AUCTIONS IN NAPLES

A year ago, the auctions didn't create much of a stir in the county. A few investors might have attended here or there. But mostly it was bank representatives who were there to buy the homes back for the lender. Now and then a luxury home in a luxury multi-million dollar Country Club community would attempt an auction, not always successfully.

Even six months ago, the auctions didn't draw much attention. But over the past few months that's changed, with more investor groups and other spectators going and bidding in hopes of getting a good deal. There's an auction on the sixth floor of the Collier County Court House at 11 a.m. Monday through Thursday. Now, there can be 30 or even 50 people attending a day. The homes being auctioned are to the east of Collier, Golden Gate area, for the most part, and under $200,000 and $300,000.

What's remarkable to me and my market share is a home on Gordon Drive, on the west , beach side that was just auctioned. With a winning bid of $1,427,000. The estate home, with four bedrooms and four and a half bathrooms, offers 4,300 square feet of living space near the Gulf of Mexico. It's in a small gated community with private beach access for residents. Collier County property records show the assessed value for the home at nearly $2.9 million. It is very rare to have a property of that quality go to foreclosure.

There's more interest from investors at the auctions because buyers are back. They are jumping off the fence, especially at the low end of the market. Home resales have been up every month this year in the Naples area. Meanwhile, median prices continue to fall, dragged down by foreclosures and short sales - sales made for less than the bank is owed to avoid foreclosure. The median price for all resales fell to $174,000 in May, down from $314,000 in the same month a year ago, according to a report released by NABOR. However, if you don't know what you are doing you could end up paying too much for a home, or getting stuck with someone else's back taxes and liens.