Resources including taxes, insurance, fees, planning a visit, short sales explained, strategies


	TopWaterfrontDeals.com

SW Florida Real Estate

Dan Starowicz, Realtor, Sand Castle Realty, 239-603-6100

Daniel G. Starowicz, P.A.

and associates

239-603-6100

Toll Free 1-800-301-4341

International 00-1-239-603-6100

Skype: dan.starowicz

Sand Castle Realty Group, Inc.

4020 S. Del Prado Blvd Ste B-2

Cape Coral, FL 33904

[ Additional locations ]

Dan@TopWaterfrontDeals.com

Daniel G. Starowicz, P.A.

and associates

239-603-6100

Toll Free 1-800-301-4341

International 00-1-239-603-6100

Skype: dan.starowicz

Sand Castle Realty Group, Inc.

4020 S. Del Prado Blvd Ste B-2

Cape Coral, FL 33904

[ Additional locations ]

Dan@TopWaterfrontDeals.com


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Daniel G. Starowicz P.A., Sand Castle Realty Group, Inc., (239) 603-6100

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	Resources

	SW FL Guide: Learn the area Short sales explained Brief Area overview Local waterfront explained Planning a visit here Free maps Free iPhone / iPad app Free GPS units Strategies for buying Property taxes Sales history Insurance Sailboat access Bridge heights Map of Cape Gulf Access Lock/lift locations Association & HOA fees Cape Coral assessments Current Foreclosure List Local Weather


		Frequently asked questions

	How much are taxes on this home? How much is insurance on this home? How much are the association fees on this property? How do short sales work? Is this price real? Where are the bridges and how tall are they? Where are Cape Coral’s locks & lifts? Which Cape Coral canals are freshwater? Saltwater? Are there an assessments due on this property & how much? Are there pet (or any other) restrictions on this property?


