Reviews & Comments
Cape Coral, FL
re: Living is Easy? - 4/6/2013 -
6/12/2013I would avoid Cape Coral like the plague. While Cape Coral is a City of incredible potential, the leadership in the City Council continues to promote policy that will be the nail in the coffin of this once great city. I have lived here for 9 years and just put my house up for sale. Can't wait to leave. While Cape Coral is one of the most targeted cities for buying existing homes, growth is anemic. I blame that on fiscal policy. Our population has barely exceeded the natural aggregate growth rate if at all. What is happening is investors are coming from all over the world to purchase cheap distressed property and rent it out. It is slowly becoming the slum lord capitol of the west coast. Our claim to fame for retailers has got to be the most dollar stores per capita in the nation. Dollar stores usually locate in rural distressed areas where people cannot afford regular retail. In the month of April 30 single family home permits have been issued (96% off the peak). Yet City Council will tell you that new permits are sky rocketing. I would say new permitting is comatose. In that same month twice as many vacant lot owners let there lots go in a tax deed auction. That's the proof in the pudding. If a lot owner doesn't see the value in paying very little taxes on a lot verses building. The single biggest issue with me is that Cape Coral charges about 15K in impact fees and another 18K approx in water and sewer assessments (double dipping) in order to have the right to build on your 5K lot. Where else in the US (Besides Detroit) does the City charge you 6 times what your land is worth to have use of City infrastructure. There are 10's of thousands of vacant lots throughout the Cape that are vacant and will remain vacant for this reason. Without growth, and we have none, City budgets will explode and taxes will get over burdensome. Just recently they passed the "public service tax", basically a tax on your electric use to help close gaps. Instead of reducing the size of govt to meet there needs they penalize it's citizens for there poor decisions. When I came to Cape Coral, govt made up about 24% of our industry. Construction made up about the same, slightly higher. Now govt makes up about 28% and construction 7%. Anyone else see the correlation? I would run, not walk.
Cape Coral, FL
Cape Coral Living -
6/12/2013I've lived here for 9 years and have seen some ups and downs. Cape Coral has great potential, but faces many challenges. The potential is based on it's undervalued land and cost of living. The downside is an overeaching and overtaxing City Council. They just don't get it. They think people will come because of our canals. Only thing is, 90% of our citizens don't live on and can't afford a canal property. With the impact fees and water and sewer assessments (double dipping) it is not feasible to build a new home. So not to City Council. Despite our massive sales of existing homes, they are not coming. We might as well have 2 million miles of canals. With 30 permits pulled for new single family homes (off 96% from the peek) growth is comatose. Jobs are scarce and services are limited. Schools for the most part are as bad as it gets in the US. When I first came here govt made up about 24% of our industry and construction made up about 27%. Today govt is 27% and construction is 7%. What's wrong with that picture. With the massive house flipping that has occurred in the last 5 years, Cape Coral is poised for another bubble burst. My advice, don't walk run. Get on the other side of the Caloosahatchee as fast as you can.