Cape Coral/Punta Gorda

[Dane Petersen]

Hello, investor here. I'm looking to buy a second home/STR in this area. I'd like to link up with a realtor that invests personally and services both of these areas.

[Huong T Nguyen]

Quote from @Dane Petersen:

Hello, investor here. I'm looking to buy a second home/STR in this area. I'd like to link up with a realtor that invests personally and services both of these areas.

Hi Dane. I went down to Cape Coral around Christmas and could not yet pull the trigger. The number of new builds completed in 2023 stood at 650 and if you add those built in 2021 and 2022 still waiting for a buyer, the number went up to over 850. I did not add older homes.I don't know the absorption rate of that area but they do not sell quickly. I was told homeowners are pushed to have flood insurance even though your property is not in flood zone and that could cost you easily 6k a year if seller does not currently have one that could transfer to you. Also property tax for homes on the water close to the gulf and not owner occupied are extremely high, plus the city special assessments. My realtor slipped up that since summer 2023 she had only sold 2 houses. She also managed a lot of STR for her OOS clients and she said nightly rates are not as high as occupancy is not what it used to beThe area is still very attractive but beware of those few facts. I would wait a little further to see how the situation would play out.