Poor Naples... (for sale, foreclosures, condominiums)

[theeclipsedheart]

The housing market does not seem to like naples right now...

housing-markets-collapse-2012-247: Personal Finance News from Yahoo! Finance

[tmozer]

I did not buy in Naples to sell or rent. I bought to live there and enjoy. I'll let those who will benefit from my will worry about property values after I am gone......

[Beth Mone`]

There seems to be some refutation of that in today's Daily Snooze. Realtors say Naples market stable; financial website predicts local housing collapse » Naples Daily News

Just looking around, to me, there seems less for sale in the City of Naples and along the coastal areas of Collier.

I'm betting that the value depreciation if it occurs will be East of I75.

Either way, it's still a buyers market.

Beth

[Ga Jerk]

Realtors ALWAYS say the market is stable.


1. Naples, Florida
Expected price drop: -16.6%
Median family income: $62,800 (137th highest)
Unemployment rate: 10.5%
Median home price: $225,000 (40th highest)
Projected to hit lowest level: Q4 2012
Like much of southwest Florida, Naples was one of the fastest-growing communities in the country as it prepared for the millions of baby boomers on the cusp of retirement. When the housing bubble burst, however, the thousands of construction projects for condominiums and retirement communities were halted or lost money, and home values plummeted. From peak home value in 2006, prices dropped by 55%. They are expected to keep falling through next year more than any major city in the country. By Q1 2012, home values will drop an additional 16.6%, or nearly $40,000.

[CDusr]

Well it is hard to say. Yes, there has been less inventory available. Yes unemployment is high and so is COL compared to many other areas. The rest of the economy could easily be a mess for a long time creating systemic issues.

The unknown is how many homes are underwater. Maybe this info is somewhere. I have seen houses that are in foreclosure limbo. Meaning abandoned, but not foreclosed officially. Who knows how many. Unfortunately it takes no time of them being vacant to be trashed. I think many are still artificially inflated so if there is a correction, it only means so much.

That article isn't saying, much though.

[motordavid]

Fwiw, the latest issue of Bloomberg Biz Week has an art. on 'debt', and per CoreLogic, the US has 23% of morts underwater...NV led with 63%, AZ 2nd with 50%+, and FL was third with just under 50%. No stats by city or 'area'.

The problem is not going away, with current high unemployment and, despair with the economy, and the various levels of gov't.

Like the poster tmozer above, I bought our joint in 2005, to spend winter seasons in, paid cash, and it may or may not be currently worth what I paid. The heirs can worry about that. But, for JoeSixPack, it is a real problem, in SW FLA, and everywhere else, imo.
GL, mD

[CDusr]

Yeah, it is surprising that so many in fl are underwater after all that has already happened.

[justNancy]

Originally Posted by Beth Mone`

There seems to be some refutation of that in today's Daily Snooze. [url=http://www.naplesnews.com/news/2011/aug/12/realtors-say-naples-market-stable-financial-websit/]Realtors say Naples market stable; financial website predicts local housing collapse » Naples Daily News[/url]

Just looking around, to me, there seems less for sale in the City of Naples and along the coastal areas of Collier.

I'm betting that the value depreciation if it occurs will be East of I75.

Either way, it's still a buyers market.

Beth

You always mention the "City of Naples" vs everywhere else. I worked in Naples for many years and even the millionaires I knew in Port Royal didn't feel the need to continually draw this line of distinction. There are many gorgeous, upscale communities "East of I-75." It's not as if a place like Fiddler's Creek is exactly a hellhole.

Anyway, there are thousands of properties on the market, including foreclosures, pretty far west of the interstate including neighborhoods in Grey Oaks, The Moorings, Pelican Marsh, Mediterra and Olde Naples. In Park Shore alone there are over 200 active listings.

[CDusr]

Also, I noticed a dead stop on inventory of foreclosures in certain areas and then other areas listed. This happened right on season. So I don't doubt the banks have a big say so on what they put up, how fast they foreclose etc... The states are trying to make deals w/ banks to wipe the foreclosure mess under the carpet. Some banks are actually bulldozing properties in areas to reduce inventory. They get money and write offs for doing so.

Unfortunately, like many other people I think we have a long way to go for recovery and all of these markets are tied together globally w/ derivative products. So going into 2012 and down the road there is bound to be many more bumps.

With the push to kill govt benefits (ala S&P debt charade), high unemployment, huge trade gap, no job creation things are going to be a big mess for a long time.

[justNancy]

This month another article about Naples was published.

[url=http://www.news-press.com/article/20110821/RE/110820013/Gloomy-housing-forecast-challenged]Gloomy housing forecast challenged | The News-Press | news-press.com[/url]

"Hardest hit, he said, will be homes going for $750,000 to $2 million."

I think the report might be using the data posted by the OP. However, I am responding to the comments that imply the lower cost homes will be the ones affected by this decline.