A recent blog revealed the latest information...and quoted a co-worker of mine. Take a few mintues to read this article written by Jesse Jestes
More than 500 foreclosed homes from North and South Carolina were auctioned this weekend for amounts that were far below their original asking prices.
The weekend auction included some properties that were sold for less than half their previous asking prices, The Charlotte Observer reported.
More than 1,000 people attended the auction Saturday and watched as pictures of the houses were flashed on a screen.
Properties sold ranged in value of less than $100,000 to those once valued in the million-dollar range.
Some attendees were looking for a place to live and others were looking for an investment that could increase in value. But the low prices still stunned some.
"This is scary," said Carol Laney, a Lake Norman real estate agent. "This tells you what shape the market is in. People are out there looking for deals, and they're not willing to pay much."
The Observer said its analysis showed foreclosure filings last year were up nearly 9 percent across North Carolina. Mecklenburg County accounted for a sixth of the state's 54,000 foreclosure filings and the area's sales prices dropped more than 7 percent at the end of last year.
During the auction, a $675,000 downtown condo sold for $225,000 and a $234,000 house sold for $135,000.
According to local Realtor, Daveta Tolbert, Associate Broker and Realtor with Cedar Falls Realty, foreclosures have not significantly increased in the High Country however, there is a little twist.
"We haven't seen an increase in mortgage foreclosures in the High Country, but we have noticed a new element to our real estate market with the introduction of short sales," said Tolbert.
"What we are starting to see is people calling in wanting to buy a foreclosure, hoping to find a deal. But, just because it's a foreclosure doesn't mean they'll get a better deal in the property."
Tolbert warns those looking to purchase any foreclosed property that it's, "buyer beware."
When someone purchases a foreclosed home they are typically sold in an "as is" condition with a limited period time to research or investigate the property," added Tolbert.
She recommends contacting an experienced realtor in foreclosed properties before making any purchasing decisions. Information from: The Charlotte Observer, http://www.charlotte.com/
Thank you,
Marc White
828-406-2134
Marc@CedarFallsRealty.com
Wednesday, March 25, 2009
Monday, March 16, 2009
Stimulus packages for everyone.
Stimulus packages for everyone…
With the recent passage of the American Recovery and Reinvestment Act, amounting to $787 Billon has recently began to enter the economy. But what does this mean for us? Well with a little quick reading, this Recovery and Reinvestment Act has been earmarked by several government leaders in our state for several projects. N.C. Governor, Beverly Perdue has already announced that $466 million has been earmarked for the improvements of roads and bridges. In the High Country, $14.4 million is proposed for the widening project on
Thank you,
Marc White, ABR, GRI, E-Pro
Marketing Specialist
Broker/Realtor
Direct 828-406-2134
Thursday, March 12, 2009
High Country Conservancy
Even during these tough times, there has been a dramatic amount of land and resources given/spent on the conservation of land and water in the High Country area. The High Country has always strived to keep the “High Country Beautiful”, whether it was the “green presentation” at ASU’s Plemmons Student Union last week or the local High Country Conservancy growing its resources across the state, we all benefit from their achievements.
Last week, at ASU, the office for entrepreneurship devoted several hours to the advancement of networking for local builders, developers, conservationist, and all others who are devoted to reusing our resources. With hundreds in attendance, the devotion of the area is well noted. Several more events will be scheduled for the future, as the area continues to embrace their “gifts”.
A quick note, ASU students have given time, money, and other resources to help purchase a new windmill that will sit atop
Thank you,
Marc White, ABR, GRI, E-Pro
Marketing Specialist
Broker/Realtor
Direct 828-406-2134
Tuesday, March 10, 2009
SNOW - update
The other day the High Country experienced up to 12 inches of snow that blanketed the area, as well as slowing businesses for several days. For the 16th time, Watauga County Schools has been cancelled this year. Many people were excited to see the record-breaking snow; probably most of the ski resorts were hoping the snow would continue to fall for many more days. After digging out, many residents returned to normal habits until we received record breaking High temperatures over the latter half of the week and weekend. Temperatures from Monday to Saturday were 70 degrees difference.
Thank you,
Marc White, ABR, GRI, E-Pro
Marketing Specialist
Broker/Realtor
Direct 828-406-2134
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