Monday, April 30, 2012

In Recovery? Local, national experts say Collier real estate market on the rebound

—New normal. Reset button. Return of common sense.
Talk to real estate insiders and experts about the market in Southwest Florida and these terms are bound to come up.

"The downturn we saw ... it was unprecedented," said Bill Poteet, president of the Naples Area Board of Realtors. "Up until then, Naples had been pretty much bulletproof through most recessions."
Everyone knows what happened instead. The rapid descent of Southwest Florida's housing industry into chaos has been well-documented, as has the flood of short sales and distressed properties that defined the market in 2009 and 2010.

After a promising 2011-12 tourist season turned out even better than expected, local market-watchers are saying the real estate market in Collier County is officially back on the mend — save a couple of caveats. With a presidential election approaching, and uncertainty in gas prices and income tax rates — particularly among upper-income brackets — there remain factors that could slow the recovery of the real estate market.

"It's a mini-recovery," John Tucillo, chief economist for Florida Realtors, said during an April 13 economic summit at NABOR. "And we have a long way to go."

On a whole, however, Realtors in Southwest Florida sound decidedly more upbeat — and less reserved in their enthusiasm — this spring than in recent memory.

"Yes, we feel very optimistic," said Phil Wood, president and CEO of John R. Wood Realtors. "The fact that unemployment is improving gradually all over the country, the fact that Naples and Southwest Florida usually lead the country out of the recession because it is such a desirable area — that all gives us reason for optimism."

The complete article about Naples Recovery.   ScottSorensonRealEstate.Com

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