The Daily Soak - June 25

Developer Thinks Cape Coral Really Needs Some New Condos

Few markets in Florida embody the boom and bust of the HousingBath better than Cape Coral where overbuilding and speculation left a glut of foreclosed units and unsold homes. But one developer seems to think that building a new luxury condo and adding to the supply/demand imbalance would be a great idea. Cape Grande developers are seeking approvals to build a 124-unit luxury condo on the Cape Coral Parkway. A representative for the developer says the timing is great, because "there aren't a huge oversupply of condominiums now." And if that argument isn't enough to get potential buyers off the fence, the developer really pours on the sales cheese, "We still have all the things we've ever had: sunshine, water and tropical breezes." Yes, and if those tropical breezes weren't blowing around an ocean of vacant properties in Cape Coral, now might be a great time to build another luxury condo.


Florida Consumer Confidence Hits All-Time Low

Falling home prices and a glut of unsold homes are just two of the factors weighing on the minds of the average Floridian, according to a key consumer confidence index. The University of Florida's Survey Research Center (SRC) released its Consumer Confidence Index yesterday, and the key number dropped to 57 last month, the lowest level in the index's 26-year history. And SRC Director Chris McCarty feels this is an indicator of growing longer-term pessimism in the Sunshine State, "We are seeing an accelerating decline in confidence. On top of the housing problem, there is increased gas and food prices, a rising unemployment rate, and an airline industry wondering if it will make it.


South Florida Condo Odors Send Residents to the Hospital

Residents of a Fort Lauderdale condo made several calls to 911 this weekend complaining about a strong odor. Broward County officials dispatched Fire & Rescue to the Tennis Club II complex, but nothing was resolved. Finally when one resident was hospitalized and neighbor complaints continued, Fire & Rescue returned with equipment to detect hazardous gas levels. The source of the odor was a polyurethane stain in a condo under renovation. The video link shows how the situation was resolved...the windows and sliding doors of the condo were all opened so the unit could vent properly. One can assume the offgassing was sufficient to sicken and hospitalize residents of Tennis Club I and Tennis Club III. Only in South Florida.