Florida real estate crash #86 from the bright and sunny cesspool, Cape Coral.

[briantracy1324]

If I lived in this subdivision I'd be planting fruit trees and vegetables in the vacant lots ... It'll be 20+ years before it's economical to build new rather than buy existing ... and that's only because so many existing structures will be falling down after only 5 years or so sitting vacant.

[EconCat88]

@briantracy1324

I agree that the area won't fill for quite a long time.

[RamenNSoup]

Heh I live maybe a mile from where you shot this video. Notice that the concrete platform on the side of the house is missing its air conditioning unit. Copper thieves abound.

[diezeled]

Hell, I'd buy that place, how much? I'm a cash buyer.

[stzoomer]

There are some desolate areas in Cape Coral but there are also some beautiful places. Most foreclosures are in horrible shape anywhere so it isn't a surprise that the one you found is a disaster.

What I like about Cape Coral is that you can own a nice home, with direct gulf access, and with a large pool, for less than $250,000. Where else on earth can you do that?

Lately the prices have started going up so, hopefully, the worst is over.

[910364]

Here in Australia is just the opposite our homes keep going up in value and demand for housing can't keep up even in shit suburbs of Australia homes start are around $240000

[jvolstad]

What are the Realtors doing now? Just drive through a fast food drive-in. You will see them serving up burgers.

[EconCat88]

@jvolstad

I'd rather see them serving ice cream, for they sugar-coat things very well.

[jvolstad]

@EconCat88 Are you still in China? Going to bring back some housing videos?

[EconCat88]

@jvolstad

Not really I've been mostly relaxing here but I do have some funny traffic videos. If I can get Nigel to go with me, I'm going to get some footage of that large empty mall in Guangdong Province next week.

[tacitus7]

great work. Enjoyed the video.

[EconCat88]

@tacitus7

De nada y gracias.

[icebreaker7]

hook me up with the bank that owns that house

[LVenemy]

how the hell is that house not looted by now ? in vegas a property is stripped within 24 hours

[EconCat88]

@LVenemy

One thing I quickly noticed about Florida and LV. LV tends to secure abandoned homes at a higher rate than Florida.

[mja2035]

Another horrendous loss, so sorry to see.

[smasila]

You gotta do a vid in Cali...i hear its much worse than this.

[timetrader57]

Really disturbing to see that house for so many reasons. Thanks for showing it. Be careful. Even if the house was given away, I'm not sure many people could afford the utilities on a house like that.

[EconCat88]

@mrmilleniumproof

Mrmproof, you have the right attitude about this situation. Realtors will ALWAYS say it's a good time to buy.

Realtors shill more than any group of people.

[yaplonglong]

NEWEST SLOGAN

Procure a plot.

Grow potato.

Get incredibly prosperous!

[EconCat88]

If Zillow says it's worth 219k, 1/3 less than that is probably a realistic price for a cash buyer. There are numerous similar homes in the area that are abandoned/empty.

[me2995]

@EconCat88 Hmmm, it looks so cool with all these channels, looks like you can boat straight to the ocean. :) Any reason no-one wants to live there, or is it just over supply?

[EconCat88]

@me2995

That part of Florida traditionally has relied on many retirees, but that is a saturated market. Maybe some Canadian or Chinese with a fist full of cash will come along and buy it.

A large generator would be a prudent investment, for above-ground power lines would easily be taken down during a storm.

[me2995]

@EconCat88 Thanks, makes perfect sense. So I'll need a boat AND a generator. LOL Just saw, most of these empty plots, waterfront, are around 18K. Many houses sold in that area for just above 100K.

[me2995]

According to Zillow this house is currently worth 219K, coming from 440K back in 2008. Any idea if these numbers are realistic?? And I guess this price would be for the house in good shape...

[EconCat88]

Hyperinflation is the only chance these prices ever reach their 2006-2008 price levels in our lifetime.