Who can forget the Danger Zone tune from the Top Gun with characters like Maverick and the Iceman flying F-14's within feet of each other at mach speeds? "Highway to the Danger Zone..."
According to the Local Monitor, Inc., which analyzes home prices in over 300 US markets, Naples homes are no longer on the Top Ten Dangerous areas list for purchasing real estate. Naples, Florida was on the previous list but is now officially out of the Danger Zone according to Local Monitor.
Alas, Naples home prices are not yet on the Top Ten Conservative Metro Areas, we are somewhere with the other 280 real estate markets in-between.
These facts were also reported in a recent October 1, 2010 blog from the Wall Street Journal.
Remaining on the danger list is our neighbor, Cape Coral-Fort Myers, FL. This is not a surprise since foreclosures in Cape Coral have outpaced us from the onset of the recession.
Also remaining on the danger list are Orlando, FL and Las Vegas, NV. amongst others and some new additions like Ocala, FL.
Local Monitor, Inc. uses economic data from home values, employment growth and population growth to come up with their rankings.
Lagging employment growth is one of the main factors keeping Naples off the Top 10 Conservative list. But this may be changing during the coming season (January 2011 to Easter 2011) when we are expected to have a significant increase in tourism this year over last.
Additionally, new employers like Jackson Laboratory are favoring Collier County over other US locations to establish new business and jobs.
It is my belief that as these jobs become available, along with the more affordable housing we have now, Naples will be on the top 10 best real estate markets list sooner than later. By then it may be too late to take advantage of the current deals available now.
In Naples there are some homes that have seen appreciation of over 6% in the last year and have zero short sale or foreclosures in the neighborhood. Yes, I said appreciation and zero foreclosures! See Marbella Lakes photos and information now.
By Mark Weber. Mark is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, FL. He is a 30+ year resident of Naples and a sought-after expert on Naples Florida Real Estate.