Tag >> Property Value
The Miami-Ft. Lauderdale, Fla., metro area--which includes Broward, Miami-Dade and Palm Beach counties--has gained a reputation as a mecca for retirees. The south Florida sun shines on scores of condos that jut like vertical cruise ships from the emerald-tinged shoreline. Near the most luxurious of these residences, golf courses dot the landscape, poolside sunbathers enjoy the company of other seniors and gourmet meals are available via room service. Yet Miami isn't quite the paradise it's thought to be. Thanks in part to a battered real estate market and high housing costs, it ranks 29th on our list of America's recession-proof places to retire, well behind top-ranked Atlanta. Our list, compiled by crunching seven sets of statistics from sunny days to median home price, reveals that Atlanta has many trends working in its favor--low cost of living, plenty of sun and housing that is affordable and projected to rise in value over the next five years. "Atlanta is the financial and industrial center of the South," says Eduardo Martinez, senior economist at Moody's Economy.com. "With companies like Delta and Home Depot, it's home to more and more international business." Four cities in the Lone Star State make the list. The Dallas-Ft. Worth metro area; Houston, just two spots behind it; Austin at No. 6; and San Antonio in the No. 10 spot. All three cities are benefiting from some positive Texan trends. "In Texas, it was a relatively mild recession," says Martinez. "All our projections are for quite a bit of growth. In terms of job creation, more people are moving out there, and families are getting bigger. The fundamentals for Texas are a lot stronger than those of other peer large states." Behind the Numbers To form our list, we looked at the country's 40 largest metropolitan statistical areas and applied seven metrics. Americans are living longer--the average life span has been increasing for a decade, rising from an average 76.5 years in 1997 to 77.9 in 2007, according a Centers for Disease Control and Prevention report released in August. As a result, retirees should be looking for reasonably priced homes that will appreciate in value. With this in mind, we looked at current median home price and five-year projected home price via data from Moody's Economy.com. We also included two important cost measures: median monthly housing expense from the Census Bureau and a cost of living index--for expenses unrelated to housing--from the Council for Community and Economic Research. Read the rest of the story and see the entire list on Forbes.com
by Shonda Novak Central Texas home sales rose 5 percent in January from a year ago, the Austin Board of Realtors reported Thursday. January's median sales price rose 1 percent to $179,250. Real estate agents sold 884 previously owned homes in January, compared with 840 the same month last year. There were 1,417 sales pending, a 7 percent increase from a year earlier. John Horton, chairman of the Board of Realtors, said January 2009 marked the low point of the current cycle. "With steady improvement throughout 2009 that continued in January 2010, we can see that we're one year into the recovery in Austin," Horton said. "What's most important about this is that it's the kind of recovery we want: one that is steady, stable and consistent." Throughout 2009, the volume of single-family home sales in Austin improved steadily, Horton said. In the first half of 2009, the gap in year-over-year sales narrowed consistently, reaching levels similar to those in 2008 during the summer peak, with the exception of a dip in August, Horton said. By fall, sales began outperforming 2008. They surged in October and November, spurred by the original deadline for the first-time homebuyer tax credit. In December, sales returned to a modest increase, rising 5 percent from December 2008, a growth rate that held last month. "We're already seeing positive signs in sales volume and price appreciation," Horton said. "Those factors, combined with the population growth and additional jobs economists expect for our area in 2010, bode well for the long-term value of Austin real estate." from Statesman.com
from Forbes.com Though home prices in many areas still have room to drop, economists say some of the country's real estate markets are showing early signs of repair. A two-year slide in values has eased its stomach-turning pace, and some analysts expect the national market to bottom out by mid 2010. That's the good news. But just as subprime lending, the housing bubble and the country's subsequent wave of foreclosures had distinct consequences in separate areas of the country, the recovery will also look dramatically different by region. When prices do rise, they'll inch, rather than soar, and some areas won't match their pre-bubble prices for a decade, according to home price forecasts by Moody's Economy.com. Read the rest of the article here
June home sales in Austin decreased four percent from one year ago, marking the smallest year-over-year percentage drop since July 2007. Austin real estate market continues forward momentum. According to the June 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of single-family Austin home sales in June 2009 was 2,135, down four percent from June 2008, and the median price was $199,900, unchanged from June 2008. "We've seen the year-over-year gap in sales volume for Austin real estate close steadily throughout 2009 and that momentum continues this month," said Jay Gohil, Chairman of the Austin Board of REALTORS®. Prices of homes in Austin have also continued to gain momentum from the beginning of the year. Over the first two quarters of 2009 (January 2009 to June 2009), the average sale price for a single-family Austin home has increased $20,824, while median sales price has increased $24,400. Also, from January 2009, sales volume is up 61 percent and active listings are up 14 percent. “This signifies a healthy Austin real estate market and good news for both local home buyers and sellers,” said Gohil. June 2009 Statistics • $537,981,570 was the dollar volume of single-family properties sold • $199,900 was the median price, unchanged from one year ago • 2,135 was the number of homes sold, a 4 percent decrease compared to June 2008 Visit AustinHomeSearch.com for more information on the Austin real estate market.
