Investors, home owners, tourists, and anyone considering purchasing property during this excellent market can rest easy. Recent projections by the National Oceanic and Atmospheric Administration (NOAA) verify the statements of Kristie Anders, a local expert, that there is a minimal likelihood of oil from the BP oil spill that will impact the waters and beaches of Fort Myers, Cape Coral, Pine Island, and Sanibel in Southwest Florida.
Less Than 1% Chance that Lee County Property Will Be Affected
In a recently released technical report, NOAA stated that the likelihood of oil affecting the area in any way is less than one percent. At this point, the oil has already degraded to scattered tar balls instead of a large surface oil slick and has lost much of its destructive power.
The NOAA report took all things into consideration, including data involving historical ocean and wind currents, along with other natural factors. Furthermore, the loop current in the Gulf follows the edge of the West Florida Continental Shelf about 150 miles offshore. This loop current serves as a guard against any impact from the BP spill.
These are not just educated speculations or predictions. The NOAA's projections are based on a model which compiled information obtained from 500 possible different scenarios, including hurricane, severe storms, and other natural occurances. Details of NOAA's findings can be found on their website. Even with all of these scenarios, probability is less than one percent.
Cape Coral Waterfront Property
So, you've followed all the updates and you've got the BP oil spill information. If you live in the Cape Coral area, you can rest assured that your slice of paradise is well protected. For the rest of the world, what does this information really mean?
There's no time like now to invest in Cape Coral waterfront property. Properties are hot, prices are lower than ever, and our little slice of heaven has nowhere to go in value but up.
This is traditionally the cycle when investors make their money on property. It's time to buy low and enjoy your investment.
Just a few years ago, property values skyrocketed to the 200-500 thousand dollar range for a median priced home. Unless a buyer had a hefty down payment, mortgage payments averaged between $1500-$2000 per month. There really wasn't any foreseeable way to make money this way. If an investor was to use the property as a rental, the most an average property could rent for was about $1200 per month.
Now, with investment homes as low as $60,000 asking price and mortgages averaging $500 per month after a 5% down payment, cashing in on rental property alone is well worth the investment. Average rental prices in the area are staying around $1,000 per month. That's a nice monthly profit margin for a rental investment.
Give our offices a call, or check out our property search feature on our home page. We will be happy to answer any questions you have. There is no time like now to invest.
By David Sporleder | Sporleder-Ray Realty Group | firstname.lastname@example.org| Google+