Bargain Homes Best Places to Still Invest in 2007
December 19, 2006
A recent report from Business 2.0 Magazine, based on Moody’s research, cited 10 cities as the h4est markets to invest in between now and the end of the decade.
Some of these towns have also been featured in Bargain Homes own research articles and investment recommendations, and current foreclosure listings indicate that they are indeed undervalued markets that are poised to grow both in popularity and quality of life amenities.
In Florida:
Lakeland:
A major developer intends to construct more than 1,000 homes in and around Lakeland within the next two years to capture the area’s latent investment potential. About 1,000 pre-foreclosures/foreclosures in the vicinity can be found on Bargain Homes, including about half a dozen houses right in Lakeland for under $75,000. One is a 2-1 listed for just $25,000.
Panama City:
Panama City is projected to gain as much as 72 percent in return on investment, thanks to a new airport, more visitors, and housing prices that are currently under-priced.
Bargain Homes shows, for instance, a three-bedroom/two-bath for $12,100; a three-bedroom/ two bath in nearby Southport (just one zip code digit away) for $6,000; and numerous large homes in the $80,000 to $175,000 price range.
Vero Beach:
Another diamond in the rough in terms of its investment potential is Vero Beach. This Florida coastline town north of Miami has long been desired not only by outsiders, but by longtime Florida residents, for its amenities, location, investment value, and abundance of privacy and peace and quiet.
Bargain Homes has 400 homes listed as pre-foreclosures/foreclosures in the vicinity of Vero Beach. Expand the search within 60 miles, and you’ll find more than 1,000 pre-foreclosures in beach communities including Melbourne, Fort Pierce, Port St. Lucie, Vero Beach, and West Palm Beach. A representative sample includes a two-bedroom/one-bath for $25,000; vacant lots for as little as $3,400; a two-bedroom/two-bath for $70,000; and a 3-bedroom for $76,500.
Even on prestigious Ocean Blvd. in West Palm Beach there are upscale home of the rich and famous listed in foreclosure. Several in the $500,000 to $1,500,000 range look like excellent buys for beachfront mansions and luxurious resort properties.
Bridgeport, CT:
As high-income executives based in NYC migrate closer to retirement - and farther away from the hustle and bustle of the Big Apple, Bridgeport should become a popular destination. Close to the city but still small enough to enjoy the amenities of a small town, Bargain Homes shows that Bridgeport now has at least 36 foreclosures, including a six-bedroom/three-bath home for only $125,000.
McAllen, TX:
35 foreclosures in the area are listed on Bargain Homes, including more than a dozen for under $50,000. Meanwhile McAllen is bursting at the seams with an upwardly mobile demographic. As incomes increase, people in this border town will demand a more luxurious quality of life, and real estate prices will be pushed higher for any property within a reasonable distance of McAllen. But for now, prices are still affordable enough to offer some strategic investments for powerful upside gains in equity and market value.
San Luis Obispo, CA:
Southern California is home to one of the wealthiest populations of Baby Boomers, and those who live in San Luis Obispo are opposed to letting their town become over-developed. If they succeed in limiting the number of new homes that can be constructed there, the demand for housing will cause a steady increase in the value of existing homes. For the time being, San Luis Obispo and other California cities are suffering price depreciation because of the recent burst of the real estate bubble. While this condition won’t last long, Bargain Homes currently shows 152 pre-foreclosures and 10 foreclosures in San Luis Obispo. These figures indicate pressure that will cause the number of foreclosures to expand steadily into 2007, even if real estate in the area rebounds.
Manchester, NH:
Northern New England’s largest metropolitan area, Manchester has repeatedly been named as one of Money Magazine’s “Best Places to Live”. And it is within driving distance of Boston, where real estate is exorbitantly priced. The Manchester area has about 70 listings on Bargain Homes, including a Manchester home for only $113,500.
Fort Collins, Colorado, and Atlanta, Georgia were also included in the Business 2.0 Top 10 list, and we have covered them extensively in other Bargain Homes articles. Not only are the two cities highly ranked by “Best Of” ranking services, they also rate as two of the hottest foreclosure markets in the entire USA.