"The perfect storm": 4,000+ homes were on sale in Cape Coral in March 2024
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- เผยแพร่เมื่อ 28 เม.ย. 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?
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!
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.
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.
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."
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.
yeah because there is no storm coverage on alot of them
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.
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...
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
It's looking exactly like 2007 in Florida.
Nobody thought 2008 could happen.
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!
This does not bode well...plus the developers are still building for some reason..this will not end well..
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....
insurance premiums and property taxes will match your mortgage payment.
Wait til this years hurricane season comes and goes. There won’t be any
Insurance
Companies left
I agree.
For sale …not on sale
Perhaps on sale as well 😀
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.
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
"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.📉
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.
Let me know when you can get a 3 bedroom for $100.000
If people are smart and make good life choices they will NOT buy in Florida. it is that simple
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 should I buy? Give me one good reason other than that it’s a buyers market?
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.
Zillow lists 5878 homes for sale, Realtor lists 6985 homes for sale in Cape Coral. Why the big difference?
Diesnt the cost of homeowners insurance have something to do with it?
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.
Cape coral city motto:
"If you cant afford to live here, we really dont want you here anyway."
Yeah, just move already!!
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.
She picked what she wanted to see. It's so much more than hurricanes.
They are playing with the stats. 200% more homes and
Minimal price decrease! BS
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.
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
Realtors have no integrity.
Nothing new about that, don't forget car salesman,politicians.
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.
Try looking at HOA’S. They are out of control.
“We have discovered the problem…and it is us”
Hurricane, flood zone, and crime, reasons not to move in this direction. One highway is always a challenge.
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.
Is this mainly for homes along the coast or those in the middle of the state as well?
Unless you have a boat and waterfront property there is absolutely no good reason to move to cape coral
Maybe people don't want to buy a flooded house. I'm sure they disclose that in their listing, right? For some lawsuit protection maybe.
Are the homes “on sale” or “for sale”? The reporter starts with “on sale,” and then switches to “for sale.” There’s a difference.
Mortgage rates, Fla insurance and property taxes nightmare
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 real question is are they selling at a high price beside the high insurance or higher hurricane prices for the
Get out while you can....the downturn has just begin.
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.
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.
When you want to know the brutally honest truth about Real Estate, Go talk to a Realtor.🤔🤐
maybe next time mix the sound so the interviewee can be clearly heard. Thank you.
And how much does it cost for homeowners insurance in Cape Coral these days, say for a $400,000 home?
Isn’t it because of the outrageous cost of insurance?
prices headed straight down in the Florida market. Good luck insuring your homes.
It’s just starting
Half price sale in two years.
I cannot figure out why prices are so high. Higher mortgage rates and higher insurance costs should have significantly lowered sales prices.
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...
Take away the corporate sales, and boom. LOOK OUT BELOW....
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.
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
I'd be interested to see how expensive it is compared to where I live
Insurance premium, property tax, HOA fee and monthly maintenance cost
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.
Good thing most people aren't trying sell because they can't. Insurance and the lack of is making mortgages not possible.
Gee, a lot said that said nothing. Realtors always defend, "it's a good time to buy."
She blames the “The Hurricane People!”
Perfect storm you couldn’t label it any better. Who wants to live in a hurricane zone? Nobody…
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?
That place is devoid of any vegetation besides a few palms. Do they have laws against planting trees?
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..👍
On sale or for sale?
On the market, for sale. "On sale" would indicate a price reduction.
50 days is great. I'll take it
BS...insurance, interest rates, taxes....the party is over...
It couldn’t be Flood insurance skyrocket?
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!
Like the California Governor is any better than Floridas.
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
The perfect storm great movie 👍😁🤘
Just go to the comment section for the real reason why.
Well Angie, Publix is hiring
I wish I could afford to live there.
Yay give people the chance to own.
When sellers stop being greedy, and lower the price, houses will sell. No one should buy a bubble priced house right now.
Plus monkey werx claims they're flying immigrants to Port Charlotte i.
Probably moving to St George.
IF THEY WANT TO SELL, THEN DROP THE PRICE, SIMPLE, PEOPLE NOW WILL BE LOOKING FOR DEALS AND BARGENS
Who would want to move to Florida? People are still moving to Nevada
Too expensive to own a home in Florida 😢
“Umm, it’s got to be pricing” lol!
If you got close to a mil sittin around collecting dust then yes it's a buyers' market.