Mentioning “luxury” and “foreclosures” in the same breath may not make sense in most cities, but in Naples, Florida the increase in overall foreclosed homes due to the housing crisis has created a new animal that is becoming part of the local real estate market.
Total 2010 year-to-date foreclosure sales of residential properties in Naples as of this post were 1,336 closings with 12 of those being luxury homes that sold between $750,000 and over $3.8 million. Obviously there are a lot less luxury foreclosures than lower priced properties, but, nonetheless, they are on the rise.
Wealthy homeowners are feeling the pinch of the economy just like the middle class. In 2009 there were 11 total foreclosure sales over $750,000 and this year we have already passed that benchmark.
Currently on the Naples MLS there are 12 bank owned, REO properties for sale above $750,000 in a variety of communities from Pelican Marsh (see foreclosed home photo to the right) to Pine Ridge and Colliers Reserve.