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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (81663)7/22/2007 8:32:15 PM
From: Mike JohnstonRead Replies (2) of 306849
 
It seems that Cape Coral is the worst place in the country as far as real estate correction goes.
What is it about Cape Coral that it is suffering such a carnage ?

Was froth and speculation much higher there than anywhere else ? Is it the high number of Germans that own there ?

I would think that places like Vegas or Phoenix would suffer more, since Cape Coral has some nice waterfront properties that are limited in supply.

If prices are down 60% that would translate into horrific losses for European investors there ( mostly from Germany ) when you account for the decline in the dollar.

The only explanation that i can think of is that maybe less people can afford marine fuel for their boats anymore.
The main draw of living there is the boating lifestyle.

I used to pay 1.90 for marine fuel when regular gas was at 1.20. Then 2 years later i paid 2.50. Now it must be closing in on 5 bucks, meaning it now takes a grand to fill up a medium size cruiser.
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