Metas
Naples Real Estate Is Local
Over on Business Week Hot Property blog, Maya Roney, writes "home prices can fall, and they do. U.S. home prices fell 3.2% in the second quarter of 2007 from the year-ago period, according to Standard & Poor’s Case-Shiller home price index. To put it in perspective, that’s the biggest decrease in the index’s 20-year history."
And it’s not just happening in Florida and Michigan. Prices fell in 3.5% in 20 metropolitan areas and 4.1% in 10 metro areas. In Detroit, they plummeted 11%.
Many real estate trends—speculation, job market growth— are indeed local, but it’s hard to deny that current problems in the mortgage market are national. Turmoil in the credit markets is putting lenders out of business and leading others to tighten their standards for loans."
I still believe that real estate is local, because there are those persons that are not affected by speculation or job market growth, such as with the Bonita Springs real estate. Yes, there have been price reductions, but in an earlier post - Bundled Naples Golf Course Communities Market Values reflects a wide spread in valuation increases and decreases.
Another study based upon a report from Zillow reflected that smaller homes median sold values decreased less than medium or larger homes. However, in the Naples real estate market the smaller homes saw a reduction of 18%, medium homes down 14.7%, and large homes with a dip of 1.5%. The Estero and Naples real estate markets saw a similar affect on smaller homes.
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