Thread: Top 10 Declining Real Estate Markets 2008

Fortune Magazine has projected the 10 markets in the country that will perform the worst in the coming 2 years. While this does not seem surprising as the markets that are listed have been some of the most volatile in the country, it is interesting to note that last years conventional wisdom list of markets that will crash and burn are no where near this list.
Where are Boston, Washington D.C., and Phoenix. To hear the talk last year these markets were dead and buried. Oh, well, as those guys on TV say, we report, you decide.
Market 2007 Change 2008 Change
Stockton, Calif. -7.1 percent -5.3 percent
Las Vegas -6.6 percent -8.1 percent
Bakersfield, Calif. -5.5 percent -6.6 percent
Santa Ana-Anaheim, Calif. -5.5 percent -4.5 percent
Los Angeles-Long Beach -5.4 percent -4.6 percent
Miami-Miami Beach -4.9 percent -7.5 percent
Sarasota-Bradenton, Fla. -4.8 percent -0.8 percent
Oakland, Calif. -4.6 percent -2.4 percent
Fresno, Calif. -4.6 percent -4.3 percent
Fort Lauderdale, Fla. -4.3 percent -4.3 percent

Not suprised Las Vegas made it on the list, however I think Las Vegas will be on the road to recovery very soon

Vegas was a big hit. I hope for you it will recover soon, but honestly, I don't think so...

Kinda surprised to see Sarasota, FL on the list. Usually an affluent area on the barrier islands and lots of condo sales. Great area to retire to. My son went to college there and I just loved the Siesta Key white sand beachs and lime green waters.

I wouldn't be suprised if we see another 10% drop in south florida especially in Miami. Probably not so bad with SFH and worse with Condos

Originally Posted by Codythebest

Vegas was a big hit. I hope for you it will recover soon, but honestly, I don't think so...

With the opening of Project City Center, Echelon and a few others, Las Vegas will create over 100K new jobs in the next 5 years, the current population cannot absorb that many jobs. We will begin to see many relocating here to fill these jobs, which means, they will by buying and renting homes. This should help absorb some of our inventory

Originally Posted by VegasRealEstate

With the opening of Project City Center, Echelon and a few others, Las Vegas will create over 100K new jobs in the next 5 years, the current population cannot absorb that many jobs. We will begin to see many relocating here to fill these jobs, which means, they will by buying and renting homes. This should help absorb some of our inventory

I am hoping that you're right, Tony! I think you'll be doing just fine either way you look at it, but I definitely think the new project in Vegas will help things out quite a bit!

With regard to the list, I was actually surprised to see Fort. Lauderdale on there!

Vegas Real Estate, any specific reasons why you think that Vegas is going to recover very soon?

Originally Posted by johnr

Vegas Real Estate, any specific reasons why you think that Vegas is going to recover very soon?

I stated why in my last post?

With the opening of Project City Center, Echelon and a few others, Las Vegas will create over 100K new jobs in the next 5 years, the current population cannot absorb that many jobs. We will begin to see many relocating here to fill these jobs, which means, they will by buying and renting homes. This should help absorb some of our inventory.

Las Vegas home sales have increased 4 straight months and should continue to increase through spring and into summer. Project City Center will open in 2009, which will add JOBS! With the increase in jobs, we will see people relocating to Las Vegas to fill these jobs and they will need housing! Some will rent and some will buy.

Like I said, these Las Vegas Strip Projects will add an additional 100K jobs over the next 5 years, there is no way those jobs can be absorbed by the local community, those jobs will be filled by people relocating to Las Vegas!!! Some anticipate we will see a repeat of what we saw in 2004 with home prices rising, but I doubt that will happen, but I do believe our inventory will drop considerably causing home prices to stabalize and maybe even rise a bit!

Hi,

Thanks for the info! It seems the worst is over for the Sarasota Market. 0.85% expected decline is not bad at all, after what we've seen over the past two years. And yes, we do have a volatile matket....thank God. The daily hot sheet stats indicate a strong recovery....!!

Thanks and best to all....TJ