Cape Coral Real Estate Blog

Further qualification requires that the home purchase be made between April 9, 2008 and July 1, 2009. The credit phases out if the buyer’s income exceeds $75,000 for an individual or $150,000 for a couple filing jointly and it must be paid back over a 15 year period in equal installments. The credit can be claimed on the buyer’s 2008 tax return even if the purchase is made in 2009 (it’s important to note that this is a tax credit and not a tax deduction).

Another component of the housing bill includes much needed FHA modernization which aims to adjust loan limits so that they are more in sync with current home values. The bill allows Fannie Mae and Freddie Mac to serve more home-buyers by raising loan limits in high cost areas above the standard conforming limit to 115 percent of the median house prices and up to 150 percent of the conforming loan limit.

The Housing and Economic Recovery Act is expected to play a critical role in strengthening the housing market and overall economy. The last time Congress passed legislation like this in the 1970s, the housing market saw a significant increase in activity. Using history as a guide, Lawrence Yun, chief economist of the National Association of Realtors believes the Housing Act could represent a boost of 10% in the number of homes sold.

The passing of the Housing and Economic Recovery Act marks the beginning phase of the next ten-year housing cycle in which prices in the more affordable markets will only continue to appreciate (affordable refers to homes priced at or below a market’s median housing price). Contributing to rising prices is population growth, the impact of Generation Y, inflation, and growth management. Homes in the more affordable price ranges in many markets have already adjusted and the new housing legislation will continue to boost this positive momentum. Increased sales in the more affordable markets will set a new foundation for housing, helping to stabilize the overall real estate economy.

Tropical Storm Fay rumbled ashore at 4:45 a.m Tuesday near Cape Romano and spent the day marching over Collier, Lee and Hendry counties.

It was a boorish, noisy and damp visitor from the moment it said hello in the pre-dawn darkness until it said goodbye in the afternoon.

Fay dumped varying amounts of rain, from perhaps a tenth of an inch on Boca Grande to 14 inches near where Glades and Hendry counties meet by the southwestern shore of Lake Okeechobee.

"It was a rainstorm named Fay," said meterologist Dave Roberts, who is also a hurricane consultant for the city of Sanibel.

Businesses and schools were closed. About 60,000 homes and businesses in Lee and Collier counties were without power around noon. By 9 p.m. that number was down to about 19,000.

Although Fay's top winds never touched the required 74 mph to be labeled a hurricane, it was certainly a gulleywasher. It dropped 5 inches in south Fort Myers and 7 inches in Immokalee.

Some streets in Everglades City were reportedly flooded with 2 to 3 feet of water. The Collier County community, just east of Cape Romano, was hit by a triple whammy - Fay's arrival coincided with a full moon and high tide. It led to a storm surge of 5 to 6 feet. Six inches of rain didn't help.

"It's going to take a little bit of work, but we'll survive," Everglades City mayor Sammy Hamilton said.

Sanibel Island, which was hit hard by Hurricane Charley in 2004, was spared by Fay. Bailey's grocery store opened at its usual time of 7 a.m., according to manager Richard Johnson. What did he think of Fay?

"It wasn't even a thunderstorm," Johnson said.

Only 1.89 inches of rain were recorded on Sanibel.

Overall, though, Fay was potentially a droughtbuster.

"It's probably not drought conditions anymore," said Randy Smith, a spokesman for the South Florida Water Management District.

Florida's east coast was hit hard. Tornadoes were reported in Broward and Palm Beach counties. Although no fatalities were reported in Southwest Florida, there was one reported in Highlands County in south central Florida, according to the Associated Press.

When Fay crossed over Cape Romano, its top speed was 60 mph. By the afternoon, as it spun over the warm waters of Lake Okeechobee, its top wind speed was 65 mph.

"It is rare that they will strengthen when they hit land," said Bob Klug, an AccuWeather.com meteorologist.

Rebecca Waddington, a National Hurricane Center meteorologist, agreed that the post-landfall strengthening was unusual.

"It's certainly not normal," Waddington said.

Most of Southwest Florida was quiet Tuesday. Few cars were on the street in the morning.

As the day progressed and the storm slid north, activity picked up. Stores began opening. Restaurants began opening. Chuck E. Cheese's in Fort Myers opened at 4 p.m. and was a popular stop for families with cabin fever.

As Fort Myers residents Dave and Darby DeFonzo emerged from the rain into the eatery, two of their daughters, 2-year-old Ella and 6-year-old Emma, skipped and squealed.

"We've been cooped up with them all day and had to go to Chuck E. Cheese," Darby DeFonzo said.

The eldest DeFonzo girl, 16-year-old Eliza, was also there, but she's past the skipping and squealing stage.

Chuck E. Cheese's general manager Mike Heuston said he fielded calls all day.

"I couldn't believe it," Heuston said. "There was a line out the door."

Fay didn't reach hurricane status around here, but it may when it hits open water, possibly some time today.

"We have it strengthening to Category 1," Klug said.

Southwest Florida residents can sigh, wipe their brows, sweep up debris and place the furniture back on the lanai.

The coast is clear. For now. Maybe not for long.

Longtime residents know what the next few weeks mean.

September is looming and it is, historically, the peak month of hurricane season. The peak day for hurricane activity is Sept. 10, according to a graphic on the National Hurricane Center Web site.

The Web site offers this perspective: "September has as many major hurricane landfalls as October and August combined."

Here's another reminder: As Fay spirals and spins away from Southwest Florida, another system is forming far away in the Atlantic Ocean.

It doesn't have a name. Yet. It's just a low pressure system, according to the National Hurricane Center. It may never get a name.

"It's something we'll keep monitoring," Waddington said.

Meteorologists encourage everybody to monitor this and any other similar system.

"Keep your eyes and ears open," Klug said.

Fay is gone. Something else is out there. It may be nothing. It may be something.

This is for certain: The peak of hurricane season is coming. Real soon.

If you want to live in Paradise, Cape Coral has a lot to offer.

The real estate here has never been so affordable.  New homes starting from the low $80,000.  Convenient and close to I-75, US41, colleges, universities. Most primary and secondary schools are rated A and B.  Minutes away from Fort Myers Beach and beautiful Sanibel and Captiva.

Cape Coral is close a couple of hours from major attractions in Tampa, Orlando and a few hours away from South Florida, Miami.

Come experience it for yourself. Great area for growing family, retirement or snowbirds.

Visit my website for more information and update of the area.