Real Estate Network

Posts Tagged ‘Cities’

Indian realty is on all time high with tremendous developments taking place all around the country. After saturation of land in metro cities, property developers are on their way to exploring the next potential realty hubs. They have been rapidly developing tier-II and tier-III cities while considering tier-IV cities at the same time.

The rapid developments in Indian cities have led to a lot of modernization instantly. Tier-I and tier-II cities are now almost choked with land expansion and consequent construction. Subsequently, these places have become crowded with more and more people settling down in them day after day. This urbanization has forced people to look out for avenues that offer peaceful and tranquil living. And there can be nothing better than the holy cities of Mathura and Vrindavan.

The demand for property has been rising in holy cities like Mathura and Vrindavan as people hunt for serene surroundings. Smaller cities are now witnessing fast paced growth in terms of real estate developments across all the sectors-residential, commercial and retail. As and other cities became unaffordable, the focus of both property developers and property investors shifted to these religious places, offering scope for realty expansion.

The twin cities of Mathura and Vrindavan draw thousands and lakhs of devotees every year being important holy cities for Hindus across the world. They are among the hottest tourist destinations that are now ready to develop international living standards. They are attracting home seekers who want to own apartments or flats for a peaceful life without compromising on modern amenities. Both the cities of Mathura and Vrindavan are attracting various developers from across the country to meet the growing housing demands.

The twin cities are welcoming lots of development on the residential and commercial front as property builders on local as well as national levels get ready to construct infrastructures. With the emerging interests of various local and national real estate players like Shri Group, Triveni, Space Buildwell, Tarang, Suncity Projects, Prabhatam Buildwell, etc., real estate in Mathura and Vrindavan are all set to reach new unthinkable heights soon.  

It is interesting to know about the property trends followed in the country finally bringing attention to such smaller cities.

Real estate in Delhi and major metros was so fully developed that both the industries and the common had to search for options outside. This is what opened doors for swift growth of suburbs of major cities like Delhi and Mumbai.

An IT wave rushed through these suburbs namely Gurgaon, Noida, Greater Noida, Faridabad and Ghaziabad. A huge round of commercial and industrial growth took place while raising the need for housing spaces. When residential meets were also met, the status of Gurgaon as a realty destination escalated high. Now became unaffordable and cluttered making people look for quieter yet full equipped housing.

This search for peace and contentment landed people in holy Mathura and Vrindavan. The presence of several ‘ghats’ along the Yamuna with beautiful temples makes both the cities a good holiday destination as well. In order to satisfy the aspirations of the home seekers, both local developers and others also set their foot in by launching various residential projects.

Above reasons make it clear how a quite, relaxed city like Mathura caught attention of property developers and property buyers. Lives have become so hectic and so unnerving that people are left looking for serene environs with a spiritual touch. Mathura and Vrindavan meet both the requirements, thus, becoming promising realty destinations for many.

Coming in at number one for the most over valued real estate is…..”drum roll please”……. Naples Fla. Eighty four percent of homes in Naples were valued over a fair market price, according to statistics by Richard Dekasser of National City Group in 2006. The local chamber of commerce along with local real estate agents dispute this report (imagine that). Now, four years later Naples real estate sells for a thirty percent discount. The average homes in 2006 were selling for $ 380,000 and are now valued around $ 150,000 are the statistics gathered in 2010 from National City Group.  Real estate in 213 cities was considered over valued in 2006, now just 87 cities are considered over valued. What a difference four years can make.

Today Atlantic City Nj is the most over priced city in the US at 30.2 percent over fair market value. A close second place, coming in at 28.9 percent is Wenatchee Wa. The third most over priced city is Ocean City Nj. Las Vegas on the other hand, currently has the most under priced real estate in the country at 41.4 percent under market value. Looking for a good place to invest in real estate? Las Vegas might be the place for you to get the best ROI (Return On Investment) with the most under priced houses in the country. Don’t like Vegas? That’s ok neither do I, how about Vero Beach Fla? Vero Beach has the second most under priced homes in America at 39.8 percent. Third is Merced Ca at 37.7 percent followed by Cape Coral Fla at 36.8 percent.

All of these statistics were determined by local interest rates, comparing median home prices, population income and densities over time. Location. location, location, is also an important factor when determining value. For example, a house in downtown Detroit doesn’t have the same appeal as say a house in San Diego Ca. San Diego has great year round weather and beaches and Detroit has bitter cold winters and no beaches. Research shows that when you get a housing bubble burst, you just don’t go back to normalcy, you go beyond to undervaluation. Some reasons for this are due to builders making huge profits in  area run ups. They start making these profits and the builders over build resulting in an excess of inventory that brings down the price of real estate (supply and demand). Also, psychologically, people lose confidence in the market and stop buying homes when they see or experience the drastic drop in the  value of real estate. Four years ago, mortgage companies  were writing mortgages to anyone and everyone who wanted a home whether they could afford it or not. Now lenders aren’t approving these mortgages and are much more restrictive than before due to the colapse in the economy. All of these factors contribute to less people buying realestate, thus driving the price of homes down.

