Naples FL -- front lines of the housing bubble

[bdc63]

I keep reading about how Naples FL is "gound zero" for the housing bust, so this morning I decided to check out the mls for the area ...

12,801 "for sale" listings in the Naples zips (I don't know what is "normal" for Naples, but that sure sounds like alot!).

& the first 3+ pages were all listed with a "$1" placeholder, and in the text -- "to be auctioned in October"

 

[seal]

This should provide plenty of reading:


http://www.businessweek.com/the_thread/hotproperty/archives/2005/09/is_florida_hous.html

There aren't many comments on the Panhandle; most of the comments pertain to South Florida and Tampa/St. Pete. Maybe the secret is still safe as to how awesome it is here.

Stay away, Yankees.

 

[Pirate]

That article is a year old, I wonder how the banker feels today?

 

[Bob]

That article is a year old, I wonder how the banker feels today?

the article is dated but the thread below is current, and is great reading.

 

[goofer]

bob
thanks for the heads up. started reading some of the posts. it will take awhile to go through them but they are really fascinating.

 

[Cil]

I don't think northwest Florida is completely off the radar.
I read this last week:
What?s your Labor Day prediction for the housing market? Make it local, regional, national or global. Here are some from the July, 1 2006 predictions thread:

?I predict that by the end of the year, the Seattle area will finally start showing signs of the bubble seen in the rest of the country. I?m using my landlord as a bellweather. He?s ARM?d to his teeth on both the place I?m renting and the place he lives in, with an unstable job.?

Another from Seattle, ?Pretty much as planned. Inventory has increased about 15% since May 1st. The mania of 2005 has been replaced with the deacceleration of 2006. The fall will come after summer.?

From Florida, ?I predict numerous Florida cities median prices will be negative yoy for Q2, several already are as of May. I think all of the following will show negative for Q2. Sarasota/Bradenton, West Palm Beach, Punta Gorda, Melbourne, Ft Lauderdale, Naples, Ft Myers, Ft Walton Beach, Ft Pierce.?
Full article below.
Housing Bubble

 

[destinsm]

I don't think northwest Florida is completely off the radar.
I read this last week:
What?s your Labor Day prediction for the housing market? Make it local, regional, national or global. Here are some from the July, 1 2006 predictions thread:

?I predict that by the end of the year, the Seattle area will finally start showing signs of the bubble seen in the rest of the country. I?m using my landlord as a bellweather. He?s ARM?d to his teeth on both the place I?m renting and the place he lives in, with an unstable job.?

Another from Seattle, ?Pretty much as planned. Inventory has increased about 15% since May 1st. The mania of 2005 has been replaced with the deacceleration of 2006. The fall will come after summer.?

From Florida, ?I predict numerous Florida cities median prices will be negative yoy for Q2, several already are as of May. I think all of the following will show negative for Q2. Sarasota/Bradenton, West Palm Beach, Punta Gorda, Melbourne, Ft Lauderdale, Naples, Ft Myers, Ft Walton Beach, Ft Pierce.?
Full article below.
Housing Bubble

A article that touches on just how speculative this market has been over the last couple of years... Lots of people looking for a quick buck, and few end users that could afford the prices without a gimmick mortgage...

Quote of the day from this article...
"And in what may be Florida's most speculative area for real estate investing - Fort Walton Beach, located between Pensacola and Panama City - 71 percent of mortgage borrowers tapped interest-only loans in 2004. In 2001, only 1.9 percent chose them.
That's the highest percentage of interest-only loans in any market nationwide tracked by LoanPerformance."

Articles link...
http://www.sptimes.com/2005/06/06/news_pf/Columns/New_rage_in_mortgages.shtml

 

[Pirate]

the article is dated but the thread below is current, and is great reading.

Many interesting threads there, thanks.

 

[spinDrAtl]

USAtoday.com had a lead article in the money section yesterday regarding how many home owers ;-) were behind on their mortgages state by state. Florida was actually one of the lower ones at around 10%.