Glut of available housing/commercial spaces (Cape Coral, Fort Myers: hotel, new house, neighborhood)

[nhkev]

What does that number of sales mean? It is more than what any report I have read for Cape Coral..... Ever. Does it include vacant land? commercial properties? condos? other cities?

It is expected to be down this year at this time vs last year as there was a rush in November last year due to an expiring tax credit so this year should be down just like July was way down after the expiration of the spring tax credit. Artificial problems are/ have been skewing the market and will continue for the next couple months.... Some will seem good and some will seem bad. Come February and March the good news is whatever the numbers are they should be real legitamate numbers (good or bad) without any gov't intervention (hopefully).

I am not disputing sales are and will continue to be down this year vs last. Last year had tax credits that were inflating the market. It is similar in a lot of places it is not a cape coral problem. The area I live in Mass was down 37% in sales as well but from a legitimate source whose numbers were accurate. I think I have already proven trulia's numbers are suspect and since you have refused to refute or answer any of the questions that it contains I wonder if anyone is going to count them as credible.

If they are including foreclosure sales at the court house steps they could be getting those numbers, but it wouldn't be a good idea. At a foreclosure most of the time the lender is the highest bidder and takes possession of the house. It will usually read on the deed the amount of sale was $100. When it was probably a lot more. Also those homes are those resold on the open market so if there were two homes one was foreclosed on the other was just a regular sale. If one was counted as $100, then again for say $75k while the other was sold for $125k it would look like there were 3 homes sold for an avg of $70k. Not very reliable if they are doing this. Is this what they are doing? OH you don't know?


Edit: found an answer partly to question
http://www.trulia.com/voices/Using_T...from_the-15426

This says they do not get their info from the MLS... So where do they get it? From the County assessors office (where they are going by deeds Which would include land, condos, homes etc... oh yeah and certificate of title which would explain why their sales numbers are so high and why their median is off from the national numbers everyone else goes by.

Their numbers may work out in areas that do not have high foreclosures but they won't work out in areas with high foreclosure and in what they call non disclosure states.

[yoko]

Originally Posted by yoko

"The zone" is the one-mile area around Corbett Road and Diplomat Parkway East.
The city leaders discussed ideas to develop this area into a mecca. Think hotels, coffee shops, and more medical offices. “

Nov/09/2010
Development aims to bring jobs to Cape


For whom ?
Another useless/harmful elephant project for which money is borrowed while the economy is in a much worse shape than ever before!
Even selling houses have become difficult.

Number of Sales 1,421 a -34.2% y-o-y

Cape Coral, FL real estate overview - Trulia.com

" In Lee County's time of bust, a bankruptcy boom"

Oct/10/2010
http://www.news-press.com/article/20...ankruptcy-boom

[yoko]

Originally Posted by yoko

" In Lee County's time of bust, a bankruptcy boom"

Oct/10/2010
In Lee County's time of bust, a bankruptcy boom | news-press.com | The News-Press

“ The Cape Coral-Fort Myers area had the second-highest foreclosure rate in the country in October, according to statistics released today by Irvine, Calif.-based housing data company RealtyTrac.
“ Banks have seized more than 909,000 homes through the first 10 months of the year and are on pace to take back more than 1 million homes this year. “


Nov/11/2010
Again, Lee County second in foreclosed properties | news-press.com | The News-Press

Why is Cape Coral building more? For whom? For what? "There is just no demand" !
Then the city will have to pay for the maintenance and the security of thousands of new/old "flopped" commercial/residential areas.

[hiknapster]

Well, my MIL closed on a house in Cape Coral yesterday, my birthday! That's one off the list.

[yoko]

Originally Posted by yoko

“ The Cape Coral-Fort Myers area had the second-highest foreclosure rate in the country in October, according to statistics released today by Irvine, Calif.-based housing data company RealtyTrac.
“ Banks have seized more than 909,000 homes through the first 10 months of the year and are on pace to take back more than 1 million homes this year. “


Nov/11/2010
Again, Lee County second in foreclosed properties | news-press.com | The News-Press

Why is Cape Coral building more? For whom? For what? "There is just no demand" !
Then the city will have to pay for the maintenance and the security of thousands of new/old "flopped" commercial/residential areas.

Vices of foreclosures:


" In most cases, when homes are resold after a foreclosure, the properties no longer are underwater because the new owners have bought at drastically reduced prices.
But those gains are being offset in South Florida by falling prices that pull additional mortgage holders underwater.
The problem of owing more than the mortgage hurts housing demand because it prevents existing homeowners from moving. Some may not be able to break even in a sale for a decade or two. "



Nov/10/2010
Half of South Florida home sellers took a loss in September - Sun Sentinel

One can imagine what is the case for Cape Coral being the foreclosure Capital of Florida!!
It makes sense to build more on borrowed money, right?

[nhkev]

Originally Posted by yoko

“ The Cape Coral-Fort Myers area had the second-highest foreclosure rate in the country in October, according to statistics released today by Irvine, Calif.-based housing data company RealtyTrac.
“ Banks have seized more than 909,000 homes through the first 10 months of the year and are on pace to take back more than 1 million homes this year. “


Nov/11/2010
Again, Lee County second in foreclosed properties | news-press.com | The News-Press

Why is Cape Coral building more? For whom? For what? "There is just no demand" !
Then the city will have to pay for the maintenance and the security of thousands of new/old "flopped" commercial/residential areas.

so first of all you're continuing with your deceitfulness with first talking about cape coral and then coming in with a national foreclosure figure without saying so. This may lead someone into thinking there were 909k foreclosures in Cape Coral.