Posted by: gardnergroup in Property Value, General on
Jun 11, 2009
By Luke Mullins Luke Mullins - Tue Jun 9, 9:53 am ET With the decade winding to a close, Americans have grown increasingly reluctant to gas up their moving vans. Last year, the Census Bureau's national mover rate--which represents the percentage of Americans 1 year and older who moved within the past year--hit its lowest level since 1948, when the bureau began tracking the data. And who can blame us? In the face of a terrifying banking crisis, a historic housing crash, and a grueling recession, relocating to a new city isn't exactly on the to-do list. But despite the uncertain economy, the nation's diverse topography presents an enviable menu of great places to find work, retire, or just change your scene. In selecting our Best Places to Live for 2009, U.S. News took a thrift-conscious approach: We looked for affordable communities that have strong economies and plenty of fun things to do. The cities we selected are as distinct as America itself--ranging from a quaint suburb to a live-music mecca. But whether you prefer hiking through the Rocky Mountains, pulling a fish out of the Atlantic Ocean, or grilling hot dogs at a college football tailgate, here are 10 places that will fill up your daybook without emptying your wallet. Albuquerque, New Mexico Along the banks of the Rio Grande, with the Sandia Mountains in the background, is the beautiful city of Albuquerque, N.M. The sunny climate and endless landscape have long drawn writers, poets, and artists to this spot, which includes an unconventional mix of American Indian, Hispanic, and Anglo cultures. But it's not just freethinkers who drift to this Southwestern city of 511,000. Kirtland Air Force Base, Sandia National Laboratories, and Intel Corp. have helped develop the area into a manufacturing and research hub. They provide a stable anchor for the local economy. Albuquerque's clear skies, calm winds, and abundant sunshine present plenty of opportunities to explore its natural splendor. Each October, the Albuquerque International Balloon Fiesta fills the sky with more than 700 colorful hot-air balloons. Fourteen area golf courses are open year-round and allow duffers to tee off against spectacular backdrops of volcanoes and mountain peaks. Meanwhile, Albuquerque's foothills and network of trails make the area a wonderful destination for biking. Still, "it's kind of undiscovered at the same time," says Will McConnell of the Albuquerque Bicycle Center. Auburn, Alabama For Southern charm with collegiate vigor, consider Auburn, Ala. This diamond on the eastern Alabama plains has a population of just under 50,000 and is home to Auburn University. On football Saturdays, when die-hard fans arrive in droves to cheer their beloved Tigers, Auburn swells to the state's fifth-most-populous city. And as Auburn's largest employer, the university also plays a starring role in the local economy. With mild winters and hot summers, the city offers no shortage of outdoor recreation opportunities. Find a nice hiking trail in the 696-acre Chewacla State Park before cooling off with an afternoon swim. Take a stroll through the Donald E. Davis Arboretum, located on the Auburn University campus. Golfers can head to nearby Grand National golf course and wend their way through the state along the beautiful Robert Trent Jones Golf Trail. "Once you have been there, you just want to come back," says John Cannon, president of SunBelt Golf Corp., which manages the trail. Austin, Texas If you're a free spirit, music junkie, or barbecue lover--or if you simply have what it takes to "keep Austin weird"--Texas's state capital is for you. Considered ground zero for live music, this city of 716,000 residents is home to legions of musicians and nearly 200 performance venues. In addition, Austin hosts the always popular South by Southwest festival. Since its inception in 1987, the event has mushroomed from a local gathering to a 1,800-band, 80-stage extravaganza of music, filmmaking, and interactive activities featuring performers from all over the world. Austin is also a high-tech hub, with companies like Dell and IBM, which employ thousands of residents. The city's warm climate offers plenty of sunshine, while the open green spaces don't provide any excuse for staying indoors. Head over to Lions Municipal Golf Course for an inexpensive round. Wander through the 351-acre Zilker Metropolitan Park until you find Barton Springs Pool, a 3-acre water source fed by underground springs that keep its temperature around 68 degrees all year long. To escape the city, head for the nearby Hill Country. "It's rolling hills cut with lots of little creeks and streams," says Tom Beach, a sales clerk at Austin Canoe & Kayak. "It makes for a nice road trip." Boise, Idaho Although often overlooked, Boise, Idaho, is a terrific destination for those