NYT notes Asheville real estate market downturn

The New York Times “great homes and destinations” section has a story about Asheville real estate. Here’s the pertinent part:

“But as popular as it is, Asheville has not been immune to the real estate crunch,” said Cynthia Heffron Thornton, an agent with Keller Williams Professionals. “We were hit later than other places and may not have bottomed out yet.”

There are sharp price drops at the high end of the market, she said, so houses that are not priced accordingly are simply not selling. At the low end, significant negotiations are common. A condominium, even one just a few blocks from the desirable downtown, that is listed for $300,000, for example, may sell for as little as $200,000.

Second-home buyers can choose from warehouse and factory loft-style condominiums along the French Broad River, sleek downtown condos and single-family houses in historic neighborhoods.

House sales from $4 million to $6 million are not unheard of, but agents say most second-home buyers spend $500,000 to $1.5 million. For condos, second-home buyers are most interested in properties for $150,000 to $350,000.