Why are homes so cheap in Fort Myers/Cape Coral?

Question

I really want to move to this area of Florida, and with the low prices of homes in the $85,000 range it is really tempting. Is there a reason why they are so cheap? Does anyone live there currently and have an insight to this? Also, can you get hurricane insurance there? Thanks.

Answer 1

all are seized by the banks...for not repaying the loans...........

Answer 2

There are many reasons for the steep drop in home prices here.  First is the fact that they were grossly overpriced to begin with.  Add in the insane cost of homeowner's insurance and high property taxes combined with lack of jobs and you have your answer.

There are some companies that do not write windstorm coverage in the state anymore, but there is Citizen's.  Citizen's is state run and is the insurer of last resort.  If you can not secure coverage anywhere else you use them, and they are required by state law to be more expensive than any other.  If you have a mortgage you will be required to carry windstorm coverage.

Answer 3

My mom lives there and I visit all the time.  Actually the prices have gone up a lot in the past years and $85K sounds incredibly cheap.  I know the houses on my mom's street in the SE area are prices in the $200Ks.  So $85 is probably a good deal.

As for the area, it's really, really boring unless you want to spend your time shopping.  Well for me anyway.  I'm 30.  But my mom loves it, she's retired.   And the beaches are gorgeous there too.

Answer 4

may be it is seasonal.