looking to escape out West. With a high-desert climate of sunshine, clear skies, and four distinct seasons, this city of 200,000 makes a perfect base camp for exploring southwest Idaho's dramatic panorama. Choose from the many nearby parks, which total some 2,700 acres, cast a fishing line into the Boise River, or head over to Boise State University for a Broncos football game. High-tech companies Micron Technology and Hewlett-Packard are among the area's leading private employers. To hit the thriving local arts scene, cruise downtown. Boise's free "Alive After Five" concert series brings musicians and other entertainers to the Grove Plaza each Wednesday during the summer. "It's harder to find a parking space after 5 than it is before 5," says Paul Hiller, the executive director of the Boise Valley Economic Partnership. "It's one of the most vibrant downtown areas you've ever seen." Durham, North Carolina Once a tobacco town, Durham, N.C., has evolved into a world-class center of all things advanced. This city of 206,000, located halfway between the Atlantic coast and the Great Smoky Mountains, is called the "City of Medicine" because of its expansive healthcare industry. And although widely known as the home of prestigious Duke University, it's also a thriving technology hub. At the same time, Durham's mild climate allows residents to get out and explore the region's abundant outdoor attractions. Consider hiking one of the many distinct trails and greenways or heading over to the Durham Bulls Athletic Park for an afternoon baseball game. La Crosse, Wisconsin With a population of about 50,000, La Crosse, Wis., is a great staging ground for exploring the natural wonders of the upper Mississippi River area. Although winters can be bitterly cold, friendly Midwesterners and the nearby ski slopes will keep your spirits high. The spring opens an active outdoor culture of camping, hiking, hunting, and fishing that brings more than a million visitors to the area each year. Explore the mighty Mississippi on a riverboat tour, or try your luck with the northern pike in Lake Onalaska. "Great people, fun town," says Dave Lueck, a 36-year-old graduate student at the University of Wisconsin-La Crosse. "It's not too big, not too small." And with a 2008 median home sale price of $113,000, it's also an affordable destination. Loveland, Colorado Located just outside the breathtaking Rocky Mountain National Park, Loveland, Colo., is considered the "Gateway to the Rockies." But while it has 27 public parks and nearly 16 miles of recreation trails, it's Loveland's affection for man-made beauty that sets this community of 56,000 residents apart. Thanks to its Art in Public Places program, more than 300 pieces of sculpture and two-dimensional works are on display throughout the community. And with a 2008 median home sale price of $186,000, the area's real estate market is relatively affordable. Loveland has also achieved acclaim for its Valentine remailing program, in which 200,000 cards are sent to the city to receive a special cachet stamp. "We've got a waiting list of over 50 people that are waiting to be stampers," says Kathryn Roth of the Loveland Chamber of Commerce. San Luis Obispo, California Tucked into California's sweeping Central Coast region is lovely San Luis Obispo, Calif. Its warm, gentle climate, with temperatures rarely surpassing 90 degrees, is perfect for hitting nearby beaches or touring local vineyards. In addition, California Polytechnic State University, which is located in town, infuses the community with intellectual energy. Although area home prices have fallen by as much as 35 percent over the past two years, the national housing bust may have also created another reason to make San Luis Obispo your home, says John Day, a local real estate broker. "There are just plain good deals" in the current market, he says. St. Augustine, Florida As the nation's longest continually inhabited European-founded city, St. Augustine, Fla., considers itself the oldest city in the United States. Founded in 1565 by Spanish Adm. Pedro Menéndez de Avilés, this community of 13,000 residents on Florida's northeastern coast has managed to maintain its colonial charm. Take the Castillo de San Marcos, for example. This remarkable stone-and-mortar fort is located right in the heart of St. Augustine's cobblestoned historic district. And even though 300 years of violent storms and enemy firepower couldn't penetrate its walls, visitors can enter the 20.5-acre monument site today for just $6. But St. Augustine's appeal extends beyond the history books. With a highly educated workforce, world-class golfing nearby--the immaculate TPC Sawgrass course is located just up the road--and that refreshing Atlantic breeze, this "ancient city" offers enough activities to satisfy even the most fanatical outdoor sports enthusiast. "Fishing, kayaking, boating--we