This blog is especially targeted to Cape Coral and Lee County. I was in Egypt in 2010 when I saw prices at bottom level in Florida. I tried to make offers in Miami but to no avail and I switched to Cape Coral where I scored on a foreclosure. I then worked for a foreclosure broker until it dried up and then switch to new construction.
My thinking at the time was that it can only recover...today we are having a surplus of single family spec homes and multi family apartments from investors. A lot of investors are paying high interest and they won't survive a down turn in the market. We had 2 big bumps with Covid and Ian with a 40% price increase but it's now back to reality. Interest rate are still high and most of the buyers can't qualify for a loan. We are seeing more and more incentives for buyers, agents and price reduction. Not a good sign...
I have 2 more specs to sell but I am taking a pause on starting a new project until construction prices come down...not much room for a profit and too much risk!