The real estate bubble definitely has burst in Naples.
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I lived in Naples for 5 years and summer is absolutely the best season. The roads are relatively empty, the snowbirds have flown home. It’s great. Plus, in the winter we had to deal with all our family coming over to visit ‘us’ because they missed us so much. haha! I guess I got used to the heat as it didn’t bother me at all. Florida is nothing compared to places like Vegas in the summer. Everyone has A/C, pools, there’s the ocean.

As for the Naples bubble it’s been burst since 2005. There was a point where there was absolutely no buyers, at any price. Curiously, prices have only come down 25% which says something about the relative strength of that town compared to other areas of Florida.

Something didn’t sit well with me about the supposed age that boomers are likely to retire so I looked up the stats. So, once again I assert that Shifty’s statement about most boomers already being in retirement (or about to be) is very different than the reality. The median age of retirement from 96-00 is 61. It *may* be 1 year lower now, but its doubtful that most boomers will retire early. Boomers in Canada are currently aged 42-61. In 5 years most boomers will not be retired.

http://www.statcan.ca/english/freepub/89-519-XIE/2006001/charts/chart1_1.htm
http://www.economica.ca/ew08_1p2.htm

I have been watching C1/C2/W1 since March. Only in the last 3 month have prices come down a bit. Stats say almost 15 % from Sept 2007 to Sept 2008. My take is that they have dropped that much in the last 3 months. I see 25 % by spring easy.

On the positive side, Banks are still lending.

Just got pre-approved for a 1 yr closed at 4.25 %.
They even tried to sell me on a HELOC at 3.5%.

With all the good deals that are out there already plus all the new ones that will be available in the oh so near future, one must be ready to pounce.

Someone should tell that $1 seller that Toronto is not Detroit just yet :)

Probably some kind of sales ploy meant to generate a bidding war. Sad really.

Someone should go in with an over the top offer of $2