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  • Sam Chapman is a real estate agent with Private Label Realty and is licensed in the state of Texas. License # 0509637.
Which Cities Will be Strongest During the Economic Crunch?

According to Bizjournals, they will  be:

Las Vegas, NV
Raleigh, NC
Cape Coral-Fort Meyers, FL
Austin, TX
Phoenix, AZ
McAllen-Edinberg, TX
Houston, TX
Salt Lake City, UT
Wichita, KS
Charlotte, NC

Texas has three cities on the list and Austin is at #4.  What Bizjournals looked atwas four key indicators — population, private sector employment, per capita income and gross metropolitan product.  Read the story here.

This story goes along with many others I have seen over the last year or so.  The Texas economy remains strong and Austin is one of the strongest in the state.  It doesn't mean things are exactly rosey, but we're doing better than most places.

Posted: Tuesday, November 25, 2008 11:32 AM by Sam Chapman
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Comments

Peter Jones said:

Texas won't stay strong for long - I think you underestimate how much the impact of lower oil and energy prices are going to pressure people's jobs and ability to spend on real estate.  Much of the reason Texas has lagged other states so far was the late in the cycle run up in oil over the summer. In Austin, you also have the impact of a huge downdraft in tech as well - just take a look at Dell's stock and layoffs.  With a lot less tech money to spend, real estate prices here in Austin are set to collapse.

I know you are a real estate agent trying to sell property today, but my recommendation is to wait 12 months - property here will be 20% lower than list prices today. All those downtown condos are going to be especially cheap soon.

# November 25, 2008 5:25 PM

Sam Chapman said:

Peter - that is a pretty pessimistic outlook.  I agree with you about oil and do think we will see a fallout from tech layoffs, but I hope you are wrong in terms of what you expect to see happen in our real estate market.

# November 26, 2008 11:48 AM

Adult Retirement communities said:

I have completely different  ideas, I strongly feel Phoenix , Arizona will be the city to look for during the economic crunch!

# December 9, 2008 4:34 AM

Marbella Luxury Homes Spain said:

Hi to all,

I think that all of them in general will have the same problem, but as in Spain, the areas that will be not affected are those ones which are more local and with no relevant real estate developments during the last 4 years.

Greetings from Spain,

# December 10, 2008 4:01 AM

PEmberton said:

What is Las Vegas doing at the top of the list ? They are already doing worse than the Texas cities. Nevada has seen job loss since Dec 2007, while TX has seen job GAIN. Does not seem to be well researched article.

# December 23, 2008 2:07 PM
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