Cape Coral Waterfront - Luxury Homes

Lee County Florida Property Taxes can be confusing at best with all of the recent changes both legislatively and through voter amendment to the state constitution over the past twelve months here in the State of Florida.

 

The first change to property taxes in the State of Florida this year was instituted by the Florida legislature.  During the June 2007 session state legislators froze the current millage tax rates as the new millage tax rate cap.  In addition they required an additional percentage reduction below the roll back rate.  Local governments had to cut additional property tax revenues 3, 5, 7 or 9 percent based on how much their taxes had increased between years 2001 and 2006.  They also placed limits on future tax increases.  A roll back rate is the millage tax rate a governing body needs to generate the same amount of revenue they did in the previous fiscal year.

 

The second major change to Florida Property taxes was the adoption of Amendment 1 the new Homestead Exemption.  This made several changes.  It raised the $25,000 exemption to $50,000 on homes with assessed values greater than $75,000.  As an example if the county had your home assessed at $200,000 you would pay property taxes based on a $150,000 taxable value if you used the property as your primary residence aka homestead.  Next it allowed for Florida Homesteaded property owners to transfer or port their Save-Our-Homes benefits to a new property.  The total amount of exemption couldn't exceed $500,000 and if a resident purchased a property with less value than their current property the Save Our Homes exemption amount would be applied proportionally to the new property.  This amendment also exempted business owners from paying the intangible taxes on the first $25,000 of assessed value on tangible personal property.  Lastly it placed limits on assessment increases of non-homestead properties (Vacant, Commercial, etc...) to ten percent each year.

 

The Lee County Property Appraiser has a tool for perspective home buyers to use to estimate taxes on a home they intend to purchase.  You simply fill in the property address, click on the strap number, and the click the link that says tax estimator.  The link also provides a disclaimer on the use of the tool and also offers some insight into just "How do they calculate my property taxes?"

 

If you are looking to purchase or sell a home or have questions regarding a future transaction I can be of assistance to you or someone you may wish to refer.  I am able to assist buyers and sellers of fantastically priced properties throughout our market area here in Southwest Florida to include but not limited to Foreclosures, Pre-Foreclosures, Short-Sales, Vacant Land, Waterfront Properties, Single Family, Multi-Family, and Condos.

 

My market areas include Cape Coral, Pine Island, Fort Myers, South Fort Myers, Gateway, Fort Myers Beach, San Carlos Park, Island Park, Lehigh Acres, Estero, and areas surrounding Florida Gulf Coast University (FGCU) and Southwest Florida International Airport (SWFIA).

 

Please contact me direct at (239) 340-1384 or via e-mail Scott@The-Extreme-Team.com.

Scott Slocum, REALTOR®
Florida Future Realty Inc.
2816 Del Prado Blvd South, Unit 2
Cape Coral FL, 33904
Direct: 239-340-1384
Scott@The-Extreme-Team.com
Scott's Real Estate Web Page
Scott's Real Estate Blog

"Copyright © 2008 by Scott Slocum. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed without the written consent of the author."

http://www.findcapecoralrealestate.com/0026F3

 

I just finished reading an article put out by The Associated Press over at MSNBC about the amount of FORECLOSURES. Looks like our area - Cape Coral / Fort Myers - ranks #1 according to data supplied by RealtyTrac.  You can click to read that article here.

 

Why all the foreclosures? I was asked just that last week by a woman who found me on my Cape Coral Real Estate website. She wanted to know why there were so many SHORT SALES and FORECLOSURES in our area.

 

There are a few reasons for it.

 

One reason is that real estate is cyclical. That's right. Real Estate goes up & it goes down. Check the historical data, it is true.

 

Another reason in our area specifically I suppose, everyone got greedy. Investors & just average people all wanted to make A LOT of $$$$ in real estate. They heard that their friends bought some land or a house in Cape Coral & doubled their money in 2 years. Heck, many of these same people made a lot of money in the previous few years here as well. Yes, that is also TRUE - check the records. But what goes up must come down?

 

It came down. Many investors speculators were just getting into the market here, building a new home hoping to make a fortune (because others did). Unfortunately, hundreds of other investors speculators were doing the exact same thing. The builders were delayed because of the influx, the city's permit department was behind too, - - you get the picture. Many investors speculators had to WAIT. While they waited many other homes finished & were sold to end users. But by the time their homes were near completion the supply was HUGE.  We still had a demand for Cape Coral homes but the supply was just too large.

 

Unfortunately, most of these investors speculators did not have a plan B. They assumed they would sell & make a fortune. Many, at this point, hoped that they could at least sell and break even or take a small loss just to move on. But we weren't able to tell the buyers to pay for the other's misfortune. They wanted a deal and were going to get a deal because of the excess inventory. Homes were, and still are, selling but they must be priced right.

 

The next reason is the lending. Yes, I said it. The lenders were giving loans to anyone with a pulse it seemed. How was it that an average person earning $50,000 a year was able to afford 2-5 brand new homes (around $250,000 each) with 0% down? HMMM. But they were given the loans. Did someone misstate the truth? Not sure but I do know that many were stated or even no doc loans so they weren't even checked on. The banks were making their money, so were the mortgage brokers. Heck, the real estate agents, appraisers, title companies, builders, etc were all making money as well. Home investor speculator was expecting to make theirs too.

 

The same banks that so generously handed out financing the previous few years were tightening up their guidelines. Many would be buyers could not qualify. Uh oh - that just shrunk our buyer pool.

 

Prices continued to decline, financing options changed, option arms reset, economy slowed as a whole....

 

So what can we do now? Read more about the

 

Cape Coral Foreclosure problem....

 

We can move the inventory. Yes, were have A LOT of abandoned homes in our area. Some were NEVER occupied. Some people just left their homes & moved elsewhere after they exhausted all of their options. They didn't have any equity to refinance, their credit was deteriorating, the banks that were so friendly before weren't as nice, they didn't know what else to do. Some have been lucky enough to short sale their homes, but that still isn't great. Better than a foreclosure but still not the ideal situation. It's all we can do if they can't afford the home.

 

 

So we continue to work with banks, selling their inventory (foreclosured properties). We continue to help owners sell their homes that are upside down in short sales. We continue to educate buyers to make sure they find the best home for their needs at the best price. We keep moving on.

 

 

Is the market turning around next year? NO. It's going to take some time. But we still get to call this place home.

 

 

Cape Coral is truly a paradise. Sure, the foreclosures (deals) are abundant, BUT the weather is still awesome, the beach is still close, boating, golf, friendly neighbors & so much more are still here, waiting for you.

 

 

Please feel free to leave comments or contact us directly with any questions or comments you may have concerning buying or selling in SW Florida.

 

 

Yours in Success, 

Susan Milner

Broker/Owner

www.Florida-Future-Realty.com

(239) 542-8521

Susan@SusanMilner.com

copyright 2008 Florida Future Realty, Inc.

http://www.findcapecoralrealestate.com/0020D1

As you have probably heard, the people have voted & homestead portability was passed.

What does this mean? Well for starters, it means our phones have been ringing even more than usual. Many homeowners looking for a change are ready to make a decision.

Those looking to purchase a bigger or newer home are very excited about this. They are now able to port, or bring with them, their homestead exemption from their current house. Previously, they would not be able to.

This also opens up great opportunity for those looking to downsize. Many people who had wanted to retire could not justify the move due to taxes. Now, they can simply transfer their homestead exemption over to their quaint condo or smaller house.

If you would like more information about homestead portability & how this may affect you, please contact one of our real estate agents at Florida Future Realty, Inc.

http://www.findcapecoralrealestate.com/001C09