Florida real estate crash #98. Cape Coral - a modern day ghost town.

Empty homes in Cape Coral, Florida.

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[1000chic]

You can purchase a lot for $3000.00 to $5,500.00 and then look at what the "agents" are selling the lots for...... $118,000.00 & more.

Cape Toilet is a sad place.

[EconCat88]

@1000chic

I agree and thanks for watching.

[taratova]

For every house in foreclosure there are ten buyers. There is a back log of foreclosures.. the courts can't handle it. Not enough judges . I bought a new house for a bargain , a vacation home.I had lots of competition and finally got one . many people are going to be sorry they missed the boat when the foreclosures clear.. they are the bargain of the century..

It is crazy. So many foreclosures , great prices and the banks and court system move like turtles.

[EconCat88]

@taratova

A major problem (among many) with buying Florida property as an "investment" is the local taxes in many cases can be very high. If someone isn't going to live in the house at least part of the year, buying right now still is a bad idea.

Many of the same people right now who are crowing about "missing the boat," were the same people saying the same things prior to and at the price zenith.

Good luck and enjoy your vacation home.

[jvolstad]

Ten lots for sale in that area? What a joke. Even your typical scum bag Realtor couldn't sell that.

[EconCat88]

@jvolstad

There are probably at least ten thousand lots available in that city.

[EconCat88]

@irichard

I do the recording, uploading, and let y'all know the addresses.

Someone else can call realtors. :)

[mtonkinson6]

@EconCat88

that's incredible though, if house prices/lot prices were anywhere near that in the UK then we wouldnt have so many problems, you can't get anything anywhere near that nice for twice that price here =\

[PoseidonHermes]

the us is screwed badly, very very badly.

All the materials, energy and manpower spent on building these houses.

What a shameless waste of natural resources !!

The world needs to put sanctions on the us like what it is preaching against iran

[DolizaM]

@briantracy1324 Do you live in the area?

[johnnyu3]

Wow, Massachusetts barely got hit compared to Florida, Nevada and some other States. I can think of only 1 house in my town in which the people got up and left. They took out all the copper in the baseboard heat. Just gutted the place. Can't imagine a whole town that looks like that.

[briantracy1324]

@taratova ,

Good luck on that "great buy" you got at the foreclosure auction. You do know that when an area is hit this hard it invariably dies.. your property taxes will be sky high to cover the police and fire.. you can kiss off any chance of renting out your place too ... What are you going to do in a few years when you try to sell and find out the title is uninsurable due to irregulariies in the docs presented at the courthouse?

[taratova]

The empty lots are owned by many people around the the country either bought to build later or an investment.

I want to buy an adjoining lot but someone owns it so I have to buy from the owner from Canada if he will sell it to me.

A few neighbors of mine wanted to buy lots but the owners will not sell. The facts are listed on leepa website. It is not as bad as this video says it is. It will take time but the homes will have new owners once they go through the system of foreclosure .