The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: John Vosilla who wrote (46191)	12/28/2005 8:56:33 AM
From: organicgerry	Read Replies (3) of 306849

I live in Naples, where all houses have doubled in value since 2000. In fact my house has tripled and houses close to or on the gulf have quadrupled. Even if prices were to collapse by 30%, it would only bring prices to where they were a year ago. We have had a lot of people moving here from Miami and Ft Lauderdale (the Hispanic population is growing very rapidly) and many snowbirds want to move here. Meanwhile most all of the defined urban boundary has been developed and there is little land left to build on. So even if there is a housing crash everywhere else in the country I am not sure that it will hit Naples. At an average of over half a million dollars, the average house is unaffordable to an average family working in the area. But this is irrelevant, as they are being purchased by people who made their money somewhere else. Ordinary people are buying cheaper houses in Lee County (which is also a bubble but starting from a lower base). The traffic on I-75 is much heavier heading south into Collier County in the morning and heading back north into Lee county in the afternoon.

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