Thread: Housing Markets Across the US

Cool! Nice to know I paid -1% fair value.

"The most underpriced market is Salt Lake City, where houses sell at a 23 percent discount to what National City deems the "correct" price. "

I'm not feeling so cool......

Funny, none of New Hampshire's metropolises were included.

Dave

Interesting chart. Miami is listed at +23%. We have to consider Key West in relation to that figure, by adding about 25% to it (from what I see in the papers) for 23+8=31%.

I bought my home in 1999 for about 150k. Today I could sell it in a week for 450k. That equates to about a 20% increase per year, compounded. That is, 1.20 raised to the 6th power equals 3, which is the ratio of 450 to 150.

Another way to look at it is 450-150=300 divided by 72 = $4100 per month, average, over the last 72 months. Since it costs me around $1600 per month, it is a wicked investment. It justifies the heavy expenditure in maintentance down here, and allows the house to pay for the upkeep of the house through judicious cash-out refi's. *smile*

I am from Syracuse NY which is way down on the list in negative territory. I can testify that if the rest of those cities are like Syracuse, you don't want to live there. As it turns out I went to grad school in Salt Lake and I really liked it there.Maybe things have changed in the valley?

Dave

On my short bike ride to work -- a great commute along the seawall -- I counted eight properties being renovated, added on to, or torn down and rebuilt. This what happens when you live in one of those communities in the plus range: it is worthwhile to maintain and improve, and a virtuous cycle comes about. I lived for three years in Jackson KY in the heart of Appalachia before moving here. In Jackson no one maintains or improves because it doesn't pay, you get only 75 cents back on the dollar invested.

Here are some stats from the this morning's paper: Jan1 to Apr18 2005, 278 properties sold;total dollar volume $252,390,357; average sales price $907,878; days on market 133. Comparable figures for 2004: 322; $222,150,550; $689,908; 144.

See how the average price went up 30%?

Dave

Greetings from the valley.

Interesting article, which is more recent, about the increase in our home values.

http://deseretnews.com/dn/view/0,1249,600115618,00.html

Since you went to school here in the valley I presume you are familiar with South Mountain? Word went out the they are building another one of those really big buildings that starts with a "T" up on South Mountain. Immediately the cost of real estate in that area doubled. Lots went from $150K to $300K.

Can't place South Mountain offhand. We lived by the capital where I worked for the Water Resources Board while I was in school. Loved City Creek canyon, the Cottonwood canyons, etc. For others reading, that's what you do in SLC --go up the canyon to a friend's cabin, or just pull off anywhere and get your feet wet. Nice and green up there in the hills.

You got me thinking, what begins with T? A temple? Not ski resort but that would be good for land values I'd say.

Dave

National trends may halt US home price gains-study
Mon May 2, 2005 07:47 PM ET
WASHINGTON, May 2 (Reuters) - Recent accelerated gains in U.S. house prices after years of rises suggest that national factors such as a jump in interest rates could stop the housing boom in its tracks, a study by government economists said on Monday.

http://us.rd.yahoo.com/mymod/hdln/z/...2297626_newsml

It's up in the Draper foothills; east of Point of the Mountain. Near the spot where they do hang gliding.

The canyons are wonderful! There's a great hike to a waterfall up at Sundance. And the tram at Snowbird is fun in the summer. There are so many places to visit; just throw a picnic in the car and head for the mountains. One of my favorite places is the Mirror Lake area. City Creek is just a half mile from where I work. I just got off the phone with someone who lived in the avenues at the time of the tornado.

http://www.zillow.com
tends to be the tax valuation in florida...still kinda neat!

BUMP>>>

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