All Forum Posts by: Joe R.

@Peter Davis ... That same pool package is roughly $75-$80K now, with the same features.  Pool, pavers, screen and cage, gutters, and pool equipment.  Builders may get a better volume pricing.  

Don Miller - Ian reeked havoc for sure. I bought most of the lots I'm building on now in the Spring of 2022.  I was going to permit in Oct/Nov 2022 and Ian rolled through, so I waited a bit.  Things are normalizing now.  

Permits were approved mid September 2023, we started in the beginning of October 2023.  Sheathing inspection was a pass.  Need to put the windows and doors in, and then start the mechanical rough inside.  

Cruising Right Along - Awaiting Sheathing Inspection.  

Don Miller - Thank you for sharing.  I'm currently permitted to build 2 homes, similiar in composition to yours, and my #s mirror yours.  Exception being, I'm adding pools to mine.  The first 2 kicked off without a hitch, and the experience has been positive, so I decided to move forward with others.  

On top of the 2 that are ongoing, I'm permitting for 2 new builds, and I noticed that pool prices came down a few bucks, and my truss prices were 30% less than when I started building 6 months ago.  

I too, am hopeful the City gets the right model at the building department to handle the volume of permits and inspections.  I like how the City puts everything permit related on a portal for all related parties and contractors to see -- so there is no "he said, she said" down the road, and you can see where they've approved an inspection, or made comments needed to correct a deficiency.  

Overall, its been a very positive experience.  There is a tremendous amount of energy around the long term prospects for the Cape.  Happy to be a part of the movement.  

Interesting points of view on this forum.  I foresee long term value in Cape Coral, and the greater Lee County area for short term rentals, building residential housing, and the commercial opportunities that grow with population inflows.  I think Tampa will be fine for the long term also, I just prefer the Cape/Lee County as a place to put money to work.     

Over in Lehigh Acres, Lennar is offering new homes for $315K -- a 3Bed, 2Bath Ranch with tile floors, stone counters, vaulted ceilings in the living area, a garage, on a 1/4 acre.  Where I'm from originally, this price tag ($315K), is the entrance price for a fixer upper home that will need extensive work after purchasing the asset.   While I respect expert locals that have been following the local Lee County market, I do think value is based on relative attractiveness in the eye of the beholder.  Its no surprise that out of state folks, retirees looking for residency and a 2nd home, etc., will continue to purchase said homes based on the lack of affordable options out there.  

Cape Corals' long term plan is pretty exciting for existing residents and new transplants, I'm looking forward to being a part of the transformation.  
   

Buying everyday.  The fear is totally irrational  

Did you end up moving these lots? I'm active on the Cape/SWFL area and am interested in taking a look.   

I've done quite a few flips in Springfield, MA over the past 6 years, and the market has changed, for the better, IMO.  In 2022, average sale price in Springfield is about $260K, there were 1150 sales in 2022, roughly equating to $300M.  Very liquid market for flippers in the better neighborhoods/pockets.  I do know people that rent in this market with success, but not without considerable headaches (I do not own rentals in this market).  Premier neighborhoods will attract professional types and command higher rents and even the less desirable neighborhoods fetch good rental income, but with it comes very hands on management.  I would be very careful buying in C areas and hoping for improvement.  There are many unfinished projects (promises made by MGM) around the casino, that are now gaining traction as MGM President Bill Hornbuckle and Mayor Sarno had a recent meeting to review the host community agreement -- the Sarno administration was vocal about MGM not fulfilling its promises to the City.  Lots of construction activity has been restarted around MGM.  Parking and crime downtown remain a challenge.  There may be some commercial opportunities downtown.  

@Peter Davis I'm looking to connect with brokers in the Cape Coral area.  Would you mind sharing with me the SW FL market report that your firm produces?