A report from the Naples Daily News. "Florida saw strong existing home price growth in June over the year. But in Southwest Florida, which had big inventory increases, the numbers weren't as strong, according to reports released Thursday by Florida Realtors and local Realtor boards. Median sales prices for town homes and condos slipped 2.3 percent, to $256,500 from $262,500 in the Naples-Immokalee-Marco Island metro area in June, compared with June 2015. 'There’s been a pullback,' said Michael Burke, president of the Bonita Springs Estero Association of Realtors. 'I don’t think there’s a bubble bursting, but buyers are taking a look-and-see attitude.'"

"Part of the reason for the lackluster rise is Naples resale sellers are competing with new home builders, said a panel of brokers at the NABOR event. All said about a quarter of their recent sales were of new homes. Another is that some sellers are resistant to lowering their prices in a cooling market. 'A lot of sellers are not interested in selling unless they get a large price,' Naples broker Jeff Jones said."

"In the Naples area, the inventory of single-family homes was up 25 percent over the year, to 2,674 from 2,133, while the supply of condos rose to 2,309 from 1,565 a year earlier, a 48 percent rise. In Collier County, closed single-family sales fell 5.6 percent, to 475 from 503, while town house and condo sales were down 8.3 percent, to 520 from 567. Lee County saw closed single-family sales fall 12.3 percent, to 1,177 from 1,342, and town house and condo sales drop 13.8 percent, to 514 from 596."

"'There’s nothing good to say about condos right now,' said Naples real estate broker Bill Coffey. One driver of the regional sales slowdown seems to be that buyers are aware of the slowing market and are anticipating home prices will fall, some brokers said. 'They’re waiting for happy hour,' Coffey said."

The Miami Herald. "The boom is over. The volume of existing home sales fell again in Miami-Dade County in June, reflecting a real estate market that has settled down after three years of heady, unsustainable growth. But prices are still rising as buyers and sellers take time to adjust to the new dynamic. Competition remains intense for mid-range homes. And the market in Broward County, which is less dependent on foreign buyers, continues to grow."

"Overall, prices are still on the rise. Experts say they lag several months behind sales. There’s evidence the luxury market has already started to adjust: Realtors interviewed in recent weeks have said sellers of multi-million properties are starting to lower sky-high expectations."

The South Florida Business Journal. "Two condos controlled by a Turkish media executive in the Setai Resort & Residences in Miami Beach were placed in Chapter 11 reorganization. Setai 3509 LLC and Setai 1908 LLC both filed Chapter 11 in U.S. Bankruptcy Court in Miami on July 21. Both companies are managed by Nafia Sevin Ergun Sefada, the chair of Satis Ofisi, a large media representation group in Turkey."

"Setai 3509 owns a three-bedroom, 2,521-square-foot unit in the condo at 101 20th Street. It paid $10.95 million for it in 2014. Setai 1908 owns a two-bedroom, 1,279-square-foot condo that it acquired for $3.75 million in 2013. Michael S. Hoffman, who represents the debtors in Bankruptcy Court, said they hope to reorganize and come out of bankruptcy with their debt resolved. They are considering the options to either sell or retain the properties, he added."

"The complaint claimed that the defendants defaulted on the mortgages, owing $5.35 million on unit 3509 and $1.57 million on unit 1908. Meanwhile, both condos have been listed for sale. The asking prices for units 3509 and 1908 are $10.95 million and $4.75 million, respectively. However, condo sales volume in Miami-Dade County has declined this year."