Naples Real Estate Values - A Tale of Extremes
Posted by Benjamin Dona on Friday, February 19th, 2010 at 5:16pm.
In a recently released 2010 report compiled by PNC Financial Services and IHS Global Insight, the Naples real estate market ranks as the 15th most undervalued housing market in the country. That's quite a change from just four years ago, when the city had the dubious rank as the No.1 most overvalued market among the nearly 300 reviewed in the study.
According to the report, "Naples real estate now sells at a 29% discount and the median home price is just $165,000, down from more than $390,000" at its peak, when almost 84% of the homes were considered being valued at above fair market price. Today, Atlantic City, NJ is now ranked No.1 as the most overvalued metro area and Las Vegas is considered the most undervalued, having homes now selling for about 41% below fair market value. Two other Florida cities also made it very close to the top of the list as being undervalued. Vero Beach came in at No. 2 and the Cape Coral real estate market came in ranked No.5.
To pinpoint the nation's most undervalued housing markets, the report used household income, population density, and other data to compare a market's actual value with where it should be on a statistical basis. They then used employment, quality-of-life, and other research to determine the country's most undervalued places to live.
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