Archive for category Real Estate
5 Cities Where Home Prices Will Rise
Posted by enrique s in Links, Real Estate on September 23rd, 2009
Photo by nDevilTV
Economists are saying that some of the country’s real estate markets are showing signs of recovering. Yahoo! Finance says that they expect the national market to bottom out in 2010. You can read the original article by clicking the link:
Where Home Prices are Likely to Rise
While these cities won’t experience exponential growth, at least there’s a tick upward, rather than down. Better than Moody’s prediction of a 16.08% nationwide decrease by the end of the year. And things don’t improve that quickly, either. They don’t expect a return to the pre-crash levels until 2014.
If you live in Florida, you probably will continue to see prices drop. The article cites overbuilding and a slow-growing economy as the obvious reasons. Contrast this with cities in Texas, where tougher zoning laws prevented overbuilding. The loss of population and jobs has hurt the Midwest, and Detroit has its own problems related to the auto industry.
Without further ado, here’s the list of the early risers:
Atlanta, GA
1 year change, 2009: -14.91%
3 year change, 2009-2012: 0.98%
5 year change, 2009-2014: 11.35%
Austin, TX
1 year change, 2009: 0.29%
3 year change, 2009-2012: -1.54%
5 year change, 2009-2014: -1.01%
Baltimore, MD
1 year change, 2009: -13.32%
3 year change, 2009-2012: -3.33%
5 year change, 2009-2014: 9.22%
Boston, MA
1 year change, 2009: -9.75%
3 year change, 2009-2012: 4.48%
5 year change, 2009-2014: 20.44%
Charlotte, NC
1 year change, 2009: -8.15%
3 year change, 2009-2012: 3.54%
5 year change, 2009-2014: 12.20%
Wow, a 20% growth in Boston! I was hoping for some good news in the New York area, but it seems our pain is just beginning. We’ll only expect a 4% growth over the next 5 years. I’m glad we’re not planning on moving anytime soon.
How about your area? Click on the following link to see a complete list that Forbes.com has put together:
In Depth: Where Home Prices Are Likely To Rise
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Top 5 Least Stressful Cities
Posted by enrique s in Links, Real Estate on September 9th, 2009
Photo by vramak
Forbes.com recently listed America’s most stressful cities. You can follow the link to the original article through Yahoo! Real Estate. The factors taken into account were unemployment rates, cost of living figures, median home price drops, population density, sunny and partly sunny days, and air quality. Today, I’ll present the flip side to yesterday’s list. Here’s the top five least stressful cities:
Austin
Austin ranks as the least stressful city of the 40 largest metropolitan statistical areas we examined. It has a year-over-year median home-price drop of only 1%, and an unemployment rate of 7.1% as of June. It also had the lowest population density. Maybe a little too sleepy for me.
San Antonio
San Antonio’s sunny weather, high air quality and an unemployment rate in June of 6.9% are just a few of the factors allowing its population to beat stress. Good hoops team, too.
Nashville
Nashville, America’s home of country music, has the lowest cost of living of the 40 metropolitan statistical areas we measured. That combined with its good weather–208 sunny and partly sunny days in 2007–and high air quality bring the stress level down. My musical tastes are more Led Zeppelin than Tim McGraw, so this one is a no-go for me.
Dallas
Dallas, the country’s fourth-largest metropolitan statistical area, ties with Kansas City, Mo., as the 36th most stressful city. Factors helping its case are its relatively low median home-price drop of 5%. The city’s economy, based on banking, energy and transportation, saw an unemployment rate of 8.2% in June. I’m a New York Giants fan, so the only thing that I like from Dallas is Stevie Ray Vaughn. Next.
Kansas City
One factor helping residents of Kansas City beat stress is its low population density of 256 people per square mile. It also ranks in the bottom 10 for stress relating to a year-over-year median home-price drop of 9.2%. I visited KC about 20 years ago, and there were no people walking on the sidewalks. Maybe they saw me coming. 
Looks like I’m stuck in stressful old New York. A little stress can be a good thing if channeled properly. How stressful is your city? What do you do to cope with the stress?
