- August 26, 2018
- Posted by: dhfadmin
- Category: Real Estate
Cape Coral Florida is known for its miles of canals. Many homes enjoying waterfront living and access to the Gulf of Mexico and the Caloosahatchee River. The area was a place where vacationers and fishermen would mark as a destination. Now, not only are the tourists not coming but we are seeing housing prices decline quickly.
Then, there is the widely publicized algae blooms and red tide in Florida. To blame is the run off or pumping of water from Lake Okeechobee to rivers on both the east and west coasts of Florida. The water and the algae within are pumped to these rivers where the algae continues to grow and multiply resulting in images like the one featured above.
We were keeping our eye on the Cape Coral real estate market for the past few years. This was personal because we were looking to buy a place here too. Prices were going up about 10% per year. Last year, the algae happened in this area and it had little effect on the housing market. This year, the effects are like never before. People cannot even go outside and sit by their pools without wearing a mask. Toxic levels of bacteria are in the air and prolonged exposure is reported to cause respiratory problems.
Not only is Cape Coral and its surrounding areas not a place to invest in real estate right now, but to live here for any prolonged period of time may actually be a serious health risk.
Fishing in this area used to be world class. Fishermen from all over would come to this area to experience a fisherman’s paradise. We know that the fishing has declined over the past few years due to the algae and red tide. This year, we are seeing thousands of fish wash up on the shores daily. Sanibel Island is reporting roughly dead 5,000 fish per day. Truckloads of stinking rotting fish are being carted off to somewhere.
This is going to have long term effects for the Cape Coral real estate market. How long will depend upon whether the Florida politicians finally take this issue seriously.
What are your thoughts on this topic? Please leave your comments below.