Beverly-Hanks & Associates REALTORS®

The second quarter of 2009 delivered a bit of encouragement to those watching the housing industry in Western North Carolina. While year to date home sales demonstrate a continued decline over the prior year, the month over prior year numbers have gradually improved each month during the past quarter. In fact, Beverly-Hanks & Associates sales in June 2009 exceeded those of 2008.

The inventory of homes for sale has continued to climb but has been slightly outpaced by improved sales resulting in a reduction in months of inventory (absorption rate) to 28.3 months, down from 30 in the first quarter of 2009. Our average sales price has continued to fall, primarily a reflection of the continued softness in the upper price ranges and the positive impacts of the first time homebuyers tax credit enacted as a part of the federal stimulus package.

On the national front Real Trends Housing Market Report recently released figures indicated June 2009 sales were almost dead even with 2008, representing the first month in over 3 years without a measurable decline. The improvement in national sales continues to be led by the Western region of the United States which has seen increases for 8 consecutive months. The Midwest and Northeast regions sales were down only 1.2 and 1.3 percent respectively, their best showings in the past two years. Sales in the South region were down 6.5 percent, a significant improvement over the decreases experienced in prior months. Real Trends editor, Steve Murray, stated . . . “June 2009 results were encouraging in that the decline in closed units and prices appear to be slowing in a significant way.” An improving national real estate market combined with continued low interest rates are key ingredients to the formula for sustained progress of Western North Carolina real estate sales.

While we are excited about the improved results we have seen in recent months, the statistics contained in this report continue to demonstrate challenges facing our local real estate market. As always, with challenges come opportunities and the opportunities for the astute real estate buyer remain abundant.

Whether buying or selling in today’s real estate marketplace, trusted advice and counsel are paramount in making wise decisions. For 33 years the professionals at Beverly-Hanks & Associates have provided these resources to our clients. Our team of highly trained professionals stands ready to assist you with your real estate needs and would consider it a privilege to do so.

Land as an investment can be an accessible purchase for almost every potential investor.  The 30+% loss in value of the Dow in 2008 has the astute actively seeking long term stability in other investment vehicles.  It could be recreational timberland, path of progress development acreage, a residential lot for a future retirement home, or farm land for crops.  Being able to touch it, walk it and relax on it makes land a special physical investment.  Land is of finite quantity, no more is being made.  Asheville real estate and surrounding areas in Western North Carolina continues to draw retirees, insuring continued demand for land.

Market pressures on developers right now make it a perfect time to take advantage of their surplus lot inventory.   When this inventory is whittled down, boomers will continue to retire in Western NC and the values of today’s bargains are likely to rise.  The key is buying right and verifying usability.

Path of progress, future development acreage carries more risk and is more difficult to finance.  Seller financing is a welcome option in transactions where the owner has no or low debt.  Many of today’s paths of progress bargains are either bank owned foreclosures or over leveraged short sales.  These generally require cash.  Funding sources for such can be self directed IRA’s, retirement trusts, REIT’s, home equity lines and 1031 exchanges out of other real property investments.  Key here is buying right and confirming the highest and best development plan is both feasible and permit able in the better times to come.  Staying power is required.

Farm and timberland investments can be financed through Mountain Farm Credit.  A farm plan with verifiable farm income data is needed.  Locally we are blessed with successful nursery stock, greenhouse, sod and fruit operations.  Fish, vegetables and hay are also money makers.  Farming requires skill, knowledge, hard work and luck.   Years ago vegetable growers where the highest paying tenants of local bottom land.  Today sod farmers pay top dollar for the bottom land well suited to their needs.  That rent helps set the land value.   Again buying right and doing all the analysis up front is necessary.

Land Brokers at Beverly-Hanks have specialized education and professional synergies that we couple with good detective work and quality research to provide our clients the competitive edge when investing in Asheville land, Hendersonville land, Weaverville land, and other areas in Western North Carolina that qualify.

The National Association of Home Builders (NAHB) announced that a home in Ci?l, a new luxury real estate community in Asheville, N.C., is a finalist for the 2009 NAHB National Green Building Awards.

The prestigious annual awards honor home builders, remodelers, home builders’ associations and other organizations for advancing green building through innovative design and construction techniques, excellent educational programs and successful advocacy efforts.

