Oversupply of Naples luxury homes brings investment opportunities
Luxury homes for sale and hundreds of them, as you can see in Zillow. All in the great Naples area, available today.
“It’s always a great time to buy Naples,” said Lori Fowler, a realtor at Coldwell Banker Global Luxury.
Fowler said people had learned their lesson. Buyers are not overpaying for homes and they are taking out massive loans to secure a residence in a high-end neighborhood.
Fowler said despite the recent downturn in sales, there is no reason to fret about the increasing number of for sale signs. It is not 2008 all over again.
“We are definitely having a lot of buyers here in the market that are definitely swooping up all of the luxury inventory,” Fowler said. “We’ve had a great great deal of activity in the first few months of the year.”
The Wall Street Journal reports jumbo loans are down 12 percent year-over-year. The capital infusion is used to purchase expensive properties. Fowler said that should not affect the local economy.
In 2019, in this buyers market, people who buy these huge homes are just being selective.
“What we practicing here with our luxury sales we do primarily cash,” Fowler said. “About 65-to-70-percent of our transactions are actually cash.”
A local mortgage lender told WINK News, this is a savvy way for people to invest in real estate. He has seen the area go through cycles and since 2008, there does not seem to be a repeat of the foreclosure crisis headed our way.