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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Mike Johnston who wrote (81670)7/23/2007 5:22:02 AM
From: MoneyPennyRead Replies (1) of 306849
 
Cape Coral has miles and miles of non-canal and non-waterfront lots and homes. First Home Builders built over 3000 homes alone in one year here(can't remember if it was last year or 2005). Dozens of smaller builders were there as well as the usual national suspects. Much of this selling was to young hispanic families who stretched their incomes to the max to buy these dismal homes. They stretch for miles, no landscaping, no pools, scorched earth...it is a depressing sight. There are some desirable areas in the Cape but those are mainly riverfront neighborhoods and gated marina communities. Speculation was rampant in these area. Prices are still high for these as sellers are still filled with hope for this fall's season and therefore that market is moribund. Properly priced properties (how's that for alliteration?) have been selling this summer.

I live across from Cape Coral in south Fort Myers. I see little handwritten signs along the major roads to the "Cape", each with desperate messages to sell. Seems like there are more each day.

There is a huge amount of product coming on the market this fall, both sides of the river, probably 70% speculator or investor driven. Most of this is condo, not single family. Built in areas without infrastructure or retail amenity to support it. It will not be pretty.

MP
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