	Short Sales Explained

		Short sales work quite different than other types of sales and require detailed explanation. It is NOT the same thing as a bank owned property (which is also known as REO or Corporate owned property). A short sale is an imminent foreclosure situation in which the bank is owed more money that the home is worth. Because they know that the homeowner has no possible way to come up with the shortfall, they begrudgingly agree to allow the home to be sold at a loss (a shortage to the bank, hense the term short sale). Here's an example: Home was purchased for $700,000 in 2005. Today it is worth $300,000, but $650,000 is owed on the mortgage). The bank does NOT own the property yet, but suspects they'll end up with it via a foreclosure. A buyer agrees to buy it via short sale for $300,000 and a deal is struck with both the seller and the bank. This is a short sale. Taking a home back via foreclosure is an expensive proposition for the bank. They will incur significant attorney and court fees, it could drag on for a year, the interest payments on the mortgage aren't coming in anymore, and the home could end up sitting vacant-subject to vandalism and deterioration. This is why they will consider selling it prior to the foreclosure sale. Here's the big catch to short sales though: THE PRICES YOU SEE LISTED USUALLY MEAN ABSOLUTELY NOTHING. I know that goes against all conventional wisdom. Any other type of sale you could certainly buy at the listed price, but not necessarily so on a short sale. Here's why: while the banks begrudgingly agree to allow for the short sale, very rarely will they ever tell the listing agent what they will accept for the property. The agent simply has to guess. And some do a LOT better job than others (I've seen one listed for a dollar before. The bank won't of course accept anything remotely close to that figure). So, as you can probably guess, the quality of the listings will vary greatly. The moral of the story here is if you see an absolutely incredible deal but it says it's a short sale, don't get overly excited! They lead to a lot of disappointed buyers! The good news is that the occasional, rare deal can be had buy buying a short sale. Because the banks don't want to foreclose if they don't have to, they will accept a discount on the properties-it seems to be at 90% of what they deem to be market value. Foreclosures already owned by the bank are often better priced though. Banks HATE to have property in their portfolio. They are NOT in the business of owning Real Estate, so once it's been foreclosed they need to get rid of it, on short sales it's NOT their property yet, so the speed motivation is not a factor at all. Making offers on short sales is a bit different too. They are often PAINSTAKINGLY SLOW. If you are an investor or a vacation home buyer with PLENTY of patience, no problem. They could be a great consideration for trying to get at below market prices. If on the other hand you are buying a primary residence and need to move in, say, 30 days, forget it! You will want to drop them from all consideration. The time constraints are due to the way banks are set up. Because they have numerous levels of management, they all have to sign off on the transaction (or asset managers overseeing the transaction are flooded with them). Expect a couple months before you here ANY response from them on an offer- in many cases 3+ months, though some have broken the 1/2 a year mark. Buyer's often think I'm joking when I say not to bother asking for updates for at least 2 months--but unfortunately I'm serious! Now that you likely want nothing to do with short sales, let me tell you about one very important and lucrative exception: approved short sale prices. Every so often a short sale will actually have a price that the bank has agreed to. This is usually because a prior offer was received, the bank's review process began, the buyer got fed up waiting for months, but the bank still determined a yes or no answer regarding that offer. Based on that outcome, the listing agent now has an actual number to list! Watch that a listing doesn't just say “short sale approved” as listing agents get a little tricky with the language. That doesn't mean a price has been approved, that just means the bank is agreeable to a short sale. You want “Short sale approved at $300,000” or equivalent. Note that the closing may still be a little slower than usual even on these, but these are very worth considering. Based on what you now know about short sales, you can probably see why I don't put them on my foreclosure list too often. They can really provide misleading info and give buyers a completely false belief that prices are lower than they truly are. In fact, it will be the rare exception that I'll even show a short sale as they are usually a waste of both your time and mine. But if you want to pursue them, they CAN make for opportunities. Call me at 239-603-6100 if there is one you wish to place an offer on. Please note: There are a fair number of buyers where time is not important, so short sales CAN be of interest to them. A couple thoughts on this: You are still dealing with the same banks that list foreclosed properties. They often price their foreclosures MORE agressive (and sell fast) because at that point the clock is ticking. So you may be doing yourself a disservice tying up your time on a short sale. Two, I really, really have to emphasize the list price means nothing. Nothing! It was dreamed up by a listing agent who's job is to garner interest in their listing. Given the circumstances, of course the list price will be agressive! They could put most anything they want! Because buyers still think along the conventional lines "Well if the list price is $275,000 they'll probably take $260,000...make my offer $260k" that makes no sense at all on a short sale. The list price is irrelevant. Maybe you should be at $295k. Maybe the bank will say not a penny under $375k. It's anyone's guess, so don't just figure numbers using conventional logic! Additional info: if you want to see what short sales are available on the market, you will want to sign up for a free Listingbook account (link on the left, under the searches category). With this service you can specifically search for them and know anytime a new one gets listed matching your criteria. Because of the large number of inquiries I get it's advised that when signing up, give me a call too. It will speed up the process. Call 239-603-6100


