Naples Condo Development Snatching Up What´s Left of Area Apartments
The explosion of home costs has only contributed to the Naples condo boom. "As a result, apartments are quickly becoming condominiums," leaving renters out in the cold.
Renters who can´t afford to buy a Naples condo will soon find themselves paying more to rent. An average, three-bedroom Naples apartment currently costs between $1,000 and $1,200 a month, but experts expect that rate to increase to $1,400 a month due to the loss of area apartment buildings to condo conversions.
Naples condos are primarily attracting "young couples priced out of the single-family-home market and ´empty nesters` who don´t want the hassels of keeping up a house." Because of this increased interest, the average price of Naples condos has, for the first time, topped that of a single-family home, reaching $219,000 as compared to $217,000.
Some market watchers warn that there is "a feeding frenzy right now in real estate that was present before the stock market bust in 2000." They warn that the pace at which Naples condos are developing is not sustainable. The one good sign is that Naples condos are still relatively affordable when compared to other markets.
Renters who can´t afford to buy a Naples condo will soon find themselves paying more to rent. An average, three-bedroom Naples apartment currently costs between $1,000 and $1,200 a month, but experts expect that rate to increase to $1,400 a month due to the loss of area apartment buildings to condo conversions.
Naples condos are primarily attracting "young couples priced out of the single-family-home market and ´empty nesters` who don´t want the hassels of keeping up a house." Because of this increased interest, the average price of Naples condos has, for the first time, topped that of a single-family home, reaching $219,000 as compared to $217,000.
Some market watchers warn that there is "a feeding frenzy right now in real estate that was present before the stock market bust in 2000." They warn that the pace at which Naples condos are developing is not sustainable. The one good sign is that Naples condos are still relatively affordable when compared to other markets.
