I bought half an acre lot in Lehigh Acres, Florida in 2005, when the big boom over there. I thought that the price was going to grow quickly and give me some return or maybe I decided to build a house for myself over there. I was really wrong. I paid 56000 for a lot that are now selling for less than 20000 with luck.
Now, I'm paying a mortgage and don't have any hopes. Some people say that the price will start to go high again. Some people say that it was a game that politicians were playing in that area to buy more and more cheap land. But I don't see a light. If I can't selll because I will be loosing too much money, what can I do? Also, if you have any experience in that area or in real estate, do you have any idea on the future?
Thanks
2007-10-07 15:16:52 · 2 answers · asked by pcary2000 2 in Business & Finance ➔ Renting & Real Estate
This market is going to pick up eventually. Either hold on to it and pray or possibly do a short sale with the bank.
2007-10-07 15:24:35 · answer #1 · answered by healthspot_2000 4 · 0⤊ 0⤋
You have the property , go ahead with building you a home there .
That was a reason also why you bought it , so do it .
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2007-10-07 15:23:54 · answer #2 · answered by kate 7 · 0⤊ 0⤋