		Area overview

		This website pertains to Lee & Collier Counties, located in Southwest Florida. Lee County's prominent city is Fort Myers. The county (and this website) also includes: Cape Coral, North Fort Myers, Fort Myers Beach, Sanibel Island, Captiva Island, Upper Captiva, Boca Grande, Bonita Springs, Bonita Beach, Estero, Lehigh Acres, Buckingham, Alva, Tice, Fort Myers Shores, Iona, San Carlos Park, Pine Island, Saint James City, Bokeelia, Burnt Store Marina, and Matlacha. Collier county's prominent city in Naples, but also includes Marco Island to the South and Golden Gate to the East. As I believe everyone already knows, the draw here is the weather, beaches, golf, and the water. Fort Myers has an international airport (Southwest Florida International Airport, RSW) and most everything is under 30 minutes from the beaches. As a general rule, the further South the more expensive everything gets (This is of course a bit over-simplified, but a general rule of thumb). Fort Myers is the hub city in Lee County and contains most of the commerce. Prices are higher than Cape Coral, which is more of a sprawling bedroom community. Single family homes under $300,000 are a bit more limited actually. There are numerous townhomes/ attached villas, condos, and gated golf communities throughout the city. Downtown has the recent addition of several waterfront high rises. To the very South end of Fort Myers is Estero. Mostly all new construction, numerous new malls, very desirable. Single family homes are typically $300k+ and usually located within gated communities, many with golf courses. Bonita is further South and pricier. Basically the further South and closer you get to the city of Naples, the more expensive. Cape Coral is a huge suburb to the West of Ft Myers. The city is divided into 4 quadrants of unequal size. The NW and NE have somewhat of a rural quality (to parts of it) and are not that developed (yet). It has a different quality to it than most cities. The majority of homes up here are quite new, but spaced sporadically in between lots of vacant, clear cut lots. It doesn't appeal to everyone, but to those who like it, you get very new homes very cheap here. A note to investors: Rents are cheaper here too due to supply and a bit more distance from commerce (but lots of new commercial construction has been building up along Pine Island Rd recently.) South Cape is much more developed and has the added benefit of lots of canal/waterfront properties increasing the overall values of the neighborhoods. Home prices will be a bit higher because of it. The very SE corner was the first section of the city to be built. It contains the Yacht Club, a pier, public tennis courts, and a little beach too. The very SE corner (the Yacht Club) has valuable land and homes often get bulldozed rather than added on to. Alternatively, the very SW corner will be the prettiest section to drive around in-lots of exceptionally well maintained newer homes down here. For a full review of the areas please review the section titled the Southwest Florida Real Estate Tutorial. Note that in Cape Coral nearly the whole city was initially built on private wells and septic systems. The city is going around and converting everything to city utilities. This is a huge undertaking given the size of the city--it will take a decade or so to do. Because of this assessments for the work will apply. Some areas have already had it done and will be paid in full, others are just getting them, or slated to in the near future. It's something to consider when evaluating prices! The prices vary, but for example, a quote I received for a new job recently was $14,200. They can be rolled in with property taxes and paid slowly over 10-15 years, so no lump sum payment is necessary. The exact pattern of the work varies, but here's the general pattern: SE is now all on city utilities. SW well over half completed, the more Northern portions of the SW section are currently getting converted right now. NW and NE scheduled to be completed quite some time in the future (years out). There is a link at the bottom of this section to view the city's expansion schedule. Lehigh Acres is another large housing tract out to the East of Fort Myers. You get the most house for the money here, due to affordable and plentiful vacant land, but do note there is no Gulf access. Much of it has more of a country feel to it than other sections of the city, though nearly everthing is a plotted parcel for potential residential development. Note that there's a reason it's the lowest priced: it's furthest from the beaches and attractions, has limited commerce (for example, no malls) and for you investors it gets the lowest rents on single family homes. For those who are opposed to deed restrictions, you will prefer Lehigh's rules over Cape Coral. In 'the Cape' you cannot park a boat or RV in the driveway, and more rules like that apply. Lehigh is not an incorporated city and is much more lax about all that. You shouldn't have any problem having boats, rvs, etc. North Fort Myers has a couple varying neighborhoods. Overall it is largely rural but the waterfront contains new high rises, nice new neighborhoods, and some new shopping centers. Notably further north is Heron's Glen, a nice neighborhood. Large other sections of North Fort Myers contain numerous trailerparks and older construction offering affordable prices. The islands are of course heavily sought after, and the prices reflect it. Each island has a distinct quality. They are much less affected by any market slowdown as they tend to be in the hands of wealthier owners. Ft Myers Beach is a heavily developed mixture of condos and single family homes. It empties out in the summer, but come season (Christmas to Easter) is heavily populated. High rises typically don't go over 8-12 stories or so, but there are a few exceptions and long stretches of the island will have nothing over 3-4 stories tall. Numerous canal homes are on the bay side, and on the West side of Estero Blvd you'll find the beachfront properties. The sand is exceptional throughout this area and will rival anything else found in the U.S. (The East coast of Florida has nicer bluer shades of water, but their sand is vastly inferior). Fort Myers Beach is divided somewhat into two different areas: the Northern half and the Southern half. The North has more of the hotels, the shops and quirky little spots that you expect on an island...the fun spots to visit. The South end is the quieter, bigger condo communities that are nice, neat, and clean retreats from it all. The golf course is on the Southern end. Marinas exist on the North End (Moss Marine), the center (Snookbight Marina), and the South (Fishtale). Keeping a boat at either the North or South end of the island will place you very close to the ideal locations in the County for boating, fishing, and leisurely boating (arguably only superceded by Punta Rossa's location, where the bridge connecting Sanibel to the mainland begins). I myself am a Fort Myers Beach resident, so I am very familiar with the place! Feel free to ask questions if you are looking to buy on the island in the near future. Sanibel and Captiva are beautiful international destinations, regularly visited by vacationers from across the world. It has a totally different character than Ft Myers Beach, as it has large tracts of unspoiled natural land. Actually about 1/2 the island is a large wildlife preserve: Ding Darling. It is recommended to visit if you are in town. These two islands are fairly exclusive and the pricing shows it with most homes exceeding the million dollar mark. There is even a $6 toll to cross the bridge, which seems to add to the exclusivity. (None on Ft Myers Beach). There is an old lighthouse at the Eastern end (arguably it could be though of as the Southern tip) as well as public beach access. There is also public boat ramps on either side of the bridge. Sand here is exceptional, just like Ft Myers Beach, especially on the Eastern end (again, arguably the South). A little mentioned secret is the further North, heading up to Captiva, or the further South, down to Naples & Marco Island the water gets nicer and nicer. Note that Captiva has extremely limited public parking though, so public access is tricky. As far as homes go, foreclosures on these islands are extremely rare, as these properties tend to be vacation properties for affluent Northerners and International visitors. Expect to pay exorbitant prices to be on Captiva, while on Sanibel an occasional single family home (non-waterfront) comes available under a half million.


