The Naples Daily News had an interesting article on the 3rd quarter median sale prices of homes for this year compared to last year.  There has been a drop in price of close to 4% from 2006 to 2007.  This is not surprising given the amount of listings that are on the market currently.

Naples had 786 closed sales reported as of the end of the 3rd quarter.  In 2006 there were 1,300 closed sales.  That is a substantial drop in units sold, yet the sale prices have not decreased dramatically.  People seem to forget that from 2004 to 2005 we saw an increase of 34% in home prices.  Our market is stabilizing.  Buyers may think that the market will bottom out lower..........and it may with properties further away from the beach in Naples.  Properties that are close to the beach, I think, area stabilizing.  The bottom line is that there is only so much beach in Naples.

The other Naples Daily Newsarticle talked about annual rentals in Naples.  Many people who purchased new construction to "flip" their units can not do so right now with the current market conditions.  Since they can't sell the units, the owners are putting them up for rent.  The influx of rental units on the market has started to drive rental prices down.  If you are looking for a place to rent, you probably will want to negotiate with your landlord to obtain the best rent possible.

I would advise sellers NOT to put their properties on the market if they do not have to sell.  I would advise real estate agents to counsel their sellers that if they are not willing to price their properties to sell, they should hold onto the place.

To buyers I would advise the following: BUY NOW and try to buy as close to the beach as your pocketbook will allow you.  There are a variety of properties to choose from at this time and motivated sellers out there waiting for you!