Naples Florida Condo Foreclosures - The Fall of Rental Conversions.

First of all the major number of foreclosures besieged the so called "rental conversions" - communities that before 2006 were pure rental communities, but then on the height of the Boom desided to get "a little" greedy and sell their rental apartments for up to $270,000. Whoever bit the bate and bought those units in 2005-2006 with customary ARM mortgages at the time felt the chill of loss just a year later when the market froze and then spiralled drastically down. Hence - foreclosure prices well under $100K.

Most prominent foreclosure heavens in Naples Florida were Reserve at Naples, Enclave, Fairway Preserve, St. Croix, The Oasis, Granada Lakes and some others. The most common characteristic of these mostly gated condo communities: they were built in very late 90s early 2000s either very closely west of I-75 or east of I-75 in North and East Naples where land was available for condo construction at the time.

However with an increased numbers of nuveau flippers galore these days and international real estate investment companies the number of super deal condo foreclosures is running out by the day making way to short sales which are customarily priced $10K or something higher for starters, then go down.

So "Stealers" and "Super Deal Seekers" if you have your eyes on Naples Florida condo in a good location and priced just right, hurry up - this season is going to be interesting for realtors and quite frustrating for those who wait. So talking Boom again?

Here are videos of most of the communities I was talking about so that you have a very good idea of what to expect. I am including videos of some units as well for more complete picture and better judgement.