The vagaries of the Asheville real estate market

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

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Loyal reader judgeyall offers some thoughts on the local real estate market:

Our real estate market is a complitcated hodgepodge of good and bad,

Looking for a home under 200K? you are in good shape. There are options that just werent there a few years ago. This will help strengthen the middle class in WNC. Rates are at 5.something shockily little percent, and new home buyers have options that werent there before. However investors are hurting if they had planned to sell right away or if they priced the home too high. Priced right (8% appriciation) then things are good. We got spoiled at 12-15% appriciation 🙂

Cookie cutters are most hurt. The demand for new construction, 4000sqft in Leicester is down. who would have thought? Unfinshed subdivisions are feeling the credit crunch, local builders unable to tap into their credit line.

home sales over 300K have seen a dramatic drop since last year. Retirees that dominated this price range can not sell in FL, NY, OH, AZ.

– this year only about 20 apx homes will close over one million, last year 48 sold.
This is causing a much needed price adjustment and a panic in homeowners trying to sell.

Now for the Cliffs- a market within itself. A class that is protected like no other. A 3 million dollar lot sale will not improve the value of the land outside of its world. I am thrilled though that it will help employ construction crews, engineers, plumbers, etc that are currently finding little work in the residential arena.

Good news about N. Market! My fear is empty units in building after building causing a depressing looking downtown. Hopefully new building will slow for a few years so we can absorb the supply.