Asheville Real Estate Blog

According to a recent article by Steven M. Sears in The Wall Street Journal, this might be the case.  With summer just around the corner, Barron’s sized up the market for upscale second homes.  Barron’s 10 Best Places for Second Homes

Criteria for selection: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and great shopping. Complete range of lifestyles, from peaceful and easy to vigorously social.

Ranked No. 9: Asheville, N.C.  From the article: “Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat. The locals call them “halfbacks,” since Asheville is halfway up the East Coast. The town has a university and a thriving art scene. We like the 1920s-vintage Tudor homes in the Biltmore Forest district, once part of the adjacent Biltmore Estate. The funky Grove Park neighborhood is also worth a look. Median Price: $700,000, Drop From Peak: 38%, Neighbor: Andie McDowell”

Currently in the Asheville Luxury Real Estate Market

Active Homes Priced $600,000 plus:  453 active (includes condos, townhomes, and homes)

List Price Hi: $6,900,000 with Lo: $600,000 with Average list price: $1,222,594
Average Days on Market: 277

Active Listings Priced $1M plus: 211 (includes condos, townhomes, and homes)

List Price Hi: $6,900,000 with Lo: $1,000,000 Average list price: $1,704,961
Average Days on Market: 294

Closed Activity and Current Absorption Rates for Asheville Luxury Real Estate Market

 
            
(Absorption rate = number of months it would take for present inventory to sell based on the past six (6) months sales averaged monthly)

As time will tell, we will continue to track these numbers to see how our market performs during the upcoming summer months.  We have already seen an increase in traffic and showings for our team’s luxury listings. 

- Steve Bourke, Group Leader

Extended First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers ends April 30, 2010.   Also, the tax credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010 is coming to an end.
 
Who Qualifies?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010 (”the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.)
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Will it be Repaid?  

No. The tax credit does not need to be repaid, if buyer occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

What if you do not close by April 30?

As long as a written binding contract to purchase is in effect on April 30, 2010, the buyer will have until July 1, 2010 to close on the property.

For more information, please call us or visit Realtor.org.

-Pam Welborn, Listing Consultant

For the Best Customized Real Estate Reports for Asheville - visit www.HomeValuesAsheville.com

Daily, we receive questions about what houses are selling for in the Asheville area, if our real estate market has stabilized, and what the current real estate trends are for Asheville. 

You may be wondering this too. So, whether you are looking to purchase or you just want to keep an eye on what is going on around your current home, you now have access to detailed reports that will give you current days on market, number of homes on the market, asking price versus average selling price, and much more.  The data displayed for you is pulled directly from our area MLS and is based on the location and criteria that are important to you.

If you would like a FREE, customized Market Snapshot Report sent to you within minutes, please visit www.HomeValuesAsheville.com.  Or, if you prefer, please call me directly, and I would be happy to set this up for you so that you have access to the most current and useful information for home values in Asheville.

-Steve Bourke, Group Leader

What to do in Asheville

• Find a Place to Stay
• Take a Tour
• Find a Cool Place to Eat
• Go Downtown
• Shop ‘Til You Drop
• See Artists at Work
• Take a Nature Hike

Oktoberfest at Rock Springs
Sunday, October 25, 2009 1:00-4:00pm

Join us for a tour of available home sites.  Refreshments provided.

Home sites priced from $31,000 to $68,000.

 This beautiful single-family home community is conveniently located approximately 10 minutes from Asheville. Subdivision has underground utilities in place and City water. 

Directions:  Patton Ave to right on N. Louisiana, then left at first light to Hazel Mill. Left at stop light onto Emma Road. Go 4/10 of a mile to right onto Gorman Bridge Road then at stop sign continue straight on Gorman Bridge for 2/10 of mile to left into Rock Springs which is Wind Stone Road.