Glutton for Punishment if you invest in Cape Coral (Lee: appointed, foreclosures)

[Robert.L.]

If you are a glutton for punishment, my conclusion is to invest in Cape Coral. With high unemployment, high crime rate (and rising!), a bankrupt city, newspaper reports of corrupt city officials, a decline in population (never seen before!) and the #2 city in America for foreclosures, you must be a glutton for punishment to invest here.

Come on, I would invest on the Gulf Coast before investing again in Cape Coral!

[stahltkd]

Guess I'm double glutton for punishment. We just bought a house, and I'm doing the research for a business proposal to start a business in the Cape.

Where else can the Cape go? Can it get worse, sure... but I'm banking on it improving. If you want change, you have to work for it. Go to council meetings, be active in the community, and vote. The citizens of Cape Coral are in control of what happens - whether you believe it or not. Don't like where the new city manager is going - vote him out. Don't like what the mayor is doing - vote him out.

We can all sit around the computer and gripe and moan about this and that. If you want change or see potential in something (no how matter how small) - take the small change and run with it. Make it into a big change or potential.

[Taratova]

There are many foreclosures but there are many buyers coming into the Cape.
With a smaller mortgage because of the great buys in the Cape, more money for the buyers to put into the economy.

I see the Cape in years to come being the very best place because the cost of home ownership will not strap the buyers and they will have the funds to support local businesses and pay their share of property taxes. It will be healthy again.

[yoko]

Originally Posted by Robert.L.

If you are a glutton for punishment, my conclusion is to invest in Cape Coral. With high unemployment, high crime rate (and rising!), a bankrupt city, newspaper reports of corrupt city officials, a decline in population (never seen before!) and the #2 city in America for foreclosures, you must be a glutton for punishment to invest here.

Come on, I would invest on the Gulf Coast before investing again in Cape Coral!

Right on!





Unempolyment has fallen everywhere else except in Lee County
Related to crime..whatever is not screwed down is stolen from falt screen TVs to cars.
Bankruptcy, Cape Coral debt is pilling up while its tax base is shrinking.
Declining population is a trciky matter. On one hand I read that Lee County population has fallen to 102,xxx on the other hand Cape Coral alone is estimated to have the same number of population. Have to read more about it.
Of course with glut of foreclosures in commerical and residential properties Cape Coral/FM has jumped back to its place of #2.
About Corruption, it is still unclear why mayor Sullivan thinks to give
$20 000 to the new city manager as incentive is justifiable.


Source: For all of the above news just GOOGLE the red highlighted words.

I come back to them in detail anyways.

[Compression]

Originally Posted by stahltkd

Where else can the Cape go? Can it get worse, sure... but I'm banking on it improving. If you want change, you have to work for it. Go to council meetings, be active in the community, and vote. The citizens of Cape Coral are in control of what happens - whether you believe it or not. Don't like where the new city manager is going - vote him out. Don't like what the mayor is doing - vote him out.

Umm, the Cape city council is notorious for doing exactly the opposite of what their constituents want. Do some research on the utility debacle of last year.

The city manager is appointed, and wages set by city council, again typically without regard for what the citizens have to say. He is not elected......

Welcome to Cape Coral. Now get to work on that change.......

YC.......

[nhkev]

Originally Posted by Robert.L.

If you are a glutton for punishment, my conclusion is to invest in Cape Coral. With high unemployment, high crime rate (and rising!), a bankrupt city, newspaper reports of corrupt city officials, a decline in population (never seen before!) and the #2 city in America for foreclosures, you must be a glutton for punishment to invest here.

Come on, I would invest on the Gulf Coast before investing again in Cape Coral!

here we go another poster that likes to make up things to make the city look worse than it really is. Crime has gone down for the last 2 and 1/2 years
http://http://www.news-press.com/article/20100722/CRIME/100722009/1075 (broken link)

initial foreclosure filings have been dropping like a rock from it's high of 2900 in October 2008 to avg only 900 month.

population: the only reputable population info is from the census bureau everything else is just an estimate based on unreliable info in a revolving door type of housing market. as yoko reported earlier the census is reporting virtually unchanged population which is amazing considering how many of the homes are being sold to cash buyers and foreigners, future retirees.

the city is not going bankrupt. the council has a budget than decide how to fund it. the difference with this council it has decided to keep the millage rate the same as oppossed to increasing it which largely represents a tax cut for the home owners. Also the tax base is not shrinking, this is misuse of terms by reporters. the taxes are a large percentage of property taxes so the only way you can have a shrinking tax base is less property that can be taxed. So technically the only shrinking tax base is the house fires that are eliminating improved property. the amount the gov't is choosing to tax the property is what has been shrinking and that is not a bad thing.

on a previous post you said property taxes are going up or the city will default on it's bonds.. I guess you were wrong.

[sheldoncreek]

was in the Cape just last week successfully flipping one completed foreclosed fixer-upper and starting on the next.
So far netting a little over $140K in 6mths of investing in the Cape

Here is to a bad economy.. I'm making more money now than when it was great!

[MikeP]

Robert L are you and Yoko the same person?????

[Dino1]

People will always want to retire/move to Florida. As far as I know, they are not enlarging the state. The amount of space is very finite with a growing amount of people who will want to retire there. People laugh at FL when they are young then move there when they are old. There will always be a long term demand for property in FL. Bet on it.

[Izmack]

Originally Posted by Dino1

People laugh at FL when they are young then move there when they are old. There will always be a long term demand for property in FL. Bet on it.

You are spot on. That was me 25 years ago. 50 was old to me then. I hated the idea of FL. And here I am now, a property owner who can't wait until October.