Just an hour apart on Florida’s Gulf Coast, Cape Coral was branded as “America’s worst housing market” — a place where nearly 8% of homeowners owe more than their property is worth.
But in nearby Naples, brokers are selling up to $70 million condos and developers are rolling out $35 million beachfront villas, drawing billionaires from New York to California. Local real estate leaders say the split reveals not collapse, but a market “rebalancing,” and proof that Naples has cemented its place on the world’s luxury stage…