Engine out

This is how we do it down south
3 hours from the time I removed the first bolt to when the engine was on the ground, by myself. (I've done this before)
There was some spilt blood, and I now have a little less skin on my knuckles. It was easy to see that this lump has never been out before.

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Original Post
quote:
Originally posted by Quickitty:
Cape Coral, the foreclosure capital of the world. Roll Eyes Just about 1 hour south of Tampa. There are a couple pantera owners in this area, I hear about them, just never see any.


Your comment made me do a abit of net research from Australia. Why is Cape Coral in the situation that it appears to be in. Every fifth house seems to be for sale, and pricing from $100k to $250k

Doesn't look like a bad area, plenty of schools, shops, decent roads. What happened?
It's not just Cape Coral, other areas and in particular Nevada (Las Vegas and Reno) are suffering badly, house values are down 50% and no interest mortgages are at the end of their incentive period. You gotta pay interest at some point right? Some people are losing their homes as they now cannot afford them, other people just walking away not wanting to pay for house that's worth less than the loan.

A lot of it simply stems from fiscal irresponsibility from both individuals and the banks.... people borrowed way more than they could afford based on the fact house prices (equity) would keep rising and banks were all too happy to lend it if you had a pulse.

It's compounded by the fact people who had good equity often pulled money out their house and bought RV's, ATV's and other such toys...

Everyone wants to blame someone else rather than take responsibiltiy for their own actions.

Now the rest of us are suffering and will continue to for many years to come.... I guess that's wealth redistribution.

Julian
Your right, its not just Cape Coral. Hard to keep that in mind when you are in the middle of it. I'm one of the luck ones. I bought my house (first owner) on 2004 before things got real crazy. Its public information and I'm not going to sell you the house so I don't mind telling you, I paid $159K for a 4 bedroom concrete block house on 10,000 sq.ft lot. From the time I made the offer to the time of closing it was valued at $210K. one year later, the same house was selling for $325K. This house cost about $120 to build and that is all its worth. This area was largely over built, mostly investors. At one point there were only 3 houses on my street that were not in foreclosure. It is getting better, houses are selling, people are moving back in. I have another house about 40 miles south of here that I would very much like to move back into, however I refuse to sell this house in this market when I don't have to. It is a great time to buy here and Cape Coral is not a bad place to live, fishing is great, weathers great, and I am starting to see there are pantera people in our midst.
Like in any downward trend, surely there are cahsed up people taking advantage of this situation and snapping these houses up?

I mean people wtill have to live somewhere right, so the rental market should be strong if people are not paying mortgages.

I spent a few hours last night looking around and there are some great houses available for 150k that really should be in the 300's.

Surely these decent houses on large allotments with room for kids and dogs etc should pull reasonable rental returns for cashed up investors?
Actually the rental market in Cape Coral is not so good. If it was, I would buy another house here and rent it out while the market improves. It is easy to find a 4 bedroom house for rent in the $800's per month, there are houses for rent on every street. There are a lot of empty houses and no jobs in Cape Coral. South of here closer to Naples where the job market is better and they did not over build, the rental market is strong.
Like I said eariler, it is getting better. At this rate, 4 to 5 years and we'll be just fine.
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