Now’s the Time to Buy, Investment Firm Says
May 29, 2010
Corpus Christi Realtors agree when you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy. The Coastal Bend and more specifically Corpus Christi Homes were recently featured as a great place to invest in real estate.
Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.
Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.
Source: Blumberg Capital Partners (05/19/2010)
As for local Corpus Christi Homes, there were 302 homes sold during March 2010 by Corpus Christi Realtors. This continues the trend of drops over a two year period as 320 homes were sold during March 2008. It is the first increase over 2009’s sales this quarter. March 2009 had 283 sales, so 2010 had a 7 percent increase.
Prices increased for the first time this quarter. The average home price for March was $157,400, which is 7 percent higher than $147,500 from last year. The median home price was 13 percent higher than last year at $137,600. This information was found at www.corpuschristirealestatemarket.com