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Old 05-12-2010, 12:41 PM
 
Location: WI
1,133 posts, read 2,931,160 times
Reputation: 264

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Quote:
Originally Posted by TSHREWS View Post
I think they would rather see it burnt to the ground!!!!! No one will get that magnificent house for 100,000. It WAS well worth 400,000
Um, no it wasn't. Your parents overpaid in the first place, don't care what it was appraised for, the worth of a house is only what someone is willing to pay for it! Most experts agree, a pool and/or a hot tub does little to improve the value of a house and in some cases it lowers the value.

 
Old 05-12-2010, 01:34 PM
 
Location: WI
1,133 posts, read 2,931,160 times
Reputation: 264
Quote:
Originally Posted by TSHREWS View Post
My Mom and dad have lived there for 6 years. They bought their house, it appraised for over 300,000 then. Now, in better shape than before....in ground pool added with enclosure and hot tub. The house appraises for 100,000 less!!!!! It doesn't matter what anyone says, this speaks for itself. SMART people will get out of the area before they loose all equity in their homes!
They bought about 6 years ago??? Yikes... that was at about the peak of the boom! No wonder it was apprised so high I feel bad for them, but they should have done their homework.

No, smart people will move down and snap up good deals now, If your parents would have waited, they would have gotten that house for half of what they paid and been very happy with it now.
 
Old 05-12-2010, 01:44 PM
 
Location: WI
1,133 posts, read 2,931,160 times
Reputation: 264
Quote:
Originally Posted by TSHREWS View Post
Seriously????? Check with your city again, people are tearing down houses not fixing them up.
Yep, you are right, people ARE buying cheap homes, just for the waterfront property and they ARE tearing them down or remodeling them, or building new in their place.
 
Old 05-12-2010, 02:17 PM
 
Location: Indiana and Cape Coral
282 posts, read 1,009,102 times
Reputation: 151
Quote:
Originally Posted by mrcoolmrcool28 View Post
They bought about 6 years ago??? Yikes... that was at about the peak of the boom! No wonder it was apprised so high I feel bad for them, but they should have done their homework.

No, smart people will move down and snap up good deals now, If your parents would have waited, they would have gotten that house for half of what they paid and been very happy with it now.
You are exactly right! I know several people who had done just that.
 
Old 05-12-2010, 02:54 PM
 
Location: WI
1,133 posts, read 2,931,160 times
Reputation: 264
Quote:
Originally Posted by Angelala View Post
You are exactly right! I know several people who had done just that.
Yep, my wife and I did just that so now you know another one
 
Old 05-12-2010, 03:07 PM
 
681 posts, read 884,652 times
Reputation: 161
Quote:
Originally Posted by yoko View Post
" Risk in this case is the likelihood that a property will be worth less in two years than it was in the fourth quarter of 2009."

Of many areas with a risk rating of 99.9, including Fort Myers-Cape Coral, the No. 3 riskiest market. "


PMI study indicates Naples a risky real estate market » Naples Daily News
whoever is buying in Cape Coral, he is taking the risk of losing money.
Cape Coral has an eroding tax base not because of loss of revenue through eroding property taxes but also because of a massive dive in sales tax revenues.

In addition to loss of tax revenues, the city has borrowed almost $ 1 billion and has not spent it wisely.

Short of money, the city is borrowing more money.


No matter how far housing prices fall, the total cost to the house owner is not worth boarding a sinking boat.

Remember..location, location, location.. Till 2020, at least, Cape Coral is not a good place to be.



Here is what experts say:

Brookings Institution: Cape Coral Suffering the Worst Growth in Poverty and Unemployment
"2009, The center gave out 81 tons of food and helped more than 4,000 families.
2010, we'll probably exceed last year's record. It's kind of a shock." Cull said

What may have hurt the city is the exodus of people, he said.

Frey said those high-flying growth rates will be difficult to reach again."






MAY/09/2010
http://www.news-press.com/article/20...om--bust-times

Last edited by yoko; 05-12-2010 at 03:18 PM..
 
Old 05-12-2010, 06:30 PM
 
Location: Cape Coral
5,503 posts, read 7,333,723 times
Reputation: 2250
If everything was rosy here you wouldn't be able to purchase homes at fire sale prices.
 
Old 05-12-2010, 09:10 PM
 
Location: FL
20,702 posts, read 12,533,837 times
Reputation: 5452
Quote:
Originally Posted by TSHREWS View Post
Seriously????? Check with your city again, people are tearing down houses not fixing them up.
I have seen more being fixed than torn down. Investors are coming in and painting, tiling and a few more cosmetics to put back on the market. If many were being torn down then there would be jobs for construction people.
 
Old 05-13-2010, 03:33 PM
 
42 posts, read 101,132 times
Reputation: 18
until jobs are created, i think cape coral will be house flippers and rentals.

im just surprised with this market there isnt a surge in seniors buying and moving there from the north
 
Old 05-13-2010, 04:14 PM
 
681 posts, read 884,652 times
Reputation: 161
Quote:
Originally Posted by TSHREWS View Post

My Mom and dad have lived there for 6 years. They bought their house, it appraised for over 300,000 then. Now, in better shape than before....in ground pool added with enclosure and hot tub. The house appraises for 100,000 less!!!!! It doesn't matter what anyone says, this speaks for itself. SMART people will get out of the area before they loose all equity in their homes!
Exactly!

There is no economic fundamentals supporting prices (residential/commercial/rental) not to fall.

In the current "low" prices, the economic instability is NOT baked in.
So, prices will continue to fall.

The quality of houses is not up to date
The natural environment is not good
The city is not managed well
Too much supply of available/foreclosed houses
Because of lack of money and service from the city, pressure is felt by residents

Prices (residential/rental/sommercial) will fall even further. There is no question about it.
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