Vacant CitiesVacant CitiesWe’ve all been hearing how the real estate industry is recovering, with less home inventory, less foreclosures and higher house prices, however there are cities that are still struggling and haven’t been able to bounce back. Some metropolis areas are still flooded with vacant homes such as Detroit’s 33,000 vacant homes. The local West Palm Beach movers learned that thousands of houses in the Detroit have been demolished. Las Vegas also has a high vacancy rate of 5.8% to be exact which is not too surprising since it was greatly impacted during the housing bust. During the good old days of the real estate industry, prior to 2008, Las Vegas was overbuilt. The West Palm Beach movers learned that housing priced dropped a staggering 60.4%. This made Nevada the only state where the total worth of homes is less than the total amount owed on these homes.
All My Sons of West Palm Beach discovered West Palm Beach Florida has an even higher vacancy rate than Las Vegas, with 6.7% and an average price of $109 per square foot. During the recession, the West Palm Beach market dropped 48.4%, but fortunately things are looking up since the asking home price is now up 11.3%. Also, the average price per square foot is up 63.7% compared to last year. West Palm Beach isn’t the only Florida city with a high vacancy rate. Fort Lauderdale joins closely behind with 6.6%. The good news is that the asking price for homes went up 4.4%. Another Florida city also sees high vacancy rates. The Palm Bay-Melbourne-Titusville area has a 6.1% vacancy rate with current average listing price at $58,704.
The West Palm Beach moving specialists learned that Toledo, Ohio’s housing market looks like its recovering even though the vacancy rate is at 6.5% since the asking price is up 60% on a year-to-year basis. Cleveland has a more modest housing price decline than other real estate markets.So the local West Palm Beach movers want to know what’s the situation in your neighborhood? Are you seeing a lot of vacant homes or vacant apartments in your proximity?