05 May

King County home prices rise with fewer houses for sale

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More homebuyers chased slim pickings in King County last month, sending house prices to their highest level since December 2010.

The median price of single-family homes sold last month was $360,000, up 9 percent from March and nearly 3 percent from April 2011, according to statistics released Thursday by the Northwest Multiple Listing Service. It was the second month-over-month gain in median price.

There were 1,769 houses sold in King County last month, 15 percent more than a year earlier.

“We’re at the beginning of the prime selling season, so to see this sort of strength coming out … this is very good news for the industry,” said Glenn Crellin, associate director of research at the University of Washington’s Runstad Center for Real Estate Studies.

Rock-bottom mortgage rates and improving employment have set the stage for a stronger spring homebuying season than a year ago, but what’s on every broker’s lips is inventory.

Inventory — the number of houses listed for sale — slid for the ninth month in a row, down 38 percent from a year ago. In April 2010, there were almost twice as many listings.

“The very tight inventory of homes available for sale coupled with the stabilizing prices are probably going to convince some sellers that it’s now safe to come back into the marketplace,” Crellin said.

That doesn’t necessarily mean prices will grow rapidly.

There’s still a large “shadow” inventory of homes in foreclosure and repossessed by banks that have yet to come on the market.

Banks appear to have slowed sales of these homes in April, real-estate blogger Tim Ellis noted on Seattlebubble.com.

Bank-owned homes represented less than 16 percent of sales of King County house sales in April, compared with 20 percent a year ago.

Because these homes tend to be cheaper, having fewer of them in the sales mix pushes up the overall median price, he said.

Another factor in the picture: Low apartment-vacancy rates are giving landlords the ability to raise rents, which in turn may be pushing some toward buying a home.

Earlier this week, new U.S. Census data showed only 4.6 percent of all homes and apartments for rent in the Seattle metro area were vacant in the first three months of the year — the lowest level in more than three years.

“The job market is improving, the rental market is definitely getting tighter, and a lot of people like myself who sat out the real-estate bubble, they’ve been waiting to get to a range they feel is comfortable,” Ellis said.

“This year is a year where they’ve flipped that switch to buying.”

Sellers in Seattle are seeing higher median prices, while sellers in Southwest King County continue to see prices fall.

Houses in Seattle sold for a median $425,000, up 10.4 percent from April 2011, while the number of transactions rose nearly 8 percent.

In Southwest King County, the median price was $189,500, down 12 percent from a year ago.

Snohomish County, which has an even tighter inventory than King County, saw a bigger jump in prices: The median reached $255,502, up nearly 10 percent from a year ago.

05 May

Slow, positive trend in local real estate market

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The 2012 real estate market was projected by a set of local experts to be much like Friday’s weather — foggy with the occasional shower, but with patches of sun trying hard to break through dark times.

At a meeting of the N.H. Seacoast Board of Realtors held at the Portsmouth Country Club, a panel of four experts in the economy, demographic trends and real estate walked the dozens of area realtors through the kind of market they can expect this year. Though some statistics did not indicate that large growth in property sales and purchasing is occurring, experts assured those in attendance that better days are expected to come.

Dennis Delay, an economist with the N.H. Center for Public Policy Studies, explained that past recessionary times have been severe, but have seen an uptick within a year or two. He noted that in the most recent recession, however, recovery has been slow and minimal in terms of job growth. With little job growth, the residential buying and selling markets have been hit.

But Delay assured that those in attendance should not fear too much, as New Hampshire and specifically the seacoast region was not hit as hard as the national economy was in the most recent recession.

“In the Portsmouth area, we’ve actually got all of our jobs back already,” said Delay, noting this region is seeing the return of more “normal” ratios of housing and rental prices.

Delay said studies show the region will not return to prerecession employment levels for another year or two. He also noted housing prices aren’t expected to exceed figures that mirror those of the 2005 market until much later in this decade.

“There’s still a lot of things to worry about,” said Delay.

Peter Francese, a demographic trends analyst for the MetLife Mature Market Institute, explained that much of what is being reflected in the housing market has to do with the fact that the generation known as the “millennials” are having trouble entering in purchasing agreements.

Francese explained the millennial generation is comprised of adults who are between the ages of 18 years old and 35 years old.

“They have issues,” said Francese. “… Most of them are living at home, and they’re up to their eyeballs in student debt.”

He went on to note most of the millennials are having trouble securing enough funds to move out of their parents’ homes, let alone purchase a house.

“The situation in New Hampshire mirrors that of the rest of the country,” Francese assured, claiming there will be more demand in the market, just not right now.

