Vero Beach Is Considered One Of The Best Housing Markets In The Country For Five-Year Appreciation.
Vero Beach is considered one of the best housing markets in the country for five-year appreciation.
A new ranking by Business Insider lists Sebastian-Vero Beach as the nation’s fifth-best market for the next five years.
It’s not as good as the No. 1 ranking bestowed upon us in 2006 by a different media entity, but No. 5 isn’t bad. (I mean, if we were a college football team, we’d be playing in a BCS bowl game!)
As longtime readers know, I’ve written about the infamous 2006 prediction by Business 2.0 magazine in each of the past six Octobers.
The Business 2.0 forecast was a colossal flop. Housing prices went south, in a big way, soon thereafter.
It’s widely believed housing prices only recently hit bottom.
With local housing prices so low (compared to 2005, anyway), it probably bodes well for the Business Insider prediction.
Prices have nowhere to go but up, right?
If nothing else, it provides hope that those “under water” with their mortgages now — the Lemmons are in the club — won’t be in the situation forever.
Pardon me, though, for being more than a little skeptical about the latest prediction. Everyone professional I’ve talked to about the local housing market says it’s going to take years — likely a decade or two — for prices to return to 2005 levels.
So, to put us at No. 5 nationally sounds overly optimistic.
According to the Business Insider article, which appeared on the Yahoo website last Friday, Medford, Ore., is the No. 1 housing market for five-year appreciation. The projected annualized change in home prices between the second quarter of 2012 and the second quarter of 2017 is 11.2 percent.
For the Sebastian-Vero Beach market, the projected annualized change is 8.7 percent. (Which means a $150,000 house in 2012 would be worth about $225,000 in ’17.)
If that’s the case, then it would be a pretty good return on your investment.
TOP 15 HOUSING MARKETS FOR NEXT 5 YEARS
1. Medford, Ore.
2. Panama City-Lynn Haven-Panama City Beach, Fla.
3. Santa Fe, N.M.
4. Madera-Chowchilla, Calif.
5. Sebastian-Vero Beach
6. Santa Barbara-Santa Maria-Goleta, Calif.
7. Ocala, Fla.
8. Napa, Calif.
9. Gulfport-Biloxi, Miss.