Steve,
Evidently things are really bad in Middle-of-Nowhere, OK, and your attitude is hilariously askew.
Thanks for the laugh!

Carl

Cheap can and will get cheaper in real estate.

Early innings of the greatest depression ever.

Northerner, Your statement that most of the foreclosures in Cape Coral are due to Chinese drywall is not an accurate one. Yes, there is a serious Chinese drywall problem in Cape Coral with hundreds of cases identified, but this is just a small percentage vs. the total number of foreclosures.

The Cape Coral foreclosure problem was created by out of control speculative investing by unqualified investors in low-end starter homes. Couple this investment frenzy with a a single-threaded construction economy and overzealous financing and you have the factors that caused the foreclosure crisis. Yes, Chinese drywall is a factor, but not the key driver.

Most of the foreclosures are due to the fact that they have chinese drywall in these newly built homes and they are literally worth nothing because you can't remedy it unless you knock it down and build again. There are companies out there saying they can remedy it but they never do the job completely because they do not know how to remedy it without knocking down and building again. Southwest Florida new homes built after 2002 beware of chinese drywall which will not only destroy your a/c and heating but will also ruin your appliances and most of all your families health.

Lets not foget the cost of that water and sewer line project.If you own a home or even an undeveloped lot on the Cape expect to pay over 10k dollars up front or 20k over an installemt plan.This exceeds the value of some lots on the Cape and makes it a zero sum game.This is the WORST time for the City Council to implement such a costly impact fee.Maybe if a recovery ever starts it can be discussed but this is a critical time and consequently would be a pivitol point in many people packing up and boogieng.They need to figure out the critical divisor that would make this happen and not exceed it under any cost.The water and sewer is not the only problem here ,15% unemployment, high crime rates on the Cape and uncertainty are to blame.All of the negative news(murder,robbery,rape and homicide) on WINK news is focused on the Cape, Ft Myers and Lehigh,Go to Naples if you can afford it.

Bill - thanks for the the kind words, much appreciated. This thread is a bit strange to read as that zen lady deleted all those posts.

The University of Florida just released a report about the Florida real estate market. The report echos my sentiments below that market recovery is pegged to job growth. The study names Southwest Florida as the most depressed real estate market in the state. Here is more information about the UFL study: http://news.ufl.edu/2009/08/11/real-estate/

Mark,

Thank you for staying with the topic and providing Russ with some information of substance. Great post!!

Bill

"selling well below reproduction cost "

What does this have to do with demand and supply of homes?

Homes in Detroit are selling below build cost yet will continue to fall in value.

Valuation is never determined by build cost because sellers never determine values because buyers do.

You are staking your economic future on build cost. 25 years Japan has suffered home price declines. Can you wait at least that long?

Robin writes, "yes I think that there are going to be a lot of people kicking themselves because they didn't buy now."

You are a part of a vast army of the "buy now before it is too late " crowd.

So Robin exactly why is real estate now at the bottom?

Please make sure your do not provide any of the bogus NAR points.

Now is your chance to let buyers know why they should be going deep into debt for housing and why that bet will soon pay off in price appreciation.

Real estate is cheap in Cape Coral due to a number of factors. The biggest challenge right now is the economy. Throughout its history, Cape Coral has primarily depended on growth and construction to fuel the economy. When the housing bubble burst, many of the better jobs just vanished. Southwest Florida and Cape Coral have not done much to diversify the economy so to eliminate this single-threaded dependence on construction and real estate.

The other major problem is an over-abundance of inventory. Cape Coral throughout its history has been one of the most speculative markets in the country. In the early days, many northerners bought 1/4 acre parcels as an investment and more recently many investors built spec homes during the boom years. Right now, there are not enough full-time residents to absorb this inventory of speculative homes.

New investors are currently entering the market prices below replacement cost. Many are buying foreclosures in Cape Coral. Here is a resource that is updated daily to view Cape Coral foreclosure listings: http://www.greaterftmyers.com/cape-coral-foreclosures.php

Robin,

Pretty amazing that there is a real estate broker telling it like it is?

Good thing your motives are made transparent by your comments.

So then you should be buying all the homes you can Robin! By all means exploit these low prices.

I can buy from you in a year when you are looking at even cheaper prices.

The banks thank you for buying their over priced junk!

"This buying opportunity is not going to last for ever - so hurry and find a really sharp buyer's agent and find your bargain."

Gee wiz I sure did hear this exact statement during the bubble top a lot.

Folks we are at a top in real estate pricing and 2010 will bring extreme misery to those who deny the depression. Just imagine your grocery bill tripling in 2010 while home prices plummet.

Why buy now/
http://www.trulia.com/voices/General_Area/Open_Opinion_Threa…

Hi Russ,
As stated before by Tim the speculative building played a large roll in our current inventory. Also, the mortgage fraud that put people in homes that they could not afford. Since our homes are at prices so low that you could not build them at these prices, many new homes are not being built. The current economy that has been effecting all of the us is also playing a huge role in the amount of foreclosures.

With that being said this is one of the best times to purchase real estate here. Many are taking advantage of our low prices and in lee county we sold over 1500 homes in July alone.

If you would like to search the available homes in the mls go to http://www.nancyd.listingbook.com
I would be happy to help you if you have any questions or think you may want to purchase a home.

Have a great day,
Nancy

Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
Sellstate Professional

Hi Russ,

There are MANY contributing factors to the low price of real estate available in Cape Coral. During our building boom earlier this decade, many homes were built speculatively in Cape Coral. When the boom ended, many new, vacant homes were available from builders who had no buyers. When those builders went bankrupt, those vacant homes, ultimately, became foreclosures. If you couple that with the nationwide issues regarding folks losing their homes to foreclosure, you begin to see why there is so much inventory in Cape Coral.

Because of the affordability factor, now is a better time than ever to purchase a home in Cape Coral. If you'd like more information, please don't hesitate to give me a call or email me directly. My contact information is below!

Take Care,

Tim Bishop
Century 21 Sunbelt Realty
239-297-4218
Bish322@yahoo.com
timothy.capecoralhomesnow.com