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Naples FL - A Little Bit of Sunshine in the Real Estate Market

By
Real Estate Agent with Downing-Frye Realty, Inc. Naples, FL

This paraphrased from a Naples News article by Laura Layden

We all know that Florida, Naples included of course, is the sunshine state so we expect no less than sunshine all the time! There hasn't been much sunshine in the media with regard to real estate in a long time but just maybe it's starting.

It is according to Richard Dekaser, senior VP and chief economist at National Citi Corp., in a very recent interview on CNBC this past Wednesday. Dekaser singled out Naples in talking about "the first rays of sunshine on a possible end to the housing crisis". Can you believe that? He actually used the words 'end to the housing market' and he was talking abut Naples!

"Three years ago,", said Dekaser, "the poster child for excess valuation in America was Naples, Florida." Naples is the only market mentioned during the entire interview.

The sharp decrease in prices, on average, are attributed to the short sales and sales of foreclosed property. The median prive for a single-family home in August was $238,000 down from $375,000 just a year ago. However, if you take out the under $300,000 market where the foreclosures are, the median prices would have increased 5% in August. This from the Naples Area Board of Realtors president-elect Brett Brown.

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