A New Season - Winter to Spring - At the beginning of an up cycle, load up on land.

"At the beginning of an up cycle, load up on land".

>>>>>>>>>

This was a thought presented on a major Real Estate Consultant's web page the other day.

As I looked at our Land Market in Asheville, I thought how accurate this statement will be in the near future for those that want to be in the Asheville area.

At the end of February, land values in the Asheville/Buncombe County area were at, what some would consider, close to bottom for such a high demand part of the country. Land and home values (asking and selling) are normally as high as any part of the state, with perhaps the Outer Banks/Ocean being a tad higher.

Just like the rest of the country, we have seen our inventories climb and our prices drop, but unlike many parts of the country, our's have slipped less, percentage wise. Again, that is because we have many unique features that make folks from all over the country want to live and play here.

Currently the Average Asking Price for a single family home, condo, townhouse or mobile on owned land is $407,726. Rather expensive compared to other parts of the country.

Land can be expensive here also. The Average Asking Price for all vacant land parcels (2139) suitable for residential purposes in Buncombe County is $229,806. This is as low as it has been since 2004.

The Average Selling Price so far in 2010 is $73,936 which would indicate there are bargins to seek out in anticipation of the growth we will definetly see, especially if Google® does decide to begin it's new wireless Internet service here.

At the end of 2007 the Average Selling Price for all parcels of Residential land was $163,550 and the Average Asking Price was over $300,000 for all vacant land parcels.

An acre of land sold for an average of $94,318 in 2007. So far in 2010, an acre has sold for an average of $57,518.

Most indicators would suggest we are at the very beginning of an up cycle. Maybe it is time once again to consider land as a great foundation for your future investments. After all, you can stand and walk on that asset, and we really aren't making any more.

The above photos are of a 3 acre parcel with great views, just outside of Asheville, that I own, and it is FOR SALE.

Asheville Named Among Best Places for Second Homes
Asheville was recently selected as one of the 10 best places in America for second homes, according to Barron's Magazine. Boasting a four-seasons lifestyle and a thriving art scene, Asheville's luxury home prices have dropped an estimated 38 percent from their peak.
http://tinyurl.com/ydu7ezg

Disclosure: The data supplied in these reports/charts is researched and compiled by Don Davies, GRI from the Western North Carolina Mountains MLS and may not reflect all real estate activity in the market, i.e. FSBOs, etc.

For more Asheville Trends and Market Reports : Asheville Real Estate Trends

Copyright by Don Davies©