The Top Ten Cities Most Likely to Bounce Back Quickly

We just love a top ten list at the b-town report. Courtesy of Forbes:

" Some cities are likely to recover more quickly from the housing downturn than others. Forbes magazine has identified the top 10 cities that it believes are poised for recovery by examining unemployment figures, projected gross domestic product from Moody’s Economy.com, and housing affordability data from the National Association of Home Builders. Overall, cities most likely to recover first are those with strong technology capabilities.Here is Forbes’ top 10:

1. Austin-Roundrock, Texas
2. Fayetteville-Springdale-Rogers, Ark.
3. Boulder, Colo.
4. Huntsville, Ala.
5. San Antonio, Texas
6. Mobile, Ala.
7. Dallas-Fort Worth-Arlington, Texas
8. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
9. McAllen-Edinburg-Mission, Texas
10. Seattle-Tacoma-Bellevue, Wash."

Source: Forbes, Joshua Zumbrun (6/10/09) via Realtor Magazine Online

Home Sales in the First Five Months Priced From $50,000 to $100,000 in Northwest Bloomington City

The big picture is always important, but sometimes it's interesting to see the small picture, a specific segment of the real estate market. Today's snapshot deals with entry level homes price under $100,000 in Bloomington's northwest section of the city using the following stats:

• Sold from January 2009 through May 2009
• Single family homes
• Priced from $50,000 to $100,000
• Located in Northwest Bloomington City
• Stats from BBoR MLS

There were a total of seven sales. Five of the homes sold below $75,000. If you keep in mind the low interest rates and the $8,000 tax credit for first time home buyers that buyers will be able to use for their down payment, so many new residents of Bloomington can afford to buy a home. Call a lender today to find out if you qualify.

The first five months of 2009 continued the trend in Bloomington of prices increasing while the number of sales decreased. Here are the numbers for January through May of 2009:

• Total number of sales: 417
• Average sales price: $180,981

And for 2008:

• Total number of sales: 517
• Average sales price: $171,429

Home prices have increased in 2009 over 2008 for the first 5 months by 5.57% while the number of sales has decreased by 19%. As the year progresses we should see the number of sales increase due to the new first time home buyers $8K tax credit stimulus.

But the good news is that real estate in Bloomington is seeing a very strong increase in sales value.

Hoosier Acres Neighborhood Update

A sign of the popularity of the classic Bloomington neighborhood is the results of the first tear-down and rebuild.

Last fall a home on Meadowbrook was purchased for $200,000. Said to be the first home built in Hoosier Acres, the structure needed renovations and updating but it was on a 3/4 acre lot.(bottom photo) Soon after purchasing the home, it was raized (middle photo).

Nine months later the new house is complete (top photo). The owners built a solid limestone home planned to fit into the neighborhood and look as if it were one of the original homes of Hoosier Acres.

Now another home on Meadowbrook is being completely renovated. Updates will follow.

120 Kirkwood is on it's way to becoming Downtown Bloomington's Newest Urban Condos

The commissioners of Bloomington gave the go-ahead for 120 Kirkwood, the newest downtown condo project for Bloomington. The final plans alter the exterior slightly from the drawing to the right.

Construction is slated to begin this September and will hopefully be completed by September of 2010.

According to the Bloomington MLS, all sixteen condos are still available with prices ranging from $199,000 to $649,000.

The Top Ten (actually 12) Cities with the Most Price Reductions

According to http://www.trulia.com/ 1 in 4 houses in the US, currently on the market, have had price reductions. Trulia researched the top 50 real estate markets (based on population) and below are the top 12 cites with the most price reductions:

Percent of current listings with price reductions
Jacksonville, FL – 36 percent
Honolulu, HI – 31 percent
Tucson, AZ – 32 percent
Minneapolis, MN – 31 percent
Boston, MA – 32 percent
Austin, TX – 30 percent
Los Angeles, CA – 32 percent
Washington, DC – 30 percent
Columbus, OH – 31 percent
Baltimore, MD – 30 percent
Dallas, TX – 31 percent
Las Vegas, NV – 30 percent

Where do consumers find open houses?

In a recent study from www.trulia.com conducted by Harris Interactive®, online resources still lead the trend in where consumers find out about open houses. Print advertising is used approximately half as frequently by home buyers.

Another interesting fact is that 90% of home buyers say that they will visit open houses during their buying process. Attending open houses will probably not connect the consumer with the house that they purchase, but it does help consumers learn the real estate market in their community.

Source: Trulia.com