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San Antonio was ranked #2 of the "Top 10 Foreclosure Cities of 2007" by NuWire Investor!
San Antonio has seen great population and job growth over the past 6 years, and it has the lowest median home value among the top 10 cities. During these last 6 years, San Antonio has seen its population grow by 11.25% and jobs increased by 8.87% between 2000 and 2006.
Meanwhile, San Antonio's median home value is a reasonable $96,300. However, that price rose 6.6% between 2006 and 2007 in greater San Antonio. We also boast the lowest homeowner vacancy rate of any city on the Top 10 list. However, with only 0.89% of the homes in foreclosure in the San Antonio metro area, investors may need to be tenacious to fins a good deal. Please click here to see the entire "Top 10 Foreclosure Cities of 2007 ".
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San Antonio was ranked #4 of the "Top 10 Cash Flow Property Markets"
San Antonio ranked number one on the list of the Top 10 Places to Invest for 2007 and second on our list of the Top 10 Foreclosure Markets for 2007. Home to 1,273,374 people as of 2006, San Antonio retains affordable home prices, with a median of $96,300, in spite of its growing population. Median monthly upkeep is only $374 per month, with an estimated mortgage costing $486.95 per month. The rental vacancy rate for the city is 10.3 percent—on the lower side of this list—and the median gross rent is $678 per month.
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San Antonio was ranked #1 of the "Top 10 Places to Invest for 2007"
San Antonio was the ninth most populous city in the U.S. and the second largest in Texas at the time of the 2002 U.S. Census. The city’s population increased by 11.25 percent between 2000 and 2006.
San Antonio has one of the best job growth rates in the country for college educated business and technical professionals, according to CNN Money. The addition of several high profile companies has increased the number of high paying jobs in the area, according to Realty Times. This may account for San Antonio’s impressive job growth from 2000 to 2006—an 8.87 percent increase, the second highest on this list.
Despite being one of the largest cities in the country, the median price for San Antonio homes is the lowest of the top 10, at $96,300. San Antonio’s numbers are strong, aside from a high rental vacancy rate of 10.3 percent.
"Rents are going back to their previous highs,” David Bowman, a San Antonio broker, wrote in Realty Times. “Additionally [San Antonio’s] local employment looks to be poised for expansion evidenced by the high rate of hiring temps in contrast to the national scene....Soon the...state property tax reductions will be a reality and the bottom line for home owners and investors alike will improve. Can you say appreciation?” Please click here to see the entire "Top 10 Places to Invest for 2007 ".
Click HERE to Learn More About Why San Antonio is the Place to Invest!!
Some publications are touting San Antonio as an investors' mecca for commercial and residential real estate because of South Texas' job growth, warm weather and relatively low home prices.
In August, the city was No. 6 on Forbes.com's list of best U.S. housing markets. In November, San Antonio topped the list of best real estate investment cities from NuWire Investors. And last month, HomeVestors placed San Antonio seventh on its list of best places for real estate investing.
Mike Moore, president of San Antonio-based Emerald Realty, said he has some California clients interested in local projects that could range from $500,000 to $400 million.
"They've identified San Antonio at the top of their list," he said. "They call San Antonio and Austin their 'warm belt' target."
The San Antonio housing market, which has survived better than the national market, has helped attract new residents to the city.
"It's a great place to find high-quality, affordable homes," said Ken Outcalt, with NRP Group, an Ohio-based real estate company. "San Antonio has the same economic job growth as the East Coast without the prices that you have on the East Coast."
That relative strength in housing has not only helped draw new residents, but it has caught the attention of commercial dealmakers, those who are involved in everything from hotels to shopping centers to warehouses.
So why are all these companies buying into San Antonio?
"San Antonio is exhibiting a lot of the fundamentals, including job growth," Caven said. "We've seen a lot more companies coming from out of the state. That has made it a lot more competitive."
San Antonio has added about 16,000 jobs during the past year, and unemployment is about 3.6 percent, according to Alamo WorkSource. By comparison, the statewide unemployment rate is 4.2 percent and the national level is 4.7 percent.
Caven also said San Antonio's business could have trickled down from its neighbor to the north.
"Investors who discovered Austin might feel like they're getting priced out there," he said. "I think San Antonio is the better value now."
Being priced out of other markets may be what's driving buyers to look in San Antonio.
"The investors aren't going to sit on the sidelines, they're going to look at other markets," said Ross Partlow, a real estate agent with Sperry Van Ness in San Antonio.
The local "cap rates" — how much profit can be made — are better than in other areas, Partlow said. Here, they can be more than 7 percent, while in California they may be 6 percent.
"The potential profit here looks good for them," said Partlow, who estimated that about one-third of San Antonio's commercial deals come from out of state.
What might not seem like a good deal to a local buyer — who has grown accustomed to the profits available — might be a chance to cash in for out-of-state buyers. This chance might help fuel the San Antonio market.
"San Antonio buyers are used to the cap rates, so they might not see it as much of an opportunity," Partlow said. "So some of the deals that may have had a hard time selling might not be as hard with an out-of-state buyer."
Besides their dollars, investors are also going to bring new ideas to San Antonio.
"They will bring certain concepts that are new to the market," Partlow said. "They bring relationships with them. If somebody has success in this market, word spreads."
This could be how a condo craze spreads, how new retail stores are introduced, or how San Antonio increases its prominence of green building.
Moore, who is working with California investors, said one of their requirements is that they incorporate environmental building.
"They sense they're a little bit ahead of San Antonio, and they want to be at the cutting edge here," Moore said. "If they can find the right projects to get started on, it could become a trend for local investors."
Out-of-state investors could also help improve the city.
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