New Developments Coming to Cape Coral-We are excited about the new developments coming to Cape Coral. It is the largest city by population in Lee County Florida, and the 8th largest city in Florida. The population in Cape Coral has been steadily increasing by 7% annually over the past 10 years (City of Cape Coral). These increases have attracted a lot of new developers and investors to the area. New construction is still booming across Cape Coral. This has been over 1625 new construction single-family home permits issued already. A lot of undeveloped land in North Cape is where most of the new homes are being built. Equally important, the increase in new single-family residential homes brings a great need for nonresidential properties, such as commercial, multi-family, and mixed-use. Below are some of the new developments coming here to Cape Coral. Bimini Square Bimini Square Rendering This will be a mixed-use development that will include luxury apartments, a 25-slip transient boat dock, a waterfront restaurant, shops, and even a Lee Health Clinic. The project is estimated at more than $100 million. The Cove at 47th Next, a $103 million mixed-use development named The Cove at 47th. It will have 327 luxury apartments with 19,000 square feet of ground-floor retail or office space, and a 585-space parking garage, with 125 spaces reserved for the public. The development will also include a rooftop bar and restaurant. The project also features a resident rooftop Sky Deck and resort-style amenities. It will be the first infill residential project with a parking garage in Cape Coral.… Continue Reading
Buying Lots in Cape Coral and SWFL-Are you looking to purchase vacant land in Cape Coral or other parts of SWFL? Are you a builder, investor, or looking to build your dream home? If so, there are some important things you need to know when buying lots in Cape Coral and SWFL. We want you to know a few things you should be looking at when you decide to purchase a lot here. Zoning and Future Land Use It is important to ensure that the zoning and future land use will be compatible with what a buyer will want to build on the lot. Properties can have a wide variety of zoning and future land use, such as residential, multi-family, commercial, and mixed-use. If a property is zoned commercial with a future land use of commercial professional, a single-family home cannot be built on the lot. That is very important information for a buyer to be aware of. Another important consideration is to check whether the zoning and land use match. For example, there may be a lot that is zoned residential, but the future land use is commercial professional. In this case, the lot is not buildable because the zoning and future land use are not compatible. In order to build on the lot, it would require either a zoning or a future land use amendment. The process has to go through the city and can take 6 months, including public hearings, and costs associated with the process. Property Restrictions/Wildlife Some lots will have property restrictions imposed on the lot by… Continue Reading
First Steps to Home Financing-Before you start touring homes you need to have a pre-approval letter from a lender. It is important to work with an experienced realtor and mortgage lender to create a team that is looking out for your best interest in the first steps to home fiancing. These professionals will help you save a lot of time and money. The Pre-approval process When searching for your dream home, an important first step is to get pre-approved for financing. Most experienced lenders can pre-approve a potential buyer in 24-48 hours. They will then issue the buyer a pre-approval letter, which includes the total purchase price the buyer is qualified for. When sellers receive an offer based on financing, they will want to see a pre-approval letter showing that the buyers are qualified. Lenders examine three things needed for pre-approval: Credit Assets Debt-to-Income (DTI) ratio Once you receive your pre-approval letter from the lender, the search is on for finding your dream home! Lender requirements can vary, but here are some common things they may ask for: Personal information such as: social security numbers, birth dates, address history, and photo identification W2s or 1099s for the past 2 years Bank account statements Current mortgage and rent payments Documentation of assets such as investment and retirement accounts We realize there are a lot of moving parts in the process, and the lender and other parties involved in the transaction will be asking for a lot of information. Do your best to remain calm and submit all documents required as soon… Continue Reading
