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Top 10 Most Undervalued Cities in Florida

Posted by Benjamin Dona on Thursday, December 9th, 2010 at 4:36pm.

Top 10 Most Undervalued Cities in FloridaAccording to the newly released 2010 report compiled by IHS Global Insight and PNC Financial Services, here are the top ten most undervalued cities for home prices within the state of Florida.

The rankings were derived from comparisons of median home prices, population densities and income, and historical premiums or discounts that the areas have exhibited in the past. In their January 2006 report, Naples was deemed most overvalued, with 84% of homes valued over the fair market price. Today, Naples real estate sells at a 29% discount and the median home price is just $165,500, down from more than $390,000 four and more years ago.

Florida's Most Undervalued Cities

Top 10 Most Undervalued Cities in Florida
City Median Price % Undervalued
Vero Beach $123,300 -39.8%
Cape Coral $118,700 -36.8%
Port St. Lucie $115,600 -33.3%
West Palm Beach $164,400 -30.3%
Naples $165,000 -29.0%
Sarasota $133,900 -28.0%
Punta Gorda $110,400 -27.8%
Palm Bay $118,400 -24.4%
Ft. Lauderdale $148,000 -24.3%
Ocala $98,600 -17.5%

Nationwide, 242 of 330 markets are considered priced below fair market value. Las Vegas was ranked number one with properties selling at a 41.4% discount and a median home price of $129,700.

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About the Author

Gulf Coast Associates, RealtorsBenjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955


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6 Responses to "Top 10 Most Undervalued Cities in Florida"

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Posted on Thursday, December 9th, 2010 at 8:35pm.

Top 10 Best U.S. Retirement Destinations - Gulf Coast Associates' Blog wrote:
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Posted on Saturday, December 18th, 2010 at 7:17pm.

Ron in Dunedin wrote:
Interesting seeing Cape Coral in the list. My parents used to live in the Cape and when they passed away we had to sell their house. In 2006, we had it appraised at $260,000. When we finally sold it about a year or so later, we were happy to get $140,000. Cape Coral has been the top city for foreclosures many times over the last few years so I imagine the prices have really crashed.

Posted on Saturday, December 18th, 2010 at 8:15pm.

Anita - Warner Robins, GA wrote:
No doubt this is directly affected by the tremendous number of foreclosures Florida has been hit with. There are certainly deals to be had...but at what short-term/long-term expense to the housing market?

Posted on Friday, December 31st, 2010 at 3:14pm.

Benjamin wrote:
Culling the dead wood IMHO!

Plus, it gives an opportunity to those who may never of had a chance to get a little piece of paradise for their own.

Posted on Saturday, January 1st, 2011 at 3:04pm.

Josh Malone - Spring Hill, TN wrote:
Unbelievable market down there! Lived there 8 of the last 10 years and the Naples was so expensive and by many considered over valued, but now I think their is no doubt that Naples and most of South Florida presents some of the best real estate opportunities around.

Posted on Tuesday, February 1st, 2011 at 1:29pm.



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