http://moneycentral.msn.com/content/Banking/Homebuyingguide/P138237.asp
Note: Pensacola, Panama City & Ft Walton
Note: Pensacola, Panama City & Ft Walton
National Home Overvalue Rankings
- Thread starter JBB
- Start date
-
Trouble logging in? Send us a message with your username and/or email address for help.
Whatever. I love it here. Even if I subtract the amount by which my house is overvalued, I'd still make a nice profit. That is, if i wanted to sell, which I don't.
I feel sorry for the flippers, especially one of my relatives who bought right at the peak of the dizzying rise in property values here.
I feel sorry for the flippers, especially one of my relatives who bought right at the peak of the dizzying rise in property values here.
Do you have more on the data they used? National City operates in the upper Midwest, and nothing in their market is on the list. The vast majority of the markets are coastal, second home areas. Also, National City has not been performing well and is planning layoffs, so I'd take this with a grain of salt.
Last edited:
To add to 6thGen's point:
This home value ranking is meaningless if it is based on the relationship of local family earnings ( in FWB/Pensacola) to the average cost of a home in a housing market significantly impacted by so many owners from substantially higher income areas such as Atlanta.
The great number of expensive second homes/condos bought by wealthy out of town residents would significantly scew the data. This would result in a misrepresentation of the real cost of a typical home purchased by the average resident of our area.
This home value ranking is meaningless if it is based on the relationship of local family earnings ( in FWB/Pensacola) to the average cost of a home in a housing market significantly impacted by so many owners from substantially higher income areas such as Atlanta.
The great number of expensive second homes/condos bought by wealthy out of town residents would significantly scew the data. This would result in a misrepresentation of the real cost of a typical home purchased by the average resident of our area.
Workforce housing is starting to become a real issue. It's not good when cops, schoolteachers, and nurses are having v. hard times finding a place to live.
Having said that, I'm wondering about their methodology. They mentioned they used population density as part of their calculation, but I suspect that they just used total number of square miles of land in each metro area. Florida has a lot of non-buildable land- it's government owned, covered by conservation easements, or is unbuildable for ecological/environemntal reasons. These days, it's hard to get approvals for new large developments in South Florida because it would involve going past urban growth boundaries and into the Everglades. Ft. Walton Beach is essentially built out within 30 miles of the coast; probably 95% of the land south of I-10 that isn't part of Eglin reservation has been developed.
And Walton County has a huge amount of land unavailable for development once you account for the Air Force, state parks & forest, and large scale conservation easements.
Pensacola, IMO, made the list because of Ivan- so many homes were damaged and destroyed by the storm that prices on undamaged homes jumped in pretty impressive ways.
Having said that, I'm wondering about their methodology. They mentioned they used population density as part of their calculation, but I suspect that they just used total number of square miles of land in each metro area. Florida has a lot of non-buildable land- it's government owned, covered by conservation easements, or is unbuildable for ecological/environemntal reasons. These days, it's hard to get approvals for new large developments in South Florida because it would involve going past urban growth boundaries and into the Everglades. Ft. Walton Beach is essentially built out within 30 miles of the coast; probably 95% of the land south of I-10 that isn't part of Eglin reservation has been developed.
And Walton County has a huge amount of land unavailable for development once you account for the Air Force, state parks & forest, and large scale conservation easements.
Pensacola, IMO, made the list because of Ivan- so many homes were damaged and destroyed by the storm that prices on undamaged homes jumped in pretty impressive ways.
Just goes to show you can't believe everything you read.
The media is dead set on spinning things whichever way they need to in order to support their cause, and the cause that's en vogue is being as bearish as possible on the national RE market. No originality out there- they all latch on to the same topic and beat it into the ground!
The media is dead set on spinning things whichever way they need to in order to support their cause, and the cause that's en vogue is being as bearish as possible on the national RE market. No originality out there- they all latch on to the same topic and beat it into the ground!
The Orlando Sentinel did a hatchet job piece about the Gulf Coast this past Sunday. The paper printed a rather large verticle black and white photo of Pensacola Beach bay front homes that intimated this to be oceanfront property that was badly eroded. I believe little of what I read today, only after I consider the angle being offered.GreenWaveDave said:
6thGen said:
No Kidding!!
The vast majority of the overvalued area are in coastal, second home markets because that's where all the speculation created unrealistic prices. No Midwest markets are on the list because there wasn't a speculative runup in prices over the last few years. The list makes perfect sense in light of the facts.