Once the millennial generation is able to afford leaving their nest eggs to start households of their own, realtors will see sales pick up dramatically as the demand for the market returns.

Francese told attendees anything they could do to encourage more affordable housing for young adults so they may come to this region to buy a home and stay here, the better off the overall market will be.

Steven Berg, an appraiser for Sargent Consulting, said statistics have indicated that from 2010 to 2011, the number of home sales stayed relatively the same, but dropped in terms of median price by about 5 percent.

“That kind of surprised me,” said Berg. ” I didn’t expect to see that.”

Berg went on to note he has heard from realtors that they are seeing full price offers come in a much shorter time period than in prior years, which he attributed to the fact that people are pricing their homes too low to accommodate a struggling market.

“We’re at a point now where there’s definitely pressure from buyers,” said Berg.

Based on numbers from across the state, Berg said the median purchasing price of homes to date is reflecting figures from nearly six years ago.

Not all of the information discussed during Friday’s breakfast event was bleak, as John Rice, president of the N.H. Association for REALTORS, told his peers that housing sales statewide are up 17 percent from quarterly figures from 2011.

Rice noted the market for single family homes was seeing higher numbers at the start of this year, as was the market for condominium sales. However, he stressed that the condo market has been all over the map on a fairly regular basis.

Rice also touched on the topic of consumer confidence, assuring the dozens of realtors in attendance that buyers are becoming much more confident as the recession fades and are showing that through their interest and participating in the real estate market.

“That was the tangible that was missing these past few years,” said Rice.

Though there are factors associated with today’s real estate that indicate that darker days are ending, Rice cautioned that the “bad times” may not be completely over.

“But it sure is good to start the year with a solid real estate market!”

05 May

Countryside North Apartments in Cordova for sale

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The 152-unit Countryside North Apartments complex in Cordova is for sale, according to the real estate firm CBRE Inc.’s Memphis affiliate.

Whitney Capital Co. LLC of Lake Success, N.Y., acquired the property last fall.

Countryside is being marketed to investors seeking tax shelters.

Previous owners acquired the property using Section 42 low-income tax credits and tax-exempt bonds paying a rate of 5.82 percent, according to CBRE.

New York real estate investor Garry Munson heads Whitney Management Corp., a Houston apartment manager, and Whitney Capital, which also owns Renaissance Apartments, a 243-unit high rise at 99 Main in downtown Memphis.

A Whitney affiliate owns the adjacent 624-space parking garage.

05 May

Buy Springfield Now program instrumental in helping residents purchase …

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SE 56 Buy 1.jpgPhoto by Dave Roback / The RepublicanAmy Chase and Matthew Bouffard stand in front of their Plumtree Road home in Springfield. The house was purchased with the assistance of the Buy Springfield Now program.

SPRINGFIELD – Hampden Bank vice-president Rosemary Morin, who was among the pioneers of the Buy Springfield Now program three years ago, is a natural when it comes to the group’s mission — encouraging people to buy homes in the city.

Morin herself is a happy, proud Springfield homeowner.

“I live in Springfield and I work in the downtown, so it’s really personal for me,” Morin said last week. “We can be excited to purchase a home in Springfield. I think it’s critical we show pride in the city.”

Buy Springfield Now, a collaboration of public, nonprofit and private sector organizations that acts to preserve and promote home ownership in Springfield, reached its three-year milestone this month.

Under the public-private collaborative, participating agencies use an array of enticements ranging from retail discounts to enhanced loans, along with homeowner education programs, to encourage home purchases in Springfield.

Matthew S. Bouffard, who bought a home in East Forest Park on Nov. 1, less than two weeks before his wedding, said he enjoys living in Springfield with his wife, Amy Chase, and greatly appreciated the incentives offered by Buy Springfield Now.

He received a $3,000 home buyer credit, used on his closing costs, and also a welcome basket that included an assortment of retail discounts and gifts.

He bought his home at 471 Plumtree Road for $72,000, moving from Ludlow.

Living in his new neighborhood is “peaceful,” is “pretty central to everything,” is close to work, and has the modern conveniences not always available in more rural areas of the region, he said.

Having water and sewer lines rather than a septic system and water well is a bonus, he said.

Morin, vice president of mortgage and consumer lending at Hampden Bank, is co-chairman of Buy Springfield Now. The other chairman is Jose Delgado, also a Springfield homeowner, who works as an aide to Mayor Domenic J. Sarno.

“A big plus for the program is the cooperation of nonprofits, the city, the lenders, the businesses, just everybody working together,” Morin said. “That is just a phenomenal feeling. Everybody contributes something.”

