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Florida real estate crash #98. Cape Coral - a modern day ghost town.
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Youtube Comments (34)
LoveLifeLoveFreedom Says:
Ah, good times. . . .
runninonempiy Says:
No prices..THEY WONT LET YOU BUY THEM!!..I have been trying from Bradenton all the way down to fort myers.In the VERY FEW good areas in those towns.Port Charlotte and Cape Coral are the only towns left that are not over run by crap!..
mtonkinson6 Says:
that's incredible though, if house prices/lot prices were anywhere near that in the UK then we wouldnt have so many problems, you can't get anything anywhere near that nice for twice that price here =\
PoseidonHermes Says:
the us is screwed badly, very very badly. All the materials, energy and manpower spent on building these houses. What a shameless waste of natural resources !! The world needs to put sanctions on the us like what it is preaching against iran
DolizaM Says:
Do you live in the area?
johnnyu3 Says:
Wow, Massachusetts barely got hit compared to Florida, Nevada and some other States. I can think of only 1 house in my town in which the people got up and left. They took out all the copper in the baseboard heat. Just gutted the place. Can't imagine a whole town that looks like that.
briantracy1324 Says:
@taratova , Good luck on that "great buy" you got at the foreclosure auction. You do know that when an area is hit this hard it invariably dies.. your property taxes will be sky high to cover the police and fire.. you can kiss off any chance of renting out your place too ... What are you going to do in a few years when you try to sell and find out the title is uninsurable due to irregulariies in the docs presented at the courthouse?
EconCat88 Says:
A major problem (among many) with buying Florida property as an "investment" is the local taxes in many cases can be very high. If someone isn't going to live in the house at least part of the year, buying right now still is a bad idea. Many of the same people right now who are crowing about "missing the boat," were the same people saying the same things prior to and at the price zenith. Good luck and enjoy your vacation home.
EconCat88 Says:
I agree and thanks for watching.
1000chic Says:
You can purchase a lot for $3000.00 to $5,500.00 and then look at what the "agents" are selling the lots for...... $118,000.00 & more. Cape Toilet is a sad place.
taratova Says:
The empty lots are owned by many people around the the country either bought to build later or an investment. I want to buy an adjoining lot but someone owns it so I have to buy from the owner from Canada if he will sell it to me. A few neighbors of mine wanted to buy lots but the owners will not sell. The facts are listed on leepa website. It is not as bad as this video says it is. It will take time but the homes will have new owners once they go through the system of foreclosure .
taratova Says:
For every house in foreclosure there are ten buyers. There is a back log of foreclosures.. the courts can't handle it. Not enough judges . I bought a new house for a bargain , a vacation home.I had lots of competition and finally got one . many people are going to be sorry they missed the boat when the foreclosures clear.. they are the bargain of the century.. It is crazy. So many foreclosures , great prices and the banks and court system move like turtles.
capecoralrealestate1 Says:
Interesting video you are sharing with everyone
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mookixox Says:
The uploader isn't kidding when he says 10 years won't fix this mess. IT ISN'T COMING BACK until the jobs come back, until the shadow inventory the banks are sitting on are finally listed to the market so these house prices hit a true bottom (which equals less value then BEFORE the bubble even began). I could qualify for a mortgage but I'd rather rent because I'm in no rush to have 35% of my life savings wiped clean in under 10 years LOL.
NearAbbeyRoad Says:
The root cause for the 1929 and 2008 crashes was LAND. Debt after debt was poured into land because the increased values are tax free. The land market got bigger than the rest of the economy and collapsed taking all with it. Surplus earning get poured into land - any economist will tell you that Solution? Introduce Land Valuation Tax, not new. It stops over speculation in LAND. It can eliminate income tax & pay for needed public infrastructure. Look at Harrisburg, Singapore and Hong Kong.
mja2035 Says:
That is a nice house, for now. I feel sorry for the people who care for their homes in that neighborhood.
rickbar123 Says:
Read a book stupid fuck.
skyding8962 Says:
Wheres the fence? Wheres the pool? I dont think any of these houses yo been showing lately were ever occupied.
BeantownJim Says:
Reagan had nothing to do with it!
rickbar123 Says:
Fill me in stupid. What was Clinton ??? What is Obama ??? Both are Business Class Repubs ya dope.
BeantownJim Says:
Try again! Clinton in his genious idea of irradicating Glass/Steagle which gave big bnks no restraint! i.e ACORN,obama Fannie/Freddie and your boyfreind Barney Frank caused all this.It's on vid! Look up Barney Frank stipulating Fannie/Freddie as sound!
rickbar123 Says:
Whatever dirt bag. Blame your boy Reagan and deregulation. I can't frig myself right now. Your mom is here.
BeantownJim Says:
12 million homes underwater since obongo usurped that office.The only ones getting mortgages are blacks and foreigners through Fannie/Freddie! So go frig yourself!