November 5, 2009
November 2, 2009
Hi All,
Hope all is well with you and your family. It has been getting pretty cold at nights around Coeur d’Alene, snow is expected soon definitely before Thanksgiving. In this newsletter, I would like to talk about 4 points: 1. North Idaho Real Estate Market Conditions, 2. Commercial Property Sales 3. $8,000 Tax Credit Extension 4. REO and Short Sales
North Idaho Real Estate Market Conditions
Through October 09’ we are sitting with 8373 listings on the market, a 26 month supply at current selling levels. Last month we sold 317 UNITS (consider that is 634 sides to a transaction – we have around 850 real estate agents in our market area). This is actually an 8% increase in sold unit’s year over year. In the coming months we can expect inventory to drop significantly through January – however- I suspect we will see an increase in REO and short sale listings keeping prices low. Our average sold price now is $200,665 and it is 151 days on the market. The $100,000-$200,000 price range is still the hot price points with up to 29% pending ratios in those price categories. In the upper price ranges – $400,000-$2,000,000 there are 8 pendings and a total of 303 listings. I consider this price point Armageddon for residential units priced above 400K (the average price adjustment is $56K!). Please see the attached PDF files, which include: two year trend lines, Total Market Overview, for more information.
2 Year Real Estate Trendline
Commercial Property Sales
There have been a total of 57 commercial units sold (reported through MLS) in the last year. The average price per SQ/FT for commercial sold is $93/FOOT. Average price adjustment before it sell is 29%. Average sold is $447,496. Of course, many factors come into play (i.e. location) when looking at comparable pricing. Commercial money is still hard to come by and with the restructuring and bankruptcy of CIT it may get even tighter. Watch for commercial REO’s. Community banks appear to be holding most of the commercial REO inventory so you might check with your local banks for their commercial REO list. You can see all commercial inventory here: http://www.NorthIdahoCommercial.com Please see the attached spreadsheet outlining the sold commercial data.
Idaho Commercial Sales Sold Anaylsis
$8,000 Tax Credit Extension
Late last week a bipartisan plan emerged in the Senate that would continue the $8,000 credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who’ve owned and lived in their houses for five consecutive years and now want to buy another as their principal residence. It looks like this is going to go through. It is nice to see they are giving other buyers – like those that have owned their home for 5+ years an incentive to sell and repurchase. When this passes and you would like to list your home for sale and take advantage of this offer – LET ME KNOW!
file:///C:/Documents%20and%20Settings/TJ/Local%20Settings/Temporary%20Internet%20Files/OLK128/20091102_washingtonreport.htm
REO AND SHORT SALES
Right now there are 112 Real Estate Owned (REO) listings on the market. Over 250 sold in the last year. 26 sold last month representing about 8.2% of the closed inventory. You can view the current REO inventory here:
http://www.flexmls.com/link.html?ox111l25fe7,7,1
There are over 260 short sales on the market. Certain banks seem to be better than others in negotiating the short sales. My last short sale – we had approval in 1.5 months; my short sale before that 7 months! Big differences. To view the first 200 short sales on the market now see:
http://www.flexmls.com/link.html?ox111w0qmr5,7,1
Thank you for taking the interest in our real estate market. If you would like specific information please do not hesitate to get in contact with me via email, phone or fax. Have a great Thanksgiving!
Your Local Realtor of Choice,
TJB
Add to your Preferred Social Bookmarking Website:                                                     
September 25, 2009
August 4, 2009
HI All, I have created a link for real estate in North Idaho that is on 5+ acres, treed, southern exposure, creek, pond, or river, slightly elevated or rolling elevation, close to Bureau of Land Management or Idaho State Land, private well or private water supply and somewhat close proximity to small/medium sized self sufficient towns.
Here is a search function you can use to peruse/browse this type of property. You can adjust price/acreage and bed/bath if that is important to you.
http://link.flexmls.com/ou3p32zvg3h,7
Further, you can request that I build a portal for you so you can search and save listings in your own account. Let me know if you have interest in this. Currently there are 74 listings that fit this retreat property/survival property profile. Let me know if you would like further information including plats/topos, maps on any of these North Idaho listings.
