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Cape Coral News
Hey Look, we made it into the NYTimes.com :)
See article here

Unfortunately it wasn’t the best perception of Cape Coral, Florida. So here’s my take….

Prices are down – yes. They are down. Why? Because investors, I mean speculators tripped over each other to put money down on houses, land & new projects in 2004-2006, peaking in 2005. People who had no information about the area other than “my buddy made some money in Cape Coral real estate” started buying houses here.
Many builders wanted to help these un-savvy investors & offered great deals like $1,000 down & no-interest/no-payment pre-construction loans through partner lenders. GREAT. NOT. I talk to these people on a daily basis. They can’t afford these houses. But none of them had a plan B. They all believed their friends/Real Estate Agent/Mortgage Broker/Lender that they’d be able to sell upon completion & make thousands. Why did they say this?

Most probably believed that this would keep happening. Some might have outright LIED though. But, MANY made A LOT of money in real estate from 2001-2005.
Heck, condos were still selling for under $50,000 back in 2001. Gulf access homes under $250,000 ... more

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