2nd you will read a headline that looks negative but seem to ignore some things.

For example... I've already said that data will be greatly skewed the next couple of months...why? Well because the bulk of the countries foreclosure have been and will continue to come from Florida, California,Nevada, Arizona and Illinois. to first four are all for the same reason they all were the fastest growing markets in the country and got overbuilt during the time when financing was unscrupulous and prices were speculative, not being bought up by end users as primary residences. Mix that with a recession and Credit Crisis.

So what changed recently? major lenders stopped filing in 50 states for about 1 week, but started up in the 23 that were "judicial states" which Florida is. So it would make sense for Cape Coral to Climb and the others to fall off.... although nevada still being number 1 has me scratching my head.

The other thing the article said was 1 in 90 or so homes received a notice. The article that justnancy and equalrights were quoting for Aug/sept was 1 in 30 something.... that is a huge difference.. I recall you linking some article about 2009 that was 1 in 8.

The foreclosure numbers were lower than normal in October (lower than they should have been). I expect they will be low again in November and then likely a big spike up after the holidays. it doesn't mean that things got worse after the holidays but a combination of "making up" for the ones that got held off on because of the robo signing controversy, Some lenders give a temporary reprieve during the holidays, and lastly lenders usually try to "clean up" their balance sheets because there bonuses are many times considered on 4th qtr, so they are more likely to push the foreclosure through during 3rd qtr and have nicer numbers in the 4th qtr.

for the first half of the year inventories were growing at 100 listing per month. In August this turned around and inventories have been dropping by 100 month. Time will tell if it is just a result of lenders taking homes off the market. So Again I will say, most all statistics will not be valid the next couple of months because there are outside sources that are affecting the market. If bank owned properties were taken off the market, or if banks decided to repossess less than that would probably mean less sales, but potentially a higher median price. If the median price jumps up , it is not because prices are higher, only that the mix of the houses that were sold were changed (which is why I don't like median home price).

[yoko]

Originally Posted by yoko

Vices of foreclosures:


" In most cases, when homes are resold after a foreclosure, the properties no longer are underwater because the new owners have bought at drastically reduced prices.
But those gains are being offset in South Florida by falling prices that pull additional mortgage holders underwater.
The problem of owing more than the mortgage hurts housing demand because it prevents existing homeowners from moving. Some may not be able to break even in a sale for a decade or two. "



Nov/10/2010
Half of South Florida home sellers took a loss in September - Sun Sentinel

One can imagine what is the case for Cape Coral being the foreclosure Capital of Florida!!
It makes sense to build more on borrowed money, right?

It is called "deflation", whatever you buy has less value the very next day, so no consumption, and there further price decline and then deeper in deflation and then the vicious cycles continues...

[yoko]

Originally Posted by yoko

Vices of foreclosures:


" In most cases, when homes are resold after a foreclosure, the properties no longer are underwater because the new owners have bought at drastically reduced prices.
But those gains are being offset in South Florida by falling prices that pull additional mortgage holders underwater.
The problem of owing more than the mortgage hurts housing demand because it prevents existing homeowners from moving. Some may not be able to break even in a sale for a decade or two. "



Nov/10/2010
Half of South Florida home sellers took a loss in September - Sun Sentinel

One can imagine what is the case for Cape Coral being the foreclosure Capital of Florida!!

It makes sense to build more on borrowed money, right?

“ The proposal includes letting the veterans organization move in rent free for at least three months and then start paying around $1,800 a month to occupy 5,000 square feet of the store for its headquarters and thrift shop, Santillo said. “

Nov/12/2010
Plans for new Cape Coral veterans center moving along | news-press.com | The News-Press

[yoko]

" Meanwhile, city code fines for unmowed grass, broken windows, trash and unsecured swimming pools have been charged daily and now total $1.4 milliont, although the value of both properties totals only $381,000, said head of city Code Compliance.

Under the terms of the deal, Martinez is paying $5,000 to clean up all the code violations at the apartments within three months in exchange for waiving the code fines on the property so that the building could be sold, Cassidy said.

Nov/21/2010
Eyesore properties to be fixed | news-press.com | The News-Press


I would pay $0 "to clean up all the code violations" !

[yoko]

Originally Posted by yoko

Vices of foreclosures:
" In most cases, when homes are resold after a foreclosure, the properties no longer are underwater because the new owners have bought at drastically reduced prices.
But those gains are being offset in South Florida by falling prices that pull additional mortgage holders underwater.
The problem of owing more than the mortgage hurts housing demand because it prevents existing homeowners from moving. Some may not be able to break even in a sale for a decade or two. "

Nov/10/2010
Half of South Florida home sellers took a loss in September - Sun Sentinel


It makes sense to build more on borrowed money, right?

“ The Oasis condos auction in Fort Myers was advertised as a “Never Before, Never Again Opportunity” with 125 new condos up for auction and 40 selling absolute to the highest bidder regardless of price.

Bid prices on the condos which had had once been priced at up to $ 1,000,000 started around $250,000 but soon fell to $150,000 and lower.

The bids were apparently lower than what the developer expected and the auction was canceled after the first 40 units were sold. “






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Fort Myers is the lifeline of Cape Coral and Lehigh Acres....shopping, eating, law firms, and the airport.
When there an auction flops like this, one can imagine what would be the case for Cape Coral, the foreclosure Capital of Florida, where permits are given out to build more commercial and residential units !