Montgomery, AL most undervalued housing market, says Smart Money

    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.