Cape Coral Opportunity Zones Information-Created by President Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to spur economic development and job growth across the country. As a result, Cape Coral Opportunity Zones were created. https://opportunitydb.com/cities/cape-coral-florida/ Benefits of investing in Cape Coral Opportunity Zones The temporary deferral of taxes on previously earned capital gains is helpful.Next, the basis step-up of previously earned capital gains invested.Finally, There is the permanent exclusion of taxable gain on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones). Cape Coral has 3 census tracts included in the Opportunity Zones: 10201, 10302, and 10307. The Cape Coal units affected are all or part of 16,17,23,27,34,35,36-1,37,38,39,40,46. The Cape Coral Opportunity Zone is approximately 12.19 square miles, with about 8,900 vacant parcels totaling just over 2,750 acres. Approximately 2300 of those parcels currently have zoning that allows for multi-family, commercial, or professional uses. Equally important, the opportunity zones in Cape Coral have a combined population of 27,000, which represents 14% of the city’s total population. The median household income for these areas ranges from approximately $48,000 to $62,000. https://opportunitydb.com/cities/cape-coral-florida/ Many of the build-to-rent investors buying in Cape Coral have targeted the Opportunity Zone area to build their portfolios. Holding for 10 years and selling without paying capital gains tax is very attractive to investors. Demand for these areas should remain steady. https://cms4files.revize.com/capecoralfl/edoNew/PDF/EDO%20Guide%202020%20-%20DIGITAL%20VERSION%20-%20July%202020.pdf Furthermore, in just 2022 alone, we have bought and… Continue Reading
Where can I play Pickleball in Cape Coral?-Lake Kennedy Racquet Center Pickleball is increasing in popularity, especially with Cape Coral's “Go Bond Project”. The city’s park and recreational facilities created this program geared toward expanding. “Lake Kennedy Racquet Center”, will soon be home to 16 brand new pickleball courts! Other new parks and improvements will also include pickleball courts. Shared by individuals and families of all ages, lovers of the game boast that it is a fun, social sport. If you are looking for where to play Pickleball in Cape Coral, here are all of the local options. According to a Sports & Fitness Industry Association Topline Report, pickleball participation almost doubled in 2022, increasing by 85.7 percent year-over-year and by an astonishing 158.6 percent over three years. What is Pickleball? Three dads with some bored children invented the sport in 1965 on Bainbridge Island. Gaining popularity the sport evolved. Resulting in more elaborate rules and professional equipment, unlike the handmade equipment these dads came up with! Pickleball is played on a court similar in size to badminton. Comparably, it has a smaller net than tennis. Described as a mix between tennis, badminton, and ping-pong. Played as doubles or singles and enjoyed outdoors and indoors. Equipment includes a paddle and plastic ball with holes. Where can I play pickleball in Cape Coral? Below is a list of Cape Coral parks with pickleball courts: Camelot Park Gator Trails ParkGiuffrida Park Jim Jeffers Park Joe Stonis ParkLake Kennedy Community Park - Scheduled to open in 2024Lake Meade Park - Scheduled to open in late 2023/early 2024 Sands Park -… Continue Reading
New Developments Coming to Cape Coral - We are excited about the new developments coming to Cape Coral. It is the largest city by population in Lee County Florida, and the 8th largest city in Florida. The population in Cape Coral has been steadily increasing by 7% annually over the past 10 years (City of Cape Coral). These increases have attracted a lot of new developers and investors to the area. New construction is still booming across Cape Coral. This has been over 1625 new construction single-family home permits issued already. A lot of undeveloped land in North Cape is where most of the new homes are being built. Equally important, the increase in new single-family residential homes brings a great need for nonresidential properties, such as commercial, multi-family, and mixed-use. Below are some of the new developments coming here to Cape Coral. Bimini Square Bimini Square Rendering This will be a mixed-use development that will include luxury apartments, a 25-slip transient boat dock, a waterfront restaurant, shops, and even a Lee Health Clinic. The project is estimated at more than $100 million. The Cove at 47th Next, a $103 million mixed-use development named The Cove at 47th. It will have 327 luxury apartments with 19,000 square feet of ground-floor retail or office space, and a 585-space parking garage, with 125 spaces reserved for the public. The development will also include a rooftop bar and restaurant. The project also features a resident rooftop Sky Deck and resort-style amenities. It will be the first infill residential project with a parking garage in Cape Coral.… Continue Reading
Buying Lots in Cape Coral and SWFL - Are you looking to purchase vacant land in Cape Coral or other parts of SWFL? Are you a builder, investor, or looking to build your dream home? If so, there are some important things you need to know when buying lots in Cape Coral and SWFL. We want you to know a few things you should be looking at when you decide to purchase a lot here. Zoning and Future Land Use It is important to ensure that the zoning and future land use will be compatible with what a buyer will want to build on the lot. Properties can have a wide variety of zoning and future land use, such as residential, multi-family, commercial, and mixed-use. If a property is zoned commercial with a future land use of commercial professional, a single-family home cannot be built on the lot. That is very important information for a buyer to be aware of. Another important consideration is to check whether the zoning and land use match. For example, there may be a lot that is zoned residential, but the future land use is commercial professional. In this case, the lot is not buildable because the zoning and future land use are not compatible. In order to build on the lot, it would require either a zoning or a future land use amendment. The process has to go through the city and can take 6 months, including public hearings, and costs associated with the process. Property Restrictions/Wildlife Some lots will have property restrictions imposed on the lot by… Continue Reading