		Free Area Maps

		If you are planning a visit down and would like to have a free map detailing out the area’s streets, canals, and waterways mailed to you in advance of your trip, just ask! Please note there are typically 3 versions available: 1) Cape Coral, rather detailed including bridge heights, 2) Ft Myers (including a bit more basic coverage of Cape Coral too), 3) Naples. Simply give me a call at 239-603-6100 specifying which one you want and your mailing address.


	Free Real Estate Mobile Phone App

Do you want to have access to all the area listings on your mobile device? I now offer complimentary access to the most powerful mobile real estate mobile app available in this area. Best of all, it works on most any GPS enabled phone (most others operate only on iPhones or are of very limited use). Excellent for those getting a feel for various neighborhoods and pricing on the go. This version allows you to see 1) all properties in proximity to your current location, 2) search by exact or partial address, 3) search by price, property type, even by listing number.

Begin the download process by clicking the button below or text DANSTAR to 87778.

Begin free download here




	[For those familiar with QR codes]


	Disclaimer: App is free for download and use. Your cell phone providers standard data usage rates (if any) apply


Free GPS Units (to borrow while in town)

Need a GPS unit while you are in town? Don’t want to give the car rental companies the extra money to lease one? No problem. I have one or two extra GPS units available to my clients, free of charge. I only ask that a deposit be placed at the time you pick it up so that I get them back at the end of your visit! Simply notify me in advance of the time of your trip down and I’ll have one available for you at my Cape Coral office (subject to availability). It’s an especially good idea if your target area is Cape Coral, as the canal system makes the road network rather complex. Directions to my office are pretty straightforward from the nearest International Airport, SW Florida International (RSW). Turn by turn directions can be viewed here. Physical address: 4020 S. Del Prado Blvd Suite B-2, Cape Coral, FL 33904.

	Disclaimer: All leases of GPS units are subject to my discretion. $100 refundable deposit applies.


		Strategies For Buying

	Strategies tailored to your preferences will be happily discussed upon you placing a call to 239-603-6100. However, in gerneral, I can say there’s a couple angles: 1) targeting the best priced waterfront homes (they are at a third of prior prices in some cases). They have the greatest possible return and are the reason many people come here. 2) The lowest priced, newest homes possible. They are at half the replacement cost, and therefore represent an ideal target for simply holding and renting out for long term holding. We can discuss what works for you in greater detail based on your specific goals. HERE'S A HINT: On foreclosures, bank's account to shareholders. They think in terms of 'quarters' of the year, so selling by the end of the 'quarter' could be of big importance to them. This means 4 times a year could see your best buys: just before Dec 31st, Mar 31st, June 30th, & Sept 30th.


