You said that Naples isn't really affected by interest rates because you have so many cash buyers. If that were true, then Naples would not have been affected by the 2008 crash. It was and in a big way!! Don't take my word - go look at the charts. The economy is softening and that will continue to have an effect on the RE market. You make your living by selling RE and it is in your best interest to be a glass half full person - I get it. But this whole movie has yet to play out. I have contacts in the RE market who are being honest with me and sharing that they are seeing more reductions in prices, longer list times and a general slowing of the RE market in the Naples and Marco Island area. The reality is that the RE market moves rather slowly, especially when the prices are coming down. Ppl who bought homes for $1MM 1 to 2 years ago are now trying to sell for $2.5MM or $3MM. This is just not sustainable. They created no value and eventually, the RE market will adjust. Go look at historical data...you will see that there IS a relationship of income to average home prices...EVEN in Naples. And when the ppl at the top start making less because their company missed earnings, or they didn't get their bonus, it WIL have an impact on all those cash buyers. Look at Amazon (-48%), Tesla (-68%), NVidia (-47%)stock and then tell me your Naples RE prices can't reset to pre-pandemic levels. They can and if they do, you will have already spent your commission but the homeowners will be under water....and in some cases, for YEARS!!! You may disagree, just like I disagree with you...that is healthy. We both have our opinions and mine are based on both current and historical data. I would welcome you posting a video that shows the broader market in Naples from a historical perspective.
We owned 2 homes in Naples, sold the first on 12.28.22 and it was a cash sale to a couple from Hawai'i, retired with a million in the bank. Honestly we had to drop it 3 times and it was priced VERY fair to begin with, selling that liability was the best moment of 2022 for me. Now we live in a GROSSLY overpriced home that we hate. There is NO local economy here to support these housing prices and the COL is so much higher than the pay scale all I see is Naples imploding in the next few years. The issue at hand is not the wealthy as they don't live here all year around, the issue is the remote workers getting laid off. The remote workers are the only ones who can afford to live here now, the retirees are not going anywhere and they don't spend like the younger people do. Remember LOTS of older folks here bought when it was cheap, these people are NOT RICH, in fact most retired people here are very blue collar and could never afford to retire here now. I know people who built for under 200k and their homes are now worth 3 mill. The wealthy will get on their planes and fly to Aspen the rest of the people will be stuck in over priced homes with no one able to afford to buy them because there are no good jobs for people to live off of down here. This is why EVERYONE sells real estate, there literally are no other career paths besides that or working in a hospital that pays garbage unless you are a MD.
poor audio
Thanks for the feedback.
You said that Naples isn't really affected by interest rates because you have so many cash buyers. If that were true, then Naples would not have been affected by the 2008 crash. It was and in a big way!! Don't take my word - go look at the charts. The economy is softening and that will continue to have an effect on the RE market. You make your living by selling RE and it is in your best interest to be a glass half full person - I get it. But this whole movie has yet to play out. I have contacts in the RE market who are being honest with me and sharing that they are seeing more reductions in prices, longer list times and a general slowing of the RE market in the Naples and Marco Island area. The reality is that the RE market moves rather slowly, especially when the prices are coming down. Ppl who bought homes for $1MM 1 to 2 years ago are now trying to sell for $2.5MM or $3MM. This is just not sustainable. They created no value and eventually, the RE market will adjust. Go look at historical data...you will see that there IS a relationship of income to average home prices...EVEN in Naples. And when the ppl at the top start making less because their company missed earnings, or they didn't get their bonus, it WIL have an impact on all those cash buyers. Look at Amazon (-48%), Tesla (-68%), NVidia (-47%)stock and then tell me your Naples RE prices can't reset to pre-pandemic levels. They can and if they do, you will have already spent your commission but the homeowners will be under water....and in some cases, for YEARS!!! You may disagree, just like I disagree with you...that is healthy. We both have our opinions and mine are based on both current and historical data. I would welcome you posting a video that shows the broader market in Naples from a historical perspective.
We owned 2 homes in Naples, sold the first on 12.28.22 and it was a cash sale to a couple from Hawai'i, retired with a million in the bank. Honestly we had to drop it 3 times and it was priced VERY fair to begin with, selling that liability was the best moment of 2022 for me. Now we live in a GROSSLY overpriced home that we hate. There is NO local economy here to support these housing prices and the COL is so much higher than the pay scale all I see is Naples imploding in the next few years. The issue at hand is not the wealthy as they don't live here all year around, the issue is the remote workers getting laid off. The remote workers are the only ones who can afford to live here now, the retirees are not going anywhere and they don't spend like the younger people do. Remember LOTS of older folks here bought when it was cheap, these people are NOT RICH, in fact most retired people here are very blue collar and could never afford to retire here now. I know people who built for under 200k and their homes are now worth 3 mill. The wealthy will get on their planes and fly to Aspen the rest of the people will be stuck in over priced homes with no one able to afford to buy them because there are no good jobs for people to live off of down here. This is why EVERYONE sells real estate, there literally are no other career paths besides that or working in a hospital that pays garbage unless you are a MD.