Here’s a list illustrating the most over valued homes in 2006 and 2010.

Metro areaMedian home pricePercent overvalued 2010Percent overvalued 2006Atlantic City, N.J. $ 232,100 30.2%59%Wenatchee, Wash. $ 240,900 28.9%13%Ocean City, N.J. $ 294,800 26.6%47%Longview, Wash. $ 184,700 22.3%24%Honolulu, Hawaii $ 605,300 21.9%31%Asheville, N.C. $ 172,900 21.8%24%Portland, Ore. $ 267,600 20.8%35%Bellingham, Wash. $ 280,200 20.0%43%Corvallis, Ore. $ 266,400 18.9%14%Salem, Ore. $ 201,000 18.2%25%Source: PNC Financial Services and IHS Global InsightMetro areaMedian home pricePercent undervalued 2010Percent undervalued 2006Las Vegas, Nev. $ 129,700 -41.4%38%Vero Beach, Fla. $ 123,300 -39.8%54%Merced, Calif. $ 102,300 -37.7%77%Cape Coral, Fla. $ 118,700 -36.8%52%Houma, La. $ 116,200 -34.6%-1%Port St. Lucie, Fla. $ 115,600 -33.3%72%Warren, Mich. $ 117,500 -32.3%15%Vallejo, Calif. $ 196,900 -31.9%53%Modesto, Calif. $ 138,700 -31.8%67%Stockton, Calif. $ 145,100 -31.8%72%Source: PNC Financial Services and IHS Global Insight

Here is a list illustrating the most undervalued homes in 2006 and 2010.

Metro area Median home price Percent overvalued 2010 Percent overvalued 2006 Atlantic City, N.J. $ 232,100 30.2% 59% Wenatchee, Wash. $ 240,900 28.9% 13% Ocean City, N.J. $ 294,800 26.6% 47% Longview, Wash. $ 184,700 22.3% 24% Honolulu, Hawaii $ 605,300 21.9% 31% Asheville, N.C. $ 172,900 21.8% 24% Portland, Ore. $ 267,600 20.8% 35% Bellingham, Wash. $ 280,200 20.0% 43% Corvallis, Ore. $ 266,400 18.9% 14% Salem, Ore. $ 201,000 18.2% 25% Source: PNC Financial Services and IHS Global Insight Metro area ▼ Median home price Percent undervalued 2010 Percent undervalued 2006 Cape Coral, Fla. $ 118,700 -36.8% 52% Houma, La. $ 116,200 -34.6% -1% Las Vegas, Nev. $ 129,700 -41.4% 38% Merced, Calif. $ 102,300 -37.7% 77% Modesto, Calif. $ 138,700 -31.8% 67% Port St. Lucie, Fla. $ 115,600 -33.3% 72% Stockton, Calif. $ 145,100 -31.8% 72% Vallejo, Calif. $ 196,900 -31.9% 53% Vero Beach, Fla. $ 123,300 -39.8% 54% Warren, Mich. $ 117,500 -32.3% 15% Source: PNC Financial Services and IHS Global Insight

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The price of housing is a major challenge in the United States. Some estimates note that more than 50% of the population cannot afford a median priced home. According to National Association of Home Builders (NAHB), of the total number of new and existing homes sold nationwide during the third quarter, only 40.4 percent were affordable for families earning the median U.S. income of $59,600.
But it is good news that housing affordability on the national level has not changed much in the third quarter in spite of a rise in the mortgage interest rates during the last quarter. This was because many markets saw a slight decrease in their home prices, which helped offset the rise in mortgage rates.
Indianapolis (Indiana) is the most affordable city for homes in America, based on the 2006 third quarter report of the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The city achieved this status for the fifth consecutive quarter.
Of the total number of housing units sold in Indianapolis during the third quarter, 86 percent of homes were priced at or below the U.S. median household income of $65,100. Homes in this metro area had a median sales price of $122,000, which is slightly higher from $120,000 of the previous quarter.
It is interesting to note that the most affordable U.S. cities for homes, condos and other real estate are largely from the northern industrial metro areas. The other larger cities that top the list for affordable homes in the third quarter after Indianapolis are Youngstown-Warren-Boardman (Ohio-Pennsylvania); Detroit-Livonia-Dearborn (Michigan); Buffalo-Niagara Falls (New York); and Grand Rapids and Wyoming (Michigan).
The report also lists the top seven smaller cities in America that have the most affordable housing markets. These are: Bay City in Michigan, Springfield in Ohio, Mansfield in Ohio, Lansing-East Lansing in Michigan, Lima in Ohio, Battle Creek in Michigan and Canton-Massillon in Ohio.
For both major metros and small metros, many of the least affordable cities are located in California. The least affordable major metro areas are Santa Ana-Anaheim-Irvine, Modesto, Stockton, and San Diego-Carlsbad-San Marcos, in that order. The least affordable smaller metros (less than 500,000 people) include: Salinas, Merced, Madera, Napa, and Santa Barbara-Santa Maria.
The good news for homebuyers is that there are many affordable cities in the United States. Moreover, even for cities that rated poorly for affordability, there may be some communities within the larger city that have affordable housing. For example, although the San Diego metro in California rated poorly overall for affordability, there are some communities in San Diego priced to meet the needs of lower-income home buyers. A good real estate agent can help you choose a community where you want to live based on your housing budget and needs.

