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
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.