In the March 14, 2008 issue of the RealEstateJournal.com section of the Wall Street Journal, there’s an excellent article by Jeff Opdyke about housing values RealEstateJournal.com. Check it out...
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Mr. Opdyke illustrates the difference a zip code can make in the same geographic area. In the San Francisco / Oakland / Silicon Valley area for instance, Saratoga’s median price is $1,565,000 – down 7% from last year and 19 miles down the highway Menlo Park’s median price is $1,480,000 and it is up 18%, over last year’s first quarter.
The article also points out [as is usually the case] … there are areas experiencing tough price declines, and other areas that are holding their own including the Holladay area of Salt Lake:
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“Newly remodeled homes in Holladay sell within 30 to 60 days and often have multiple offers, typically without the owners having to cut the price. Homes there are appreciating at 6% to 8% annually,” says Dougan Jones, CEO of Prudential Utah Real Estate.
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“Twenty miles south of Salt Lake City, by contrast, homes in Riverton take 120 days or more to sell, don't typically have multiple offers and are usually discounted several thousand dollars off the list price -- though they are just a few years old and are generally larger. Home-price appreciation in Riverton has slowed to about 4% from as much as 12% during the go-go years,” says Mr. Jones.
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‘Glad that real estate prices cycle and will come back.
This business will certainly teach us patience, eh?
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from The Porch…
Mike B. Class Star®
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