Realtors say Naples market stable; financial website predicts local housing ... - Naples Daily News

Part of the reason for the predicted drop is the area's relatively high unemployment rate. Realtors In July, there were 776 total pending sales, reflecting new contracts written for homes and condos, up 2 percent from 760 last July, according to the NABOR report. The median is the price at which half the homes sell for more and half for less. That was up 3 percent from 3,995 condo sales in the previous year, which local Realtors view as another positive sign. This material may not be published, broadcast, rewritten or redistributed. 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 percent. 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. Are you and your associates the ones who pumped up the market in 2006 and now are pumping up the rentals now. Let the truth be known and that the houses you sell today are going to be worth 16 to 20 percent less. Who is going to put cash into property as an investment. Who is not going to think twice about the stability of the job market and infrastructure concerns (think fire,water,flood, political infighting, etc. When looking at places for a second home the cost of ownership will put Collier lower on the scale as does the ability to build value into the investment. I am going to offer a case of lipstick to anyone who wants to make this area look better for home sales. Some day they'll see that "the emperor has no clothes. My $27K inherited from my dead aunt is about to be converted to a Port Royal bungalow, on the beach. Whether they (the Real Estate industry in Naples) know it or not, the market has collapsed for the forseeable future. Sure it's August and the snow birds are gone but when my neighbor's house just went into foreclosure; I know this town is headed for a correction. You have to be totally crazy to buy anything down here. The bottom is not yet upon us, just wait until your neighbor or relative is homeless and is looking to you to help them out. Go into any Publix and just try to afford the food with your paycheck to paycheck job. They're paying all their bills with their credit cards. What is it going to take for the average person living in Naples to understand that people are being lied to. This economy is horrible, there's no relief in sight and if you're not cutting way back on your expenses; you'll be drowning real soon if you're not already. If we were you realtors would not be looking so forward to the snow birds every year now would you. 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 percent. 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. They are being sued by major players in the game, including get ready now, A. This weeks stock crumble or roller coaster was from BANK holding. This story has some meat, but Naples still has enough turnover of home selling that inventories are most likely stable. They are being sued by major players in the game, including get ready now, A. This weeks stock crumble or roller coaster was from BANK holding. This story has some meat, but Naples still has enough turnover of home selling that inventories are most likely stable. I walked away after the property value dropped almost 200k in 2 years. Sorry, but it ain't never going back to where it was. So yeah, I lost my initial 70k investment, but 4 years later. BoA even sent me a nicely sized check for my moving expenses. Why, when rents are dirt cheap for some classy properties. This is the case in Naples and is likely to be so in for foreseeable future. My $27K inherited from my dead aunt is about to be converted to a Port Royal bungalow, on the beach. Hope she set things up so you'll be getting a little more from her each year to pay the taxes on your bauble. Share your thoughtsComments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Scott getting low-cost health insurance from state Published 8/11/2011 at 12:03 a. Learn about the natural beauty, wildlife and story . At home, on the run, in the car - stay informed with naplesnews. 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