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'Naples - Most Overvalued Housing Market in Nation'
On Tue, 08 Aug 2006 10:00:00 -0400, Harry Krause
wrote: Naples, on the Gulf of Mexico in southwestern Florida, boasts more than 130 art galleries, posh hotels and private jet service, according to its tourism Web site. Jobs are plentiful -- but home prices average almost $500,000. $500K is a very modest home in Naples and no where near the water. There are under built areas near there however which are much more affordable. This whole argument about affordability has some merit but not as much as you might think. It's a little like saying that nurses and teachers can not afford waterfront property in Annapolis, probably true, but not terribly relevant. It's a much bigger problem in island resort communities like Marthas Vineyard and Nantucket where the only available commute is an expensive one hour ferry ride. Meanwhile the housing market in FL is taking a very bumpy ride this year. Between rising interest rates, hurricane scares and expensive insurance, the speculators, aka investors, have been scared out of the market for the time being. Trying to guage the bottom is always difficult but for anyone looking to retire here, this is probably a good time to start looking. |
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