Aftermath of Sandy

Although the Grunt lost heat and power for a couple, I consider myself quite fortunate and very grateful. Even though subway service is almost fully restored, since yesterday  I have seen people boarding shuttle buses. In fact, the next couple of days is going to be a bit rough for anyone commuting to the point that a certain investment bank that likens itself as the "Jim Henson" of Wall Street" has teamed up with one of  "Father Barry's" former employers has chartered buses for their commuting employees coming in from Grand Central. In fact, the Grunt would not be surprised if many Wall Street firms were setting up transportation alternatives for all of their employees. There will be a return to normal but it will be a struggle.


You know what else is going to be up and running? DOS. So it appears that the broker's exam is still on. I am unsure how all of you studied for it this past week. I wish you all the best of luck

Scarsdale, often referred to as the jewel of Westchester has not fared very well at all. It has been reported that they will not have full power till November 11th. As of November 3, 2012, The high school and one elementary school have full power. Another elementary school has partial power which leaves the junior high aka middle school and three elementary schools with no power. As of November 1, 2012 schools plan on being opened on Monday November 5, 2012. With the caveat that scheduling is subject to change. The Grunt does not blame Con Edison for this situation because no pun intended, they were dealing with a perfect storm. The obvious is that Sandy was a storm that no one had ever seen before and pretty much laid waste to many areas including Staten Island. Among the factors that devastated that area was the lack of natural barriers. Since the economy imploded back in 2007, many industries implemented cutbacks, utilities were no different. Part of the reason why they are shipping in crews from California is because Con Edison either laid of much of their workforce or did not hire replacements for the members that were retiring. Therefore they had to make do with less and they had decide which areas needed their help most. Spock summed it up best.

October Home Sales

So how were October sales?

In October, 2012, there were a total of 102 homes sold in our MLS. Of those sold, 

1. $6000-$100,000=26

2. $201,000-$200,000=56

3. $201,000-$250,000=13

4. $251,000=$300,000=3

5. Over $300,000=4   Note-there are 269 homes over $300,000 for sale. 

Included in the total above were 13 New Home Sales

In October, 2011, there were a total of 86 homes sold in our MLS. Of those sold, 

1. $6000-$100,000=18

2. $201,000-$200,000=48

3. $201,000-$250,000=8

4. $251,000=$300,000=6

5. Over $300,000=6

Included in the total above were 18 New Home sales

Home affordability

Are we at or near the bottom of the market? I think so. I attended a national Keller Williams training a few weeks ago and speaking to Realtors in other markets I am starting to get the impression the worse is behind us. Some of the states that were hit the hardest seem to be on the rebound. 

While we won't know for certain when the market has hit its lowest point and starts moving up, most experts believe that interest rates can't go down much if any. That is a very important consideration to take into account. Lets say you are looking at a house currently listed at $200,000 and interest rates are 3.5 %. You think the market has not quite bottomed out and you are going to wait until it drops some more, say to $190,000. In the meantime interest rates tick up to 4.5%. You have cost yourself a lot of money with the increase in interest rates even f the price is reduced to $190,000.

When you consider interest rates, home affordability is at or near an all time low. What are you waiting for?

New Bern new home sales

The following shows new home sales in the New Bern market over the past several years.

2012 year to date New Home Sales
Total=202
Of these 14 sold for over $250,000.

2011 same time period New Home Sales
Total=192
Of these 14 sold for over $250,000.


2010 same time period New Home Sales
Total=254
Of these 13 sold for over $250,000.


2009 same time period New Home Sales
Total=256
Of these 32 sold for over $250,000.


2008 same time period New Home Sales
Total=303
Of these 64 sold for over $250,000.

Assorted Home sales for New Bern

The following information might suggest we are bouncing along the bottom in the current housing recession. I was at a national Keller Williams Convention 2 weeks ago and heard some encouraging comments from agents from other area of the country. One agent from Newark NJ said it was a Sellers Market there. Also heard Phoenix was moving in the right direction. It was one of the hardest areas in the nation.

Year to Date-Entire MLS Homes sold.

2012=985
2011=947
2010=970
2009=922

Year to Date-Entire MLS Homes Bank Owned sold.


2012=183
2011=189
2010=126
2009=56

Still way to many Bank Owned Properties being sold. I hope the worst of this is nearly behind us on REO and Short Sales. What is lacking in our country is a real economic recovery with jobs being created  and an expanding economy. Lets hope this process will begin soon.

Fairfield Harbour Home Sales

Fairfield Harbour, a local golf and boating community was beat up pretty bad in the housing recession. Looks like they may be poised for a comeback of sorts. Currently there is only one new home for sale in Fairfield.


In the last year there were 62 homes that sold in FFH. Click the link below to see what sold.
http://www.easternncmls.com/new/maildoc/roscoe_1348574119-Sep-25-2012-7_55_19am.html
I believe a new home in the $175, 000 range, 1800-2000 feet, $20,000 lot would sell. There is only 1 new home for sale in FFH and it is $250,000. And right now I have the only sewer tap. Another plus is that there is no competition.
Other sales in the last year in areas where retirees often locate.
1.Riverbend-55
2.Greenbrier-32
3.Taberna-25
4.Trent Woods-58
5.Carolina Colours-11

New Bern Real Estate Update

Steve Tyson’s Real Estate Update

Neuse Harbour  Active homes for sale by price range Current number of homes on the market=9 Pending sales=3 Active homes for sale by price range $209,000-$250,000=2 $319,000=1 $,660,000-$1,225,000=6 There was 18 home that sold and closed in Neuse Harbour in the last 12 months. The most expensive house sold was $399,000.	Stately Pines Current homes on the market=6 Pending sales=0 Active homes for sale by price range $139,000-$200,000=4 $649,000-$699,000=2 There were 9 homes that sold and closed in Stately Pines in the last 12 months. The most expensive house sold was $244,000.
Carolina Pines Current homes on the market=13 Pending sales=4 Active homes for sale by price range $119,000-$$200,000=6 $212,000-$279,000=7 There were 19 homes that sold and closed in Carolina Pines in the last 12 months. The highest priced home sold was $281,000.	Tucker Creek Current homes on the market=3 Pending sales=2 Active homes for sale by price range $165,000=1 $259,000=1 $260,000=$1 There were 10 homes that sold and closed in Tucker Creek in the last 12 months. The highest priced home sold was $229,000.

Total homes sold January 1-Sept  22 2006 =1848

Total homes sold January 1-Sept  22 2007 =1552

Total homes sold January 1-Sept  22 2008=1170

Total homes sold January 1-Sept  22 2009=876

Total homes sold January 1-Sept  22  2010=924

Total homes sold January 1-Sept  22  2011=915

Total homes sold January 1-Sept  22 2012=939

There are currently 1374 homes listed for sale in our multiple listing service. We are selling homes at a rate of about 107 a month. .

Feel free to call or email me if you would like to have a customized absorption rate or a Comparable Market Analysis for your property. Home sales in each neighborhood can vary greatly.

Any suggestions to make this article better would be welcomed. I can be reached at SteveTyson@NCmove.com  And remember you can always visit me online at www.NewBern-NC.Info

                                      

Realtor Steve Tyson
The Tyson Group Realtors