Part 4/10:
This vibrant vacation destination faces a plunge in property values, with luxury segments down 15% or more. The vacation rental market is not faring better, as occupancy rates have dropped by 32%, turning once profitable properties into financial burdens. The alarming rise in insurance costs has driven an 89% increase in foreclosure rates, signifying grave distress.
3. Naples
Naples exemplifies the luxury market's collapse with properties priced over $1 million seeing average reductions of 28%—and some ultraluxury listings losing as much as 40% of their value. The increase in listings points toward panic selling, with foreign investment in the area plummeting from 35% to just 12%.