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Friday, 26 June 2009
Daily Real Estate News | June 22, 2009
More Signs of a Real Estate Turnaround
Housing confidence is up amid increasing evidence that the market is turning around.
The Adversity Index from MSNBC.com and Moody’s Economy.com reported signs of a turnaround in 33 of the nation’s metro areas.
While that’s less than 10 percent of all metro areas, it’s still significant, says economist Andrew Gledhill of Economy.com. "There are signs out there that builders are growing modestly more confident about their prospects,” he says.
Vallejo, Calif., where housing starts are up 440 percent compared to a year ago, leads the list of improving metros. In Longview, Tex., housing starts increased 263 percent. Others metros at the top of the list are Lawrence, Kan.; Ann Arbor, Mich.; Kokomo, Ind.; and Clarksville, Tenn.
Housing prices are also increasing in 140 metro areas compared to a year ago. The greatest increase was in Elmira, N.Y., where prices were up 10 percent compared to a year ago.
Source: MSNBC, Bill Dedman (06/19/2009)
Tuesday, 23 June 2009
For those of you looking for a new experience in Alaska, I highly recommend the Peterson Bay Lodge and Oyster Camp in Kachemak Bay. We recently returned from our second trip to this lodge with our family and had an incredible three night stay in their well appointed eco-cabins spread around their property right on the water. With a huge Deck overlooking Peterson Bay we enjoyed sunsets, fires, fresh cooked meals, roasted marshmallows, and the company of great friends. There are four heated eco-cabins with electricity, a separate lodge with full cooking and refrigeration facilities, a wood fired sauna, and shower facility. Enjoy hiking, sea kayaking, clamming, and learning about oysters. One of our favorite Alaska experiences. Check out their website at www.PetersonBayLodge.com and tell Gary and Debbie that we gave you our recommendation.
Sunday, 21 June 2009
We are pleased to offer you the services of Skip Minder, formerly of Alyeska Real Estate and now with RE/MAX of Alyeska, in Scottsdale, Arizona. Skip is the Owner/Broker of Reliance Real Estate as he now spends the majority of the year in Scottsdale where he is available to help you acheive your real estate goals in Maricopa County. For Skip's assistance, he can be reached at 480/289-8031.
Thursday, 18 June 2009
We are pleased offer to you the services of George McCoy, formerly of Alyeska Real Estate and now with RE/MAX of Alyeska, in Las Cruces, New Mexico. George is now spending a significant amount of time in Las Cruces and is available to help you achieve your real estate objectives in the Las Cruces area. Licensed with Las Cruces Fine Properties, you can find information about the area and about the area's real estate on George's website at www.LasCrucesNMRE.com .
Tuesday, 16 June 2009
The Top 10 Housing Markets for the Next 10 Years
Home prices in these 10 cities will appreciate handsomely over the next decade
Posted June 4, 2009
With home prices at the national level down a painful 32 percent from their 2006 peaks, it's easy to overlook real estate's benefits as a long-term investment. But the truth is, despite the ongoing housing bust, the overwhelming majority of America's real estate markets will appreciate over the next 10 years—although some more handsomely than others. "In the long run—subtracting from the ups and downs of the business cycle—house prices should grow at the rate of household income," says Mark Zandi, chief economist at Moody's Economy.com. "If people's incomes are rising, then they will buy more housing and house prices will rise." Income growth, in turn, is linked to the strength of the area's economy. Moody's Economy.com sifted through employment and population data and analyzed geographic and industry trends to generate 10-year home price projections for each of the nation's 384 distinct metropolitan statistical areas—everywhere from Abilene, Texas, to Yuma, Ariz. Using these data, U.S. News compiled a list of the top 10 housing markets for the next 10 years.
The neighboring cities of Bremerton and Silverdale, Wash., are located on the Kitsap Peninsula, a slip of land surrounded by more than 300 miles of coastline in lovely Puget Sound. Although the Pacific Northwest greenery is enticing, it's the cities' stable economies that should drive home price gains in the coming years. A large military presence—of the U.S. Navy in particular—helps insulate the local economies from volatility. Meanwhile, the nearby cities of Tacoma, Wash., and Seattle provide additional employment to the area's roughly 240,000 residents. "About a third of the community works [in either Tacoma or Seattle]," says Silvia Klatman, executive director of the Bremerton Area Chamber of Commerce. "And a little bit more than that actually work...for the military." Silverdale's 2008 median home sale price was $266,500. Moody's Economy.com expects home prices in the Bremerton/Silverdale area to increase by an average of 5.2 percent annually from the fourth quarter of 2008 through the same period of 2018.
