According to the December issue of Smart Money, the most undervalued market for housing in all of the U.S. is Montgomery, AL. After bond rate appreciations of 6% each of the last two years, the residential real estate prices improved a meager 1% in the 2nd quarter of 2006. Compare that with ‘04 to ‘05, ’05 to ’06, and Q2 ’06 appreciations in such non-coastal southern cities as Orlando (+22%/+26%/+4%), Albuquerque (10/18/5), and Phoenix/Scottsdale (26/26/3). Smart Money indicates Montgomery is 24% undervalued, with a median home price of $154,000. The most overvalued market in the nation comes as no surprise; it’s Naples, FL with an overvalue rating of a whopping 94% and house appreciations that have ground to a halt after years of double-digit increases.
Private golf course developments in Montgomery are few. Wynlakes Golf and Country appears to be at the top of the list. Sporting a 1986 Joe Lee design, the community has a nice array of single-family homes. One recent listing, a 4 bedroom, 3.5 bath home on the golf course, was listed for $649,000. Local developer Jim Wilson, Jr., founded Wynlakes, and his “mission” statement for the club indicated a clear vision and a sense of humor: “We want the best chicken salad, for the best price, in the best possible surroundings.” Sadly, the world has been denied additional homespun wisdom: Mr. Wilson passed away this past September at the age of 71.
Wynlakes' web site is www.wynlakes.com.
