Janet Whitworth

Asheville Area Real Estate Up 68%

In Wednesday’s Asheville Citizen-Times, headlines announced Buncombe County real estate sales in April increased 68% over March. Sales of existing homes have increased every month but one since September, prompting one area real estate leader to proclaim we have turned the corner. Most of these buyers are taking advantage of the expiring tax credit, so it will be interesting to see what happens this summer.

Good news for buyers: prices are still declining, and many feel they may fall a little more (see previous post about market timing).

This includes the high-end 2nd home and retirement home, the market in which I have spent my entire 7 years in real estate. At current absorption rates for homes listed between $750,000 and $1million, we have 125 months of inventory as reported by our WNC area MLS. I did a quick spot check of sales at that price range for the past 6 months versus the same period last year and found our sales volume is up 25%.

What does all that mean?

Too soon to tell for sure, but now our selling season is upon us, we will find out! Beginning now, snowbirds start looking to escape the Florida heat and hurricanes. Plus, we are seeing many baby boomers from the Northeast deciding not to go to Florida at all, opting for the pleasant year round climate offered by our Carolina mountains. I predict this market has already begun a rebound and this year will be better than 2011 for buyers looking to make a deal.

It’s Cherry Picking Time!

Start cherry picking now! Yes, I do mean now! Our inventory levels are at an all time high, and prices have fallen. Have we hit bottom? Trying to time the real estate market is almost as difficult as timing the stock market, but I can assure buyers that it is a good time to jump into the market.

And what do I mean by cherry picking? In this market, there are a few really good properties for sale that can be bought at unheard of prices. Recently, I helped broker just this type of transaction in downtown Asheville. Unique, high quality, big views and sold at a price so low it raised many eyebrows. Buyer was in the right place at the right time. Yes, there are good buys now and to come, but there aren’t many cherries like this one to pick.

Now for some data to support my call to action. Sales volume is up all over the country, as well as here in Buncombe County. For the 1st quarter of 2010, we saw an 8.2% increase in units sold, and a 11.8% decline in sales price, according to statistics published by WNC MLS.

But the more important news is pending sales. National Association of Realtors states that nationwide we had a 16.1% increase in year-to-date sales and a 21.1% increase in pending sales.

Locally, our largest firm, Beverly-Hanks published that in the 1st quarter, their pending unit sales were up a whopping 33.1% and pending sales volume was up 19.5%.

With this small tidbit of market news, I could add much more about the positive effects of brighter economic news, demographics and location, but I will save that for a later post. Just please believe me, now is a good time to buy.

Get Ready Asheville!

This weekend I am enjoying rainy Chicago while our President enjoys a game of golf in my beautiful hometown of Asheville. Not that I’m complaining, because I’m enjoying good quality time with a girlfriend shopping, eating and enjoying the sites.

But that’s not what this post is about. Friday night, while watching the Chicago news, I hear a story about President Obama and his beautiful First Lady enjoying a weekend vacation in Asheville at The Grove Park Inn. On Saturday, the Wall St Journal has an article telling the world about The Cliffs Communities property owners giving the developer $63 million, allowing him to complete the Tiger Woods-designed course just outside town. And in the Sunday Chicago Tribune is an article about the Obama’s visit.

I predict all this means a surge in people interested in visiting and living in Asheville. We were already a trendy place, but this will take us to new heights, just as the Clinton’s visits to Jackson Hole, WY increased that small town’s popularity. As evidence, I have already heard from a friend in New York City that an acquaintance is planning a trip to Asheville as a result of the Obamas’ visit.

Though I know the presidential entourage inconvenienced many people this weekend, I am confident both in the short term and long term, Asheville will benefit positively from their visit. As a proud native of Asheville, NC, I’m excited about our future! Who knows, maybe the Obamas will retire here some day?

Owners loan Cliffs Developer $62 million!

The Cliffs Communities developer, Jim Anthony, was in serious financial woes and looking for a cash infusion. When the property owners realized he was planning to leverage the club amenities, 600 came forward and rasied a total of $62 million. In discussions with several of them, I heard from all how they wanted to “control their destiny” and maintain the integrity of the clubs. In other words, if Mr. Anthony defaults on this loan, they will own their clubs, not a private equity investor, as happened at Balsam Mountain Preserve.

Many of these investors are good friends of mine, and I trust their judgment and admire their committment to the community. Really, they love The Cliffs lifestyle and want to protect their investment for the next generation.

Now, the Tiger Woods course can be completed at Cliffs at High Carolina, just 10 or so miles from downtown Asheville. This will greatly enhance their ability to sell these expensive homesites. Gary Player’s design for Cliffs at Mountain Park will finally be finished, completing the 8 courses promised to owners.

To read this front page article from the Asheville Citizen-Times, click on this link: http://www.citizen-times.com/apps/pbcs.dll/article?AID=2010304170024

Asheville Area Foreclosures

A recent article in the Wall St Journal prompts me to report on foreclosure statistics in Buncombe County, NC, which includes our beautiful city of Asheville.

