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Real Estate Investors Say Goodbye to Houston, Hello to Salt Lake
The city is now 60th on a list of desirable U.S. markets for real estate investment ... Salt Lake City (18) 4. Raleigh-Durham, North Carolina (7) 5. Dallas-Fort Worth (2) 6. Fort Lauderdale, Florida (35) 7. Los Angeles (5) 8. San Jose, California (17 ...
(Bloomberg)—Houston, battered by the oil slump and Hurricane Harvey, is taking yet another hitThe city is now 60th on a list of desirable U.Smarkets for real estate investment, tumbling from the No1 spot it held just three years ago.
Salt Lake City and Fort Lauderdale, Florida, cracked the top 10 for the first time in the annual ranking by PricewaterhouseCoopers LLP and the Urban Land InstituteSeattle topped the list, thanks to its job opportunities, diverse economy and young, educated workforce, the researchers said in a report todayManhattan dropped to 46th, from 13th last year, because of its high costs and oversaturation of construction.
Houston, the No40 market last year, is seen as more energy-dependent than other Texas population centers, Mitch Roschelle, a PwC partner, said in an interview. “The sentiment from the real estate community was there didn’t seem like there was enough catalyst from the oil industry to really bring back Houston to its glory days.”
The poll of more than 1,600 real estate experts was conducted before Hurricanes Harvey and IrmaHere are the top 10 markets and their rankings last year (in parentheses):
1Seattle (4) 2Austin, Texas (1) 3Salt Lake City (18) 4Raleigh-Durham, North Carolina (7) 5Dallas-Fort Worth (2) 6Fort Lauderdale, Florida (35) 7Los Angeles (5) 8San Jose, California (17) 9Nashville, Tennessee (6) 10Boston (12)
(Corrects last year’s ranking for Houston in third paragraph.)
To contact the reporter on this story: David MLevitt in New York at [email protected] To contact the editors responsible for this story: Daniel Taub at [email protected] Christine Maurus
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