SW Florida Real Estate Information

I recently received an e-mail that I would like to share with everyone regarding the removal of the NW Ceitus Public Boat Lift.

AN IMPORTANT MESSAGE FROM THE DEPT OF ECONOMIC DEVELOPMENT THAT MAY IMPACT BUYERS & SELLERS

Cape Coral is known for its value in waterfront residential property. As the real estate market continues to improve, there may be increased interest in residential properties affected by the upcoming removal of a boat lift along the spreader canal in Northwest Cape Coral. To help ensure a full understanding of the project and its implications for prospective property owners in the area of the canal, here is a brief explanation of the recent developments.

There has been severe erosion along the west side of the North Spreader Waterway. To reduce future damage to the mangroves, the City will be removing the Ceitus barrier and boat lift this summer. The removal is being done under provisions of a recent agreement among the Florida Department of Environmental Protection, Lee County Government and the City of Cape Coral.

Removing the lift should be considered a first step. The agencies have agreed to conduct further discussions about long-term solutions, which may include reconstruction of barriers and reinstallation of a lift.

After the barrier and lift are removed, it may appear that the spreader canal provides unrestricted, direct or open access. However, this may be a temporary situation, and access may again be reduced. If a lift is reinstalled, boat size and weight would be restricted to the capacity of the lift system.

Progress on this project will be reported periodically to the City Council, and interested parties are encouraged to keep informed about the situation.

I hope this information will be helpful to the professional real-estate community and will help buyers and sellers fully understand what is happening, and the implications for boaters. Please do what you can to pass it on. And certainly let me know if you need more information or have any questions.

Mike Jackson
Economic Development Director
City of Cape Coral, FL
"Growth Engine of Southwest Florida"
239-574-0444
www.bizcapecoral.com

Sent to you through the Cape Coral Association of REALTORS®. We strive to keep you informed.

With the number of foreclosures available these days it's very tempting to buy these properties, but before you get your feet wet, there are several things to keep in mind.

Buying foreclosures means purchasing a property 'as is' with no guarantee as to its condition.

Before you purchase a property in foreclosure you should do a thorough research prior to signing a sales contract! Purchasing a property without doing your research can result in very unwanted and costly expenses.

So, what are some of the issues that you need to know before signing on the dotted line?

1. Do a Full Title search on the property you are considering. This is one of the most important steps to ensure that the property you are thinking of buying does not have more than one mortgage. When you purchase a property and you have not obtained a title search you may find out after the fact that a second mortgage remains and you will have to resolve this second mortgage before taking possession.

2. Be aware of any other types of liens. Once you purchase the property you can become responsible for those liens and that could translate to large expenses. Doing, a full title search would identify if the property has leans and the cost of the leans. Common liens could be from unpaid taxes or include unpaid contractors or loans borrowed against the property.

3. Repair issues. All though you may find a “Great deal” on purchasing a home in foreclosure you should see the property yourself and get a Home inspection and termite inspection! The ‘Great deal” you found could easily be consumed by repair issues if the home is not in good shape.

4. Proof of funds. All foreclosure properties will require for you to have proof of funds at the time that you submit an offer. If you are financing the property you will need a pre-approval letter from your lender. If you are paying cash you will need a letter from your bank where the funds are stating that you have the money available to purchase the property.

5. How great is the deal? Find out what the other properties in the area are selling for. This is important so that you can set your limit on how much you will pay for the property.

6. Bidding war. The banks typically receive multiple offers on the same property. So it is wise to know exactly how much you are willing to pay for the property and stop bidding if it goes over your limit that you have set for yourself. Also be aware that the sales prices can be over what the listing price is.

7. Be prepared. A foreclosure that is priced to sell will not stay on the market long so be prepared to move quickly. Expect negotiations and the entire process to take longer than if you were buying a home from an individual.

8. The Purchase contract. Banks usually have there own purchase  contracts when buying a foreclosure along with an addendum. PLEASE read and understand the contract fully before you sign it!

Do not assume that you are getting a deal. Do your research!

This information is not intended to give you legal advice it is simply general information to consider when buying a foreclosure.

Cape Coral pulls plug on utility project

The Cape Coral City Council met Monday June 9th 2008 to decide on what to do with the Utility Expansion Program. The vote was to Pull the Plug!

Though the project has been rife with controversy in its 10-year history, Monday marked the first time Council voted down project expansion plans. CLICK HERE to read other articles about the Utlity Expansion from the News-Press

Controversial utilities project shot down by council

CAPE CORAL: The City of Cape Coral shot down a utility expansion project for part of the city.Click Here to read the full article by NBC-2

Wondering when the utility expansion is in your area? Click on the map for further info.

I have been getting several calls lately from out of state Cape Coral owners regarding the lawn watering days for the City. Effective April 18th homes that are connected to the City's dual water system and homes that are not connected are on a 2 day per week watering schedule.

Here is the two-day schedule that will be in effect for all of Cape Coral:

Monday and Friday: 12:00 a.m. to 4:00 a.m. for addresses ending in 0 Monday and Friday: 4:00 a.m. to 8:00 a.m. for addresses ending in 1 Wednesday and Saturday: 12:00 a.m. to 4:00 a.m. for addresses ending in 3 and 5 Wednesday and Saturday: 4:00 a.m. to 8:00 a.m. for addresses ending in 7 and 9 Thursday and Sunday: 12:00 a.m. to 4:00 a.m. for addresses ending in 2 and 4 Thursday and Sunday: 4:00 a.m. to 8:00 a.m. for addresses ending in 6 and 8

Non-residential, duplexes and other multi-family units can water on Monday and Friday from 12 a.m. to 8 a.m.

Other watering restrictions:

New plants younger than 30 days 2 a.m. to 8 a.m. every day except Friday New plants 31 to 60 days 2 a.m. to 8 a.m. on Monday, Wednesday, Thursday, Saturday Pressure washing No restrictions Car washing No restrictions Hand watering 10 minutes each day