Where to move to ? So Cal or Florida? - Page 11 - SailNet Community
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post #101 of 107 Old 02-08-2010
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Coral Gables...in Miami for $70k? Are you nuts? On the water, homes that area of Miami start with multiple millions and go up from there, even after the great recession.

Do you mean Cape Coral on the west coast of FL? Even then, I'd be hard pressed to imagine waterfront homes for $70k. Probably $300k needing work to $500k all done up....with direct waterfront access on a sheltered canal.

But, if you're seeing $70k for waterfront in Coral Gables...buy two!!!

Yes....I meant Cape Coral.

Of all the things I miss, I miss my mind the most.
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post #102 of 107 Old 02-09-2010
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Yes....I meant Cape Coral.

Of all the things I miss, I miss my mind the most.
You can get canal front stuff in the cape relatively cheap. However.... be aware that you are very restrictged by draft and height. ALl the bridges in the cape are 55's. SO if you have a stick over 55, forget it. The main canal feeding the cape east of cattle point has power lines going across at 55. Also, as you get very far in the canals, you will find the water starts getting shallow. It is great for motor boats, bad for sailboats.

I owned a house unrestricted, deep water in the cape (just off ICW) - but it is only a small area of the cape where you can do this. Homes are more expensive too (duh). If anyone generally has an interst in knowing more about it, just pm me.

Brian

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post #103 of 107 Old 02-21-2010
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You can get canal front stuff in the cape relatively cheap. However.... be aware that you are very restrictged by draft and height. ALl the bridges in the cape are 55's. SO if you have a stick over 55, forget it. The main canal feeding the cape east of cattle point has power lines going across at 55. Also, as you get very far in the canals, you will find the water starts getting shallow. It is great for motor boats, bad for sailboats.

I owned a house unrestricted, deep water in the cape (just off ICW) - but it is only a small area of the cape where you can do this. Homes are more expensive too (duh). If anyone generally has an interst in knowing more about it, just pm me.

Brian
I'm heading down to Fort Myers/Cape Coral in a couple weeks. I want to get a home before the 8,000 tax write-off goes bye-bye. My goal is to buy an affordable investment home every 3-4 months for a year. Then maybe move there full time. Or be a snowbird.

I have to believe the real estate will eventually rebound....at least partially.

The present affordability of homes in the Fort Myers area is noteworthy.

I think there will be some Spring Break activity which is OK. I can't look at homes 24/7 and have always enjoyed a curvy bikini. I think Naples and Miami attract more Spring Breakers though.

I'm looking at a home where a corner of the large back yard is next to a canal. Wonder if a person could back a boat in.
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post #104 of 107 Old 02-21-2010
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Just a word of caution from someone who's family has now been through 2 separate real estate downturns. What goes down...may never come up.

My parents bought a small, modest home in Houston in the early 1980s. They paid $75,000. That area went through the oil bust in the late 80s. Economic recession/depression in the early 90s. The home is now is now listed on Zillow as worth $98,000.

My father bought the home cash, putting every cent he had saved into that home. If he had put that cash into an investment that matched inflation (govt tips, bonds, etc)...he'd have had $168,409.59 right now. If he had put it in the stock market or other balanced portfolio...who knows.

Bubbles rarely *EVER* get back to peak periods.

My advice to you would be to rent. Buy if you think of it as home, not an investment. 2005 prices for homes are at least 10-15 years away IMHO...and inflation adjusted, NEVER going to recover.

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post #105 of 107 Old 02-22-2010
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Originally Posted by night0wl View Post
Just a word of caution from someone who's family has now been through 2 separate real estate downturns. What goes down...may never come up.

My parents bought a small, modest home in Houston in the early 1980s. They paid $75,000. That area went through the oil bust in the late 80s. Economic recession/depression in the early 90s. The home is now is now listed on Zillow as worth $98,000.

My father bought the home cash, putting every cent he had saved into that home. If he had put that cash into an investment that matched inflation (govt tips, bonds, etc)...he'd have had $168,409.59 right now. If he had put it in the stock market or other balanced portfolio...who knows.

Bubbles rarely *EVER* get back to peak periods.

My advice to you would be to rent. Buy if you think of it as home, not an investment. 2005 prices for homes are at least 10-15 years away IMHO...and inflation adjusted, NEVER going to recover.
Agreed, unless there is a large shift in teh economy down here. There is no/verry little industry and certainly not enough to support many of the prices of these homes. THat was always my argument when people compared it to California and other water-areas with high real estate. Many of those areas have the jobs to support that growth. Down here in SW Florida, it is mostly second homes or snow bird homes.

Also, regarding the canals, yes, you can have your boat behind it, but be aware that there are bridge and power line restrictions to consider. The Cape bridge is 55' and the power lines for most of the cape coming in to bimini are 55. There are homes without those restrictions (I owned one), but you have to know where to look. Many of those homes with canals are not good for anything but a flats boat, and that can be pushing it sometimes in a low-low.

I personally think that the prices here could stand to fall some more. The compensations here are at or below Texas compensations and the houses are much more expensive. Plus, there are soooo many repos and houses sitting ready to go repo that any chance of getting rid of your purchase would be difficult. I think the best place to invest for a 'investment property' would be more of the Naples and Marco area where it is a tighter (and smaller) community and the typical resident is not affected by the economy. In other words, they are rich. Of course, you are going to have to write a bigger check for the property. I personally would buy in the Cape again, but only for a house I planned on living in and keeping. Many people have done that to have a place to put their boat as slippage down here is expensive and not a lot of it.

Brian

PS You also better check your insurance and taxes before investing in the properties here. That can easily exceed 10k year just for that.

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post #106 of 107 Old 02-23-2010
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Alright, that is a fair warning to not get too carried away.

Are there much Spring Break activities in the area?
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post #107 of 107 Old 03-01-2010
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California is on a major fault line though, so you could argue that there is the stress of a possible seismic event happening. Also, the fact that California is broke should be a big consideration. Recently, things seem to be going from bad to worse for California. Who knows if they can ever get the state budget under control.

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Florida is beautifull. I don't care for the stress associated with the coming of hurricanes. That leaves California as the logical choice for me.

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