Archive for the 'Black Mountain' Category

Several years ago, as the recession began, I wrote about the Asheville real estate market and looking for positives signs in a down market.  I noted that as we were one of the last markets affected, we should be the first to show signs of recovery.  The most recent numbers for the real estate market seem to give some bearing to that economic theory.

For last year, Buncombe County had a 4% increase in homes sold while nationally the number of existing homes sold increased a modest 1.7%. BlackMountain, which stayed strong in the housing market for longer thanBuncombeCounty, had a 23% increase in number of homes sold for the year.

Asheville Real Estate Market Bears Studying

In another positive sign, the number of housing units on the market decreased during the year.  InBuncombeCounty, the number of homes on the market decreased 16 % while that number inBlackMountaindecreased 22%.  Nationally the available inventory of homes on the market has decreased as well.

There are still signs of softness in the market.  For example, average home prices for the last year decreased 5% inBuncombeCountyand 7% inBlackMountainand days on market continues to be lengthy.  Both of these numbers are lagging indicators and will not show signs of improvement until the market has gained strength.

A quick glance at land sales in the area indicate that bothBuncombeCountyandBlackMountainexperienced an increase in land units sold, though we are still far from the peak that occurred in 2006.  Also, land units on the market have decreased in both markets.

The Feds recent announcement that interest rates will remain low until at least 2014, combined with the positive numbers reported in our markets for the 2011 year, lead me to believe that the housing market in our area is edging upward.  As we head into our busy market time, we should see continued growth, a sign that we may be leading the national housing market into recovery.

A 492-acre parcel of Laurel Ridge property, purchased by the Southern Appalachian Highlands Conservancy (SAHC), preserves watershed headwaters located 19 miles outside of Asheville.  By protecting this land, the SAHC ensures that the majestic views from particular areas of the Blue Ridge Parkway will remain undisturbed and undeveloped.

Natural Beauty of Mountain Laurel

Carl Silverstein, Executive Director for SAHC summarized the importance of the purchase on his organization’s website. “This acquisition is particularly exciting because the size and location of the property strengthens the protected landscape between the Asheville and Bee Tree watersheds. This provides a positive impact on water quality as well as keen advantage in protecting wildlife habitat, forest quality, and other conservation values.”

SAHC, one of only 9 accredited lands trusts in N.C., has protected 49,846 acres since incorporating in 1974.

The land, situated within Laurel Ridge, contains about 4 miles of streams, rises 4800 feet in elevation, and harbors acres of hardwood forest. Laurel Ridge, a Black Mountain gated community, offers varied terrain with privacy and tranquility.  Greybeard Realty has several homes and land parcels for sale in this beautiful community. For more information about these properties, please contact Greybeard Realty.

Those of you who got a chance to sample a few of our locally brewed beers at this year’s Asheville Oktoberfest will be excited to learn the new buzz about Asheville’s craft brewing market.  Rumors within the Asheville business community are swirling around the possible news that a second major American craft brewery may be relocating to the Black Mountain area.  If true, business leaders predict that the new company could bring as many as 140 new jobs to the Asheville business market.

More beer headed our way?

Rumored to be studying Black Mountain and Buncombe County very seriously, this brewery can only enhance Asheville’s recognition as a premier beer community.  Buncombe County, home to 10 craft breweries already, has won the Beer City USA designation for the last three years.

Black Mountain already boasts of one major craft brewery, Pisgah Brewing Co.,  and that company’s founder told a local journalist that adding another major craft brewery would increase local tourism. The new brewery, thought to be a West Coast business, would offer brewery tours and
have a restaurant.

For more information or to check out local real estate offerings, please contact Greybeard Realty.

A recent article in the Asheville Citizens-Times discussed the plans for expanding the greenways throughout Black Mountain and talked about the inherent benefits of greenways, including recreation opportunities and attractiveness to new businesses.  In addition, it’s important to note the real estate advantages to having greenways throughout a community, and the Asheville area real estate sales may see a positive effect from the greenway system.

Peaceful Greenways Benefit Asheville Real Estate Market

Greenways are trails of open space preserved for recreation and conservation.  In many instances, the paths connect common areas and provide safe passage through communities with limited exposure to vehicular traffic.  Greenways often offer protection for native plant life and can help in flood protection as well.

National studies indicate that greenways have a positive effect on real estate sales.  In several studies, days on the market (dom) are reduced when the property is adjacent to a greenway. One particular study indicates that houses adjacent to the greenway sold in just over half the time properties further away from the pathways stayed on the market.  In addition, home values increase on those cites adjacent to the pathways, and sales prices were significantly closer to asking price for those homes as well.

So while Asheville and Black Mountain residents can take advantage of safe, beautiful areas for recreation, the Asheville real estate market can also expect to see some benefits in terms of prices and fewer days on the market for homes in proximity to the greenways.  For more information, please contact Greybeard Realty.

