Naples and Sarasota Named to Top 5 List of Most Undervalued U.S. Cities
Posted by Benjamin Dona on Wednesday, August 12th, 2009 at 2:09pm.
In a recent independent national poll conducted by IHS Global Insight Regional Estate Service, two destinations in Florida appeared in the top five most undervalued places to live in the United States.
The first Florida destination to appear in the poll is the cosmopolitan, quaint, and cultural city of Naples. Known as the "Crown Jewel" of the Southwest Florida gulf coast, Naples offers residents plenty of golf, beaches, and fishing in an enchanting and sun-drenched environment. And, after home prices plummeted by nearly 50% from the first quarter of 2006 to the first quarter of this year, real estate in this upscale community looks increasingly tempting to buyers. IHS Global Insight considers the median home price in Naples to be $200,000 or 33% undervalued.
Second on the list from Florida was Sarasota - a relatively upscale artistic community providing residents clean air, fabulous beaches, and a great climate all accentuating a vibrant lively recreational and cultural city. Home prices plunged by 44% from the first quarter of 2006 to the first quarter of 2009 and the market now offers would-be buyers with some very attractive opportunities. IHS Global Insight now considers the average price in Sarasota to be $141,000 or 28% undervalued.
To pinpoint the nation's most undervalued housing markets, IHS Global Insight's first-quarter 2009 House Prices in America report used household income, population density, and other data to compare a market's actual value with where it should be on a statistical basis. They then used employment, quality-of-life, and other research to determine America's best undervalued places to live.
|Share Our Post:|