09-24-2008, 10:58 AM
Panopticon wrote:
Lee County Florida, west coast includes Ft Myers, etc.
Map: http://maps.google.com/maps?f=q&hl=en&geocode=&q=Lee+County+FL&ie=UTF8&ll=26.72844,-81.952515&spn=1.260877,1.83197&z=9
It was on 'Today Show' this morning. Michelle Kosinski from Lehigh Acres. $250k home is now listed @ $52k. To summarize, the whole state of Florida has more real estate for sale {& foreclosures} than it has buyers.
Now that is a fact. When real estate was skyrocketing during the first part of the decade, Florida got incredibly overbuilt, and a great many of the buyers were flipping (or trying to flip) properties, no intention of actually living there. A ton of condos in Miami and the Panhandle beaches were bought for hundreds of thousands of dollars sight unseen. I've looked up at numerous 30-story condos on the Gulf with four lights on at night. The rest of the units are see-through empty.
Now they're empty and foreclosed. Bargains abound if you're in the market to buy. Not so good if you're selling.
I, of course, sold my house in Panama City approximately 30 minutes before the boom started...