Asheville Real Estate Blog

Open House - Sunday - October 23, 2011 from 2:00pm to 4:00pm - Biltmore Forest

Exquisite amalgam of history, charm, and modern amenities, home embodies a time of elegance and craftsmanship. Walk through the original Dutch doors onto random width quarter sawn oak floors with a view of the grand staircase. Four original fireplaces. The grounds are private and magical with a koi pond, formal and casual garden spaces, as well as a rare stone privacy wall along the front of the home includes iron gate.

6 Westwood Road Asheville, NC 28803 
$1,195,000
MLS 474401

Bedrooms: 5 
Baths: 4 
Half Baths: 2

English Traditional Manor House in the Queen Anne Style affords a relaxed formality from room to room. This style highlights a slate roof, various gables, shingles combined with natural rock, Dutch entrance doors, random-width pegged floor boards, special trim and moldings, wrought iron hardware on doors, stonewall and gate, carved stair rail and chair rails, built-in niches, hall with bow window, French doors, herringbone patio and walkway.

Click here for more details, photos, and visual tour of 6 Westwood Road in Biltmore Forest.

History of the Architect
The architect for the home was Charles Newton Parker (10/29/1885-7/30/1961), who built houses for many of the founders of Biltmore Forest. He is famous for building many historic buildings downtown and luxurious homes in Biltmore Forest, in the Grove Park Inn neighborhood, on Sunset Terrace, and in Montford, but most importantly for building the Grove Arcade complex (1926-1929)  and the “Arch de Triumph”   (1919), a former grand archway on Patton Avenue to welcome home parades of WW I veterans.

History of the Home
Mr. Parker was one of the first licensed architects in North Carolina, and he was apparently one of  Mr. Grove’s favorite architects. This home, one of the early houses in Biltmore Forest, was built for Mr. John Izard Sr. and Mrs. Elizabeth Andrews Izard and they named it “Boxwood”. 

Completed around 1930, the current owners today are only the second family to own this property.

L’Hermitage Emerges
Mrs. Elizabeth Izard died in 1984. After Mrs. Izard’s death, the house was left untended and stood empty until the current owners purchased it in 1989 from the Izard Heirs. After 8 months of intensive renovation, they moved in June of 1990 and named the house “L’Hermitage”.

Some highlights of the property:

Exterior

• Rare stone privacy wall along the front of the home
• Iron gate entrance into the property
• Private and magical one acre lot
• Koi pond
• Formal and casual garden spaces
• Meadow behind the home
• Herringbone brick patio
• Neatly landscaped

Interior

• Random width quarter sawn oak floors
• Crown molding
• Two staircases
• Four functioning fireplaces - Two wood burning and two gas fireplaces
• Library
• Five bedrooms
• Four full bathrooms and two half bathrooms
• Formal and casual entertaining space
• Built-in bookshelves and niches
• Butler’s pantry

Expansion Possibilities

• Third floor offers unfinished space that could be completed per buyer’s need
• Lower level also offers room to grow if needed

Hosted by Peter van Rijssen, The Bourke Group Buyer Consultant

“FOR IMMEDIATE RELEASE”

10/13/2011
From: The Bourke Group
Contact: Steve Bourke

Steve Bourke, Carol Bourke, Terry Hess, Peter van Rijssen, Lynn Searson of The Bourke Group Awarded Real Estate’s Prestigious 203k Specialist™ Designation

The Bourke Group is proud to announce that our agents have completed the real estate industry’s most comprehensive training in the use of the U.S. Government’s FHA 203k Home Purchase and Renovation Loan program. With this designation, Steve, Carol, Terry, Peter, and Lynn become a member of REbuildUSA, a nationwide organization of real estate, lending and home improvement professionals, working in partnership with Lowe’s, is dedicated to helping more Americans achieve the dream of home ownership, improving our communities and contributing to the health of our economy.

“The FHA 203k Renovation Loan offers tremendous opportunities for many Americans to enjoy great prices on homes today,” explains Steve “yet there is very little awareness of this program and the power it offers in our current economy.”

REbuildUSA was established with the mission of creating more awareness of the opportunities offered by the FHA 203k program, while at the same time, simplifying the process for all involved. As REbuildUSA’s home improvement partner, Lowe’s assists in identifying the scope of work and relative costs and then coordinates the actual renovation activities through its nationwide network of licensed installers.

“My 203k Specialist™ designation training positions me to provide professional guidance to those who would like to locate a great home in a great neighborhood to be renovated to meet their needs. These are the homes offered at the most competitive prices. Additionally, as a member of REbuildUSA, I can help my buyers more easily navigate the process of planning, securing loan approval and completing the home improvements.”

203k Specialists are also trained to bring a strong competitive advantage to home sellers by more effectively marketing their homes to a wider audience. The REbuildUSA List Assist program provides visualization tools and cost estimates allowing prospective buyers to better recognize the value of an available property, and the 203k Specialist can then help them put the power of the FHA 203k to work in purchasing and renovating the home.

