Thursday, December 25, 2008
Saturday, December 13, 2008
THE REAL ESTATE CLIMATE IN HIGHLANDS AND CASHIERS DECEMBER 2008
POSTED FROM A BLOGGER IN RESPONSE TO:
"ASK ME ANYTHING!"
"I'd like to hear more on how the business's in Highlands are weathering the current world financial crisis and for that matter how the Highlands real estate market has been affected."
Firstly, I'll discuss the real estate market trend herein. As for how the businesses have done this season, I'll need a few days to do the research and will post my findings in the next blog.
Comparatively, our market is weathering well. Not surprisingly, the lion's share of our closings have been single family homes. Yet, roughly only 20% of those listed actually sold. Hmmmm. This speaks volumes toward not only our saturated market but also illustrates a lack of urgency to sell. Were our homeowners facing rampant disaster, that number would be much greater.
To my knowledge, there are 4 homes in our market area that have been foreclosed on as of the date of this writing. That is a mere .003% of our entire MLS's residential inventory and a minuscule percentage of the total number of homes here - not anywhere in line with the national figure. And I could be wrong but, I don't believe that any of them are anyone's primary residence. At least not yet anyway! Home values are on a slight decline with an 89% list to sell ratio - not bad in that this shows that Sellers who closed only discounted their asking prices by an average of 11%. Jeez, that's about normal!
Townhouses and Condominiums win the prize for bringing in 95.7% of their asking prices. Furthermore, 42 of them closed this year so we all know what those baby boomers are looking for! And AL (and others) just keeps right on building them.
Commercial property has held its value very well although roughly 10% of the listed properties sold. I don't see this as odd, this figure is in line with a healthy market here.
And lastly, raw land is seeing the biggest discount even though its holding its value to 86%. It's just not moving as well as it has in previous years.
But here is what my instincts tell me and I count on them as much or more than the statistics. Although I monitor the market diligently and have done so for the past 15 years (that's a scary thought!) I listen to the unspoken yet audible attitudes of my clients and customers. For those of us that actually work this business, we're all still out there showing property and closing. In fact, it's been my experience that most people that I have worked with never even bring up the subject of economics. They just want me to find the right property for them, negotiate the best deal and close it. Sometimes I feel like we are just on another planet up here. In an affluent community such as ours, people are less apt to be fearful and are smart enough to capitalize in a down market.
Now Seller's are always another story entirely. They do express their concerns over the economic crisis and rely on me to advise them as to where I see the market heading and what I think we should do to hasten the sale. Ah, it's so rewarding when they listen!
But in all seriousness, we are all aware of the predictions for the continued downward economic spiral and see it plummeting daily. Weathering the storm is tricky business and I will not pretend to know where all of this will lead but can speak only to what we are experiencing today and how this market has responded in the past. And that is, very little change has been evidenced so far in our market although inventory today is at it's peak and price reductions are unprecedented. Yet, these very properties have either sold, are still on the market or are being withdrawn for now. But it's those closing numbers that tell the tale and I have included the bottom lines at the close of this entry along with a year-to-date summary of our market activity.
My greatest concern for this community centers around the local population and their ability to survive economic crisis. Heck, nearly all of them don't even own homes. But that's another issue that I intend to write about in a subsequent blog and I hope not to offend with that but to speak clearly and with candor about the challenges and what I see as viable solutions for the working class right here on this mountain. And that does include 'transplants,' merchants and professionals too, so I am looking forward to interviewing several who are fixtures out there on Main Street and will post the findings as soon as I have them together. I'm thinking pictures will be nice along with their comments, I'll bet they'll go for that.
See you then,
Linda
SOLD AND CLOSED STATISTICS
"ASK ME ANYTHING!"
"I'd like to hear more on how the business's in Highlands are weathering the current world financial crisis and for that matter how the Highlands real estate market has been affected."
Firstly, I'll discuss the real estate market trend herein. As for how the businesses have done this season, I'll need a few days to do the research and will post my findings in the next blog.
Comparatively, our market is weathering well. Not surprisingly, the lion's share of our closings have been single family homes. Yet, roughly only 20% of those listed actually sold. Hmmmm. This speaks volumes toward not only our saturated market but also illustrates a lack of urgency to sell. Were our homeowners facing rampant disaster, that number would be much greater.