In three years, Buy Springfield Now has aided approximately 250 home buyers in the city, Delgado said.

“I think we’ve done extremely well,” Delgado said.

Sarno has been a strong supporter of the program, saying the city has outstanding neighborhoods and strong home prices, and in turn becomes stronger with the influx of home buyers.

There are a number of programs and initiatives this month to promote Buy Springfield Now including open houses scheduled Sunday, across the city, and plans to hang “Buy Springfield Now” flags on street light poles around the downtown, Delgado said.

Those attending the open houses of participating real estate agents can learn about the benefits of buying in Springfield, financing and grants, organizers said. In addition, visitors have a chance to win a $1,000 Visa gift card donated by PeoplesBank. The drawing is May 17.

There was also a $1,000 gift card won by a participant at a Springfield Falcons hockey game in March, that was part of the Buy Springfield Now promotional events.

In addition, there was a “Culture and Cocktails” event on Thursday at the Springfield Museums, as a further promotion of Buy Springfield Now.

Arthur A. Ferrara, president of Landmark, Realtors and of Dot Lortie Realty, praised the Buy Springfield Now effort.

“I think it’s an excellent organization that is working hard to promote home ownership in the city,” Ferrara said. “They are hosting a series of events that will better educate consumers about the benefits of buying a home in Springfield.”

Both Ferrara and Morin said the benefits of living in Springfield are many including good prices for homes and the city’s overall diversity.

“You are not going to get a home anywhere else what you pay here — so much home for what you pay,” Morin said.

The assortment of incentives offered to the home buyers include certain banks providing assistance with closing costs, attorney fee discounts, and gift certificates.

Two nonprofit organizations — the Springfield Housing Office and HAPHousing, provide informational materials and offer classes to assist in the home buying process and to help people protect their investment and avoid foreclosure, officials said.

In addition, a welcome basket is given to each participating family that buys a home in Springfield that includes such items as tickets to the Basketball Hall of Fame and Bright Nights, and a lot of discounts at local and areas restaurants and other businesses, Morin said.

Some of the Buy Springfield Now efforts slowed after last June’s tornado and the October snowstorm, but a very busy spring is planned with multiple events, she said.

05 May

Asheville Cabins of Willow Winds Unveils New Waterfall at Luxury Vacation Resort

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ASHEVILLE, NC, May 04, 2012 (MARKETWIRE via COMTEX) –
With the intention of enhancing the woodland garden where the
luxury vacation resort is located, owners of Asheville Cabins of
Willow Winds recently completed the construction of a new waterfall
on the property. The waterfall can be enjoyed by guests of the
resort.

This unique and stunning waterfall is fed by water from a mountain
spring and designed in the most natural style, utilizing rocks
harvested from the Western North Carolina area. It is an addition to
the numerous water features that make the woodland gardens of Willow
Winds unique. Also, the owners have planted several hundred new
shrubs and bushes, including dozens of double knockout rose bushes
that bloom from early spring to first frost.

The dimensions of the new water feature are 38′ x 18′. A multitude of
seasonal flowers and evergreen and deciduous trees and bushes have
been planted around the base and outer edges of the falls including:
holly, azalea, forsythia, lilac, roses, day lilies, weeping willows
and ornamental trees.

“This brings our total number of water features to 17 fountains,
three waterfalls, one trout pond and one mountain stream,” said Sandy
McLeod, co-owner of Asheville Cabins of Willow Winds. “The unusually
mild winter and spring have made our foliage and flowers more
beautiful than ever,” added McLeod. “This continues our philosophy of
trying to make sure that each year our repeat guests return they will
see something new,” she said.

Asheville Cabins of Willow Winds is nestled just beneath the
Mountains to Sea Trail, near the Blue Ridge Parkway, in Asheville,
North Carolina. Better Homes and Gardens recently selected this
luxury vacation rental as ideal for families looking for a Quickie
Vacation in the North Carolina Mountains. Asheville Cabins of Willow
Winds was the winner of Asheville’s Top Vacation Rental by FlipKey in
2011. The cabins offer a quiet retreat with luxury amenities, and are
located just 10 minutes from Downtown Asheville. Families are
frequent guests of Asheville Cabins of Willow Winds because there are
plenty of fun activities on-site for children and adults.

For more information on this luxury resort, or to reserve a cabin in
Asheville, visit Asheville Cabins of Willow Winds website and use the
online reservations system. Or call 800-235-2474.

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        Contact:
        Sandy McLeod
        Co-owner
        Email Contact
        828-277-3948

SOURCE: Asheville Cabins of Willow Winds


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