Wise Startup Blog

We at least not everyone is having their home foreclosed. The Vangelakos purchased a condo in a 32 floor tower in Ft. Myers Florida before the bubble burst, only to see all of their neighbors disappear. Now, they are the sole family living in this 300 unit complex.

The Vangelakos’ mortgage lender will not allow them to do the same.

That leaves them as the sole residents of the Oasis Tower One.

“It’s a beautiful building,” said their attorney, John Ewing, who is representing 27 others who made deposits on units. “The problem is, it’s a very lonely building.”

When the Vangelakos’ travel from Weehawken, N.J., to spend a week or a few days in their Florida home, they have exclusive use of the pool, game room and gym, but they miss having a few tenants around.

The Cape Coral-Fort Myers metropolitan area in Lee County has some of the worst economic stress – a combination of foreclosures, unemployment and bankruptcies – in the country, according to The Associated Press’ monthly analysis of more than 3,100 U.S. counties.

The latest AP Economic Stress Index, which assigns each county a score from 1 to 100 with higher numbers reflecting the greatest stress from the recession, found Lee County had a score of more than 20. Anything above 11 is considered stressed.

Victor Vangelakos said they don’t want to move to the tower next door because they would still be paying the mortgage and maintenance costs on the condo they own. They paid $430,000 for the unit and took out a $336,000 mortgage – essentially spending their life savings.

For the full story, check out the original CBS article.