Foreclosured? A German investor might just be buying!
Germans snapping up real estate in SWFLA due to great exchange rate.
1 Euro = 1.5877 dollars
CAPE CORAL: There is a new twist to the foreclosure market in Southwest Florida. Germans are taking advantage of the exchange rate, scooping up properties for an even better deal.
Realtor Marc Joseph estimates a home selling for $90,000 in Cape Coral can be bought with European money for only $57,000.
The issue is catching the attention of a national TV news crew from Germany. Three people from Spiegel TV traveled more than 5,000 miles to come to Cape Coral to report on the foreclosure market here.
"It's quite overwhelming I must say, even as a reporter, to see what's going on," said German TV reporter Julia Kriwitz. "Everything is on sale, everybody is hustling, wheeling and dealing."
The German crew followed more than a dozen interested buyers on a foreclosure bus tour through the Cape.
Cathrin Matzen is one of them. A native German, she says she was first attracted to Cape Coral because of the large German population.
"You get your heritage neighborhoods, we still have German friends here, get the Germany bakery, everything is German. It feels like home," says Matzen.
Now she's looking to invest in the real estate market.
Although she was a little distracted by the German news cameras. She hopes her family back home will catch a glimpse of her on TV.
The news crew is putting together a 45 minute documentary that will air on national TV in Germany in early September.
© 2008 by NBC2 NEWS.