13 Riskiest Real Estate Market - Sarasota, Florida is not on the list
Off the list
You’ll be glad to read the Kiplinger’s Personal Finance list of the nation’s 13 riskiest housing markets and see that Sarasota-Bradenton-Charlotte is not on it.
“Soaring prices and the emergence of a generation of wet-behind-the-ears real estate investors stoke fears that the boom is turning into a bubble that will burst,” says the report, released this afternoon.
“Another reason for concern: the growing number of houses bought as investments: nearly one-fourth of purchases over the past year were investments, and they’re concentrated in a few markets. ”
Here’s the list, with the probability of a decline in prices over the next two years rated as a percentage:1. Boston, 53 percent (the area has lost 200,000 jobs since 2000 and home prices remain high); 2. Los Angeles, 40 percent; 3. San Francisco, 40 percent; 4. Sacramento, Calif., 40 percent; 5. Providence, R.I., 39 percent (no population or job growth); 6. Detroit, 38 percent (auto sales are awful); 7. New York City, 31 percent; 8. Minneapolis-St. Paul, 25 percent; 9. Fort Lauderdale, 23 percent; 10. Denver, 21 percent; 11. Washington, D.C., 19 percent; 12. Miami, 18 percent; 13. Tampa-St. Petersburg, 14 percent.
The problem in the Florida markets, says Kiplinger’s, is that investors are jacking up prices to the point retirees can’t afford them.
From the Sarasota Herald Tribune:
http://www.sarasotaherald.com/apps/pbcs.dll/section?category=BLOG12
Investors are not the only ones making the prices go higher. Retirees and people planning on retiring in the next few years are also big buyers in this market.
You’ll be glad to read the Kiplinger’s Personal Finance list of the nation’s 13 riskiest housing markets and see that Sarasota-Bradenton-Charlotte is not on it.
“Soaring prices and the emergence of a generation of wet-behind-the-ears real estate investors stoke fears that the boom is turning into a bubble that will burst,” says the report, released this afternoon.
“Another reason for concern: the growing number of houses bought as investments: nearly one-fourth of purchases over the past year were investments, and they’re concentrated in a few markets. ”
Here’s the list, with the probability of a decline in prices over the next two years rated as a percentage:1. Boston, 53 percent (the area has lost 200,000 jobs since 2000 and home prices remain high); 2. Los Angeles, 40 percent; 3. San Francisco, 40 percent; 4. Sacramento, Calif., 40 percent; 5. Providence, R.I., 39 percent (no population or job growth); 6. Detroit, 38 percent (auto sales are awful); 7. New York City, 31 percent; 8. Minneapolis-St. Paul, 25 percent; 9. Fort Lauderdale, 23 percent; 10. Denver, 21 percent; 11. Washington, D.C., 19 percent; 12. Miami, 18 percent; 13. Tampa-St. Petersburg, 14 percent.
The problem in the Florida markets, says Kiplinger’s, is that investors are jacking up prices to the point retirees can’t afford them.
From the Sarasota Herald Tribune:
http://www.sarasotaherald.com/apps/pbcs.dll/section?category=BLOG12
Investors are not the only ones making the prices go higher. Retirees and people planning on retiring in the next few years are also big buyers in this market.
posted by Marc Rasmussen at
8:31 AM
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