01/30/2011 11:14 PM

Three upstate cities beat real estate odds

By: Erin Vannella

It seems Upstate New York is the place to be if you're looking to buy a house. That’s according to a new survey released by real estate website Zillow.com. As our Erin Vannella found out, three upstate locations made the cut when it comes to America's ten best cities to buy a house.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.


UPSTATE NEW YORK -- "Just when you think you should be moving to Florida, nope, Upstate New York!" said real estate broker Scott Varley.

All signs point north. Utica, Rochester and Albany rank first, third and sixth in a list of the top ten places nationwide to buy a home in 2011.

"These areas are one of the few places in the country where home sale prices went up," said Varley.

Good Morning America and Zillow.com selected their poll winners based on four criteria; affordability, unemployment, foreclosures and price increases. Varley notes the highlights.

"You're hearing about 50 and 60 percent foreclosure rates around the country in some very popular areas. That's not the case here," said Varley.

According to the poll, Utica has the lowest foreclosure rate of any city measured at .07 percent. As for unemployment?

"People are looking seriously at job opportunities in Upstate New York, notably in the Capital Region," said Varley. "There are just a ton of tech companies starting up or are here and expanding their businesses."

And in terms of price increases, Rochester sets the bar with 91 percent of area homes selling for a gain in October 2010.

"I think a lot of it has to do with the stability of the region," said Varley. "People weren't really speculating a lot here to drive the prices hugely through the roof over the past four or five years so they stayed at a relative bargain."

The trend looks to continue, said Varley. Business is growing slowly but surely, and workers who follow will have to move in somewhere close by.