Bargain Hunting for Condos
Thinking of retiring to a formerly hot market? The slowdown has made parts of the Sunbelt a lot more affordable. Eugenia Levenson of Fortune Magazine presents a guide to finding the best deals in Naples. June 15, 2007.
It is just a 2 hour drive from Miami, but Naples is another world, as famous for its sun-drenched beaches as it is for the high-society snowbirds who fill them. The tiny resort town attracts everyone from retired NFL coaches, basked ball players, baseball players, golf pros, TV personalities and former auto execs. Judge Judy, Ted Turner, Mike Ditka, Marty Schottenheimer, Larry Bird, Ted Turner or maybe it's Jane Fonda, Greg Norman, Tom Cruise and Steven Spielberg to name a few.
During the real estate boom, Naples regularly landed at the top of housing analysts. overpriced market list. Last year a chill fell over this pristine town and its expansive golf courses. Pending condo sales dropped 43% from the first quarter to the fourth and the median prices fell 17% as buyers chose to wait out the frenzy.
But some experts say the market is starting to stabilize. While there is still excess inventory-a 36 month supply of new condos, plus another 42 months worth of existing units for sale-construction has halted and the glut is mostly in the lower end of the market. (Yes, Naples has a low end.) That means now might be the time for the skittish to come off the sidelines.
And buyers may be doing just that: Baker says three $2 million condos sold in the Aria last month. "The savvy second-home buyer is seeing that this is a good time," says Naples Area Board of Realtors President Spencer Haynes. "There is choice now and they might be able to negotiate a better deal. "For this ritzy enclave, that kind of opportunity doesn't come around often."
Call Bernie East Realtor®
239-248-1966
Amerivest Realty
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