have just about everything," says Donald Edwards, a clerk at the Avid Angler fishing shop. "I wouldn't live anywhere else." Upper St. Clair, Pennsylvania For a quiet residential option, consider Upper St. Clair, Pa. This quaint town of fewer than 20,000 residents is located in the hilly woodlands outside Pittsburgh, where the Whiskey Rebellion of the late 1700s was centered. The median home price of this family-oriented community was $240,000 in 2008. And its school system is superb: Ninety-eight percent of its high school graduates go on to college, and the Upper St. Clair school district currently boasts 10 federal government blue-ribbon "Excellence in Education" awards. After the spring thaw, residents head outside to enjoy the region's abundant greenery. "Pennsylvania is a fairly robust and rich place in terms of resources, if you just look a little bit," says Ed Di Gangi, the president of the Upper St. Clair Fly Fishing Club. In addition to fishing, popular outdoor activities include hiking, cycling, golf, and bocce. And with Pittsburgh about 10 miles away, residents of this small town are never too far removed from big-city comforts. "From here to a Pirates [baseball] game or here to a Penguins [hockey] game, it's 30 minutes or less," Di Gangi says. Here's our list of the 10 best places to live: 1. Albuquerque, N.M. 2. Auburn, Ala. 3. Austin, Texas 4. Boise, Idaho 5. Durham, N.C. 6. La Crosse, Wis. 7. Loveland, Colo. 8. San Luis Obispo, Calif. 9. St. Augustine, Fla. 10. Upper St. Clair, Pa. Consider this list a springboard to get you thinking about the qualities you're looking for in a Best Places to Live list of your own.
April sales highest since September but down 18 percent from a year ago. By Shonda Novak
AMERICAN-STATESMAN STAFF
Thursday, May 21, 2009 Austin-area home sales last month were the highest since September, and several agents said they're seeing signs the market is stabilizing. The Austin Board of Realtors said Wednesday that 1,601 single-family homes sold last month, with a median price of $189,000. Although sales were down 18 percent on a year-ago basis, board Chairman Jay Gohil said that was the smallest percentage decline this year. "With each month, the gap in sales volume from 2008 to 2009 is closing," Gohil said. The April percentage decline was half as big as the gap in January. There were 1,919 sales in the pipeline for May, the most since July, although they were down 9 percent from a year earlier. The median price was 1 percent higher than a year ago. R. Michael Brown, owner/broker of Avalar Austin, said the market in general seems to be picking up but cautioned that there were wide differences based on neighborhoods and subdivisions. "We're seeing a very nice ramp-up" in the market for homes priced between $300,000 and $600,000, where his company focuses, Brown said. That includes buyers of second homes in areas such as Lakeway and Lake Travis. "People are looking to park some money in a tangible asset that they can use and have some fun with," he said. But he said that getting approved for a mortgage remains a challenge for some prospective buyers, estimating that about 35 percent of his company's potential buyers encounter financing issues. The hitch is typically "the perceived stability of their job," Brown said, particularly if they work in a industry that's declining. In Austin, Jay Carter, an agent with LivingInAustin.com, said it seems to be a buyer's market for homes priced $350,000 and higher. In that price range, mainly in Central and West Austin, Carter said, "we're noticing homes sitting on the market a bit longer and where some asking prices are being dropped deeply and frequently." He said many potential buyers are "becoming convinced those prices have still further to drop. And I can't say I disagree with them." On the other hand, for houses under $250,000, "the market is incredibly intense and competitive," Carter said. He said the best homes in that category are attracting multiple bids after just a day or so on the market. "If you have a nice home within the city limits to sell for under $200,000, you're still finding lots of buyers at your doorstep," Carter said. "They're taking advantage of 4.75 percent interest rates and the $8,000 first-time buyer tax credit." Gohil noted that there is a 6.4-month supply of homes for sale, considered a balanced market between supply and demand. Brown said it's a good time to buy, with ample inventory to choose from and some sellers reducing prices, though he emphasized that buyers aren't likely to find fire sales. From the Austin American Statesman
Posted by: gardnergroup in Property Value on
May 22, 2009
Forbe's list of America's Best Bargain Cities based on average salary, annual unemployment statistics, the Housing Opportunity Index, and the cost of living: - Austin, Texas
- Phoenix, Arizona
- Washington, D.C.
