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That's amazing. I find this anecdotal information fascinating.
My grandparents lived in Naples, FL up until 2002 when my grandmother moved into an assisted living facility after my grandfather passed. I went down there to clean out the house and get things prepped for sale and interviewed four REALTORS (TM). The price point was set at 167k but I didn't sign with anyone since a neighbor came by and offered 165k cash, no inspection and he'd clean it out. I accepted, grandma was happy. A few years later I 'zillowed' the property and it was tagged at nearly 500k (dunno what it would actually go for). Its now back just around the 2002 selling price.
What blew my mind was the construction and the area.... grumpy/gossipy old white people everywhere, slabs of concrete, concrete walls, stucco, drywall smallish 3br 2bath 'worth' 500k? I learned later that everyone in the neighborhood was 'flipping'. I suspect that most had gotten burned in the stock market in 2001 and had turned into RE investors in some sort of incestuous ponzi scheme of flipping amongst themselves and the snowbirds moving down.
Wild stuff.
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