Destroyed House Full Of Mold, Caution Tape, And Jack-O-Lanterns In Miami Shores Listed At $650,000
Condo buildings line the beach in Sunny Isle, Florida. (Photo by Joe Raedle/Getty Images)
We’re not in a housing bubble, are we? Southwest Florida prices keep going up, but nothing like this. A house in Miami Shores listed for $650,000 and according to TheBigBubbleMiami, someone must have liked it. The property is sale pending. This 1,834 square foot property has 3 bedrooms, 2 bath, and some of it’s roof. There’s definitely a Halloween theme going on with rows of Jack-O-Lanterns in the kitchen. There’s also a Jack Skeleton in the bathroom, above the toilet. Holes in the roof. What looks to be black mold throughout. And, wait, I’ll let the realtor on Zillow describe it for you.
“This property is an investor’s and or luxury single family home developer dream project. Large home located in the heart of Miami Shores less than a 1/4 mile away from the infamous Miami Shores County Club. This property is surrounded by million-dollar homes and also a great school location. This home needs a full renovation. All personal contents will be removed prior to closing and will not be conveyed with the property.”
So the old comic books and action figures don’t come with the house? Bummer. When you buy it, bring your lawnmower, it doesn’t look like the yard has been maintained in awhile.
Ok, so if you’re ready to see what $650,000 buys you in Miami Shores, click the picture to bring up the slideshow.
Cape Coral - The Most Overpriced Rental Market In The Continental United States
If you think rent in Cape Coral is too high, you’re right. It absolutely is. And you’d have to head east past Miami and out of Florida to Puerto Rico to find a more overpriced rental market. The average rent in San Juan, Puerto Rico is $3,527.71 a month. Outside investors from the states are buying up properties and turning them into AIRBNBs. The tax benefits are clear, according to USA Today. “Americans who move existing or create qualifying businesses or investments to Puerto Rico can lower their federal income tax rate from up to 37% in the states to zero on income earned in Puerto Rico. ” So that’s what going on in Puerto Rico, but why is Cape Coral so high?
We’re still seeing effects from Hurricane Ian in Southwest Florida. People that used to live on Fort Myers Beach, are now living in Cape Coral. People from out of town working on Sanibel are living in Cape Coral. One of my neighbors is actually housing people from Texas that are here working.
AIRBNB has also taken rentals off the market. Why rent your house to a family when you can charge tourists 4 times as much? It sucks, it’s bad here, but how do we compare to other cities?
An updated study by the FAU College of Business determines rankings by figuring in the cost of rent versus what it SHOULD be.
And according to them, we’re paying too much. There’s actually quite a few places for rent right now. But you’ll need to pay up.
Researchers from the study conducted at the FAU College Of Business say the premiums we pay in Florida probably won’t change much until more units are built. And with a shortage of building supplies and a large amount of people who want to move here, there’s no telling when that will happen in the Cape Coral Rental market.
Three columns under each city: The percentage of what they consider overpriced (the premium), the average rental price, followed by what FAU has computed the price of rent should be.
Joe Winner spends his days combing through memes and off beat stories to bring you the side of Florida not always seen.
