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Old 03-28-2016, 03:53 PM
 
Location: Texas
3,254 posts, read 1,631,010 times
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What cities are overpriced and which ones are underpriced?

In my opinion overpriced:

-Denver in my opinion while it is a great city is very overpriced, it has a median home price of 361,000 dollars. People are rushing to Denver like the late 1800s during the gold rush and the prices are increasing accordingly. I looked at some listings and a small single family home that is 1,700 square feet going for $525,000 in Northwest Denver that used to be a dumpy neighborhood in the 90s. $400,000 for a small two bedroom cottage in the same area.

-Seattle seems great also but very expensive. $644,000 for a median home price for city of Seattle seems excessive especially considering Portland is about half the price.

-Reno, Nevada is also overpriced. Its a clean, safe city with alot of amenities but it's certainly not worth $290,000 dollars for the median. Las Vegas is far cheaper then Reno. Salt Lake City metro despite having far more to offer is cheaper then Reno.

-Bismarck is also overpriced $245,000 dollars for a median. Its a very liveable city but its very cold for 6-8 months yearly and North Dakota has very high property taxes.

-Boston seems overpriced with $420,000 dollar median. Seems like being Philadelphia paying half the cost and having better weather with more amenities would be more appealing.

-Austin seems overpriced as $265,000 dollars to live in a Texas town with a university but with very high property taxes doesn't seem worth it at all. Texas property taxes are very, very high compared to most of the nation.

Underpriced:
-Minneapolis: Its a huge bargain as its one of the most affluent metros in America filed with great amenities albeit cold its median is $223,000 about the national average

-Tampa $175,000 for a median price to live in paradise with one of the fastest growing economies in America

-Lincoln, Nebraska a great liveable city with a median home price of $158,000. Good economy, one of the safest cities in America, very active area

-Daytona Beach has a median price of $152,000 to live on the beach and one of the most vibrant cities per-capita in the nation.
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Old 03-28-2016, 04:01 PM
 
7,698 posts, read 4,554,568 times
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Chicago is the best bargain in the country. It's roughly 80% of the city that New York is, with the median home price of 200K.
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Old 03-28-2016, 04:17 PM
 
Location: Illinois
988 posts, read 593,270 times
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Dallas has to be the best bargain at this point.
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Old 03-28-2016, 04:54 PM
 
Location: New York NY
4,264 posts, read 6,344,366 times
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How and anyone talk about overvalued markets and leave out Cali?

San Francisco, San Jose, and San Diego I'd think would be prime suspects in being overvalued.

But nothing is overvalued if people will keep shelling out the big bucks to live there. Twenty years ago I thought the prices in Manhattan were ridiculous, but look at them now. People just want to live here and they'll pay a lot for the privilege. So is that really "overvalued" or "overpriced"? You tell me.

I suspect the same dynamic may be working in the Cal cities. they're attractive enough to people that it will take something truly drastic to make prices fall hard, and until that time comes, these places are "fairly valued" -- even at the sky high housing prices they generally command.
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Old 03-28-2016, 07:14 PM
 
Location: Pittsburgh
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Pittsburgh - Overpriced.
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Old 03-28-2016, 07:26 PM
 
Location: South Park, San Diego
4,934 posts, read 7,591,760 times
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Quote:
Originally Posted by citylove101 View Post
How and anyone talk about overvalued markets and leave out Cali?

San Francisco, San Jose, and San Diego I'd think would be prime suspects in being overvalued.

But nothing is overvalued if people will keep shelling out the big bucks to live there. Twenty years ago I thought the prices in Manhattan were ridiculous, but look at them now. People just want to live here and they'll pay a lot for the privilege. So is that really "overvalued" or "overpriced"? You tell me.

I suspect the same dynamic may be working in the Cal cities. they're attractive enough to people that it will take something truly drastic to make prices fall hard, and until that time comes, these places are "fairly valued" -- even at the sky high housing prices they generally command.
$700k gets you a two br/1ba, not quite 950 s.f. 85 y.o. bungalow with a small garage on a compact lot in my neighborhood.

3204 Felton St
$687,500 | 2 Bed 1 Bath
3204 Felton St, San Diego, CA 92104 - Recently Sold Homes & Sold Properties - realtor.com®

I'd say that pushing the overvalued market. Everytime I think that though the market just keeps rising. I have no idea how folks afford houses here, we have high paying jobs here but not near the scale of the Bay Area and honestly just pretty much on par with places like Atlanta, Minneapolis and Boston. Only compared to the Bay Area do our prices not look completely crazy.
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Old 03-28-2016, 07:29 PM
 
Location: South Park, San Diego
4,934 posts, read 7,591,760 times
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Quote:
Originally Posted by bluecarebear View Post
Pittsburgh - Overpriced.
Haha.

You can get a pretty glorious substantial historic house in/near Shadyside (a neighborhood very similar to mine) for what gets you a shack in coastal/downtown core San Diego.
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Old 03-28-2016, 07:40 PM
 
7,698 posts, read 4,554,568 times
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Quote:
Originally Posted by T. Damon View Post
Haha.

You can get a pretty glorious substantial historic house in/near Shadyside (a neighborhood very similar to mine) for what gets you a shack in coastal/downtown core San Diego.
I live in Shadyside, and its an absolute steal. Bluecarebear lives in a dull Pittsburgh exurb and thinks the city is a cesspool. Don't mind him.
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Old 03-28-2016, 07:42 PM
 
Location: Pittsburgh
3,144 posts, read 2,825,168 times
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Quote:
Originally Posted by T. Damon View Post
Haha.

You can get a pretty glorious substantial historic house in/near Shadyside (a neighborhood very similar to mine) for what gets you a shack in coastal/downtown core San Diego.
I could also make 2x more in San Diego that I make here.
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Old 03-28-2016, 07:48 PM
 
Location: Denver
14,151 posts, read 19,752,834 times
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Quote:
Originally Posted by bluecarebear View Post
I could also make 2x more in San Diego that I make here.
Would it get you the same place there?
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