Peter Goodman, the author of Past Due, which prominently featured the boom and subsequent bust of the Cape Coral real estate market weighs in with an update in today’s NY Times. This article is a must read for anyone with a vested interest in Cape Coral real estate.
Despite the echos of “we’re back” from many of my peers……which ring hollow up and down the banks of the Caloosahatchee, there is still much heavy lifting to be done in Cape Coral.
We sure are selling lots of properties right now, mostly foreclosures to bottom-fishing, cash-laden investors as well as pre-retirement boomers. This rush of recent investment is not going to solve the long-term problem here in Southwest Florida, that of economic diversity and the creation of quality new jobs. I would much rather see some of the stimulus money coming to areas like Cape Coral to stimulate the creation of new companies and industries. To me this would create sustainable recovery that cannot be realized with the highway projects that are being built all over the country.
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WZVN ABC-7 interviews Cape Coral Councilman Bill Deile about NY Times article
Here is Goodman’s 2007 NY Times article about the Cape Coral real estate bubble bursting.
There is a lot more to Cape Coral than foreclosed homes! Cape Coral is the largest city in SWFL. There are restaurants, festivals, national chain stores, farmer’s markets, and cool mom and pop businesses. The weather’s wonderful and all the natural splendor and culture of SWFL from Fort Myers to Sanibel and Captiva are within a stone’s throw.