Housing Market 2008

This just in… view the video for the $100 million Tranquility Estate on Forbes.com

View a virtual tour of Incline Village $47 million Estate at 585 Lakeshore

View a current list of Tahoe Lakefront Homes, Nevada side

While the housing market in general continues it’s downward trend, there are locations faring much better than others. In areas like Tampa, Phoenix and Las Vegas where speculative buying was rampant, now high vacancy rates have driven down prices. In markets where home building far exceeded occupancy demands such as in Reno and Sacramento, home builders are reducing pricing to fill the surplus in supply.

What does this mean for home buyers and sellers? In Incline Village, the deficit of buyers coupled with stable list prices means longer time on the market and a decrease in sales under $1 million. We have seen buyers refusing to make offers on homes they feel are overpriced, rather than submitting a low bid. The state of the market can be used as a good bargaining point for buyers, and many sellers are very eager for offers at any reasonable price.

I have compiled a collection of news sources reporting on market conditions around the US:

Spotting Market Bottoms in 2008, Strategies for Home Sellers
Real Estate Journal- January 1, 2008

Steve McLinden of Bankrate.com agrees that home values will “stabilize again,” but it will be a rocky ride until they do — especially for home sellers, he says. For buyers, he recommends not waiting to pounce on good deals, as the housing market may be “at or near bottom,” and using the glut of homes on the market and sellers’ anxiousness to sell to bargain more effectively…

What $1 Million Will Buy You in Homes
A flat in London, and apartment in Manhatten, a Victorian home in San Francisco or a two story loft in Sydney, Austrailia with harbor views…

Homes of Billionaires
From Washington to Texas, Palm Beach to the Hamptons, see where Billionaires make their roosts…

Housing Bubble: Top 30 Cities to Watch
Source: Bankrate.com
Markets That Will Keep Growing
Boise Idaho
El Paso Texas
Albuquerque NM
Seattle WA, Portland OR
Salt Lake City
Raleigh NC

Cities That Will Top Out
Washinton DC
Fort Meyers, Cape Coral FL
Chicago
Honolulu
Tuscon
San Francisco

Cities Where Prices Will Deflate
Las Vegas
Sacramento
Phoenix
Boston MA
Los Angeles
Naples FL

Top 25 Real Estate Market Forecast
Source: HousingPredictor.com
Albuquerque NM
McAllen TX
Salt Lake City UT
Austin TX
Seattle WA 

America’s Most Stable Housing Markets
Source: Forbes.com
Seattle has experienced strong price appreciation over the last six quarters, and that’s expected to continue in the new year, though at a slower pace. Also primed for a stable year are Pittsburgh, Columbus, Ohio, and Dallas. They follow Seattle in our ranking of the country’s 10 most stable markets. All are projected to have median home sale price increases next year, thanks to a combination of factors including lower-than-average inventory levels, little price volatility and high job growth.

Best and Worst US Housing Markets
Source: Forbes.com
Best: Seattle, San Jose, Raleigh and Charlotte NC, San Francisco, San Antonio, New York
Worst: Detroit, Cleveland, Sacramento, Tampa, Las Vegas, Phoenix, Minneapolis

Most Expensive Zip Codes
Source: Forbes.com
Alpine NJ, Miami Beach FL, Ranch Santa Fe CA, Glenbrook NV, Amagansett NY (Long Island), Water Mill NY (Hamptons), Santa Barbara CA, Purchase NY (Westchester County), Ross CA (Marin), Chilmark MA (Martha’s Vineyard)

rundown of housing markets across the US