NAPLES, Fla. – In 2005, this once-sleepy retirement haven on Florida’s west coast was arguably the hottest housing market in the country.
Builders held lotteries to determine who could purchase homes in new gated communities. In the older neighborhoods, buyers were snapping up modest ranch houses and cottages soon after they were listed for sale. The median home price more than doubled between 2000 and 2005, to about $482,400.
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