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McAllen's #1 Market Condition Report
471 Views :: 1 Comments :: :: REAL ESTATE, LOCAL

McAllen MLS Sales 2006-2007
Look at the sales explosion in the McAllen Area!

The government's decision to increase funding and personnel heading to the border is helping fuel the successful real estate market in McAllen Texas. CNNMoney.com has selected the McAllen area as the number 1 real estate market in the country for 2007.




[Also see our article on Border Security Funding Helping McAllen's Hot Real Estate Market]



According to an index compiled by the Dallas Fed that tracks employment, wages, retail sales and unemployment, the McAllen area has the border’s fastest growing economy. NAFTA dividends, International Trade and Low Cost of living have contributed to the area's appeal. The area's young demographics are also of interest for businesses looking towards the Rio Grande Valley as an area for investment.



In addition to the local factors, there are statewide factors that are also influencing the McAllen real estate market:

  • Strong Second Home Interest from Baby Boomers
  • Housing Affordability 1/2 of that of California & Florida
    • "Texas' lower cost of living is drawing retirees from Florida and California," said Charles F. Longino Jr., author of Retirement Migration in America. "They're selling their $500,000 houses, buying $250,000 homes in Texas and putting the rest into their retirement nest eggs."
  • Major Capital Investments planned by the State

Despite the positive factors that have contributed to make this area the number one real estate market in the country, there are a few negative factors that we need to consider when analyzing the market.  Poor infrastructure and poor land development process are some of the problems the City of McAllen is working to correct.

A centerpoint for shopping, arts, and real estate, and a tourist attraction positioned only a few miles from Mexico near South Padre Island. McAllen boasts the widest range of available homesites and housing opportunities in the Valley, which translates into an expanding, competitive environment for home buyers--more choices and better value for the money.

In order to get a better understanding of who is interested in this area across the country, take a look at the graph below:

See the Texas Gulf Coast Market Conditions report card at http://www.texasgulfcoastonline.com/Sales.aspx for more information.
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By Kenya @ Sunday, February 25, 2007 12:25 AM
Ten best cities for rising home values
Business 2.0 magazine ranks the top 10 cities for buying property now. Experts say that while these locales may not be immune to the current housing malaise, eventually property values in these places, for a variety of reasons, are likely to zoom.

Here’s the list, along with the projected gain in home prices:

1. Panama City (FL): 72 percent projected gain in home prices over five years. A new airport that will be built next year will open the area to vacationers and residents.

2. Vero Beach (FL): 64 percent. Demand for housing along with moderate property taxes and beautiful weather will drive growth.

3. Bridgeport (CT): 63 percent. Proximity and the staggering home prices in other parts of Fairfield County are making this hardscrabble area appealing to New York City commuters.

4. Lakeland (FL): 59 percent. This growing area is only 30 minutes from Tampa via Interstate 4, but prices are 80 percent lower.

5. McAllen (TX): 57 percent. A Hispanic baby boom and rising incomes are driving demand for bigger homes.

6. San Luis Obispo (CA): 40 percent. Compared to southern California, the prices here are low and the developing wine industry adds to the appeal.

7. Wilmington (NC): 37 percent. With great golf, mild weather and its proximity to water, this area is a great retirement community.

8. Manchester (NH): 35 percent. This city was the winner of Money Magazine’s best place to live in America. It's within commuting distance of Boston, but home prices are a fraction and there’s no income or sales tax.

9. Fort Collins (CO): 28 percent. This winner of many best lists has great schools, low crime and good jobs — plus 40 parks within the city limits.

10. Atlanta (GA): 24 percent. Commuting is a bear here and many newcomers to the area are driving up prices in close-in suburbs as the area’s overall economic fortunes continue to rise.
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