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Tuesday, January 23, 2007

Montgomery, AL most undervalued housing market, says Smart Money

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    According to the December issue of Smart Money, the most undervalued market for housing in all of the U.S. is Montgomery, AL.  After bond rate appreciations of 6% each of the last two years, the residential real estate prices improved a meager 1% in the 2nd quarter of 2006.  Compare that with ‘04 to ‘05, ’05 to ’06, and Q2 ’06 appreciations in such non-coastal southern cities as Orlando (+22%/+26%/+4%), Albuquerque (10/18/5),  and Phoenix/Scottsdale (26/26/3).  Smart Money indicates Montgomery is 24% undervalued, with a median home price of $154,000.  The most overvalued market in the nation comes as no surprise; it’s Naples, FL with an overvalue rating of a whopping 94% and house appreciations that have ground to a halt after years of double-digit increases.
    Private golf course developments in Montgomery are few.  Wynlakes Golf and Country appears to be at the top of the list.  Sporting a 1986 Joe Lee design, the community has a nice array of single-family homes.  One recent listing, a 4 bedroom, 3.5 bath home on the golf course, was listed for $649,000. Local developer Jim Wilson, Jr., founded Wynlakes, and his “mission” statement for the club indicated a clear vision and a sense of humor:  “We want the best chicken salad, for the best price, in the best possible surroundings.”  Sadly, the world has been denied additional homespun wisdom:  Mr. Wilson passed away this past September at the age of 71.
    Wynlakes' web site is www.wynlakes.com.
Read 4361 times Last modified on Monday, 02 April 2007 04:59
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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.

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