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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Dan3 who wrote (176666)	1/13/2009 12:55:35 AM
From: John Vosilla	Respond to of 306849

'What are annual property taxes and insurance? Is that what's keeping buyers away?' No your $25k a year figure is ridiculous for a smaller starter type home.... perhaps for an $800k McMansion by the water in Naples. Cape Coral was ground zero for every possible excess of the housing bubble talked about here for years and all it's ramifications..it got overbuilt like crazy, prices quickly tripled for houses and went up 15 fold for lots, tons of speculators both local and from all over the country expecting to flip fueled the frenzy of new spec homes and most of the jobs were tied to construction and RE that vanished along with closed up retail that also resulted in further local job losses. It is actually one of the hottest markets today based on activity..endless supply of foreclosures is the problem being absorbed but it will take a while.. If you buy one of those starter houses your 2009 RE tax bill will be somewhere under $1k per year (perhaps even zero if the tax assessed gets down to $50k) with homestead exemption and your insurance probably around $1k too..