Statistics and statistical analysis can be varied, depending on who is parsing the numbers.  While I consider one item to be a positive sign, someone else can come along and decide it’s a negative.  Regardless of how one looks at the real estate numbers for Buncombe County for the last few years, the one observation that most people would agree on is that we are a seasonal market, and we are headed toward our positive season.

In considering the first two months of market numbers for Buncombe County and Black Mountain, there are some numbers that seem solid.  The number of homes sold for Jan/Feb this year, compared with last year’s numbers, are steady. In addition, in Black Mountain, the 14 homes sold are only two less than the 16 units sold for this period during 2008 before the national real estate market decline.  The County comparison for homes sold this year to date compared with 2008 during the same period, however, represents a 32% decline.

Sales volume comparison for the same period for 2011 versus 2010 in the County shows a 10% decline.  Black Mountain sales volume for these first two months of 2011 shows a 12% increase over the same period in 2010.  Those numbers parallel the average price trend, which has Buncombe County declining 9% and Black Mountain increasing 4%.

One area of concern is Days on Market which has increased in both the County and Black Mountain.  The number of days, 187 for both markets, is about double what we would like to see in a growing real estate market.  It’s also interesting to note the number of homes on the market which has remained steady in Black Mountain and decreased in Buncombe County.  While that would seem like a positive, there is no way without further study to determine if those numbers are that way because people are removing their homes from the market or holding off putting them on the market until the market picks up a bit.

Again, different people will consider these numbers and perhaps have a different slant to put on them.  But I look at these numbers and the market trends over the last few years, and I feel very comfortable noting that with spring here and summer around the corner, we are entering an active period for home sales.  And if buyers enter the market willing to offer fair price, they should be able to buy a home that will meet their needs now and provide them with a solid investment for the future.

For more information about the Asheville Real Estate market, please contact Greybeard Realty.

Annual numbers for real estate sales for 2010 have been released by MLS, and at first glance it’s hard to find much good news to hang your hat on.  A quick scan down to the percent change shows negative numbers in every category except one—and that one shows no change at all.  Those declines hold true for both Buncombe County and Black Mountain.

Greybeard Realty:Property for Sale

A closer look at those numbers, however, does indicate some signs that the market may be stabilizing.  In fact, coupled with the slight economic improvements cited by Chairman Ben Bernanke of the Federal Reserve earlier this month, one can even argue that the real estate market in our area is in a position to start an upward turn in the near future.

In Buncombe County, the number of homes sold held steady from 2009 to 2010 while the total sales volume and average price for home sales both declined at a rate of 4%.  That decrease is slightly lower than the 7% decrease experienced in the county market from 2008 to 2009 in average price and significantly less than the 17% decrease in total sales volume from 2008 to 2009.  And that’s where one has to look at the county market with a bit of optimism.  With prices declining at a slightly lower rate than the previous year, the real estate market may be indicating that home prices are stabilizing.

In Black Mountain, the numbers are not as optimistic.  First of all, the area experienced a 14 percent decline in number of homes sold.  Sales volume decreased 17 percent as well.  The average home prices dropped 4% which actually is an improvement from the 11% decline from 2008 to 2009.

Black Mountain’s real estate market buyers differ from those of the County because many of them tend to be buying second homes, homes for retirement and vacation homes.  There is little doubt that tighter mortgage restrictions on second homes have restricted the number of buyers who can afford to enter the market at this time.

So why, you may fairly ask, do I see signs of hope in these numbers?   First of all, it’s important that home prices seem to have stabilized.  Buyers who have been waiting for the market’s home prices to bottom out can see that the numbers seem to be slowing in their decline.  With that pricing trend, buyers who have been waiting may see that it’s time to enter the market before prices start moving up. Secondly, the stock market reached a two year high this month indicating that some buyers with larger portfolios may now have the funds needed to buy their second homes outright or at least have the money required for a down payment on a second home.

More patience may be required before the area market shows a complete turnaround.  I do think, however, that the most recent numbers can be read as showing very slight signs of life.  As is often the case with the real estate market, it’s too soon to know whether we should tip our hats to the bull market that’s just around the corner or pass the hat for the trouble that’s ahead.  In this case, however, I’m going to tip my hat and hope the economy continues on its change of course. We encourage you to check out our Buncombe County real estate listings, or contact us if you have any questions.

If you have dreamed of owning an Asheville rental cabin of your own, you may be interested in the information presented recently in the Wall Street Journal. The article indicates that second home sales in some markets increased at dramatic levels last year. According to the article, the soaring sales levels can be attributed to deeply discounted prices on those homes, cash purchases by buyers not dependent on second home mortgages, and increasing stock portfolios of buyers.

