Germans cashing in on SWFL foreclosures

Real Estate Agent with Marc Joseph Realty &
We had an awesome Foreclosure Tour this past weekend that was picked up by our local NBC station and will be aired in a 45 minute documentary in Germany in early September. Please read this great article and watch the video if you have the chance.

CAPE CORAL: There is a new twist to the foreclosure market in Southwest Florida. Germans are taking advantage of the exchange rate, scooping up properties for an even better deal. Realtor Marc Joseph estimates a home selling for $90,000 in Cape Coral can be bought with European money for only $57,000. The issue is catching the attention of a national TV news crew from Germany. Three people from Spiegel TV traveled more than 5,000 miles to come to Cape Coral to report on the foreclosure market here. "It's quite overwhelming I must say, even as a reporter, to see what's going on," said German TV reporter Julia Kriwitz. "Everything is on sale, everybody is hustling, wheeling and dealing." The German crew followed more than a dozen interested buyers on a foreclosure bus tour through the Cape. Cathrin Matzen is one of them. A native German, she says she was first attracted to Cape Coral because of the large German population. "You get your heritage neighborhoods, we still have German friends here, get the Germany bakery, everything is German. It feels like home," says Matzen. Now she's looking to invest in the real estate market. Although she was a little distracted by the German news cameras. She hopes her family back home will catch a glimpse of her on TV. The news crew is putting together a 45 minute documentary that will air on national TV in Germany in early September.

Comments (4)

Randall Schrader
Competitive Insurance of Dundee - Dundee, FL

Were any reporters named Borat?  Everything IS on sale until we fix our dollar.

Jul 14, 2008 03:12 AM
Bill Mitchell
Marc Joseph Realty & - Fort Myers, FL


Jul 14, 2008 03:23 AM
James Armstrong
Expert Real Estate Advisors - Mount Dora, FL
I handle everything from contract to closing

I think it is important for us to open up to other markets and foreign national buyers in this ever changing real estate market.   It is certainly not anything new for foreigners to be purchasing vacation and retirement property in Florida, but we are now using new ways to attract buyers overseas such as the foreclosure tours and the TV filming you did.  With the Dollar weakening and the Euro strengthening every day more foreign nationals have returned to investing in 'bricks and motar' here in the US.

Anyways, if you ever need any help with German buyers and need a title company who can work with them please let me know.  I have a college level education in German and 'Ich spreche fließend Deutsch'!

Jul 14, 2008 07:33 AM
Katrina Madewell
Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196 - Tampa, FL
Tampa FL Homes for sale | Tampa Bay - (813) 777-1196

that is so cool! I am so glad to hear that your Foreclosure Tour Bus is getting some INTERNATIONAL Exposure! This has to be great news! Hopefully your local station will get wise and follow suite

Jul 20, 2008 04:40 PM