2010-01-03 — nytimes.com
" Yes, it has come to this in Cape Coral, a reluctant symbol for the excesses of the great American real estate bubble: foreclosed homes served up as tourist attraction. The struggles and pain that produced this ecosystem are neatly masked by the newly installed granite countertops, pristine carpets and fresh coats of paint that now ornament many properties on the tour."
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Mike Pfaff at 00:15 2010-01-04 said:
Cape Coral, part of Lee County Florida, was the first area to be hit by the recession. It dropped faster and deeper than most. About 2 years in advance of the Country. Over 20,000 homes, condos, town homes etc. sold in 2009. After 3 years of sharp drops in home prices the average price of homes reached its low point in January of 2009 and has seen raising prices in the later months of 2009. Low prices have buyers scrambling and new bidding wars are happening every day. Demand has sparked a feeding frenzy. See the numbers for yourself. http://www.capefunding.com/Leecountygoodnews.htm There is no question that demand has recovered in Cape Coral. Homes are selling for less than the cost to build. The laws of supply and demand are being put back in order by the market. Once this process is done, not only will Cape Coral be fully recovered, but the Country will be too. Are there more risks and challenges ahead. Of course. But I much rather be in this recovery stage than mired back in 2009. Mike Pfaff Permalinkadd a comment | go to forum thread
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