New Build in Cape Coral Florida

[Frank Harris]

Hello, I'm just getting into real estate investing and my first deal (well maybe) is gonna be in Cape Coral Florida with a new build. I took out a HELOC for 150k and I already bought a lot in Cape Coral for 55k. The house will cost 289k to build. Its a 4 bed plus den 2 bath house. I'm in the permitting process right now but me and my wife are a little scared now due to the impact hurricane IAN had on Southwest Florida. What effect do you think this hurricane will have for the housing market in Cape Coral? Do I still go with the deal or do I get out now and invest somewhere in the Midwest? Florida already had a housing insurance problem and now hurricane IAN has came along. What are your thoughts on what's gonna happen to housing insurance in Florida?

[Peter Davis]

@Frank Harris

I’ve represented sellers of a number of new construction homes in Cape Coral and actually have two listings under contract right now. They’re both in the NW Cape and sustained very minimal damage from hurricane Ian, including the coachlight globes out front were broken and missing plastic lids on the well equipment but that was about it. Neither of them is in a flood zone but are both built up to some elevation. I think you’ll be in good shape with new construction off water in Cape Coral. By the way both buyers under contract to purchase these homes are following through with those deals in spite of the hurricane. This is where they want to be. Good luck!