All cities making the list have experienced price drops of at least 15 percent
(DENVER)– October 26, 2009 – Five cities were recently chosen by GayRealEstate.com – the world’s largest online LGBT real estate network – because they are great places to live and they currently offer double-digit price discounts.
According to recent data, all of the cities below have experienced price drops of at least 15 percent, compared to what real estate was selling for before the recession:
#1 New York, NY
With almost a 33 percent decrease in home prices, New York City (NYC) takes top honors by showing the most dramatic discounts for a major city that is also one of the most desirable destinations on the planet. Before the real estate crash, NYC was getting so expensive that home prices were prohibitive. But right now there is a rare chance to gain entry, and history proves that an investment in Big Apple real estate is one of the best you can possibly make.
#2 Miami, FL
Meanwhile the “Best City in the World” (as Miami was voted by Wallpaper fashion arts magazine) is a strong competitor on the opposite end of the Atlantic seaboard. So if you prefer sunshine, surf, and SOBE, house shop in Miami. Prices there are off almost 25 percent – and that includes condos for sale in South Beach.
#3 San Francisco, CA
San Francisco needs no introduction, as the name itself is synonymous with lush and vibrant LGBT society and culture. But prices have slipped between 17 and 18 percent, which means that introductory fees to ownership in this legendary gay and lesbian Mecca have become much more affordable and reasonable.
#4 Seattle, WA
Seattle has a great LGBT newspaper, LGBT community resource center, LGBT film festival, and attracts more than 100,000 participants for its annual Pride Festival through Capitol Hill – the city’s best-known LGBT neighborhood. Plus real estate is selling at more than a 17 percent discount compared to prices before the recession. You can buy a home and have plenty of cash left over to fund your local gourmet coffee habit.
#5 Atlanta, GA
Historic Atlanta – where prices in LGBT friendly neighborhoods like Midtown, Little Five Points, Virginia Highlands, and Cabbagetown have seen affordability increase by more than 16 percent, another top choice. The city has long been a magnet for gays and lesbians all over the Deep South and thanks to the involvement of the LGBT community “Hot’lanta” had evolved into a world-class LGBT city with all the perks of any outstanding metropolitan center.
Interest rates across America are also low, which makes it easier to buy in any of these LGBT hotspots. The 30-year fixed-rate mortgage was below five percent in early October, whereas last year the same loans carried interest rates of more than six percent.
Home sales have been showing more vigor than they have in about two years, though, so the opportunity to cash in on easy equity appreciation may begin to disappear between now and 2010, when buyers again come out of the woodwork. GayRealEstate.com believes it’s best for LGBT shoppers to beat the crowds by purchasing now, while cold weather slows the pace of real estate and those with homes listed are more inclined to sweeten offers to close a sale.