Cape Coral was a booming real estate parasite a few years ago. Now, it is reportedly the “worst housing market in America.”
Housing prices have dropped 11% in the past two years, with about 12,000 homes in the area now for sale, and prices continuing to drop.
Realtor José Echevarria “described an open house he had recently hosted in the area for a home that was purchased three years prior with plans to turn the property into an Airbnb rental,” Unilad Tech writes. “However, while the asking price was originally $675,000, it has seen been cut to $500,000, which is a whopping $100,000 below what the seller paid for it. Echevarria continued: ‘We’re cutting the price further tomorrow.’”…