Bright Spots in the Real Estate Market - Why?

In Zillow's Q3 Real Estate Market Reports released last week, Ithaca, NY saw the greatest gains in home values nationwide, up 5.6& year over year. Other bright spots included:

  • Bay City, MI
  • Rochester, NY
  • State College, PA
  • Parts of North and South Carolina

Any local perspective as to why these places are seeing an increase in home values?

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November 19 2008 - US

Replies (10)

Profile picture for Bitter Renter Ron

Zindex:

 

Bay City, MI - $102,000

Rochester, NY - $127,000

State College, PA - $244,000

Spartanburg, SC - $102,000

Winston, NC - $137,000

 

vs.

 

Los Angeles, CA - $444,000

San Francisco, CA - $567,000

 

 

I'm going to guess that they were not way overpriced to begin with.

 

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November 19 2008
Profile picture for klarek the realist

"I'm going to guess that they were not way overpriced to begin with."

 

Agreed.

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November 19 2008
Profile picture for Lady Chattel

Survey Says: 90% of all surveyed think that BRR is right!!!  DING DING DING. 

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November 19 2008

It will be interesting to see the fiqures for the same places in 60-90 days.  Those home values seem pretty low after an increase.

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November 19 2008
Profile picture for 2 Big 2 Fail

2 cities that saw the biggest gains are both in NY.  Hmmm, looks like the doomers were wrong about their prediction of us going to hell in a handbasket. 

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November 19 2008
Profile picture for Bette Defarm
"Hmmm, looks like the doomers were wrong about their prediction of us going to hell in a handbasket."

2big,

I hope you are all about the humor because for some bizarre reason, that completely escapes me and my husband, I want you to be okay at the end of this mishegas.
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November 19 2008
Profile picture for Bette Defarm
*Don't worry, it's just a fleeting wish, not a scary "Oh no, some weird person has focused on me." We started posting at the same time and we are both Jewish, 30ish and from the tri-state.*
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November 19 2008
Profile picture for Aldreth
"I hope you are all about the humor because for some bizarre reason, that completely escapes me and my husband, I want you to be okay at the end of this mishegas."

---screw that, I hope he burns. <evil laugh> :)
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November 19 2008

Wicker Park in Chicago is doing exceptionally well.  They are seeing appreciation like what you'd expect in an average market.  Builders are stll going strong, companies are lining up to open stores there- same with restaurants, and it's very close to both downtown and the X-way.  I couldn't believe the numbers when I first saw them but as it turned out I had a client who just contracted there and we actually ran the numbers from scratch ourselves.  It turns out the figures we had seem conservative.  20% in the last 5 years with 12% in the last 2.  Not to mention, all the data points to an even stronger uptick in 2009.  Wicker Park folks, it's not just a movie title anymore.

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November 20 2008
Profile picture for Mr Caveat

my thought is that people in NY arent worried about property taxes doubling like the rest of the country... i mean really how could they get any higher? 0.o that and i think everyone agrees that 1) college students and 2) New Yorkers are quite inept at arriving at any kind of rational conclution about living within one's means 0.o

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November 21 2008
 
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