Beverly-Hanks & Associates REALTORS®

You’ll want to check out all the progress that is taking place in Asheville since our last update.

The “mock-up” room is finished with all the furniture and fixtures. InterContinental Hotels, the parent of Hotel Indigo was on site to review and critique the room. With a few tweaks, we’re almost there. The folks at CJMW, particularly Kathleen and Melissa did a great job. I think everyone is going to be very pleased when you get to see the final product.

Early on Monday morning we had Mayor Terry M. Bellamy and Councilman Jan Davis to the project for a review. We had many others to the building on Monday and Tuesday for tours of the mock-up room and a chance to ride the construction elevator to the Penthouse level and take in the views. WLOS Channel 13 the ABC affiliate in Asheville did a short story which aired on the 6 & 11 o’clock news on Tuesday, when we get a copy of it, we’ll post it on the site.

Now that we can get to the condo level, the brokers, in addition to taking potential purchasers into the building, will be doing “hard hat” tours every Wednesday with small groups. As a reminder, you might want to mark your calendars to schedule a trip to Asheville in October to see the fall leaves; we’ll have a place that will be taking reservations.

Contact a Beverly-Hanks agent today for a tour and more information.

Take Advantage of Historic Low Interest Rates and the First-Time Homebuyer Stimulus Package

Thanks to a Fed announcement (see below) which exceeded all expectations, it was a big week for mortgage markets. Mortgage rates ended the week down significantly, falling near the lows reached in January. The stock market and Treasury market also performed well during the week.

Following Wednesday’s meeting, the Fed shocked investors with an aggressive expansion of its mortgage-backed securities (MBS) purchase program. In addition to the previously announced $500 billion in MBS purchases which began in January, the Fed will buy an additional $750 billion this year, bringing the total to $1.25 trillion. To put this in perspective, $1.25 trillion represents more than half of the estimated total mortgage issuance in 2009. Similar to its November announcement about the initial $500 billion MBS purchase program, the Fed achieved its desired reaction with an immediate decline in MBS yields. Since mortgage rates are largely based on MBS yields, mortgage rates moved lower as well.

The Fed has identified the stabilization of the financial system and the housing market as key elements of an economic recovery, and lower interest rates will help achieve these goals. Inflation data released during the week contained no reason for inflation to be a concern in the short-term. With yet another increase in government spending, though, investors will be keeping an eye out for signs of higher future inflation.

Next week will kick off with some monthly housing data. Existing Home Sales will be released on Monday, and New Home Sales will come out on Wednesday. Durable Orders, an important indicator of economic activity, will also be released that day. The final figures for fourth quarter 2008 Gross Domestic Product (GDP) will be revealed on Thursday. Personal Income and Consumer Sentiment are on the schedule for Friday. Large Treasury auctions will also be a factor during the week.

Copyright @ 2009 MBSQuoteline Courtesy of Beverly-Hanks Mortgage Service

The Times UK has a great article about Asheville and Western North Carolina.

After a jaunt through the South and being disappointed by the strip malls and chain restaurants, the entered Western North Carolina:

“In addition to a diverse spread of restaurants, Asheville’s narrow streets offer an eco-chic boutique, a sustainable-clothing warehouse and a selection of pubs that would not be out of place in a Gloucestershire village: Jack of the Wood, the Green Man and the Thirsty Monk were all within a block of one another. Arriving here, you feel you’ve discovered something increasingly rare in homogeneous America: a regional city with a personality all its own.”

Their trip to Chimney Rock and nearby Lake Lure is described in detail:

“Our first stop was Chimney Rock, a stunning formation rising from the surrounding forest. On approach, it looks less like a chimney than a particularly obdurate mushroom.

“After lunching on barbecue ribs beside a turbulent little river that had only a week earlier washed away some picnic tables from our terrace, we tackled the surprisingly gentle 300ft climb up to the summit. The rock’s naked promontory boasts views of surrounding Appalachia that are rumoured to range up to 75 miles, though our vista was considerably less due to encroaching thunderclouds. The hiking trails that vein the park below are well worth the effort, particularly the Hickory Nut Falls route, which leads to one of the East Coast’s more beautiful waterfalls.”

Biltmore Estate also received impressive mention:

“… the ancestral seat of the Vanderbilt dynasty and the largest private home in America. Situated just south of Asheville, it was built by George Washington Vanderbilt, grandson of the shipping magnate Cornelius “the Commodore” Vanderbilt, America’s first great robber baron. George was a sensitive soul who lacked his forebear’s cutthroat business acumen and decided instead to devote his life (and redoubtable fortune) to the arts. The house he built, which was officially opened on Christmas Eve, 1895, is set on 8,000 acres of rich Southern backwoods, and the 175,000 sq ft structure appears to have been transplanted in its entirety from the Loire Valley.”