To my knowledge, there are 4 homes in our market area that have been foreclosed on as of the date of this writing. That is a mere .003% of our entire MLS's residential inventory and a minuscule percentage of the total number of homes here - not anywhere in line with the national figure. And I could be wrong but, I don't believe that any of them are anyone's primary residence. At least not yet anyway! Home values are on a slight decline with an 89% list to sell ratio - not bad in that this shows that Sellers who closed only discounted their asking prices by an average of 11%. Jeez, that's about normal!
Townhouses and Condominiums win the prize for bringing in 95.7% of their asking prices. Furthermore, 42 of them closed this year so we all know what those baby boomers are looking for! And AL (and others) just keeps right on building them.
Commercial property has held its value very well although roughly 10% of the listed properties sold. I don't see this as odd, this figure is in line with a healthy market here.
And lastly, raw land is seeing the biggest discount even though its holding its value to 86%. It's just not moving as well as it has in previous years.
But here is what my instincts tell me and I count on them as much or more than the statistics. Although I monitor the market diligently and have done so for the past 15 years (that's a scary thought!) I listen to the unspoken yet audible attitudes of my clients and customers. For those of us that actually work this business, we're all still out there showing property and closing. In fact, it's been my experience that most people that I have worked with never even bring up the subject of economics. They just want me to find the right property for them, negotiate the best deal and close it. Sometimes I feel like we are just on another planet up here. In an affluent community such as ours, people are less apt to be fearful and are smart enough to capitalize in a down market.
Now Seller's are always another story entirely. They do express their concerns over the economic crisis and rely on me to advise them as to where I see the market heading and what I think we should do to hasten the sale. Ah, it's so rewarding when they listen!
But in all seriousness, we are all aware of the predictions for the continued downward economic spiral and see it plummeting daily. Weathering the storm is tricky business and I will not pretend to know where all of this will lead but can speak only to what we are experiencing today and how this market has responded in the past. And that is, very little change has been evidenced so far in our market although inventory today is at it's peak and price reductions are unprecedented. Yet, these very properties have either sold, are still on the market or are being withdrawn for now. But it's those closing numbers that tell the tale and I have included the bottom lines at the close of this entry along with a year-to-date summary of our market activity.
My greatest concern for this community centers around the local population and their ability to survive economic crisis. Heck, nearly all of them don't even own homes. But that's another issue that I intend to write about in a subsequent blog and I hope not to offend with that but to speak clearly and with candor about the challenges and what I see as viable solutions for the working class right here on this mountain. And that does include 'transplants,' merchants and professionals too, so I am looking forward to interviewing several who are fixtures out there on Main Street and will post the findings as soon as I have them together. I'm thinking pictures will be nice along with their comments, I'll bet they'll go for that.
See you then,
Linda
SOLD AND CLOSED STATISTICS
JAN 1, 2008 THRU DEC 13, 2008
Key: Average Listing Price, Average Sale Price, List to Sell Variance, List to Sell %
Residential 770444 ~ 629775 ~ 77670 ~ 89.0
Twnhse/Condo 476971 ~ 456293 ~ 20678 ~ 95.7
Commercial 834908 ~ 791867 ~ 43042 ~ 94.8
Land 380682 ~ 329539 ~ 51143 ~ 86.6
Commercial 834908 ~ 791867 ~ 43042 ~ 94.8
Land 380682 ~ 329539 ~ 51143 ~ 86.6
Active Listings
Residential 1249
Townhouse/Condo 183
Commercial 109
Land 1813
TOTAL 3354
Under Contract
Residential 253
Townhouse/Condo 45
Commercial 15
Land 116
TOTAL 429
Closed Listings
Residential 244
Townhouse/Condo 42
Commercial 12
Land 127
TOTAL 425
(Data via the Highlands-Cashiers Multiple Listing Service)
Wednesday, December 10, 2008
The Inside Scoop on Highlands and Cashiers
Ask me anything!
This will be fun. And if I have to research the answer, even better.
The most common questions I get relate to the current Highlands and Cashiers real estate market and I am happy to provide stats along with my opinions. Others tend to be along the lines of lifestyle opportunities for children, young adults, and retirees. I enjoy discussing all of the local politics, current events, the cultural arts, and the curious goings on among the natives and transplants alike.
Knowledge of the environment, preservation and the green movement are paramount today. Of particular importance to me is responsible development here on the plateau. What I once saw as a conflict of interest, I now view my business as an opportunity to mentor and advocate for appropriate guidelines and systems that compliment and enhance the Highlands and Cashiers communities. I not only live here and love this mountain, its people, and its wondrously nurturing climate, but I am passionate about protecting them all. Look at it this way - it secures those high returns in resales!
