One of my blog readers emailed me a link to the following real estate yesterday. Thank you, Jim!
The article, provided by Fortune Magazine on CNNMoney.com, showcases the six cities that they’ve identified as the best real estate markets for deals.
In Miami, sales dropped 40% last year and prices are down 21%. Excess inventory is creating opportunity.
Las Vegas experienced a huge run-up several years ago, with annual price increases of 50% annually. Now being one of the hardest hit cities, prices have dropped over 22% in a year.
The Phoenix area (which includes Scottsdale, Mesa, Gilbert, Glendale, Avondale, and more) is next on the list. According to the article, home values have fallen an average of 8% and a rising foreclosure rate, but w know that in some areas priced have dropped 20-30%, or more.
San Diego has also experienced a drop of almost 10% in real estate prices over the past year. And now, home sale activity is picking up, and in some cases multiple offers are coming in on freshly discounted homes.
Tampa felt falling real estate values, too, 17.5% in the past year. With a strong local economy, it’s positioned for a recovery that may come earlier than in other markets.
And number six on the list is Denver, Colorado. Denver did not experience the big price run up, and so values have remained stable, and attractive. While the other five cities are all in the Sun belt, the article points out that some retirees are actually looking for an active moutain-oriented life style.
As time moves forward, all of these markets will recover, and getting started with your research now, will give you a head start, so that you can make your buying decisions, armed with current and complete market information.
I suggest contacting one of the following Realtors, if you are interested in learning about one of the markets outside the Phoenix area:
- Miami - Ines Hegedus-Garcia
- Las Vegas - John Novak
- San Diego - Kris Berg
- Tampa - Cyndee Hayden
- Denver - Kristal Kraft
7 responses so far ↓
1 Artur | Central Phoenix Real Estate // Jun 22, 2008 at 7:57 pm
It’s about time we started to hear some very belated good news.
2 Kris Berg // Jun 23, 2008 at 8:44 am
Thanks for the link, Dru! San Diego is indeed down, more so in some areas than others. Coastal communities are still holding tough, but there are values even there relative to prices a year or three ago. (By the way if anyone is thinking of coming to San Diego to escape the heat, you might want to wait until next week. We are feeling a little like Arizona today.)
3 Cyndee Haydon // Jun 23, 2008 at 9:02 am
Dru - thanks for the mention - we’re seeing lots of activity here lately - Tampa / Clearwater / St Pete have lots of shortsales and bargains so it’s still a great time for buyers and now prices are lining up with appraisals which is good. Beach property still dropping due to those who bought without the ability to hold on. I found over 20 bank owned / foreclosures on Clearwater Beach just this morning.
4 Dru Bloomfield // Jun 23, 2008 at 6:38 pm
Artur, I think we are all more than ready for some good news!
Kris, Amazing heat that you are having… I’ll be heading over your way to see my in-laws, once the real monsoon season hits here!
Cyndee, Your key thought (to me) was “ability to hold on”. So much of what we are experiencing could have been eliminated or minimized, if more thought had been given to consequences of a few worst case scenarios.
5 Ines // Jun 25, 2008 at 8:19 pm
Thanks for that awesome link love Dru! Miami is FULL of great opportunities now because of the amount of inventory and the amount of speculators than bought in pre-construction in 2004 and 2005.
someone’s misfortune ends up being someone else’s gain…is the fact of the market.
6 Lindsay // Jul 3, 2008 at 1:30 pm
Miami is the perfect place to buy right now, not to mention Ft Lauderdale
7 Dru Bloomfield // Jul 10, 2008 at 11:25 am
Ines - You are so right! Everything moves in cycles.
Lindsay - It’s good to know that Ft. Lauderdale has some opportunities, too.
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