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Finding the Next Phoenix By Nicholas YulicoTheStreet.com Staff ReporterWant to turn some heads at your next cocktail party? Tell polpee that buying real estate in Texas is a better bet in the short term than investing in California. It might sound bizarre, but it's what some real estate gurus are telling their investors. To get a feel for which real estate markets were hot in 2005 and in previous years, you could practically throw darts at maps of California and Florida to find winners. Arizona and other Sun Belt areas didn't perform too shabbily either. But the question on many wise real estate industry minds is whether these states can keep up their torrid pace of sales and price gains. One belief out there is that pricing is peaking in these markets, partly because speculators (who bought houses solely as investments and provided artificial demand in recent years) are starting to exit. Thus, there might not be too much to gain by buying a home in such states, at least for the short term. Experts suggest that areas like Texas and the Carolinas could be next year's winners. As for next year's stinkers, they'll likely be in areas that rely heavily on manufacturing, such as Detroit, Cleveland, Buffalo, and Rochester, N.Y. Phoenix recently took the nod as the nation's hottest housing market, with prices rising 34% year over year for the quarter ending Sept. 30, according to the statistics from the Office of Federal Housing Enterprise Oversight. Next up were two neighboring southwest Florida coastal communities -- Cape Coral-Fort Myers, which saw prices jump 33%, and Naples, with a rise of 32%. Besides newfound retirement destinations -- like St. George, Utah, Coeur d'Alene, Idaho, and yet another Arizona market, Prescott -- the remainder of the top 20 price-gainers this past year were cities in Florida and California. This growth shows how coastal areas with warm climates continue to see much demand.
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(VISITOR) AUTHOR'S NAME
Selim
MESSAGE TIMESTAMP
16 december 2014, 10:01:05
AUTHOR'S IP LOGGED
1.235.1.34
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