Monday, November 26, 2007

Real Estate Values from Forbes?

Undervalued Markets?? Wow! Come to Myrtle Beach!

Forbes magazine has identified five cities where the economy is roaring but home prices are still moderate. MODERATE? By whose standards, I wonder?

You can buy one of the finest 2-3 bedroom Myrtle Beach oceanfront condos around for under a half million...WELL under, in many cases. I would say the average brand new North Myrtle Beach home about 3 blocks from the ocean will run less than $400K. Granted you aren't going to get a huge lot for that price...but who cares when you can walk to the beach?

Anyway, here is what Forbes considers a great bargain...

Charlotte, N.C.-Forbes says this is one of the cheapest markets in the country on a per-square-foot basis. It is a career hub, and the market is still strong there...but it's not a "pretty" place to live. Not unless you can afford to be on Lake Norman. And that is probably a good bit more than what Forbes says a typical four-bedroom, two-and-a-half-bath home on a quarter of an acre is selling for - about $550,000. Not my idea of living in paradise.

San Francisco-The technology and biotech sectors of the economy in the Bay Area continue to grow and there is no build up of housing inventory here. A typical four- bedroom, two-bath home sells for about $800,000. Now they have beauty...but all those HILLS! And if you are morally objectional to alternate sexual lifestyles, this won't be your favorite place...:-)

Seattle missed the condo boom because multi-family residential construction was slow in Seattle in 2002 and 2003. Now, Seattle condo real estate values are climbing at the fastest pace of any condo market in the country, according to Radar Logic, a real estate research firm. An attractive two-bedroom, two-bath, downtown condo property with panoramic views of city and Elliott Bay is selling for about $1 million. Now...let's take into consideration that you will spend over half the year enjoying rainy weather. And the winters are brutal. And I swear, I read somewhere many years ago that something like 80% of all the serial killers that are known are from Seattle!

Boston-The housing market in the trendy Back Bay has slowed, while Boston’s downtown and waterfront areas are attracting buyers interested in living near its booming tech businesses.
A one-bedroom, one-bath condo with a view of Boston Harbor sells for less than $650,000.
One bedroom for $600K???? Yikes! And I'm not sure about this, but it seems like I remember hearing the crime rate in Boston is nothing to twirl a switchblade at. And those cold winters??

New York City-
Donald Trump was recently on the Larry King Live show...and Trump elaborated on how Manhattan is in a world of its own as far as the real estate market is concerned. He says it's hotter than a firecracker right now. Forbes says a condo in a pre-World War I building with two bedrooms and one bath in the Financial District is selling for about $750,000. OUCH. But I guess if you enjoy a place like New York, and you have to work there, that's pretty good news. I guess...

Now, how about the closest thing to Paradise if you don't count Florida and some of the Caribbean Islands? Myrtle Beach is the place, compared to what I've read above. Our market is slow right now...all the better for a smart buyer! But you can have a luxury oceanfront penthouse in the fanciest Myrtle Beach resort for about the same price as that 2 bedroom yucky building that overlooks a dirty sidewalk in New York.

You can wake every morning to the salt air and the seagulls calling, too. Granted we don't have the nearby techo-jobs that pay in the 6 figure ballpark. But our cost of living is less. And there are plenty of jobs if you've a mind to look.

And if you can't afford a half million dollars, find a nice 3 bedroom home 3 or 4 rows off the boulevard and move in for around $300,000. Move out a mile from the beach and get a beautiful golf course condo from $100K to $250K. Look hard and you can find a one bedroom around for under a hundred thousand.

Our winters are mild. Our summers are HOT. Our springs and falls are heavenly. I think we've got attractions that rival anywhere except maybe downtown Manhattan.

Maybe the Forbes people need to pay us a visit!

Source of figures: Forbes, Matt Woolsey (11/13/2007), and (11/26/2007).
Opinion by Myrtle Beach Web Design

No comments: