Blog :: 07-2015

Asheville Second Quarter Real Estate Report 2015

 

 

Asheville set a record this year, as of June 30, the median home price within the city was $235,000, beating the 2007 high of $229,000.

During 2015’s first quarter, a lot of (the lower-priced) houses were snatched up. Sellers have the ability to be more patient because they're more confident that they can make a profit, or at least recoup what they spent when they bought it.

Attempts to make as much money as possible also could be a contributing factor to the increase in inventory in the second quarter for homes priced at $500,000 and lower, Figura said.

Average days on the market within the city limits is another metric that shows the popularity of Asheville.

That figure dropped to 110 days, as of June 30 — the lowest it's been since 108 in 2008, he said. That number was 127 during the first quarter.

And the June 30 measure might be inflated due to a 2010 change in the way the North Carolina Real Estate Commission defined "on the market.”

Prior to the change, any home under contract was considered off the market, but after the change, the commission added the due-diligence period that occurs during the contract period, shifting everything up by 20 to 25 days. 

Asheville Real Estate Report Second Quarter

Notable numbers in Asheville and Buncombe County real estate

• $235,000: Median home sale price in city of Asheville this year as of June 30 — a record.

• $345,900: Median asking price of all homes, condos, townhouses and mobile homes this year as of June 30, in Asheville and Buncombe County — a record.

• 270: Number of homes on the market in the city of Asheville during second quarter.

• 222: Number of homes on the market in the city of Asheville during first quarter.

• 110: Average days on the market this year for homes in the city of Asheville — the lowest since that figure hit 108 in 2008.

• 127: Average days on the market for homes in the city of Asheville during first quarter.

• 417: Number of homes sold during June in Asheville and Buncombe County — the most since August 2006, when 418 sold.

• 280: Number of homes sold during May in Asheville and Buncombe County.

• 455: Number of homes sold during June 2006 in Asheville and Buncombe County — the one-month record.

• 8.7: Percentage of homes during June that sold at or above the asking price.

• 13.5: Percentage of homes during June 2014 that sold at or above the asking price.

• 6.5: Percentage of homes that sold at or above the asking price this year through June 30.

• 11.3: Percentage of homes that sold at or above the asking price in 2014.

• $200: Median price per square foot for "green" homes sold during the last 12 months — a record.

 

View Full Article in Asheville Citizen Times: 

http://www.citizen-times.com/story/money/business/2015/07/24/housing-market-sets-records/30613967/

 

Oil Tank Remediation Reimbursement Fund Discontinued


 

North Carolina Oil Tank removal The State of North Carolina is abandoning the reimbursement program for underground oil storage tank removal. As of July 31, 2015, home owners or soon to be home owners will no longer be eligible for reimbbursment by the state.

At Mosaic Realty, we recommend old oil tanks to be removed, even when tested and results show the soil to be clean and there is no leakage. Typical testing, removal, and remediation costs approximately $2,000 - $3,000. If there are telltale signs of oil smell or visual signs in the soil, it will cost more and it is likely the state will need to be involved. 

As a homeowner it is important to have all of the paperwork showing the soil has been tested, tank has been removed, and any contamintation mitigated. 

 

If you have questions or concerns about your underground oil storage tank removal, contact your Ashevillle real estate agent at Mosaic Realty. 

 

 

Mosaic Community Lifestyle Realty

60 Biltmore Avenue

Asheville, NC 28801

Phone: 828-707-9556

Fax: 800-533-1491

info@mymosaicrealty.com

Comments

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      The South Slope In Asheville Will Bring Artist Co-op To Life

      217 Cox Ave

       

      East West Cox LLC recently purchased two South Slope buildings located at 207 and 217 Coxe Ave. with plans to transform the property int a space for artists. The property located at 207 Cox Ave. totals 16,000 square feet and the plans call to host an eclectic group of artists, including dancers, paineters, jewlers, healing arts, and more. 

      Mike Figura, a member of East West Cox LLC stated, We saw the need for place like this, and the space kind of lends itself to this type of use. We saw the building as an opportunity to do something neat downtown.” The plan is to rent space to artists based on square footage, starting at approximately 100. Studio rents have not been determined, and those interested in renting space can contact : 

       

      217 Cox Ave. has the ability to host a restaurant, brewery, or become retail and office locations. Glazer Architecture is working with the company to revitalize the buildings and bring them to life. The south slope has seen its share of growth over the past year or so, and these buildings will add to that.  The builidng at 217 Cox Ave., currently contains a 6,000 square foot warehouse and a 5,000 square-foot mezzanine, so the possibilities are endless.

       

      East West Cox LLC partners are open to ideas on how to utilize the space and contribute to the positive growth in Asheville. 

       

      For more info about renting space, contact Austin Walker @ awalker@whitneycre.com or 828-713-0777.

       

      To read the full article in The Citizen-Times click here- http://www.citizen-times.com/story/news/local/2015/07/08/south-slope-sale-become-artist-coop/29890663/

      Why Mortgage Pre-Approval Is Important

       

      mortgage pre-approval

       

      Shopping for a home before getting preapproved for a mortgage is the equivalent of walking into a grocery store without a wallet. The vast majority of homebuyers don't get a loan preapproval before the start searching for a home.

      A preapproval is different from a prequalification. With a prequalification, the lender relies on information provided by the buyer to estimate how much the borrower could qualify for. With a preapproval, the lender verifies the borrower's information and documentation to determine exactly how much it would be willing to lend to that borrower.

      Pre-approval is an important step in the home buying process. It gives you an accurate idea of how much home you can afford and ensures your search remains within your budget range. Having a pre-approval letter will let sellers and their REALTORS® know that you are serious about making an offer, and many require submission of a pre-approval letter when making a offer.

      Most pre-approval letters are good for 60 to 90 days. Having your pre-approval letter rahter than just being prequalified will make you look more credible. As the real estate market in Asheville continues to be hot, pre-approval can give you credibility and an edge on other home buyers submitting offers. 

      To learn more about the pre-approval process contact Mosiac Realty today.