Posted by Paul Francis on Thursday, January 28th, 2010 at 3:08am.
Las Vegas Real Estate Undervalued?
According to a new 2010 report compiled by IHS Global Insight and PNC Financial Services. The recent report was mentioned by CNNMoney.com that you can read by clicking on the following Link:
“The most undervalued market is Las Vegas, where homes sell for 41.4% below fair market, followed by Vero Beach, Fla. (-39.8%), Merced, Calif. (-37.7%), and Cape Coral, Fla. (-36.8%).”
Credibility Matters so who is IHS Global Insight & PNC Financial Services? The same companies that ranked Las Vegas as 38% Overvalued back in January of 2006 that you can read by Clicking Here.
Certainly some credibility when some of the so called real estate “experts” were claiming there was no bubble in Las Vegas at the same time.
The big difference in their forecasting is one looks at all factors that pertain to real estate while others just track home sales and median prices for their predictions.
IHS Global Insight – IHS Global Insight provides the most comprehensive economic, financial, and political coverage available from any source to support planning and decision making. Using a unique combination of expertise, models, data, and software within a common analytical framework, we cover over 200 countries and more than 170 industries.
Recognized as the most consistently accurate forecasting company in the world, IHS Global Insight has over 3,800 clients in industry, finance, and government with revenues in excess of $100 million, 700 employees, and 25 offices in 14 countries covering North and South America, Europe, Africa, the Middle East, and Asia.
The Research does NOT Suggest Las Vegas Real Estate is going to go up 41% anytime soon…. but it does give assurance that the chances of it falling even further then other real estate markets has a lower probability.
Here is a list of the Most Overvalued Real Estate Markets according to the report:
- Atlantic City, NJ = 30.20%
- Wenatchee, WA = 28.9%
- Ocean City, NJ = 26.60%
- Longview, WA = 22.30%
- Honolulu, HI = 21.9%
- Asheville, NC = 21.8%
- Portland, Ore = 20.80%
- Bellingham, WA = 20.0%
- Corvallis, Ore = 18.90%
- Salem, Ore = 18.20%
- Eugene, Ore = 17.40%
- Myrtle Beach, SC = 15%
- St. George, UT = 14.7%
- Spokane,, WA = 14.6%
- Wilmington, NC = 14.4%
- Grand Junction, CO = 14.0%
- Duluth, Minn = 13.80%
- Kingston, NY = 12.2%
What’s really fascinating are the median home prices for some of these cities… especially when comparing some of them to a city as dynamic as Las Vegas which has had median home prices ranging in the $123,000 to $126,000 price range for the past several months.
Yes… there is a reason the Welcome to Fabulous Las Vegas sign is right next to the list. Hint, Hint…
Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Real Estate
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