It seems we are in NO MAN”S land. The city of Cape Coral like the rest of the world got fat and happy in good times with expectations of the growth advancing at a rapid rate. The problem is no one took notice that most of the buyers were investors and not end users. They assumed these homes would be occupied with tax payers.
Hind site is so 20/20. Now we have these big plants built or near completion and we need money to pay for these loans. WOW are we in trouble. Today we have 273 vacant double lots for sale under under $15,000 in the NW and NE Cape. Many are listed at $6000 and $7500. Remember when people turned lots back to the city? I see this as a probable scenario for the next couple of years. The value of the property is far less than the utility assessment. There are a lot of vacant lots out there that will just be turned back to the city. This will hurt. No tax money and no payment on the utility expansion. I hope the city is taking this into account.