Today’s Best & Worst Real Estate Markets
May 10, 2008
According to Money Magazine, some real estate markets will continue to experience prices free falling over the next 12-18 months before bottoming out. On the flip side of that forecast they’ve also published the fastest growing real estate markets in the nation. Even as prices continue to deflate, there are actually areas that have appreciated in value and continue to post gains.
For the sake of this blog I’ll save the best for last.
5 markets that are forecast for steep losses over the next 12 months:
Miami, FL -24.9%
Ft. Lauderdale, FL -22.2%
Orlando, FL -21.0%
Phoenix, AZ -18.3%
Las Vegas, NV -18.3%
It may be worth noting that 4 of these have enjoyed an average 60% increase in prices over the past 5 years. The exception being Miami where the 5 year price change was indicated at a mind numbing 94.8%. Areas of California also made it into the top 10 but South Florida clearly leads the way in this forecast in both time and money. For example, the forecast puts Miami bottoming in the 2nd quarter of 2010. Oh well that’s right around the corner isn’t it? Think about what you’ve experienced in your life since May 2006 and that may help put it into some perspective.
Now for anyone who may want to consider looking up, take a look at these.
5 fastest growing real estate markets 12 month forecast:
McAllen, TX (4.0%)
Rochester, NY (2.7%)
Birmingham, AL (2.7%)
Syracuse, NY (2.6%)
Buffalo, NY (2.4%) includes Niagara Falls
Again worth noting is the fact that these areas have enjoyed more modest 5 year price gains of 25% on average.
This type of gain, for a long term investor is remarkable. Together with all of the benefits of investing in real estate long term it’s what’s always made real estate investment so intriguing. The differences here are that one forecast is factual resulting from fantasy and the other from reality.
George Sinacori is a Licensed Real Estate and Mortgage Broker in Florida. Practicing and investing in residential real estate in South Florida since 1990. Previously involved in residential, commercial and business investments in NY, he presently operates GES Real Estate, LLC a discount real estate brokerage in South Florida. He is a military vet. He holds a bachelor degree in business management.
GES Realty LLC is small and experienced with 4 broker/agents in 3 counties including himself.
Contact him at 877-566-2430 or 561-306-6736. You can reach George on the web at www.ges-realty.com
You can also email George at george@ges-realty.com
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