Ft. Myers, FL featured in Wall Street Journal-Housing Mess! (Cape Coral: for sale, foreclosures)

[kar]

You will have read a bit futher down on the artical.

RealEstateJournal | The United States Of Subprime Loans

[hiknapster]

This year, through July, the rate of mortgage-default and foreclosure-auction filings in Lee County, Fla., where Fort Myers is located, was second-highest in the U.S., according to ForeclosureS.com. The inventory of unsold homes has swelled to about 15,000, and some investors who had hoped to flip houses at a profit are walking away from sales contracts for purchases they don't want anymore or can't afford.

Next week, foreclosure auctioneer Hudson & Marshall of Texas Inc. will try to unload about 70 houses in or near Fort Myers that were taken back by lenders. Low-ball bidders who miss out will have plenty of second chances: More than 300 other foreclosed homes in Florida are for sale in the auction.

That's going to affect the comps.

Individual home-owners may not want to budge on prices, but builders and mortgage companies are going to push those prices down, whether they like it of not.

[firemed]

Originally Posted by kar

You will have read a bit futher down on the artical.

RealEstateJournal | The United States Of Subprime Loans

Some people have to learn the hard way I guess !
He came to me with about $3 million" just about four years ago, The client subsequently invested in 21 individual million-dollar condominiums in Cape Coral, Fla., planning on re-selling them says Charleton.

The client had kept the risk of his investments manageable before, "because he always put 20% down." A sizeable down payment can give investors time and terms to more comfortably hold properties that don't sell as quickly, or for as much money, as projected.

But this time around, says Charleton, "all the foreclosures" in Cape Coral – the abundance of which devalue his client's property – "are killing him.

"It's a perfect storm," he says,





TheStar.com | Business | Value of getting expert help starting to hit home

[121804]

Heard on the local news last night that Lee County is now the most overbuilt county in all of FL with over 40 months of inventory.

They then interview some lady in Cape Coral who is acting all desperate that her home won't sell & no one has looked at it in 3 months & they can't budge that much on price. Bought it in 2002 for $200k. Asking price? $300k. Are the people around here for real?

There were two homes in our area that went up for auction..Neither sold..