SLO County Golf, Wine & Real EstateGolf, Wine & Real Estate News and Events Blog
San Luis Obispo is Top 10 in Places to Invest in Real EstateThursday, October 26, 2006The magazine Business 2.0 has published its list of the top 10 places to invest in real estate in the next 12 months and San Luis Obispo made the list.Top 10 Cities: Where to Buy Now 1. Panama City, Fla. "Panama City is an economy waiting to break out," says Steven Cochrane, chief regional economist for Moody's Economy.com. 2. Vero Beach, Fla. A Manpower Employment Outlook Survey predicts growth in construction, manufacturing, and retail jobs too. 3. Bridgeport, Conn. "Bridgeport has fixed the corruption," says Norman Feinstein, a principal with New Jersey-based Hampshire Funds. "The local government is pro-development, and buildings are being rehabbed." 4. Lakeland, Fla. Lakeland is just 30 minutes from Tampa, a juggernaut of 2.7 million people that's projected to add almost 210,000 more residents over the next five years. 5. McAllen, Texas 85 percent of the population is Latino and they are enjoying improved economic status, creating pent-up demand for nicer homes. 6. San Luis Obispo, Calif. The last semi-rural stretch of central California coastline, and it's also home to the state's rising star of wine production. 7. Wilmington, N.C. Highway construction has opening this area of the coast, bringing vacationers from other parts of North Carolina. 8. Manchester, N.H. Within commuting distance of Boston, without the cost. 9. Fort Collins, Colo. An outdoor paradise with lots of high-tech jobs, good schools and low crime. 10. Atlanta Bruce Katz, head of the urban development program at the Brookings Institution, says Atlanta is "sprawl on steroids." On San Luis Obispo: SLO-Town, as the locals call it, is on the development fast track. It's in the middle of the last semi-rural stretch of central California coastline, and it's also home to the state's rising star of wine production, Paso Robles, where even French vintners are buying property. The Median home price in Paso Robles has shot up by more than 100% since 2000. And according to local developer Peter Laughlin, commercial land has skyrocketed from $3 to $20 a square foot since 2001. Yet the natural amenities, proximity to Southern California, and relatively low prices support forecasts of a continuing surge. Thousands of retirement-age boomers, it's said, will sell their SoCal homes for cheaper digs in SLO. Anti-development sentiment also helps. "They're not zoning quickly enough for the demand," Laughlin says. "Either they have to allow more homes or prices will go through the roof." Source: Top 10 cities: Where to buy now Business 2.0, CNNMoney.com Tags: San Luis Obispo Central Coast |
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