Beverly-Hanks & Associates REALTORS®

Neal Hanks, owner of Beverly-Hanks & Associates, announced today that he is now a 50% partner and co-owner of Private Mountain Communities (PMC) with Harry Redfearn, the Founder and President of PMC.

As the Western North Carolina real estate market continues to strenghten, Redfearn and Hanks believe timing is optimum for growing the company to meet predicted consumer demand for PMC’s services. “I’m very excited about the opportunity to have someone with Neal’s reputation and experience as a partner in PMC and Beverly-Hanks & Associates will create a myriad of synergies for our customers and the communities we serve in WNC,” said Harry Redfearn.

Founded in 2006, Private Mountain Communities was created as a real estate advisory service and buyer’s resource center to assist consumers as they evaluate master planned communities in this region.

The company utilizes a proprietary survey that matches consumers to the community that bests meets the unique lifestyle preferences of that buyer. “The PMC model is growing in popularity among consumers because more than ever buyers want resources to help them navigate through the overwhelming number of choices available here in Western North Carolina. The market has changed. Customers are demanding a more personal, progressive, innovative approach to buying real estate. This partnership allows us to take the lead in meeting that demand,” said Neal Hanks.

PMC’s state of the art showroom is located in the historic Grove Arcade building in downtown Asheville and is widely recognized as the region’s most comprehensive buyer’s resource center. “We showcase the area’s finest planned communities in one convenient location so families can preview them all in a pressure free environment,” stated Redfearn. “The showroom offers a warm and inviting atmosphere where customers can relax and explore communities at their own pace by reviewing dvd’s, brochures and utilizing the interactive community research tools on the large screen displays.”

With over 50 years of combined experience in lifestyle based planned communities, PMC is staffed with “Community Advisors” who have done the extensive on-site research to understand the unique offerings of each community. This independent and objective approach saves the customer time and ultimately helps them make a more informed decision.

The company’s website was created as an online buyer’s resource for anyone considering moving to WNC. Customers can take the survey, review and compare matched communities and learn more about Western North Carolina real estate.

2009 was another year similar to 2008 with the volume of Land sales significantly below the highs of 2006 and 2007. The total units sold over 20 acres in the seven county region which includes Buncombe, Henderson, Haywood, Madison, Rutherford, Polk, and Transylvania counties as reported through the North Carolina Mountains MLS was a mere 37. This translates into half the units closed in 2003 and a fraction of 2007’s 216 units. Many sellers are holding out for better times. The average per acre price (gross sales divided by total acres sold) is below 2006’s $8,959.

The factors driving this include a poor market for home sales over $400,000, a corresponding poor market for residential lot sales over $100,000, and a near absence of bank financing for land sales.

The rapid development of the past has come to a screeching halt. Several large developments are in foreclosure and/or bankruptcy. Frankly, there is no development end for the land right now. The buyers in the market today demand a bargain and are seeking land for specific personal use like a family compound, recreation, and long term investment. My counsel to sellers is to reduce your expectations and price to beat your competition. Seller financing is an option worthy of consideration. The alternative is likely a long wait.

To view Housing and Land Sale Trends from 2003-2009 look at page 10 of our 2009 Annual Marketing Report. Much of the data presented is for the region as a whole. We would consider it a privilege to assist you in analyzing a specific market or market segment, please do not hesitate to contact us. Begin your search of land for sale now.

We have great news to share about Western North Carolina Real Estate. The number of homes sold in January 2010 was up 18% over January 2009, with many counties experiencing greater overall growth. Asheville Homes for Sale experienced a 26% increase while Hendersonville Homes for Sale showed a 28% increase over the same time last year.

While the second home market remains soft, preliminary data indicates home prices are stabilizing in some price points. Many consumers are taking advantage of the historically low interest rates, oversupply of inventory, and the extended tax credit for first time home buyers.

If you would like for us to assist you in analyzing a specific market or market segment, please do not hesitate to contact us.

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As we begin a new year, we are pleased to provide you with our annual market report and analysis of Western North Carolina real estate sales during 2009. Prior year statistics provide valuable data and detail on what occurred in the market during the past twelve months. In order to fully understand the impact of “the great recession” on area real estate sales, it is also important to analyze monthly data compared to prior year and multiple years of year end statistics. Trend analysis helps forecast the direction in which we are now headed. For these reasons, this report contains more data than we have published in the past, including 7 years of year end data broken down by property type. Much of the data presented is for the region as a whole. In the event you would like for us to assist you in analyzing a specific market or market segment, please do not hesitate to contact us.

The good news, as the chart on the next page clearly illustrates, is that it appears that our local market has in fact reached the bottom of a downward slide that lasted almost two and a half years. Unit sales began to surpass those of 2008 in midsummer and unit closings followed suit shortly thereafter. The trend continued through the fall and winter and, as this report goes to press, most folks in our industry are reporting significantly improved levels of buyer interest. Many consumers appear to now recognize that historically low interest rates and an oversupply of inventory in many market segments has created a buyer’s market which we have not witnessed in decades. The improving economy has given many of these consumers the confidence to take advantage of such an opportunity. This positive momentum in both the economy and the housing market gives us reason for enthusiasm in the year ahead. 2010 should be one of continued improvement for Western North Carolina real estate sales.

While the real estate market is improved it may be a little early yet to proclaim we are “out of the woods” so to speak. Inventory levels remain high even considering increasing demand. It will take a while longer to reach the balanced level of supply and demand necessary to reduce the pressure upon housing prices. But remember, we are now headed in the right direction!

We hope that you find the data contained within this report useful. Whether buying or selling in today’s real estate market, the counsel of seasoned professionals can pay big dividends. Our professional Broker Associates stand ready to assist you and would consider it a privilege to do so.

W. Neal Hanks Jr.

Click here to view our 2009 Annual Market Report