Next on their agenda was the Blue Ridge Parkway:

“Finally, we joined the Blue Ridge Parkway, one of America’s most beautiful roads. Running nearly 500 miles from the southwestern tip of North Carolina into central Virginia, the two-lane highway, built by the National Park Service in the 1930s, offers a welcome escape from the strip malls, billboards and building plots that now clutter many Southern roads. Driving along the parkway, which is shrouded by trees and absent of lorries, it’s easy to imagine for long stretches that you have left the modern world altogether.”

Lastly, like many people at the end of their trip, they were going to miss it:

“We finally left the Blue Ridge Parkway at Fancy Gap, just before the Virginia border. We were all too soon among the 16-wheel trucks, factory-outlet shops and fast-food restaurants. Clearly, our detour into a unique slice of the South was over.”

Learn more about real estate, schools, and additional details regarding the areas mentioned:

• Asheville Real Estate
• Lake Lure Real Estate
• Chimney Rock Real Estate

For more details and anecdotes, check out the full article at the Times.co.uk.

At a time when most area Builders are pulling back or canceling projects, Nappier & Turner Construction Co. is confidently moving ahead with their newest community in Hendersonville. Brookstone Cottages and Foxchase Cluster Homes will be a community of firsts. The first in Henderson County to feature all NC HealthyBuilt Homes and Energy Star Rated as standard construction. The first Woman-Centric designed community in Western North Carolina. And, the first in Western North Carolina to participate in the EPA’s new WaterSense Program. These features coupled with Nappier & Turner’s reputation of designing unique neighborhood communities since 1985 will put them well ahead of the curve as the current market conditions continue to improve. These homes will range in square footage from 1339 sq ft to 2029 sq ft, all on one level with exterior maintenance provided by the H.O.A. Priced form $239,900 to $315,900.

Woman-Centric Matters
Stress in her life is the #1 compelling theme for women. The Woman-Centric approach creates “de-stressing” floor plans with less clutter, more natural light, more storage, a more organized home and a low maintenance exterior.We stress the “livability” of a home with color coded plans showing areas for de-stressing, entertaining, flexible living and organizing. Designated drop zones as you enter your home allow you to keep clutter out of your living areas and flex designs anticipate your changing needs over a period of time.

Green Building
All our Hendersonville homes will be built to the NC HealthyBuilt Homes Standards and will be ENERGY STAR rated. With a NC HealthyBuilt Home you will enjoy a higher performance home that is built to rigorous standards for comfort and durability. The ENERGY STAR rating will mean your home is at least 15% more efficient than typical homes. All in all, a healthier home to live in and less expensive to operate.

WaterSense
Recently the EPA designated 7 builders in the United States to participate in their WaterSense Single-Family Homes Pilot Program. Nappier & Turner Construction Co., Inc. was on of those builders. This program will establish new standards in water efficiency and homeowners who purchase a WaterSense labeled home can expect to save up to 10,000 gallons of water per year as well as realize significant energy and financial savings

First a little history on Lake Lure.

Hickory Nut Gorge, which cradles Lake Lure has a year-round gentle climate due to it’s breathtaking sheltering peaks. Not only is it a dramatic view (and colorful in autumn), it keeps the winters warmer and the summers cooler.

Early in the 20th centure, Dr. Lucious B. Morse was “lured” to the area for health reasons. This culminated in teh subsequent purchase of Chimney Rock as a tourist attraction. They were the ones who developed the first trails and later envisioned a resort community surrounding the park.

Shortly after the completion of the dam for the lake, the Depression kicked in and the development of the area was brought to a standstill.

While the grand vision did not happen the way Dr. Morse intended, it did result in a thriving mountain community, and thousands of acres of land reserved for a state park.

Lake Lure Today

The Town of Lake Lure owns and controls the lake, shoreline, and dam. The town maintains a fixed water level year-round for the convenience of residents, vacationers, and tourists. Fishing, water sports, and sunset cruises are a common occurrence. Water skiing is enjoyed by many during the day, and at night a no-wake zone is enforced (7am-7pm, Oct-Apr and 9pm-7am May-Sept). Jet skis are prohibited, save for a few grandfathered exceptions.

Lake Lure’s full-time population is 1200. This grows considerably during the tourist season - especially for the two months following Memorial Day. There are two 18-hole championship golf courses in the Rumbling Bald Resort neighborhood, as well as tennis courts and swimming pools.

While the lake takes a central focus and is the namesake of the community, visitors often come to Lake Lure for the mountains as well. Hiking trails, horseback riding, the Blue Ridge Parkway, and other scenic hot spots are popular destinations for locals and visitors alike.

Almost weekly, new families from Atlanta, Charleston, and Charlotte are discovering how convenient Lake Lure can be for weekend getaways.

Homes and properties in the town have appreciated significantly over the years, but purchase costs and tax burden are considerably lower than many other comparable recreation areas.

Take a test drive of our Lake Lure Real Estate Search for homes, land, and commercial spaces.