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Top 5 Most Stressful U.S. Cities
Posted by enrique s in Links, Real Estate on September 8th, 2009
Photo by pasotraspaso
Forbes.com recently listed America’s most stressful cities. You can follow the link to the original article through Yahoo! Real Estate. The factors taken into account were unemployment rates, cost of living figures, median home price drops, population density, sunny and partly sunny days, and air quality. We have a repeat winner as the most stressful U.S. city. Here’s the top five:
Chicago
Yes, the Windy City retains its crown. With an 11% unemployment rate in June, the second-worst air quality in the country, and a population density of 1,342 people per square mile, the windy city tops the list. Being a Cubs fan carries its own stress. Wait ’till next year!
Los Angeles
Despite its warm weather, Los Angeles proves to be the second most stressful city due to its population density of 2,732 people per square mile and its fourth- highest cost of living. It ranks eight in year-over-year median home-price drop, at 34.1%. Those wildfires can’t be helping, either.
New York
The Big Apple takes the No. 1 spot for both cost of living and population density, at 2,762 people per square mile. As the nation’s largest metropolitan statistical area, it ranks as the fifth-worst city in terms of air quality. Unemployment, however, was below the national rate at 8.8% in June. At least we have the Yankees.
Cleveland
This not-so-sunny city, with only 162 sunny days in 2007, saw an unemployment rate of 10.1% in June. It ranks in the top 10 for both year-over-year median home price drop and population density, at 1,060 people per square mile. The Cavaliers are the only bright spot this year.
Providence
Providence, tied for fourth place with Cleveland, Ohio, ranks as the fifth worst city for employment, with the unemployment rate up to 12.1% in June. It ranks tenth for cost of living and thirteenth for population density at 975 people per square mile. And no pro sports teams. I guess there must be plenty of Red Sox fans living in Providence.
So there you have it, the top five most stressful cities in America. Tomorrow, I’ll bring you their least stressful counterparts. Stay tuned.
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Top 10 Home Deals Across America
Posted by enrique s in Links, Real Estate on July 22nd, 2009
CNNMoney recently listed ten great home buys from across America. Some of these look like they could be good deals, but be forewarned: many of these “deals” look like the typical McMansion that got us into this subprime mess in the first place.
I’ve created a table of the homes for sale, which you can enlarge by clicking on the thumbnail below:
I know my wife would kill for an extra bathroom, but do you really need 5 and a half? I guess if you have the money to burn, then $2.2 million is a bargain at a 12% savings. Call me a cheapskate, but I think you could probably do better sifting throught the foreclosure market for some real bargains.
Home prices in my area have dropped over 8% since this time last year, and 18% over the last three years. How have the prices in your area changed?
Follow me on Twitter: CorpBarbarian
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25 Affordable U.S. Towns
Posted by enrique s in Links, Real Estate on July 21st, 2009
CNNMoney recently published a gallery of 25 affordable U.S. towns. You can read the original article here. The thing that they have in common: they are located in the middle of the country, and not even remotely near either coast. No surprise there. The gallery was nice to look at, but since I’m a numbers guy, I’ve put together a table, with the median home price and median family income for each. I’ve also included a column that shows the median home price as a percentage of median family income:
As you can see by the list, these affordable towns aren’t evenly distributed throughout the country; they’re concentrated in the Midwest. The final tally shows:
- Two states had 5 cities listed (Michigan and Indiana);
- Texas had 4 cities, many in proximity to Houston;
- Ohio had 3 cities;
- Three states had 2 cities on the list (Nebraska, Tennessee, and Wisconsin;
- Iowa and Kansas had one each.
So, the top 25 affordable towns are located in only 9 states. Here’s a crude map showing the cluster:
That doesn’t say much for the other 41 states that didn’t make the list. While I wasn’t expecting any coastal towns to make the list, I was surprised at the absence of towns from the South. I was also surprised that many of the Michigan towns were near Detroit, given the state of the auto industry.
These towns really are affordable. I can see where the home prices would allow young people to settle in the area where they grew up, unlike most places along the coasts. I can tell you, no decent house in my area goes for even twice my annual income. That’s even factoring in foreclosures.
What about you? Do you live in an affordable area? Or are you like me, surrounded by neighbors in underwater mortgages?
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