	Property Taxes

		I get numerous inquiries asking what are the taxes on particular homes. So, to handle all these inquiries, here’s how you can easily find out: For Lee County cities: Fort Myers, Cape Coral, Sanibel, Captiva, Pine Island, Fort Myers Beach, Estero, and Bonita Springs, simply go to the Lee County Tax Collector’s site: www.LeeTC.com. From the drop down “Property Taxes” choose to search records, then in the middle of the screen switch the drop-down box from “Account” to “Address” instead. Plug in an address, and click on the details button once the results load. Then click on “Tax Detail.” The exact results will now be displayed. A few items to note: see the figure in the top right? That's the annual property tax amount. We pay yearly in this part of the country. Garbage collection is also rolled into the billing here. Now in the bottom left you will see a slightly lower figure under November. The way it works here is that taxes are due in March of the following year (paid in arrears) BUT if you pay them early, you get a 1% reduction for each month of early payment. Up to a max of 4% less, if paid in November. If you are financing your purchase and have escrows, the lender is expected to pay them in November, to maximize your discount. For property taxes in the Collier County cities of Naples & Marco Island: go to www.CollierAppraiser.com instead. Will the property tax amount change? Yes, they reassess each property every year, and therefore they change at least a little bit every single year in this section of Florida. There's a tool for helping you make calculations though. Again go to the Lee County Property Appraiser's site and type in an address. Again, click that details page. However, instead of clicking “Tax Detail” just below that is “Link to Property Appraiser's Tax Estimator.” Click that instead. > Continue > Ok. Then punch in the estimated sales price to get an idea as to what the new tax amount should be. There are two results: estimated taxes and estimated taxes with homestead exemption. If you can call this a primary residence, you may be entitled to that homestead discount. In short, it typically saves you $600-700 a year or so. A common misconception I run into is that investors and/or foreigners think they may be subjected to a higher property tax rate than say someone buying a second home here. That's not actually true. Everybody is taxed at the same rate. Only via any special exemptions does anyone receive lower rates- homesteading is an example of one of those, for owner-occupants. There are actually two parts to Homesteading: 1) The homestead exemption itself and 2) the Save-Our-Homes exemption. First off, the homestead exemption basically knocks off $50,000 from your properties taxable assessed value (with a few exceptions). This is great news for owner-occupants. Second, is the Save-Our-Homes act which basically means if you live in your home year after year, that in no single year can your taxes increase by more than 3%. This means no surprises next year when you get the bill. Additional exemptions exist for disabled veterans, widows and low income seniors. The details can be found at the following: http://www.leepa.org/Exemption/GeneralExemptionInfo.aspx. Another important point to make: We also want to look at property tax bills to see if they include payments for any form of municipal assessments. For example: In Cape Coral, many properties were converted to city utilities in recent years and have unpaid assessments remaining due. For example say $11,000 remaining due, to be inherited by the purchaser of the property, and paid back yearly at the rate of $1100/year, paid at the same time as the property taxes. Because this $1100/year figure is rolled in with the tax bill, it therefore can make the property taxes seem unusually high when that's not really the case. So just remember that you want to watch for that, as you don't want to incorrectly strike a property from consideration because you thought the taxes were too high. Should you have additional questions, here's the contact numbers: Lee County property appraiser: 239-533-6100 Lee County tax collector 239-533-6000 One last parting thought regarding taxes: don't misinterpret assessed value as market value! While I understand in certain parts of the country their might be some validity to that, it's absolutely not the case here! Doing so will quickly misguide you. Should you wish for more accurate market value, simply give me a call at 239-603-6100 to discuss.

Lee County Property Appraiser* Lee County Tax Collector* Collier Tax Collector*


	Property Sales History

	You can access the sales history on properties using the Listingbook service or you can type in an address on this site and see the entire sales records on the parcel. Pay attention to the terms used: ‘Qualified’ will indicate a bona fide sale of a property. Disqualified can mean any of a thousand things, so you may just want to ignore those.


	Insurance

Property insurance will vary depending on numerous factors.  Please note that I cannot give you any quote on insurance-- address those questions to a local insurance broker or agency and they will be happy to provide you with much more accurate information.  A link to local providers is included at the bottom of this section.