Eager to know the top cites in America where one can safely invest? Here are the best real estate markets in the entire country according to a recent report from Business 2.0 Magazine. The November 2006 edition of the magazine lists the top ten cities that are ideal to buy a home. These are – Panama City and Vero Beach in Florida, Bridgeport in Connecticut, Lakeland in Florida, McAllen in Texas, San Luis Obispo in California, Wilmington in North Carolina, Manchester in New Hampshire, Fort Collins in Colorado and Atlanta in Georgia. The report cites the appreciation rates of home prices projected over a period of five years.
Florida enjoys the status of having three of the top four cities to invest in. Panama City, which tops the list of best places to buy real estate is expected to have a real estate appreciation of 72% over the next five years. Major real estate development projects such as the building of a new airport and low property prices are expected to boost the economy and the housing market.
Vero Beach, projected to have an appreciation of 64%, comes second for its excellent weather, low property taxes and a lower cost of living. Lakeland, with a 59% projected gain in home prices is a tempting option with homes selling for a fifth less than the national median price.
Buying a home in Bridgeport, CT is a bargain now with median home prices at a very low $280,000 compared to the rest of the Fairfield County. Home prices in McAllen, TX which holds the fifth place, are expected to soar by 57%.
It is estimated that homes in the McAllen, TX area may appreciate 57 percent with an increase in the median home price from $70,000 to $109,000.
Homeowners making an investment in San Luis Obispo, California, today, are expected to get a good appreciation (40%) on their homes over the next five years.
The median home price in Wilmington, NC is expected to increase to $297,000 by 2011, up from the current price of $217,000, an increase by 37%.
Manchester, NH, which has twice been rated as the ‘best place to live’ in America by Money Magazine, sits at eighth place with an expected appreciation of 35%.
Fort Collins and Atlanta follow in the ninth and tenth places of top cities for real estate investment in the USA. Fort Collins, one of the most popular cities in America, has been ranked as the ‘No.1 small city’ this year by Money Magazine. Recent price reductions in the housing market makes ‘now’ the best time to buy a home or condo in this city with an estimated property appreciation of 28%. Atlanta is poised for a significant appreciation too with an expected rise of up to 24% in home prices over the next five years.
So, if you are a prospective homebuyer set to take a plunge into any of the top ten real estate markets, it is the right time to enlist the services of a good real estate agent who can guide you through the complicated home buying process.

Buying a home is a big-time real estate investment and has to be done with great prudence. Knowing where not to buy a home is as important as are the dos and don’ts of buying a home.
Of the many top ten lists on CNNMoney.com, there is listed the top ten overvalued cities in America where it is better not to buy a home for the next two years or so. The report states a variety of reasons for the unfavorable market conditions.
Five cities in California – Bakersfield, Fresno, Merced, Sacramento and Stockton, figure among the top ten cities that have the least possibility of home price appreciation. Home prices have reached a new high (by nearly 60%) in these areas over the past two years. With an economy driven by agriculture and relatively higher unemployment rates anticipated for that area, the real estate market is predicted to slump in the region.
Although three cities in Florida are recommended as good real estate buys, the report also cites four others in Southwest Florida that fall among the very bottom of the list. With home prices here expected to plummet very soon, cities like Fort Myers, Naples, Punta Gorda and Sarasota are those that one would do best to avoid for a year’s time or so, while buying a home or a condo.
Market prices are expected to decline in the Jersey Shore (New Jersey) area that saw a radical boom in the last two quarters. Although home prices in the third quarter have rebounded from the slight drop during the second quarter, the bubble is expected to burst soon and the overpriced market is likely to stabilize. The popular seaside cities of New Jersey, Atlantic City and Ocean city are anticipated to fall under the unfavorable list.
In Phoenix, Arizona, a hot favorite among investors last year, sliding home prices may to be an unavoidable occurrence in the next 12 months. With home prices dropping by more than $100,000 in some residential developments and investors trying to sell off their property, it is safer to wait for a year or longer before investing here.
Economists at Moody’s Economy.com also predict a sharp decline in Riverside and San Bernardino counties, California’s Inland Empire.
The bottom ten cities that are likely to see major drops in median home prices during the coming year are Stockton, (leading the list with a predicted fall of 9.7%), Merced, Reno/Sparks, Fresno, Vallejo/Fairfield, Las Vegas, Bakersfield, Sacramento, Washington, D.C and Tucson.
Given these fluctuating real estate market conditions, one should exercise a great deal of caution when investing in real estate. It makes sense to get the expert advice of a real estate agent to advise you about your next home purchase, since agents often have access to the most up-to-date real estate market data and neighborhood pricing trends.