At the foot of the Adirondack Mountains of New York you'll find Glens Falls. With attractions like beautiful Lake George just a short drive away, tourism has long played a key role in the local economy. But the area, which has about 130,000 residents, is also considered "the catheter valley" on account of its thriving medical device manufacturing industry. Companies like Covidien, AngioDynamics, and C. R. Bard have outposts in the area, which has also become a popular lower-cost alternative to nearby Saratoga County, N.Y., and a bedroom community for the state capital of Albany. In recent years, downtown Glens Falls has attracted an impressive amount of private-sector investment, says Todd Shimkus, president and chief executive of the Adirondack Regional Chamber of Commerce. "It is staggering to see $65 million for a new wing of a hospital, $17 million for new library, $25 million for a downtown townhouse project, $4 million for a corporate headquarters for Barton Mines, $3.5 million for a theater downtown, [and] $500,000 for a downtown park," he says. The 2008 median home sale price was $185,000 for Warren County, where Glens Falls is located. Home prices in the area will increase an average of 4.7 percent a year over the next 10 years, Moody's Economy.com projects.
Not far from Colorado's breathtaking Rocky Mountain National Park are the neighboring cities of Fort Collins and Loveland. Thanks to university research, local support, and private investment, this area of roughly 300,000 residents is evolving into a leading center for traditional and renewable energy, says Brian Willms, the president and CEO of the Loveland Chamber of Commerce. "We have this fantastic wind corridor to produce wind energy, over 300 days of sunshine a year—so it's a great place for solar energy—and we have some of the most productive natural gas reserves in the country," he says. "And with all of the research and development taking place here, it's a perfect culmination for a new energy economy." Fort Collins's 2008 median home sale price was $212,000. Home prices in the Fort Collins/Loveland area should rise an average of 4.1 percent annually over the next 10 years, Moody's Economy.com projects.
With about 48,000 residents, Corvallis is nestled in the natural splendor of Oregon. Since it is home to Oregon State University as well as numerous public agencies, about a third of the area's workers are employed by the government, says Mysty Rusk, the president of the Corvallis-Benton Chamber Coalition. At the same time, this intellectually curious university town has long possessed a creative, entrepreneurial spark. "We have the highest [number of] patents per capita in the United States," Rusk says. And although large companies like Hewlett Packard and Samaritan Health Services are among the area's leading private employers, the community doesn't forget about the little guy. The local chamber of commerce plays an active role in helping entrepreneurs turn their ideas into payrolls. "We have hundreds of little startups," Rusk says. Corvallis's 2008 median home sale price was $245,000. Area home prices should increase an average of 4 percent annually over the next 10 years, Moody's Economy.com projects.
If moose sightings are more your style, check out Anchorage, Alaska, where Moody's Economy.com projects that home prices will appreciate by an average of 3.8 percent a year over the next 10 years. The real estate market in the Duluth, Minn., area is expected to post similar gains of about 3.7 percent annually. Home prices near Sandusky, Ohio, are also expected to increase an average of 3.7 percent a year over the next 10 years. That's only slightly ahead of the Santa Fe, N.M., area's projected 3.6 percent annual gains. The revitalization of Pittsfield, Mass.'s, downtown district could help area home prices rise an average of 3.5 percent a year over the next 10 years. Meanwhile, Decatur, Ill.'s, development into a green energy hub should help its housing market post roughly 3.4 percent annual gains, according to Moody's Economy.com.
Here's the projected average annual percent change in home prices from the fourth quarter of 2008 to the fourth quarter of 2018:
1. Bremerton-Silverdale, Wash.: 5.22 percent
2. Glens Falls, N.Y: 4.71 percent
3. Fort Collins-Loveland, Colo.: 4.06 percent
4. Corvallis, Ore.: 3.95 percent
5. Anchorage, Alaska: 3.8 percent
6. Duluth, Minn.: 3.74 percent
7. Sandusky, Ohio: 3.66 percent
9. Pittsfield, Mass.: 3.51 percent
10. Decatur, Ill.: 3.44 percent
Wednesday, 10 June 2009
Daily Real Estate News | June 9, 2009
Housing to Drive Economic Stability in 2010
The Chicago Federal Reserve surveyed consumers in the Midwest region and concluded that there will be economic growth in 2010, but joblessness will remain a problem.
The Fed forecast predicts that real gross domestic product will grow by 3.2 percent in 2010 after a decline of 1.8 percent this year.
The 2010 recovery is likely to be driven by spending on residential properties, as well as an increase in industrial production, says William Strauss, senior economist at the Chicago Fed.
Housing starts were projected to fall to 530,000 units in 2009 from 900,000 in 2008, and to rebound to 740,000 in 2010.
Source: Reuters News, Ros Krasny (06/08/2009)
Friday, 05 June 2009
Daily Real Estate News | June 4, 2009
The Two Latest Signs Housing Is Recovering
Here’s more evidence that the housing market is recovering.
Two major home builders, Toll Brothers Inc. and Hovnanian Enterprises Inc., say their losses were shrinking compared to last year because buyers are coming back to the market.
Other encouraging news came from HIS Global Insight, a research firm, which said home prices fell on average at an annual rate of 2.2 percent in the first quarter in 199 of 330 metropolitan areas. That compares with a 12.5 percent decline in the fourth quarter of 2008 in 312 metropolitan areas.
"While it's too early to see a bottom of this housing downturn," the report said, the latest data "may signal that the market is beginning to stabilize."
Source: The Wall Street Journal, James R. Hagerty and John Spence (06/04/2009)
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