One of my clients toys with the idea of buying a vineyard in Napa. I came across this article projecting the 10 strongest housing market by 2014. Napa came in number four on the list. It was the only California city to make the list.
There are no crystal balls in real estate, but it stands to reason that a portion of the loss will be recovered as the market begins to rebound.
Housing Markets That Will Be Strongest by 2014
By Venessa Wong, Bloomberg Businessweek Aug 4, 2010
4. California
Biggest home price increase projected in 2014: Napa metro
Forecast 4-year price increase: 31.7 percent
Current median price: $355,000
Prices to reach trough in: 2010 Q4
Median family income: $79,600
Population: 134,650
Prices in the Napaarea have dropped an enormous 44.6 percent since peaking in early 2006, according to first-quarter 2010 data from Fiserv and Moody's Economy.com. Despite the drop, home prices are expected to rebound quickly. According to an article in the St. Helena Star, NapaCounty is vulnerable to economic and real estate market fluctuations, but the impact is mitigated by managed growth and the county's natural and agricultural resources. The unemployment rate in the Napa area fell to 9.3 percent in June, from 11.1 percent in January, according to the BLS.
Index used to calculate historical home price changes: Case-Shiller
Norma Toering & Team RE/MAX Palos Verdes Realty
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