One of my clients today told me that he had heard from a colleague that the Syracuse area was listed by Forbes magazine as one of the hottest in the country, and the one most likely to show exceptional profit for investors over the next five years.
I went to Forbes and couldn't find the reference, but I did find what they listed as hot markets. Reading through them I saw growth in the neighborhood of 6% to 7%.
So I checked the Syracuse area. Skaneateles' average price of a home in the past 12 months is $476,000. Last year at this time it was $437,000. More homes were sold last year than this - 40 vs. only 30.
By comparison the city homes are hovering around the $100,000 mark. Or less, much less, in certain areas. Dayton, Ohio, considered a hot market, has homes averaging in the mid-70s.
But we are talking about growth and profit for investors. As I look at my waterfront clients and realize what they bought their homes for within the last five years there is a great deal of profit to be made. And always, always, we said at the time - "I can't believe it sold for that much!" Yet with an eye to the future my clients have been proven right.
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