Property Insurance includes coverage for fire hazards, hurricane coverage, etc.  Here’s an important thing to note though: some Florida policies will have a 2% hurricane deductible while others have a 5%.  Choose the one with 2%!  A 5% deductible can be a very large out-of-pocket expense.  Property Insurance pricing will vary on several factors: Cement block construction (CBS) is cheaper than frame construction to insure, the newer the home's construction, typically the cheaper.  Also, those with hip roofs (no blunt ends) instead of gable ends (like a barn) are cheaper too.  Proximity to the shoreline or river will also make prices escalate.  Rural areas without fire hydrants and locations with only volunteer fire departments cost much more as well (ex: parts of Alva).  Mobile home coverage can be pricier too.  When obtaining coverage you’ll likely want to get 2-3 quotes.  no single agency always has the best rates, as pricing tends to fluctuate.
Condos:  Condo buildings typically include partial coverage in your monthly homeowner’s fees.  Their coverage is typically the exterior of the building, up to about the drywall.  They are not responsible for flooring, cabinetry or anything from the drywall inwards.  (The exact coverage will depend on the condo).  To insure the inside of the condo and your personal belongings request a quote for H0-6 coverage from an insurance agency.  I’ve seen prices around $600-800 a year... yours may vary so ask the experts.

Flood Insurance:  This entire region is quite low, and quite flat.  Because of this flood insurance is required in a notable number of locations.  If you want to see if it’s required at a property of interest, do the following.  Go to the Flood insurance link at the bottom of this section  type in the address, and view the elevation information.  Specifically look at the section ‘rate code.’  The classification system can get a little complicated, but here’s the general rule: if you see the letter ‘A’ in the rate code, flood insurance is mandatory.  If it mentions being in a zone B, C, or X it shouldn’t be mandatory.  Now just because it isn’t required doesn’t mean you shouldn’t have it.  In areas that don’t require it, it’s typically pretty cheap.  Typically under $400/year.  In the event floodwaters damage a property your homeowners/hurricane policy will not cover it, so give it some consideration.  Flood insurance rates vary by proximity to the shoreline and elevation of the finished floor.  Ask an insurance agency for a quote-there should be little variation from one agency to another for flood insurance.

Home Inspectors (and others) can also a wind mitigation/inspection form for a small fee that can GREATLY reduce insurance costs.  Discuss it with an inspector and insurance agent.

Property insurance providers Flood Insurance Link


	Association / HOA / Condo Fees & Restrictions

Listingbook


	Assessments/City Utilities

	The city of Cape Coral is undertaking a huge conversion from private wells and septic systems to city utilities. With this change comes assessments. Here's an overview of how it works. NOTE this speaks in generalities and there are indeed exceptions! The City of Cape Coral can verify the specifics for any particular property and you would be well advised to check in with them on any purchase! There is a form to fax in to get definitive answers from the city which I can obtain on your behalf. It is then faxed to 239-242-3899. In general: The SE quadrant is all on city utilities and little, if any, assessments typically still remain due. In the NW and NE: these areas are slated for future conversion, but will not be completed in full for years to come. The SW: around 75% is converted, with the Northern portions currently being the areas next in line. If buying in the SW you typically see the largest variations from zero to $20k+ in assessments on properties. Costs: There are impact fees (ex: $4000) connection fees (ex: $1200) and assessments (ex: $14,600) that apply. The city can advise as to the specifics, but in general: impact pays the upfront costs, you'll pay a plumber to connect, and you'll likely opt to pay the city over time for the assessments. Payment: Assessments are not typically required to be paid all at once. My understanding is low rate government bonds cover it, and you have something like 10-15 years to pay it back. It is added to your tax bill, for simple billing. You can of course pay it all at once, should you choose to do so.

IF you are going page by page through the tutorial you may now proceed to the photo collections for the various areas at the link below.

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This information may reflect personal opinions, and examples. While it is deemed accurate, it is not guaranteed and you are advised to independently verify all info.


	Daniel G. Starowicz, P.A. Sand Castle Realty Group, Inc. 4020 S. Del Prado Blvd. Suite B-2, Cape Coral, FL 33904 239-603-6100


	LeeHouses.com and TopWaterfrontDeals.com by Dan Starowicz. (C) 2017