- Sep 3, 2011
- Professional Status
- Certified General Appraiser
SW FL may not be as healthy as you think it is per what the Naples Area Board of Realtors has to say. Per their latest release (March 17) , it seems like the market there is showing some warning signs that all is not good with increasing inventory (now a 10 months supply), increasing DOM, falling median sale prices for single family homes, etc:Not a subscriber. However from the start they are hyping Minneapolis and some other urban areas. Yet I am seeing that the bloom is off Minneapolis. Tis may well be a hype story.
Now I will say that SW FL where we are is now one of the fastest growing areas in the US. It is a seasonal market but it has gone from REO central to lots of new construction and DOM of under 60 days.
Naples is a different world. Subdivisions starting at $1M in asking price, multi-million dollar waterfront condos, etc. Charlotte County is the 5th fastest growing area in the US, Sarasota County the 3rd, etc. difference is the housing prices. For example, 1600 SF home on waterfront canal with harbor access, pool, dock, under $350K. Starter homes easily under $175K, as low as $110K.