Ci?l was selected as a finalist in the Green Project of the Year, Single Family Luxury category for the community’s first home located at 573 Elk Mountain Scenic Highway.

The Asheville home, built by Cottonwood Development Company, is chockfull of artisan touches, high-end finishes and green features. The builder and developer consulted with Joe Crocker, an Appalachian State University professor and LEED-accredited expert in green building, to ensure the home obtains certification in the NC HealthyBuilt Homes program. It has almost 7,000 square feet under roof, with more than 2,000 square feet in outdoor living space. The home is priced at $3,499,999. For more information about the home, visit http://www.beverly-hanks.com/communities/ciel/.

The awards are part of the NAHB National Green Building Program, NAHBGreen, which includes education, advocacy, marketing and certification services for green homes. Since NAHBGreen debuted in February 2008, almost 150 homes have been certified across the country. Project entries must be scored to the NAHBGreen rating system to facilitate judging.

“Between 2006 and 2008, the number of award applications quadrupled. The tremendous growth of this program reflects the growth of green-building practices all over the country,” said NAHB Green Building Subcommittee Chair Eric Borsting, a California home builder.

“I wanted to create a setting for those who share similar passions. This community gives equal emphasis to environmental responsibility, the beauty of the land and finely crafted homes,” said David Zimmerman of AIBL Invest, LLC, developer of Ci?l.

The awards will be presented at a gala dinner during the NAHB National Green Building Conference. The 11th annual conference is set for May 8-10 in Dallas. Alternative energy advocate T. Boone Pickens will be the keynote speaker. He’ll address the award nominees and local and national association leaders about environmental initiatives that can help conserve energy, water and other natural resources and the important role that the home building industry continues to play in mainstreaming new technologies.

Presented by the National Association of Home Builders, the conference is the largest event of its kind focusing on the residential green building market. For more information, visit www.nahbgreen.com.

About Ci?l

Ci?l is a Asheville real estate community of 25 estate-sized homesites, ranging is size from 2 to 14 acres. Homesites start at $599,000; homes start at $2 million. Dramatic views of the Blue Ridge Mountains and downtown Asheville serve as the backdrop for this community committed to environmentally conscious development. All aspects of the mountain homes are carefully planned by a team of experts to create a healthier home without sacrificing luxury. The community is nestled on Elk Mountain Scenic Highway, just minutes from downtown Asheville and the Blue Ridge Parkway. For more information, visit http://www.beverly-hanks.com/communities/ciel/.

The Ramble, a gated community offering luxury homes in Asheville and home sites, kicked off their 2009 Summer Concert Series on Friday, June 19th, with alternative rock singer/songwriter Edwin McCain. rambleconcertseries

When you think of big names in the music world, you might also think that you have to travel to Raleigh, Atlanta, or New York to attend the best concerts. However, when you live in The Ramble at Biltmore Forest, you don’t even have to venture beyond the gates to enjoy a night of entertainment.

Best known for his hit song “I’ll Be,” Edwin McCain is a top 40 musician based out of Greenville, South Carolina. Playing thirty minutes longer than originally scheduled, he performed to an enthusiastic crowd of more than 700 private invitation attendees who cheered him back on stage for an encore towards the end of the night. The evening began with a pre-party in The Ramble’s unique Handmade House, hosted by WNC Magazine. The band also enjoyed a pre-concert dinner at 17 Croton Court, an available home from the Cottages of Greensward collection by Biltmore Farms Homes. The festivities continued after the concert, too, during a reception back at the Handmade House where party-goers enjoyed getting to know McCain as he answered questions, posed for photos, and signed autographs.

Ramble residents are looking forward to a summer full of exciting events, with the Concert Series being a long time favorite. Upcoming performances include The Chairmen of the Board on August 21 and local favorite, Kat Williams on September 18.

The community is thriving with residents from diverse backgrounds who are already enjoying the many amenities that it has to offer. And if the summer shows aren’t enough, residents have the benefit of convenient access to downtown Asheville, where music venues include the nationally-renowned Orange Peel as well as the many local bars and restaurants that host bands on a nightly basis.

To learn more about how you can enjoy the lifestyle that The Ramble offers or to explore the available homes and home sites, call Jenny Knight at 828-274-1336.