Idylwood Towers Market Update 2009

It seems investors and homeowners are finally realizing the value of Idylwood Towers this year. There has been 6 homes sold in the first 5 months of 2009. The lowest price was a 1br/1ba at $190,000. The maximum price was an updated 3br/2ba property at $315,000.

The average price YTD for a 1 bedroom unit is $190,000. The average price YTD for a 2 bedroom unit is $206,250. As mentioned earlier, a 3 bedroom unit sold for $315,000.

Homes on average sell for 89.8% of the original list price. They sell for 96.7% of the final list price. So, if you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that knows the buildings and can help you determine if the asking price is reasonable.

Idylwood Towers Sold YTD: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=31189727011

If we look at the number of pending home sales at Idylwood Towers as of 06/03/2009, we get a number of 4. Two of those are 1 bedroom units and two are 2 bedroom units. One of those appears to be a short sale.

Three homes are currently available for sale in Idylwood Towers. They are all 1-bedrooms ranging in price from $165,000 to $225,000. If you would like the current list of homes for sale, please email me.

To get a better understanding of the overall price curve in the neighborhood we can take a look at the sales history of the various models. As there has been few sales of the 1 and 3 bedroom units, the price trend is probably most accurate for the 2 bedroom units.

As can be seen from the above graph, the average sales price is still trending downwards and are back to pre 2004 levels. The three bedroom model seems to keep its value well but will need more sales to see what the long-term difference is in price between that and e.g. the 2 bedrooms. There is interest in units for sale in Idylwood Towers and reasonably priced units do sell quickly.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 1 pre-foreclosure, 0 upcoming auctions and 0 bank owned properties. Some bank owned properties have already been listed and sold over the last few years. So, there does not seem to be a flood of foreclosed on units coming up over the next few months.

Moving on to rentals, the prices have come down a bit from last year. 4 properties rented so far this year. There are currently 6 properties listed for rent ranging from $1,200 for a junior 1br/1ba to $1,850 for a 3br/2ba. As can be seen on the below graph, the rents have declined for all the models (remains to be seen for the Jr 1br.) Rents are typically a bit higher in the summer so we may see a bump in the average by the time we get to the end of the year.

For investors the GRM is flattening out. Even though prices have kept falling the rents have also fallen.

Idylwood Towers is a great place to call home and the prices are now lower than what they have been for a long time. Coupled with the low interest rates and the potential to qualify for the $8,000 tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing in Idylwood Towers please give me a call.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"