“I’m excited to have more of our associates earning this designation and supporting the mission of
REbuildUSA,” explains Steve, broker of The Bourke Group. “Knowledge is power, and I believe this program really sets our people apart when it comes to helping home buyers and sellers make the most of the excellent opportunities in today’s market.”
 
The Bourke Group, Asheville Real Estate Specialist, 828-771-2333, www.searchinasheville.com

Search for Homes for Sale in Asheville

REbuildUSA is based in Newport Beach, California. To learn more, visit www.rebuildusa.com or call 877.USA.203k.

Open House this Saturday!

Oct. 15th - 2pm to 4pm in Grovewood Park

Great home in desirable Grovewood Park, located on a cul-de-sac. Newly updated kitchen. Large living room with wood burning fireplace. Living room opens to kitchen and dining room. Hardwood floors. Bonus room in lower level. Fenced in area in back yard. Driveway also has an exit on Griffing Circle.

Check out the full details for this great home for sale in Grovewood Park - North Asheville.

MLS 505506
$300,000
Subdivision: Grovewood Park
Bedrooms: 3
Baths: 2
Apx SqFt Range: 1400
Full Basement
Apx Year Built: 1954

Directions: Merrimon Avenue North, Right on Gracelyn, continue straight to Griffing Blvd, Right on South Griffing Blvd, Right on Maplewood, Left on Maplewood Pkwy, Left on Northwood, House is at end of street on cul-de-sac.

Hosted by Lynn Searson, Buyer Consultant with The Bourke Group

This month in Real Estate:

October 2011  Market Update

Despite some pessimism pertaining to the global and domestic economies, the U.S. housing sector continues to show promising signs of stability and growth. Low levels of new home construction and gaining sales volume fueled by an inventory of affordable housing since Richard Nixon was president have reduced the number of homes on the market. This means home prices may begin to appreciate again.

While there are many factors that can be barriers to buying a home, such as the tightening of mortgage lending rules by banks, consumer confidence in the job market is among one of the top obstacles to home ownership. In the 2011 Housing Pulse Survey conducted by the National Association of Realtors, 80% of respondents cited job security as their primary concern when deciding to buy.

For only the fourth time since the beginning of 2010, home sales in August were up both year-over-year and month-over-month, posting an 18.6% gain from last year, with first-time home buyers accounting for nearly a third of all homes purchased.  These indications of strength in the housing market may help to add to consumer confidence, which is an integral part of sustained growth. Even though there is still a long road to recovery ahead of us, there are opportunities to be had for both home buyers and sellers.

Home Sales

in millions

August home sales were up 18.6% year-to-year, posting a 7.7% increase in sales activity over July despite Hurricane Irene, which struck the Eastern seaboard and New England regions at the end of the month. As a result of the hurricane, the Northeast experienced the smallest increase in sales. At the same time, persisting restrictions among banks affecting home lending are having the greatest constraint on sales levels. NAR Chief Economist Lawrence Yun stated, “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy.”

Home Price

in thousands

Homes prices were down, with a 5.1% drop in August compared to a year ago. The national median price for homes in August was $168,300, with distressed properties, foreclosures, and short sales still accounting for 31% of sales. The buyer’s market for residential property continues, as favorable prices, and record low interest rates offer the most affordable conditions for purchasing a home in the last 40 years.

Inventory- Month’s Supply

in months

The supply of homes measured in months on the market at their current pace of sales fell 10.5% in the month of August, to an 8.5 month supply of inventory, down from a 9.5-month supply in July. With homes being more affordable than they have been in a generation and the lowest levels of new home construction since World War II, this inventory is projected to continue to fall, which will eventually result in the appreciation of home prices and a move toward a balanced market.

Source: National Association of Realtors

Interest Rates

Home ownership became even more affordable, with the average rate for 30-year fixed mortgages falling to 4.01% the last week in September. This drop came as a result of the Federal Reserve extending the average maturity of its holdings as a part of the Maturity Extension Program, an effort designed to put downward pressure on interest rates and yields on treasury bonds in order to stimulate the economy. It is hoped that this action will encourage banks to loosen lending conditions, as it becomes more attractive to loan money to home buyers, rather than invest in treasury bonds.

Source: Freddie Mac

Topics For Home Owners, Buyers & Sellers

Since affordable pricing tops the list of motivation and criteria for buying, it is no surprise that many first-time home buyers purchase distressed properties, which can be up to 30% below market value. Cost-conscious buyers are the most interested in distressed properties, but it is important for them to take into consideration the additional costs and expenses related to damage or neglect that occurred during the foreclosure process. On average, distressed property prices for first-time home buyers are $185,971 with a median of $153,000.

Another consideration for buyers is the transaction time. Short sales and foreclosures typically take considerably longer to close because buyers deal with institutions rather than individual sellers. Yet buyers who are patient can benefit by paying less.

As a seller, it is important to understand the current real estate market, and a real estate agent is there to guide sellers every step of the way. Agents can help sellers understand what the level of distressed sales and competition look like in their area. This way, they will be able to price their home right and will more than likely be able to attract attention from potential home buyers.  

Source: KW Market Navigator and KW Research