Five cities that are investment worthy
The residential real estate sector is struggling and economists differ on when a recovery is in sight, with every decision being made in Washington having a major impact on housing. There is not a consensus on where investors should sink their money, but with low interest rates and low home prices with deals to be made, some hotspots are emerging.
California vs. Texas
Real estate investment specialist Jeff Brown compared the markets of California and Texas today, noting that his California firm is pulling money out of California now and investing in Texas. He told us today via phone that despite his loyalty to his home state of California, there is no state better suited for investment right now.
CondoDomain.com claims five cities are superior
On the heels of Brown’s opinion on Texas is CondoDomain.com’s President Hoyt Morgan’s bold claims of five cities that are prime for real estate investment despite a choking housing sector.
Morgan notes that the five cities named are not based on scientific study, rather locations where he believes that “the current opportunity is especially strong. My opinions are based on a combination of data, our agent experiences and client sentiment.”
In first place, Morgan names Washington, D.C. as the top investment opportunity. Some of the reasons listed are low inventory, low unemployment, high employment turnover, a high rent-buy discrepancy, low time on market and high demand. Our reports confirm the value of D.C. as one of the only cities to consistently outperform all others in home price values.
Second, Morgan names Miami, FL due to the softening of the American dollar empowering foreign buyers, growing amenities, low prices and no personal income tax. In third place, Morgan names New York City, noting its unique nature, pointing out pockets of opportunity.
Coming in fourth is San Francisco, given high demand on premium real estate in the landlocked location, while Morgan notes the investment hotspot is the city specifically, not necessarily the entire Bay Area.
Rounding out the top five is Los Angeles, CA, citing signs that the city has hit bottom and is poised to rebound (the perfect time to invest). Based on future prospects and a growing scene, L.A. finishes CondoDomain.com’s top five investment hotspots.