Mountain Views

If you have considered buying a second home, this may be the time to really start your search.  Before entering the buyers’ market, however, there are some simple steps which can alleviate future issues during the buying process.  First of all, do your homework.  What purpose would the home serve?  Will you be renting it out when you aren’t there?  Will you retire there in a few years? How much room do you need? Will you need a management company to keep the home in good condition and keep it rented regularly?

Another important step is to assess your own financial situation.  Will you need a second home mortgage which requires more stringent financials?  How much can you afford to spend?  It makes no sense searching through $1 million homes if you have a budget of $350,000.  Do you have a stellar credit rating?  If not, clean it up prior to applying for that second mortgage.

In the article, financial experts indicated that mortgage lenders were requiring as much as 25% down on second homes and clean credit reports.  Further, they indicated that the best prices on homes were found by buyers able to pay full cash for the home price.  The markets studied were Barnstable County, Cape Cod, MA, Mercer Island, WA, Hilton Head, SC, and Palm Beach, FL, and the increase of the number of homes sold ranged from 9% to 181%.

National numbers for 2010 second home sales will not be available until March 2011, but if these specific markets are any indication, it may be time to consider looking around for that second home. For more information, contact Greybeard Realty.

Stroll through Black Mountain

If you have enjoyed your vacations in your Asheville rental cabin, perhaps it’s time to make the move and purchase your own home in Black Mountain.  Greybeard Realty has two new listings, both conveniently located within city limits.  Each of these 4-bedroom/2-bath homes can offer owners their own little pied-a-terre with fireplaces for relaxation and covered front porches for enjoying the clear, mountain air.

Black Mountain Cabin Rentals

The Church Street listing, centrally located in a prime Black Mountain area, is within easy walking distance of the downtown shopping.  This well-maintained cottage, built in 1915, features a screened back porch, a carport, and a nice level yard.  Enjoy breakfast in the wonderful eat-in kitchen or take a short stroll to one of the nearby coffee shops.

The Hiawassee home, built in 2003, has spacious living areas on three levels with two decks on the back.  Within walking distance of Lake Tomahawk, this newer home features a low-maintenance yard and a family/game room.  The downstairs bedroom would convert nicely into an office.

Tour More Asheville Area Rentals

For more information on these two new listings or any of our other listings please contact us.

Greybeard Realty of Black Mountain, NC, unveiled a new website this week dedicated specifically to their rental home division.  The Asheville area rentals website offers clients more search options, including allowing them to set up a favorite homes grouping so they can do a close comparison to choose the property best suited for their needs.

Setrock Creek Falls in Black Mountain

For company founder Chip Craig the new website improves the service his company has striven to provide since its inception in 1999.  “We pride ourselves on being responsive to our clients, and we think this new website will give them more options and more information, which will make it even easier to choose the right rental home.”

Asheville NC Vacation Rental Homes

Greybeard Realty’s rental staff manages more than 150 vacation rental homes in Asheville and surrounding towns, and more than 100 long-term rentals in the Asheville area.  Amenity categories include pet-friendly homes, secluded homes, romantic homes, and homes with hot tubs.

Craig notes that his company just reached a milestone when they surpassed the 20,500^th reservation in their rental division.  A survey conducted of Greybeard’s rental guests last year indicated that 99% of them would recommend the company to their friends and family.  With the launching of the new website and the positive feedback from past renters, Craig predicts that the number of rental reservations will continue its steady increase.

Greybeard Realty is a full-service real estate company with 11 brokers and 6 guest service employees.  For more information on Greybeard Realty contact Chip Craig at 828-669-1072.

 

 

 

The Sept/Oct 2010 issue of Sierra Magazine ranks 162 US colleges in its 4^th annual “Coolest School” contest, and Black Mountain’s own Warren Wilson College came in at #14 on this year’s list. This represents a four slot rise for the school as they appeared last year at #18.

Farm Life at Warren Wilson College

The magazine ranks the colleges based on each college’s responses to an 11 page questionnaire. Topics surveyed include energy supply, efficiency, food, and academics plus other categories.  Warren Wilson, which the article says gets one third of its food from farms within 500 miles of campus including from its own six-acre organic garden, scored 81.8 out of 100.  The number one school, Green Mountain College of Vermont, scored an 86.8.

Warren Wilson College boasts that “We are not for everyone…” and offers a unique triad approach to education: academics, work, and service.  The accredited, four-year, private liberal arts college was founded in 1894 with a philosophy of sustainability.  With this latest ranking, it seems that that philosophy has remained with the school for more than 100 years.

At Greybeard Realty, we pay attention to sustainability as well.  We offer a complete list of green homes available in the Asheville Real Estate market. Sharon McConnaughy, our sales agent specializing in environmentally conscious homes, can help steer you toward environmentally sound homes in the Asheville area.  For more information please contact her.