First Steps to Home Financing - Before you start touring homes you need to have a pre-approval letter from a lender. It is important to work with an experienced realtor and mortgage lender to create a team that is looking out for your best interest in the first steps to home fiancing. These professionals will help you save a lot of time and money. The Pre-approval process When searching for your dream home, an important first step is to get pre-approved for financing. Most experienced lenders can pre-approve a potential buyer in 24-48 hours. They will then issue the buyer a pre-approval letter, which includes the total purchase price the buyer is qualified for. When sellers receive an offer based on financing, they will want to see a pre-approval letter showing that the buyers are qualified. Lenders examine three things needed for pre-approval: Credit Assets Debt-to-Income (DTI) ratio Once you receive your pre-approval letter from the lender, the search is on for finding your dream home! Lender requirements can vary, but here are some common things they may ask for: Personal information such as: social security numbers, birth dates, address history, and photo identification W2s or 1099s for the past 2 years Bank account statements Current mortgage and rent payments Documentation of assets such as investment and retirement accounts We realize there are a lot of moving parts in the process, and the lender and other parties involved in the transaction will be asking for a lot of information. Do your best to remain calm and submit all documents required as soon… Continue Reading
Cape Coral Opportunity Zones Information - Created by President Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to spur economic development and job growth across the country. As a result, Cape Coral Opportunity Zones were created. https://opportunitydb.com/cities/cape-coral-florida/ Benefits of investing in Cape Coral Opportunity Zones The temporary deferral of taxes on previously earned capital gains is helpful.Next, the basis step-up of previously earned capital gains invested.Finally, There is the permanent exclusion of taxable gain on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones). Cape Coral has 3 census tracts included in the Opportunity Zones: 10201, 10302, and 10307. The Cape Coal units affected are all or part of 16,17,23,27,34,35,36-1,37,38,39,40,46. The Cape Coral Opportunity Zone is approximately 12.19 square miles, with about 8,900 vacant parcels totaling just over 2,750 acres. Approximately 2300 of those parcels currently have zoning that allows for multi-family, commercial, or professional uses. Equally important, the opportunity zones in Cape Coral have a combined population of 27,000, which represents 14% of the city’s total population. The median household income for these areas ranges from approximately $48,000 to $62,000. https://opportunitydb.com/cities/cape-coral-florida/ Many of the build-to-rent investors buying in Cape Coral have targeted the Opportunity Zone area to build their portfolios. Holding for 10 years and selling without paying capital gains tax is very attractive to investors. Demand for these areas should remain steady. https://cms4files.revize.com/capecoralfl/edoNew/PDF/EDO%20Guide%202020%20-%20DIGITAL%20VERSION%20-%20July%202020.pdf Furthermore, in just 2022 alone, we have bought and… Continue Reading
Where can I play Pickleball in Cape Coral? - Lake Kennedy Racquet Center Pickleball is increasing in popularity, especially with Cape Coral's “Go Bond Project”. The city’s park and recreational facilities created this program geared toward expanding. “Lake Kennedy Racquet Center”, will soon be home to 16 brand new pickleball courts! Other new parks and improvements will also include pickleball courts. Shared by individuals and families of all ages, lovers of the game boast that it is a fun, social sport. If you are looking for where to play Pickleball in Cape Coral, here are all of the local options. According to a Sports & Fitness Industry Association Topline Report, pickleball participation almost doubled in 2022, increasing by 85.7 percent year-over-year and by an astonishing 158.6 percent over three years. What is Pickleball? Three dads with some bored children invented the sport in 1965 on Bainbridge Island. Gaining popularity the sport evolved. Resulting in more elaborate rules and professional equipment, unlike the handmade equipment these dads came up with! Pickleball is played on a court similar in size to badminton. Comparably, it has a smaller net than tennis. Described as a mix between tennis, badminton, and ping-pong. Played as doubles or singles and enjoyed outdoors and indoors. Equipment includes a paddle and plastic ball with holes. Where can I play pickleball in Cape Coral? Below is a list of Cape Coral parks with pickleball courts: Camelot Park Gator Trails ParkGiuffrida Park Jim Jeffers Park Joe Stonis ParkLake Kennedy Community Park - Scheduled to open in 2024Lake Meade Park - Scheduled to open in late 2023/early 2024 Sands Park -… Continue Reading