According to the article, one-fifth of all homes on the market in the US are in foreclosure. On our local multiple listing service, I found a grand total of 95 homes, townhouses and condos listed as foreclosed. This is out of 2898 listings! Just barely 3%, and much less than the 20% reported nationwide by WSJ.

Our market in Asheville is much healthier than the national average. Just like you cannot apply a single weather forecast to the nation, neither can you apply a “blanket” real estate market appraisal. Asheville and Western North Carolina has great weather, high-quality health care, easy access, beautiful scenery, arts, culture, recreation….. the list goes on & on and is why we are still a destination for baby boomers and second home buyers.

Now, it is not all rosy out there if you are a seller. And certainly, many real estate professionals are looking at other careers due to the downturn. However, I forecast Asheville’s market will return faster than the national average. Just hang on!

Tampa & Dallas, You Can Fly Direct to Asheville

For 8 years, I had to connect through Atlanta or Charlotte to get home from Tampa, FL. Starting May 5th, I will be able to go back for a visit on AirTran and not have to change planes. Thank you Asheville Airport Authority! So many people from Tampa vacation here in the summer, have second homes here or plan to retire here, that I believe these flights will be popular.

Same thing for the Dallas connection on American that is scheduled to begin April 7th. Our cool summers attract many from both Dallas and Houston. We have had successful direct connections on Continental to Houston for a number of years.

Additionally, you can fly direct from Chicago, Detroit, Houston, LaGuardia, Newark and Orlando. Our “little” mountain airport gets busier every year, yet it is still so easy and friendly to use.

YouTube and my real estate business

YouTube has added an entirely new dimension to my real estate business. Just yesterday, I had two clients say they have been watching my videos. Subscribing to my YouTube site keeps them updated on what I consider the very best values in the Asheville market, with a focus (no pun intended!) on foreclosures and short sales.

Many good foreclosures are coming on the market in our area and I am right there to make my amateur video. Check out this house in The Cliffs at Walnut Cove.

677 Walnut Valley Parkway short sale

What a fun and easy way to market real estate! See you at the movies….

Has Barron’s magazine been monitoring my blog?

Would you believe the day after my previous blog, Barron’s magazine published an article listing Asheville in the top 10 places in America to buy a 2nd home? What power my social media work is having! They even used my information about Biltmore Forest.

I tried to post the actual article here, but was not allowed full access by the magazine’s website. You can read about the article and our local newspaper’s opinion on our market here: Barron’s Says Buy in Asheville

Never underestimate the power of a blogging!

A Buyer’s Market in Asheville, NC

Sellers beware! Just in case you haven’t noticed, buyers are in charge these days in real estate transactions.

Mark Barrett, a local reporter with the Asheville Citizen-Times, wrote an excellent article analying our market here in the heart of Western North Carolina. For anyone trying to sell a home for more than $500,000, I’m sad to report that it has been darn near impossible. Only 5.2% of all homes in the last quarter of the year were between $500,000 and $1million. And only 16 properties sold for more than $1million. In that price range, at today’s pace, we have enough inventory to last 50+ months! Click this link to read the entire article:

http://www.citizen-times.com/apps/pbcs.dll/article?AID=2010302280003

That’s music to the ears of buyers, and I am getting calls from them every day. They believe, just as Warren Buffet predicts, that 2011 will be the year that market rebounds, and that this year will be the best time in recent history to buy real estate in Asheville, NC.

For example, only 5 homes sold during that time in Biltmore Forest, arguably one of our most prestigious and expensive communities. Currently there are 43 on the market including a couple of foreclosures. You can see one of the foreclosures on my YouTube site by clicking on this link:

http://www.youtube.com/user/AshevilleForeclosure#p/u/6/PMaLId0aclk

In The Cliffs at Walnut Cove, a gated community with a jaw-dropping beautiful Jack Nicklaus golf course, several “short sales” and foreclosures have recently sold at prices we would have found unbelievable a year ago.

Buyers, now is the time to have FUN negotiating the deal for the land or home of your dreams!

CHEERS, Janet

Weather in Asheville, NC

Today is a glorious early spring day in Asheville and I am thrilled to be alive and living here! A morning jog serenaded by happy songbirds was the perfect way to begin enjoying this Sunday in March. Winter has been rather harsh this year, with the 3rd largest cumulative snowfall in our history. Hopefully, all you folks up north thinking about moving here will not hold this winter against us. I promise we are in the south and it is not always like this!

Our Western North Carolina mountains enjoy some of the best weather in the country, especially for those like me who enjoy distinct seasons. Spring and autumn are longer than in most areas and usually, we have very little extreme heat or cold.

Though climate is just one of the many reasons I see so many baby boomers and retirees looking at real estate in the Asheville area, it is one of the most important. Click on this link to see statistics about Asheville’s weather.