Castle Mountain Creeks Real Estate Market Update
February 23rd, 2008 categories: Castle Mountain Creeks, Garden Valley Buyers, Garden Valley Neighborhoods, Garden Valley Real Estate, Garden Valley Sellers
Since my last Castle Mountain market report, three months ago, the national news has been nothing if not discouraging. True, Garden Valley sales were down in 2007 from 2006. Land sales were hit especially hard. This has been aggravated by the continuing increase in vacant land inventory. Lenders have become extremely wary of investment lending which includes bare ground or speculative building. These loans have become very expensive. Construction loans can still be had for borrowers who intend to reside in the finished home.
On the other hand, home sales were down to a lesser degree, while the average sold price was higher compared to 2006. A lack of product mix in family starter and retirement homes is reflected in the low sales figures for modestly priced properties.
Here’s the Good News!
The reality is that current year-to-date sales are over $4,000,000 while the first six weeks of 2007 produced less than $800,000. In fact, the total sales for 2007 were just over 14,000,000. By my accounting that is not too shabby.
Yes I still think we have some hurdles to cross in the coming year. Garden Valley will not be totally immune to the national financial woes. However, if the current numbers are any reflection of the future, and I believe they are, buyers should be advised to move soon. When the national economy begins to improve it is likely Garden Valley momentum will move at warp speed.
How does this translate to Castle Mountain?
Castle Mountain has had one sale this calendar year. It was a residential property, sold for an undisclosed amount. The listing price was over $450,000. As a matter of fact, five of the eight residential transactions that occurred this year were over $400,000, an indication that the higher end buyer is dominating the market. Most of the 10 available Castle Mountain lots are priced below the average lot price for Garden Valley. We’ll continue to see land struggle as long as money is hard to get. However, Castle Mountain does offer the best inventory under $100,000.
Neighbors! The early indications are positive. The bulk of buyers seem to be looking for higher end homes with lots of attractive features. There are 40 homes on the market and 140 lots (not including the 164 lots in South Fork Landing). Now is the time to polish your properties by scrubbing , painting, trimming, planting, weeding. Look at your property from an objective view point. “Be the Buyer” Ask your agent for suggestions and review your pricing. Make the most of your assets.
I’m in the neighborhood and always available to help. Contact me or visit the Garden Valley Real Estate Blog at www.gardenvalleycurrents.com
