Ft. Myers, Florida Condo Tower Has 1 Tenant, 32 Stories

Press:

Victor Vangelakos lives in a luxury condominium tower on the Caloosahatchee River. He never has to worry about the neighbors making too much noise.
There are no neighbors.

Vangelakos, 45, his wife Cathy and their three children are the only residents in the 32-story Oasis I condo on the east edge of downtown Fort Myers.

Read the whole story: Press

Comments

[Viper]

For those who dont know the area....

His price was the 2005 price. By 2006 before the bust the price woould have been closer to $750K and today likely 300K.

Condos Clear Lake Houston.. same story as with Ft Walton and Deston BCH... everywhere along the coast and then throw in killer hurricanes in 2004, 2005 and 2007.

Biloxi is no where near back from katrini anymore than New Orleans.

Regards

[Rangergirl]

Spooky, How can a firefighter pay over 400,000 for a condo when he lives in a high priced living area?

[zukervati]

According to Gordon Gecko, " ... Greed, for lack of a better word, is good." What he forgot to mention was the cost of greed. This article symbolizes that greed, the rush to own a condo in Miami, Ft. Myers, Vegas and other "exotic" places that were being sold at triple, if not at quadruple the value they were really worth to the consumers who thought they really could be like mini-D0na/d Trumps i.e., own something that they really couldn't afford! All was well until the entire house-of-cards came tumbling down. Unlike D0na/d, who got bailed out multiple times through bankruptcy (at our expense, of course), the collective bankruptcy/foreclosure of the "starry-eyed" has led the demise (or correction, depending on your POV) of our entire real estate sector!
I sincerely feel bad for those who paid for their dream-homes/first-homes with their hard earned money in an over-hyped real estate market - they were swindled like any other innocent victim. However, anyone who got caught up in the craze and hype and lost their pants by investing in these shiny buildings, should've done some more homework! At the end, everyone is responsible for their own actions.

[Arleen1]

Strange story, especially when you consider that firefighters make that much money. Even stranger story is that the wife was arrested in that big sweep in NJ last week. Strange....

[watchTVgetSTUPID]

Long way to go before a real recovery.

Too bad all to often, bail out money for toxic debt held by financial institutions has incentavized the forclosure owners to not offer true value sales of vacant property to turn them around and get people back in.

[RJII]

exactly. i hope reforms get them in they end-- whatever that means.

[NoblesseOblige]

This place will be a real hit on Halloween. Imagine looking for the one condo with treats.

[Altruth]

LOL

[ab73]

Look at how evil the Community Revestment Act is. I'm telling you, the innocent speculators and bankers didn't want to build those condos but the Democrats made them. Blah blah blah.

[getalong]

I'll... I'll...

I'll take one of those empty apartments.

I mean, you aren't doing anything with them anyways, right?

[RJII]

i'll take one of these condos...no credit check, nothing down, less than half the asking price (the true market value), at 5%

[RJII]

chase bank is the worst. everytime i make this comment, it gets removed from HP.

[watchTVgetSTUPID]

Seems HP thought-police are getting more aggressive lately

[Cycadeoidea]

My advice to the sole renter: Get yourself a big sound system and enjoy it while you can. :-)

[plages]

George John Tenet resigned abruptly on June 3, 2004, as Director of the Central Intelligence Agency, and shows up in Florida pent House, all alone!

[NPA]

The obviously over built here in Florida, Miami is even worse. Many people (investors) have been foreclosed on these properties.

[Proxy11]

Perhaps he'll write a story about a haunted condominium of which he's the caretaker. Might make for good reading ( if he rips off The Shining as much as possible.)

[Ceregene]

Sounds pretty scary. :)

[ImmanuelGoldstein]

The problem is that that hotel in the Shining actually once had people living in it. That's not the case with this place.

[SamKnause]

Nice digs.