Naples FL Blog

Bad News on the Doorstep
April 22nd, 2009 10:22 PM

Is anyone else tired of hearing bad news?  Good God!  I have had it with news about how bad the real estate market.  Hey!  The market is..........the market.  Doesn't anyone remember the late 1970's and the early 1980's when interest rates were double digits?  Anybody remember when there were NO adjustable rate mortgages?  Is anyone out there from the Midwest?  I remember a usuary rate in Illinois that prevented a lender from charging more than a set percentage rate on a loan.  Talk about mortgage money being scarce!

This Realtor® is here to tell you that there is some good news.  If you have been waiting to purchase a home in Naples, FL and want to purchase under $300,000.00 don't walk RUN to your favorite Naples RealtorĀ® and find a home. "Why?", you ask?  Pull up a chair and I will tell you.

The Naples Board of Realtors released the first quarter of 2009 homes sales report. I have done the math and I can tell you that the first quarter of 2008 in comparison to the first quarter of 2009 the overall Naples market showed a 113% INCREASE in sales under $300,000.00. If you have been waiting on the fence to purchase a property in this price range, it is time to get off the fence!

In the same time period, other price ranges did not fare so well:

  • $300K-$500K had a 26% decrease in closed sales
  • $500K-$1M had a 32% decrease in closed sales
  • $1M-$2M had a 50% decrease in closed sales
  • $2M+ had a 27% decrease in closed sales

The  overall market was up 33% in closed sales but that increase was influenced by the increase in the under $300K price range.  The median sales price fell 45.92%  from the first quarter of 2008 in comparison to the first quarter of 2009 in the overall Naples market.

In the above bullated categories, there are some great buys if you are in that price range.

The under 300K price range is being driven by all the foreclosures and short sales.  If you have been thinking of purchasing a bank owned property or a short sale please click on the these highlighted links to learn more about buying these types of properties. 

When I sold real estate up North in Downers Grove, IL, I worked a number of short sales out in Woodridge, Bolingbrook and Aurora.  It was hard back then but I have to tell you it is worst today.  In MY OPINION a buyer is better off looking at bank owned properties -  bank owned properties will still have their share of problems, your RealtorĀ® should be knowledgable about these issues.

My brother, Patrick, wants to purchase a bank owned home under $75,000.00 in Naples.  In following blog entries, I will relate our saga of trying to find a home.  Patrick did e-mail me today that when he finally moves into the home he will and I quote, "When all this is over with I'm going to throw you and Don a big appreciation party at my new house, catered of course. I'm not going through all that stress like you do for parties."

I feel like Smoky the Bear when I type......Even YOU can enjoy sunsets in Naples, FL  less than $300,000.00!

Yes, Even You Could Own a Home in Naples under $300,000.00!

If you'd like to search for homes in Naples click on Property Search .  Want to comment on this blog entry?  Just click on the comment link at the bottom of this blog entry.  Want to subscribe to this blog?  Just click on the subscribe link near the comment link!  Your comments and opinions are welcome!

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Posted by Lynn H. Wilber on April 22nd, 2009 10:22 PMPost a Comment

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