Naples real estate flashback

For the fifth year in a row, annual pending sales of existing homes crossed the 10,000 mark in the Naples area.

But despite the good news, it's hard to tell whether real estate agents are delighted or concerned. At a recent presentation by the Naples Area Board of Realtors, the mood was uncharacteristically cautious. In particular, the last two years have been reminiscent of the boom years — and we remember all too well what happened after that.

“It made me have flashbacks to 2004 and 2005,” says Mike Hughes, vice president and general manager of Downing-Frye Realty in Naples. “It's very unusual to have two great years in a row.”

Looking ahead to 2016, Hughes says he's concerned about the headwinds of unfavorable currency exchange rates with the Canadian dollar, the lack of inventory of lower-priced homes, a declining stock market and the uncertainty of the presidential election. “I'm anxious to see the impact of the stock market,” he says, noting that many cash buyers have used stock gains to buy real estate.