CNN Money - Sarasota, Florida is 28% Undervalued
Posted by Marc Rasmussen on Wednesday, January 27th, 2010 at 6:41pm.
CNNMoney.com had an interesting article today about the most over valued and under valued real estate markets in the United States. You can read the article here or check to see the most over valued and under valued cities list.
Sarasota, Florida was the 18th most undervalued city in the U.S. They figure that we are 28% undervalued. In 2006 CNNMoney.com had a similar article stating that Sarasota was 56% overvalued.
10 most under valued cities
1) Las Vegas, Nev.
2) Vero Beach, Fla.
3) Merced, Calif.
4) Cape Coral, Fla.
5) Houma, La.
6) Port St. Lucie, Fla.
7) Warren, Mich.
8) Vallejo, Calif.
9) Stockton, Calif.
10) Modesto, Calif.
18) Sarasota, Fla.
10 most over valued cities
1) Atlantic City, N.J.
2) Wenatchee, Wash.
3) Ocean City, N.J.
4) Longview, Wash.
5) Honolulu, Hawaii
6) Asheville, N.C.
7) Portland, Ore.
8) Bellingham, Wash.
9) Corvallis, Ore.
10) Salem, Ore.
Inventories continue to decline, sales are rising. Expect to get 5%-10% off of the list price. On average, single family homes are selling for 94% of list price while condos are selling for 93% of list price.
If we can help you buy or sell give us a call at 941.812.6272.
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Send to Friend2 Responses to "CNN Money - Sarasota, Florida is 28% Undervalued"
This was an interesting article. One quote in particular resonated with me:
"I've done some research that shows when you get a bubble, you don't just return to normalcy," he added. "You go past normalcy for a long period of undervaluation."
This sure seems to reflect what has happened in a number of markets. This effect can be seen in a number of Case-Shiller graphs that show home values have dropped below the long-term appreciation trends.
Case in point: http://www.arizonarealestatenotebook.com/2009/04/30/phoenix-case-shiller-home-price-index-february-2009/
Posted on Friday, January 29th, 2010 at 6:08 AM.
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Posted on Thursday, January 28th, 2010 at 5:47 PM.