Is there a whistling sound in your ear? It could be the sound of Mr. Housing Bubble...deflating.
Check out this report from Naples Sun Times (see link to article). As you may know, Naples, FL has been the epicenter of real estate speculation in the housing market in the U.S.
- In February, there were 5,417 single family homes listed in the Naples Multiple Listing Service (MLS).
- Similarly, there were 5,289 condos/coops for sale...that's a total of 10,706 between the two.
- In February, 383 properties in the Naples areas were sold.
- Doing the math...10,706 divided by 383 ='s 27.95 months.
- In other words, if no other properties come on the market in Naples (a very big "if"), it will take 28 months for all listed homes to be sold.
Whooosh!
Do you have clients who have become over-loaded in real estate? If so, let me strongly recommend the following report...put together by the folks at Wharton, "Protecting the Value of Real Estate-Rich Portfolios"
The authors point out that many high net-worth investors have real estate portfolios that are characterized by the following:
- Highly Concentrated...relatively few asset types make up a large proportion of net worth.
- Highly Correlated...those holdings tend to behave similarly.
- Illiquid...investments are locked up for many years.
- Interest Rate Exposure...aggressive use of leverage with floating-rate loans.
Very good article...and be sure to read the recommended Investment Strategies, at the end.
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