- Fort Worth, Texas
- Cincinnati, Ohio
- Indianapolis, Indiana
- Columbus, Ohio
- Dallas, Texas
- Houston, Texas
- San Antonio, Texas
- Nashville, Tennessee
- Denver, Colorado
- Cambridge, Massachusetts
- Kansas City, Missouri
- Detroit, Michigan
Austin topped the list with high marks in all four indicators used by Forbe's, and 4 other Texas cities joined Austin in this National top-15 list: Fort Worth, Dallas, Houston, and San Antonio.
from Forbes.com Unemployment is on the rise, credit is tight and consumers aren't spending - which means they aren't picking up and moving much, either. Very few places in America saw significant population growth in 2008. Despite the overall economic slowdown, some parts of the country keep on moving ahead, attracting more and more newcomers - even if it's at a slower pace than in more sound economic times. These places still offer a semblance of stability, as well as great weather, cultural life and, in many cases, affordability. Behind the numbers
To determine the fastest-growing metro areas in the country, Forbes used 2008 population estimates for metropolitan statistical areas with a population of more than 1 million, released March 19, 2009, by the U.S. Census Bureau. MSAs are geographic entities defined by the U.S. Office of Management and Budget for use by federal agencies in collecting, tabulating and publishing federal statistics. Forbes then compared the 2008 population estimates to the previous year's data to see which areas had grown the most, percentagewise. The cities that made the list share similar qualities: more business opportunities, better weather and more affordable housing. The top three areas according to the data are Raleigh, N.C., ranking first, which jumped 4.29% to nearly 1.9 million; Austin, Texas, which came in second, with a 3.77% increase to almost 1.7 million; and Charlotte, N.C., which moved up 3.36% to 1.7 million. Click here to read more.
2009 Austin Area Market Update While homeowners nationwide have watched their home values plummet, the Central Texas real estate market has fared much better in comparison. Economic forecasters now say a looming housing shortage will increase real estate prices within the next two years. With the relatively healthy local economy encouraging continued population inflows to Austin, economic consultant Angelos Angelou forecasts demand to soon outstrip supply, a theory consistent with current real estate sales absorption rates. Angelou estimates newcomers move to Austin at a rate of approximately 42,000 per year. New residents coupled with a decrease in the number of new home starts locally may lead to a shortage over the next few years, he said. Three years ago, we were building at the pace of 18,000 a year, but last year, only 8,100 were built; this year, only 6,000 new homes will be built. Angelou said this is an ideal time to buy, and that current sellers may consider waiting for increased demand and prices in the upcoming housing shortage. Like in January and last fall, the number of transactions per month are still down as many borrowers face difficulty securing financing and investors wait for signs of confidence in the markets. Austin-area prices remain stable and affordable, and properties are selling, on average, after just 83 days on market. Stay on top of market trends and information with market insight (pdf) from Austin Title Company.
Posted by: gardnergroup in Property Value on
Oct 22, 2008
When it comes to getting the most for your money, Texas appears to have a lock on the country. The state's four biggest cities are among the top 10 on Forbes magazine's list of the best bang-for-your-buck places in the United States. And garnering the top spot-where the magazine says one's money goes the farthest-is Austin. San Antonio is ranked No. 2 on the list and Houston and Dallas rank 4th and 7th respectively. According to Forbes, "residents of both [Austin and San Antonio] enjoy affordable housing and promising prospects for job growth in coming years." Andrew Gledhill, an economist at Moody's Economy.com told Forbes that "Texas, as a whole, is one of the few economies that's performing extremely well because of the energy and technology sectors." The worst city for the value this year was Los Angeles, followed by Providence, R.I.; New Orleans; Philadelphia; and Cleveland. To rank the list, Forbes looked at projected job growth through 2012 in the 40 largest metro areas. Researches then calculated the ratios between each city's median home price and median income and compared that to Moody's cost of living index. Other factors included gas prices in each city and year-over-year inflation growth. From the Austin Business Journal
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