Top 15 Worse Housing Market which will continue tanking even in 2012:
AN OPPORTUNITY PERHAPS FOR THE MONIED VULTURES OUT THERE??
#15 Prescott, Ariz.
Median home price today: $170,000
Median home price in 2012: $146,000
#14 Salinas, Calif.
Median home price today: $247,000
Median home price in 2012: $211,000
#13 Pensacola, Fla.
Median home price today: $142,000
Median home price in 2012: $120,000
#12 Cape Coral, Fla.
Median home price today: $100,000
Median home price in 2012: $83,800
#11 West Palm Beach, Fla.
Median home price today: $212,000
Median home price in 2012: $177,000
#10 Punta Gorda, Fla.
Median home price today: $135,000
Median home price in 2012: $111,000
#9 Orlando, Fla.
Median home price today: $155,000
Median home price in 2012: $126,000
#8 Atlantic City, NJ
Median home price today: $220,000
Median home price in 2012: $179,000
#7 Fort Lauderdale, Fla.
Median home price today: $203,000
Median home price in 2012: $165,000
#6 Gainesville, Fla.
Median home price today: $175,000
Median home price in 2012: $142,000
#5 Phoenix, Ariz.
Median home price today: $144,000
Median home price in 2012: $115,000
#4 Ocean City, NJ
Median home price today: $305,000
Median home price in 2012: $242,000
#3 Miami, Fla.
Median home price today: $190,000
Median home price in 2012: $145,000
# 2 Las Vegas, Nev.
Median home price today: $153,000
Median home price in 2012: $112,000
#1 Naples, Fla.
Median home price today: $260,000
Median home price in 2012: $196,000
FEI ( For everyone’s Info ), I took a trip to Las Vegas two weeks ago and what did I see?? Groups of Chinese businessmen being toured around Las Vegas by REAL ESTATE AGENTS.
I spoke to one of these agents and they tell me that these Chinese are here to look into buying property and renting them out. Imagine buying a property for $100,000 and renting it out for say $800/month. That’s like putting money in a bank for 8% interest every year.
The agents tell me that this has been happening for over a year now and Las Vegas is not the only place where the Chinese are visiting... Arizona is the other.
Like it or not, the foreigners are coming here to OWN parts of America.
Ocean City NJ. Interesting. I may scoop one of those up. I would imagine next winter would be the best time.
Looks like a lot of retirees are taking in the shorts.
Since you posted the article, I'll deffer to your opinion, but I remember the same thing being said about the Chinese in the 1980's.
I would suspect China will suffer the same sorry fate.
If they buy at $100,000 and the value further depreciates to $75,000, and there is no one around to rent them; just how good of an investment is it?
The fuel of the boom years in Las Vegas was construction; a sector that will be dead for the foreseable future in Vegas.
Remember when some Japanese bought the Pebble Beach resort? They got killed when they finally bailed out. Investing in Las Vegas is not much different in concept.
>>Groups of Chinese businessmen being toured around Las Vegas by REAL ESTATE AGENTS.<<
Reminds me of the 1980’s, when everyone thought that Japan was buying out the US. The problem with being number 2 is that it DEPENDS on number 1 (the US) being strong. If the US goes down, so do you.
It would be interesting to see what would happen if the US stopped buying Chinese goods. I think I may get to see in a year or two. At least for the most part.
http://www.chicagobreakingnews.com/2010/11/path-to-citizenship-beckons-cash-to-mchenry-county.html
In return for kicking in $500,000 apiece, foreign investors in the project would jump to the head of the nation's often-tangled line for legal immigration and win a route toward U.S. citizenship for themselves and their families.
“#4 Ocean City, NJ”
I blame “The Jersey Shore” TV show.
You don't have much experience in the commercial real estate business, do you? Do you understand the difference between gross and net income? CRE investment does provide interesting tax advantages (the purchase price can be amortized over the economic life of the property, deferring income tax liabilities), but I think it is safe to say that the operating expense of a single family property (real estate taxes, insurance, maintenance and repair) exceeds $400 per month. Therefore, the real cap rate is more like 3% or 4% rather than 8% in your example.
What will our dollar be worth in 2012?