor lists 6985 homes for sale in Cape Coral. Why the big difference?
Average asking price is almost 400k for a 1500 sq ft house.
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.
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.
those homes are still overvalued, not to mention the rise in property insurance and taxes.
When you want to know the brutally honest truth about Real Estate, Go talk to a Realtor.🤔🤐
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.
Insurance premium, property tax, HOA fee and monthly maintenance cost
IF THEY WANT TO SELL, THEN DROP THE PRICE, SIMPLE, PEOPLE NOW WILL BE LOOKING FOR DEALS AND BARGENS
“Umm, it’s got to be pricing” lol!
It couldn’t be Flood insurance skyrocket?
probably cause nobody wants home that MIGHT fall into the earth, not to mention interest rates are up
Are the homes “on sale” or “for sale”? The reporter starts with “on sale,” and then switches to “for sale.” There’s a difference.
Like that reporters red dress ❤
Blue one was nice as well. Just a pretty girl, no matter the dress.
@America-The-Great Meh, she's not all that.
@@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.
@@America-The-Great Happily married to a gorgeous woman for 20 years
As you said, to each their own.
@@richardjohnson8114 wish you another 20years..👍
GEEEE
I wonder what's GOING ON
This realtor was too rude to remove sunglasses during an interview. I wouldn’t give her the time of day if I was home shopping.
Too expensive to own a home in Florida 😢
Yay give people the chance to own.
Mortgage rates
Insurance rates
Insurance cancellations
HOC increases due to new laws on older buildings
Inflation
Shrinkflation
It’s just starting
Half price sale in two years.
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.
Try looking at HOA’S. They are out of control.
Lower the prices. Easy. Just lower them. We’ll wait.
Interest rates okay a role
HOA shortage $$, flood insuance and tax's ...that is why people are running!
You cant keep bleeding the people of their money and expect them to stay. Nobody is racing to live in a state as screwed up as this one is, especially politically
Who is buying? Who is able to get insurance?
Only the poor need insurance.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 The homes going up. There going down. A hurricane sale in the making!
Who would want to move to Florida? People are still moving to Nevada
and 2 days ago progressive drop off thousands of policy holders in Florida just little before the hurricane season start next month
Just like Fox to not talk to any actual experts