Here comes the home price freefall! (Cape Coral, Palm Beach: mortgage, equity, real estate)

[hiknapster]

I read the article, so I know about the developer's bankruptcy and Denny Grimes selling the homes.

Interesting about the size of the $86,000 townhomes. Did you get a square footage?

And thanks for reporting back!

[NY62]

Originally Posted by hiknapster

What's up with the personal attack? So you made an offer on a home. What, are you having second thoughts? Why get so upset?

This is one of the first developments to come down on their prices, others will follow. There is a good chance that Florida, and a good portion of the country will follow. Unless you live or have lived in the area, and watched the market skyrocket, you have no idea what it was like.

No, Tennessee is not tanking. Since they didn't have a housing bubble, it is impossible to tank. However, prices and sales are down or flat.

We're in the middle of a housing market adjustment of historic proportions with an unpredicatable economy. Lee County leads the nation in foreclosures. Bear Stearns collapsed. The dollar is at an all-time low.

If prices are coming down and you want to buy, I would think that you would be thrilled. Seems like a bit of an overreaction, NY62.

I am thrilled . sorry about the rant, just dont think people should be mislead into thinking those deals will be around for everyone. those are probably gone already. and that just shows they were extremly low.

[NY62]

ooops one more thing Tennessee is another one of those boom states. You know tons of building.

[tallrick]

Originally Posted by New England Yankee

Moderator cut: flaming

Avoid him!

Sorry couldn't help it.

A realist should always recognize trouble long before most others. Now I am reaffirming what I said before. When a person has to use the word "negative" it often indicates some personal fault. The facts are clear- the bubble has to burst and Florida has to face the realities of economic principles. Inflation is wiping out the retirements of many future retirees. If the snowbirds cannot afford to come, that market is over. The residents who have to rely on Florida wages cannot afford today's prices. Instead of "warning" others about a negative poster, why not accept the reality of falling prices and realize that in the long run it is Florida's hope for the future.

[hiknapster]

Originally Posted by NY62

I am thrilled . sorry about the rant, just dont think people should be mislead into thinking those deals will be around for everyone. those are probably gone already. and that just shows they were extremly low.

I wouldn't be too worried!

For the second straight month the Cape Coral-Fort Myers area had the highest foreclosure rate in the country, a research firm said Wednesday.

The Cape Coral-Fort Myers, Fla., metro area documented the highest February foreclosure rate among the 229 metro areas tracked in the report, with one in every 84 households receiving a foreclosure filing — 6.7 times the national average, according to Irvine, Calif.-based RealtyTrac Inc.



Add to that the fact that you also have to make a living in the area. Aren't you a mortgage broker?

Sometimes, what we really want, is not what we really need, to paraphrase the Rolling Stones!

[hiknapster]

Sorry all!

Here's the link for the above story:

Cape Coral-Fort Myers area leads nation in foreclosures for second straight month : National : Naples Daily News

[New England Yankee]

Please look at
City Skyscraper Bradenton Sarasota Development page 39

I think people know the economy is bad. Moderator cut: Provocative

[Floridanative2]

Originally Posted by NY62

I am thrilled . sorry about the rant, just dont think people should be mislead into thinking those deals will be around for everyone. those are probably gone already. and that just shows they were extremly low.

All you have to do is look. There are deals everywhere right now. I was looking for my niece, there were so many(esp. Cape Coral) from high $80's to $120,000. Nice new 3/2/2's!
I would say that most of the bankruptcies are from the buyers (from everywhere) that tried to turn them over for a profit, and got stuck holding the bag. Some of them bought high, so they had no choice.
Right now on my street there are two for sale. Both are 3/2/2 with pools. One is going for $140,000 , the other $240,000. ! Guess which one was an investor from Ohio.

[New England Yankee]

Yes Cape Coral is in trouble big time.!
I wonder where America is heading.(The other countries too)
Can't say I fret about it,what will happen will happen.
Better get outta here.
btw/I love Florida :-) Maybe because I am in a nice area.

[MrTudo]

Look at the taxes. Unbelievable.