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As the springtime buying season begins, many popular LGBT destinations offer rare bargains and unique investment opportunities. Below are four that show exceptional promise in 2010 according to the world’s biggest LGBT online real estate network, GayRealEstate.com or GRE..
The GRE Top 4 LGBT Springtime Buying Opportunities.
Asheville, North Carolina.
The housing market in Asheville has been somewhat overpriced in recent years and the job market in Western North Carolina is challenging. But the small Appalachian city is still one of the most popular LGBT communities in America. The town’s housing prices have not lost much ground during the real estate recession, but compared to pricier markets like those in New York and California, Asheville is still quite affordable. The greater Asheville area is especially attractive for those LGBT buyers who enjoy a small town gay-friendly ambience with easy access to outdoor recreation in a beautiful mountain setting..
Denver is another thriving LGBT mountain community. But few cities suffered more than Denver when the housing market collapsed, and the Mile High City recorded sky-high rates of foreclosure, topping foreclosure rankings in many categories for months. The real estate climate in Denver is improving, however, as foreclosure inventories shrink. New financial incentives from the Treasury Department have, for example, encouraged lenders to do more short sales in lieu of foreclosure. Fannie Mae, the largest mortgage company in the USA, is also offering special financial perks to buyers and the company sold almost twice as many of its foreclosures in the third quarter of 2009 as it did in the previous quarter. Interest rates are low, IRS tax perks for new buyers are fueling sales, and now is a tremendous time to capitalize on a confluence of factors that make the LGBT enclaves in and around Denver highly affordable..
No discussion of LGBT real estate is complete without a mention of Miami, where a brief window of opportunity to buy into the city at fire sale prices is rapidly closing. But those who want to acquire a residential condo or vacation home are urged to hurry. Miami is a world famous winter escape destination, so its busy season for real estate got underway a few months ago. But mortgage companies are once again offering competitively priced jumbo loans to make it easier to buy luxury homes like those in the South Beach vicinity. Plus many Florida homeowners are desperate to sell after a long and difficult recession, so buyers who act fast can still find fantastic homes at extraordinary prices..
Charleston, South Carolina.
Charleston boasts some of the most beautiful historic architecture in the country and is located right on the coast in close proximity to Hilton Head, Savannah, and Atlanta. The big allure for investors right now is that Charleston is expected to see substantially robust real estate equity appreciation in this new decade. Buyers can buy great homes in a wonderfully gay-friendly community at today’s prices and then look forward to a solid return on investment. Coastal hotspots like Charleston continue to attract new residents, but there are only so many beaches in the USA. Quaint oceanfront cities like Charleston have a built-in market advantage and savvy LGBT buyers can leverage that natural asset to their personal and financial benefit..
According to Standard & Poor's/Case-Shiller Index, median prices for single family homes across the USA have fallen by about 30 percent from the dizzying heights they reached when the real estate market peaked in 2006..
But much of that price deflation was necessary in order to return a sense of normalcy to the housing and mortgage finance markets. The overheated real estate sector was not based on solid value as it is now, but was primarily driven by speculative frenzy and Wall Street greed. Exotic negative equity loans, exploding adjustable rate mortgages, predatory mortgage lending practices, and get-rich-quick schemes based on worthless financial derivatives and toxic mortgage-backed securities accounted for most of the rise in prices..
Now that the excess has been wrung out of home prices, LGBT buyers can shop for quality with more confidence and expect to pay reasonable prices or even uncover uncommon discounts. The “Home Affordability Index” compiled by the National Association of Realtors, for instance, recently broke a record held since the early 1970s. According to that index, homes across the USA are now more affordable overall than they have been in nearly 40 years..
LGBT buyers who want to reap the full benefits of this springtime 2010 buying opportunity should also try to get their contracts signed this month. The IRS deadline for first time home buyer tax credits will expire in April, and most experts believe that it will not be renewed. Buyers can save up to $8,000 under the program, and that’s a perk that everyone should try to take advantage of while it lasts..
Connect with real estate professionals devoted to serving the LGBT community by visiting www.GayRealEstate.com, the world’s largest online network of LGBT Realtors. Or just call toll free 1-888-420-MOVE (6683)..