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Old 09-09-2010, 07:57 AM
 
Location: Pittsburgh
374 posts, read 796,558 times
Reputation: 367

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I know the area is financially in ruin with all the foreclosures and loss of jobs Basically...mass exodus of the region. But the (empty) homes/condos are selling... who do you think is buying up all the properties? Investors? Snowbirds? Perma residents? Young couples with future retirement plans? It is interesting wondering who will be the next generation in the region...
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Old 09-09-2010, 09:27 AM
 
Location: North Central Florida
6,218 posts, read 7,732,114 times
Reputation: 3939
It's this fella, and his friends..............................they're coming for us!

(Picture from last year's swamp thing/realtors ball at the Ritz)

YC.......
Attached Thumbnails
Somebody is buying up all the real estate in Ft. Myers/Cape Coral... But who?-swamp_thing1.jpg  
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Old 09-09-2010, 10:02 AM
 
Location: Florida Space Coast
2,356 posts, read 5,094,009 times
Reputation: 1572
According to realtors about 40% are fro outside the country, mostly canadians, english, and germans. Not a whole lot from that group looking to make as primary residence. There also was a large group of investors looking to capitalize on the people who were foreclosed upon that would need to rent. Good number of future baby boomers looking to buy future retirement home, smaller amount of first time homebuyers
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Old 09-09-2010, 11:03 AM
 
Location: Naples
36 posts, read 86,924 times
Reputation: 25
Yes with these prices it has attracted attention of individuals that have visted the area and have always been interested but the cost was out of range before.

I have a family member that just placed a relistic offer last week for a home to be used for part time, and then future retirement.
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Old 09-09-2010, 01:33 PM
 
Location: Fort Myers FL/ Ottawa ON
1,210 posts, read 3,285,205 times
Reputation: 494
thats what we did - the Canadian dollar being near par for the first time in many decades makes it a no brainer
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Old 09-09-2010, 02:25 PM
 
283 posts, read 653,071 times
Reputation: 242
It may not be such a great investment for foreigners. Vacant or rented properties need to be cared for or they deteriorate fairly rapidly. Taxes need to be paid and there are all sorts of maintenance expenses which must be paid for. Renters, if any are available, may damage the property and will want broken items fixed. The cost of having professional management taking care of properties increases over time. If the properties can be turned over fairly rapidly then a good profit can be realized. This is anything but certain in today's economy. If you are going to be visiting the property and living in it for a few months a year, then you are probably correct that it will turn out well for you.
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Old 09-09-2010, 06:33 PM
 
Location: Fort Myers FL/ Ottawa ON
1,210 posts, read 3,285,205 times
Reputation: 494
yes, it only makes sense if you are going to use it for at least a few months a year, and retire soon and use it for 6 months per year, which is the typical Canadian snowbird usage.

I also believe if you are not buying cash, you have no business buying a second home.
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Old 09-10-2010, 08:54 AM
 
Location: Meredith NH
1,563 posts, read 2,875,677 times
Reputation: 2883
It's Yoko buying everything up.He scares everyone away that inquires about the Cape....and then buys at distressed prices.
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Old 09-10-2010, 10:17 AM
 
Location: Fort Myers FL/ Ottawa ON
1,210 posts, read 3,285,205 times
Reputation: 494
wouldn't it be funny if it turned out to actually be Ms. Ono?
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Old 09-10-2010, 10:56 AM
 
Location: Cape Coral, FL
964 posts, read 2,065,263 times
Reputation: 591
Quote:
Originally Posted by kroeran View Post
wouldn't it be funny if it turned out to actually be Ms. Ono?
Yeah, well, that one has a history of causing trouble, eh?
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