Welcome!

News Feed Item

2012's Most Surprising Real Estate Markets

NEW YORK, Dec. 31, 2012 /PRNewswire-iReach/ -- Thanks to slow sales, record-low mortgage rates, and too many foreclosures, 2012 certainly hasn't been a "typical" year when it comes to real estate. While each market has quirks and trends that make it unique, these five are the most surprising -- and not all of the surprises are good!

1.     Honolulu
If you think Hawaii's capital is just for luxurious vacations, think again! Honolulu has been a magnet for sales this year. However, lots of those sales have been driven by international buyers.
As you might expect from a sheer location standpoint, Asian buyers are the most common here. Surprisingly (or maybe not so surprising, when you look at the weather reports!), Canadians have also made up a big chunk of Honolulu's buyers this year.
One benefit to having so many international buyers? There are very few foreclosures. After all, they aren't dealing with the weakened U.S. economy like native buyers are. In fact, the number of Honolulu foreclosures in the first half of 2012 was 49% lower than what it was in the first half of 2011.

Home buying tips: What it's like being in a home bidding war

2.     West Palm Beach
Despite its warm temperatures and sandy white beaches, West Palm Beach is one of those unpleasant surprises.
On the bright side, the number of home sales was up in July. However, the median sales price was $217,500 -- a 15% drop from the month before.
West Palm Beach also has a very high foreclosure rate. In July 2012, over 22,000 Palm Beach County homes received a foreclosure notice. That's 1 out of every 349 houses!

Mortgage news: The fiscal cliff and mortgage rates

3.     Minneapolis/St. Paul
Home builders are excited in the Twin Cities -- as evidenced by the number of building permits that have been approved lately. In June, 766 permits were authorized. In July, that number skyrocketed to almost 1,100. That's a big contrast from March -- when the number was barely over 400!
Even better news for homeowners here? According to the FHFA Home Price Index, Minneapolis/St. Paul houses have climbed nearly 6% since the start of 2012.

Home buying tips: New home buyers outlook

4.     Austin
It may not be as big as other cities in the Lonestar State, but Texas' capital city has got a great real estate market!  For years, Austin has been a destination for new startups and a place for the "big guys" to expand (like Facebook).  However, 2012 has been even better than expected.
In July, the median sales price was more than 4% higher than it was in July 2011. Plus, the amount of time it's taking homes to sell here is getting smaller and smaller.
As an added benefit, the "Average Joes" are having the easiest time selling homes here. According to the latest numbers, if your home is priced at less than $200,000, it will likely sell in less than three months.
The only downside? Rent prices here have skyrocketed. So, if you plan on calling Austin home, you'll get more bang for your buck if you buy.

5.     Richmond
For years, foreclosures have been a major problem all over Virginia. Since they've been hit so hard, Richmond real estate experts are happy to brag about recent gains -- like the fact that pending sales went up 20% in July and that the median asking price is up close to $210,000.
The only problem?
That price is what Richmond sellers were getting in the mid-1990's. It's nice to see that people are getting more excited about real estate in Richmond, but when you look at the numbers, their enthusiasm is a little surprising.

Media Contact: james paffrath, RealtyPin, 514-836-1432, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com 

SOURCE RealtyPin

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...