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RE: By the Square Foot

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  • #1

    RE: By the Square Foot

    my apologizes if this has already been posted elsewhere . . .

    I just came across this chart from the Federal Reserve Bank of Cleveland, which wonderfully captures the pain of the housing bust. It shows price per square foot for homes in 27 areas across the country in 2006 versus 2011:






    http://economix.blogs.nytimes.com/20...ce=patrick.net
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  • #2
    Re: By the Square Foot

    Hmm. The housing bust skipped right over Raleigh, Pittsburgh, Little Rock, and Oklahoma (is that OK City or the whole state?)

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    • #3
      Re: By the Square Foot

      Originally posted by thriftyandboringinohio View Post
      Hmm. The housing bust skipped right over Raleigh, Pittsburgh, Little Rock, and Oklahoma (is that OK City or the whole state?)
      I live in Western NC and used to live Raleigh. I agree with this chart. Prices here have not fallen much from the peak. I also own a condo my mother lives in in Pittsburgh. I paid 95000 for it in June 2005. Condos for sale in the same building right now as I type in about the same condition are listed for 97,000. These are nice large 2 bedroom condos in a secure building with an indoor pool, etc.

      That said, my daughter and her husband has a small house for sale here in Hickory NC and there has been little action on it.

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      • #4
        Re: By the Square Foot

        I wish I could see that data for Baton Rouge. The only data I can find and make sense of shows average price for SOLD houses as increasing up to 2008 (the "Katrina Boom") then maintaining relatively steady with a 2009 drop and 2010 recovery. But number of sales is down almost 50% from 2005. I guess that means expensive houses are selling for less and inexpensive houses aren't selling.


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        • #5
          Re: By the Square Foot

          anybody seen any data for SLC ?
          that always seems to be unavailable (via case-shiller etc)

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          • #6
            Re: By the Square Foot

            Nice chart! I knew there were bad spots, but I had no idea that some areas were that unscathed!

            Some one post if there's a way to get that data for other areas. We may be looking to move in ~ 2 years and I need a spot where the bubble has already burst! (It'd be a trick to convince my wife to rent.)

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            • #7
              Re: By the Square Foot

              Things we did before buying:

              Go to Zillow and pick out a few listings that meet your needs. Skip down to the charts and look at the 10 year picture. If prices haven't fallen to early 2000 levels they're too high.

              Does the house you're considering make sense as an investment rental at those prices?

              Run the numbers on your renting vs owning - this is a good calculator: http://www.nytimes.com/interactive/b...avid_leonhardt

              How much will FIRE be in your pants?

              If you're leaving for a state you're unfamiliar with, check out the fee/tax burden of that state. Low state income tax often means higher property tax, etc.

              When you're getting close, check out the neighborhood for quality of life - evictions, REOs, vacant houses, etc. There are 'great buys' in terrible neighborhoods.

              Bounce the above against your goals and employment flexibility requirements.

              It's a start.

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