Austin Real Estate Scene

The magazine Business 2.0 has published its list of the top 10 places to invest in real estate in the next 12 months….Austin isn’t on the list yet….but I still like Austin’s stable growth over the next year. Because employment is down and the builders are only slightly overbuilding. THey haven’t been too zealous yet with building as constructions costs have remained high and available land in central austin is scarce so it’s kept prices high. Most of the building is happening on the outskirts of Austin, like Round Rock, Cedar Park, Leander, Pflugerville, and in Hays County. My recommendation if you want to buy investment property you need to look in Central Austin because that’s where the best appreciation is going to be over the next 5 years. You can figure on appreciation being about 6-8% a year and that doesn’t take in the rate or inflation. Some areas will have higher appreciation then others and you’ll need to consult with your Realtor about those areas.

Top 10 Cities: Where to Buy Now

1. Panama City, Fla. “Panama City is an economy waiting to break out,” says Steven Cochrane, chief regional economist for Moody’s Economy.com.
2. Vero Beach, Fla. A Manpower Employment Outlook Survey predicts growth in construction, manufacturing, and retail jobs too.
3. Bridgeport, Conn. “Bridgeport has fixed the corruption,” says Norman Feinstein, a principal with New Jersey-based Hampshire Funds. “The local government is pro-development, and buildings are being rehabbed.”
4. Lakeland, Fla. Lakeland is just 30 minutes from Tampa, a juggernaut of 2.7 million people that’s projected to add almost 210,000 more residents over the next five years.
5. McAllen, Texas 85 percent of the population is Latino and they are enjoying improved economic status, creating pent-up demand for nicer homes.
6. San Luis Obispo, Calif. The last semi-rural stretch of central California coastline, and it’s also home to the state’s rising star of wine production.
7. Wilmington, N.C. Highway construction has opening this area of the coast, bringing vacationers from other parts of North Carolina.
8. Manchester, N.H. Within commuting distance of Boston, without the cost.
9. Fort Collins, Colo. An outdoor paradise with lots of high-tech jobs, good schools and low crime.
10. Atlanta Bruce Katz, head of the urban development program at the Brookings Institution, says Atlanta is “sprawl on steroids.”
    
    Source: Business 2.0 (11/01/2006)