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Tuesday, January 23, 2007

Montgomery, AL most undervalued housing market, says Smart Money

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    According to the December issue of Smart Money, the most undervalued market for housing in all of the U.S. is Montgomery, AL.  After bond rate appreciations of 6% each of the last two years, the residential real estate prices improved a meager 1% in the 2nd quarter of 2006.  Compare that with ‘04 to ‘05, ’05 to ’06, and Q2 ’06 appreciations in such non-coastal southern cities as Orlando (+22%/+26%/+4%), Albuquerque (10/18/5),  and Phoenix/Scottsdale (26/26/3).  Smart Money indicates Montgomery is 24% undervalued, with a median home price of $154,000.  The most overvalued market in the nation comes as no surprise; it’s Naples, FL with an overvalue rating of a whopping 94% and house appreciations that have ground to a halt after years of double-digit increases.
    Private golf course developments in Montgomery are few.  Wynlakes Golf and Country appears to be at the top of the list.  Sporting a 1986 Joe Lee design, the community has a nice array of single-family homes.  One recent listing, a 4 bedroom, 3.5 bath home on the golf course, was listed for $649,000. Local developer Jim Wilson, Jr., founded Wynlakes, and his “mission” statement for the club indicated a clear vision and a sense of humor:  “We want the best chicken salad, for the best price, in the best possible surroundings.”  Sadly, the world has been denied additional homespun wisdom:  Mr. Wilson passed away this past September at the age of 71.
    Wynlakes' web site is www.wynlakes.com.
Read 3634 times Last modified on Monday, 02 April 2007 04:59
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