Of course, land trusts and 1031 tax-free exchanges are big issues, as well as zoning regulations and that ever-controversial Extra Territorial Jurisdiction (ETJ) monster. Our transitioning form of Town government is an especially hot topic right now and I've definitely got a few things to say about that.
With loads of inside information about school happenings, know that I've been active and deeply involved with our system since 1981! This January, Taylor will be my fourth child to graduate High School here and the first Highlands School student ever to receive a Fastrack24 diploma. Coupled with my 16 year old's brilliant mind and focus, this also speaks to my diplomatic and effective involvement with the administration, policies, and alternative education.
Working Class housing, economics, health care and social opportunities are all of great importance when you consider that one hand has always washed the other in this second home community. It's a beautiful marriage.
So, that's just a bit of food for thought to get you wondering. Now, send in those questions that you have always really wanted to know from the inside source. Hey, it's winter here now!
Tuesday, December 9, 2008
Monday, November 24, 2008
Thanksgiving is almost here....... What a great recipe for the holiday! I thought this sounded good! Here is a turkey recipe that also includes the use of popcorn as a stuffing -- imagine that. When I found this recipe, I thought it was perfect for people like me, who just are not sure how to tell when poultry is thoroughly cooked, but not dried out. Give this a try.
8 - 15 lb. turkey
1 cup melted butter
1 cup stuffing (Pepperidge Farm is Good.)
1 cup uncooked popcorn (ORVILLE REDENBACHER'S LOW FAT)
Salt/pepper to taste
Preheat oven to 350 degrees. Brush turkey well with melted butter, salt, and pepper. Fill cavity with stuffing and popcorn. Place in baking pan with the neck end toward the back of the oven. Listen for the popping sounds.
When the turkey's ass blows the oven door open and the bird flies across the room, it's done.
Friday, October 24, 2008
This Week's Featured Property
12/31/08 Reduced to $374,900!
And the price keeps dropping.
This home was built in 2006 and is in brand new condition. It has a beautiful view, (in the wintertime, you can see my farm from the deck, ha!) and is in Broadview Acres. This is a quiet and gently rolling neighborhood just outside the City limit near Glen Falls. It was reduced again this week and is now at $429,000. I'm about ready to make an offer myself, but want to give all of you the opportunity first! If it's still around in November, I'm going for it!
Please know that I have experience with bank owned properties and can maneuver through the process and take you to closing smoothly. Negotiations can seem endless but persistence can pay off. This property is being shown a lot and is definitely on my radar. As of today, it's still available!
Friday, October 17, 2008
“I skate to where the puck is going to be, not to where it has been.” Wayne Gretzky
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful."
Warren Buffet on the stock market and
America’s future prosperity as published in
The New York Times October 16, 2008.
Wednesday, October 15, 2008
This Week's Featured Property
Mount Lori Drive in Highlands
Oh, what a great re-do on this in-town home. Today's Realtor open house will definitely get this house shown and under contract quickly. I'm particularly impressed with the 2 beautiful stone faced fireplaces and the view of Mirror Lake.
The place was totally renovated and feels fresh and functional but it doesn't take away any of the cabin charm that is so "Highlands."
The main level has beautiful hardwood and tile floors, beamed cathedral ceilings, master suite and guest powder room. The kitchen is equipped to the max and the covered decks are especially inviting for meals or snacks outside.
The lower level is perfect for weekend guests. It has 2 large guest rooms, a terrific great room, fireplace, kitchenette and a wine tasting room too!
I love this house. It's always my pleasure to sell that old Highlands charm when it's coupled with what we all like in modern conveniences. If you'd like more info, I can easily email whatever you need along with additional pictures. But really, you just need to see this one personally because it's got character that just won't translate over the internet!
It's listed exclusively with Country Club Properties for $695,000 and has only been on the market a few days.
It would be my pleasure to show it to you.
Sincerely,
Linda
Wednesday, October 8, 2008
The Economy and the Real Estate Climate here in Highlands
Statistics Report
Highlands - Cashiers Board of Realtors
Compiled on October 8, 2008
For Highlands City and Highlands Township
Comparing 2007 to 2008 YDT:
New listings are Up 43.89%
Sold Listings Down -5.08%
Volume Sold Down -1.46%
Average Sale Price Up 3.63%
High Sale Price Down -15.80%
Low Sale Price Up 216.67%
Average Days on Mkt Down -5.39%
My comment on this will be brief: Highlands is in fact in America afterall! If there is any good news, it is that
it's a great time to buy!
