'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.