The rapid and significant price reductions like we've seen this summer are unprecedented in my experience. And why? I think it best to leave my political views out of my real estate blogs and just report the facts ma'am!
It's Rainin' Men!
Amen! Oh yay, we are getting a very nice soaking rain today. The drought is such a worry for all of us here. Hope that they don't cancel the High School Soccer Game tonight though. Oh well.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
# 2 kicks balls!
and heads 'em too!
(Who's kid is that anyway?)
Tuesday, October 7, 2008
Beautiful New Listing in Highlands
Cotwolds Community.
Boasting 2+ acres and a gently sloping grade, this
lovely view property
is ready for your dream home. The community offers underground utilities, water, and moderate homeowner association restrictions. Take a short drive from Main Street and meander through the rural Webbmont Community up to The Cotswolds. Be inspired by majestic, undeveloped views through National Forest lands and beyond. Asking price $499,900.00 MLS # 66410
Monday, October 6, 2008
Isn't This a Lovely Room?
Nestled in the treetops, this 4 bedroom, 3 bath private mountain retreat with spectacular natural resources is in peaceful Whiteside Cove. Bordered between 2 rippling streams and abundant native flora, this home on 4.38 acres would make a fantastic Bed & Breakfast! The main floor boasts a spacious great room, 3 bedrooms all with views, cathedral ceilings and a river rock fireplace. Out on the wrap around deck is a wonderful greenhouse. Below is a thriving Evo frog pond with waterfall and an organic vegetable garden.
The lower level has a complete apartment with kitchen, living room, bedroom, bath, fireplace, private entrance and deck. See this FUN, low maintenance home before you build or buy.
The lower level has a complete apartment with kitchen, living room, bedroom, bath, fireplace, private entrance and deck. See this FUN, low maintenance home before you build or buy.
It’s wheelchair accessible on both levels.
The owner is extremely motivated – kids grew up, moved away, and the house is just too much for her alone. Was formerly listed for $499,000 but now, she will entertain all offers so please, don’t hesitate!
The owner is extremely motivated – kids grew up, moved away, and the house is just too much for her alone. Was formerly listed for $499,000 but now, she will entertain all offers so please, don’t hesitate!
Commercial Offering with Shortoff View!
Located off the Cashiers RoadLand in The Meadows with views of Shortoff Mountain, these two 1+ acre lots are zoned for either commercial or residential use. Lot #24 is currently leased to Highlands Cable Group and includes a warehouse building. Asking price $499,000. Lot # 45 is currently leased to Mountain Hardscapes, asking price $298,800. Sellers are very motivated and negotiable!
Let's go to the Lake! New Offerings at Mountain Harbor Club.
Includes seven lots with deeded Lake Glenville access. Six have potential lake views and the seventh has commercial possibilities. All just steps from highway #107 and just a short drive from the Cashiers Crossroads. Asking $198,800 for each.
Adjacent 8.22 acres with both lake and highway frontage available for $3,998,000. Owners are very negotiable and encourage any and all offers.
Adjacent 8.22 acres with both lake and highway frontage available for $3,998,000. Owners are very negotiable and encourage any and all offers.
Wednesday, October 1, 2008
Early October at Loma Linda Farm
So nice to wake up to!
The colors are only just beginning to change. 
Taylor Christian Parrish - Senior, Highlands High School
Taylor Christian Parrish - Senior, Highlands High School
David Kelly Parrish aka Buddy-Boy - Junior, UNCG
Linda in the loft
Oh yeah, I always dress like this when I'm chuckin' hay. Scroll down to see who's standing in the front side!
Oh yeah, I always dress like this when I'm chuckin' hay. Scroll down to see who's standing in the front side!
The view from Glen Falls Road
Friday, May 16, 2008
SPRINGTIME AT LOMA LINDA FARM
HIGHLANDS, NORTH CAROLINA
Just another beautiful day in Highlands.
What to do?
Tay, Alex, Me, PR, Nadia, and Danny at the "OLDEDINN."
There is actually someone driving around Town with this on their vanity plate, ha! Good ol' Ed.
Where are Jason and Buddy-Boy?
No telling.
Saturday, May 10, 2008
Subscribe to:
Comments (Atom)