Further, I have access to Kootenai and Bonner County building and planning to help you with permits (if you need them) and property splits, builder suggestions, alternative energy systems and set-up, and more. Also, if you are a builder or alternative energy supplier/contractor, or have talents/resources you would like to share and would like to be included in my list let me know. TJB
Add to your Preferred Social Bookmarking Website:
I hope all is well with you this summer! It has been getting hot, a great time to grab friends and family and get on the LAKE! Go take advantage and enjoy what a great place North Idaho is in the summer. This monthly update I want to share information about: 1. Current Inventory, Sold’s, Month Supply 2. Total Market Overviews 3. Vacant Land 4. Foreclosures/Short Sales 5. Keller Williams LUAU Coming Up
1. Looking over July results, it appears fairly optimistic in line with the national housing results that were announced just recently. We sold 308 units in July 09’ (compared with 323, 08’). This is up over the 299 sold in June. The sales also follow the North Idaho trend of summer month sales more than double winter sales (Jan 09’ 120 units sold). If you look at the enclosed trend line stats, you will see what I am talking about. From here on out we can expect inventory to drop a little bit every month then start gaining momentum again in February. Currently, we are at 8,676 listings. If you are a seller, get your property listed to within the top 3 properties in your class (price,quality) if you want it to sell before winter. If you’re a buyer, this market is producing some incredible opportunity for primary residences in all price ranges. The $8,500 tax credit is still in effect until end of Nov. Also, on a side note, legislation just got passed, by Aug 15th loan servicers will begin to modify ANY FHA loans if the mortgagee applies and fits the profile (31% Front End Ratio, 55% Back End Debt) according to the Affordable Modification Program Letter 2009-23. Let me know if you would like more info.
2. Enclosed are the Total Market Overviews (TMO’s) for all of Kootenai County for CONDOS, MULTIFAMILY, and SINGLE FAM. Very interesting to look at, not much activity going on in the duplex/triplex fourplex realm, which may produce some opportunity in the coming year as inventory swells. As banks tighten lending even more, this may force more people to rent. I like the idea of big units 4+ bedrooms ect… Midrange condominiums 300-400K appears to be seeing some action. See the attached TMO’s. Kootenai County Total Market Overview
3. Vacant land inventory on our MLS is up over 3700 parcels available!!!! We sold 407 parcels in the last year. Here are 100 parcels over 80 acres. http://www.flexmls.com/link.html?ou3e0pn4ljn,7,1 You can view all of our land and search specifically for your needs at my http://www.LandCDA.com website.
4. Sellers are starting to price their properties similar to REO pricing. They have to in order to compete. Here is the current foreclosure list; 89 units available now. http://www.flexmls.com/link.html?ou3e0x99732,7,1 If you have interest, 208 REO’s sold in the last year for an average of $93/FOOT. Within 95% of list price. Average Days on Market is only 85 days for an REO, this includes escrow time AVG 45 days….See below for REO sold stats for first 200:
5. Keller Williams Luau – This is coming up Friday August 21, 2009 5-8pm and YOU are invited. 1044 NW BLVD. Food, music and a jumping tent for the adventurous. I hope to see you there!
Have a great remainder of August! As always, if you or anyone you know is looking to buy, sell, invest, lease, property in North Idaho please have them get in touch with me. I would love to work with them. I am always available. CELL 208-660-5785.
Add to your Preferred Social Bookmarking Website:
July 28, 2009
July 10, 2009
The North Idaho Real Estate Market has seen an increase in sales the last couple of months – which is not surprising – North Idaho is a wonderful place to be in the summer. 282 units sold in June. The average days on market increased to 137 days and we are sitting on 29 months of inventory (8340 listings). If we compare ourselves with June 08’ we will see a 13% decrease in total unit sales and a 4% decrease in price (221K vs 212K). Not bad considering the nature of current economic conditions. Please see the enclosed PDF files which include a 2 year trend line of real estate inventory, sales and activity, average sold prices for the last two years, asking vs sold prices, ect. Also, included is the Keller Williams Total Market Overview. This gives all listing, pending and sales activity in every price range. Notice the pick up in activity in the $200-250K price range. I also have Market Overviews for each area and segment in our market (Condos, Post Falls, Sandpoint, Waterfront, Multi-Family, 1 Mil Plus), just let me know what you want and I will send it to you immediately.
REO LIST (84 Active, 8 Pending – 23 sold last month)
Foreclosures and Real Estate Owned by banks continue to keep downward pricing pressure on our active listings. The availability of foreclosures continues to increase every month, with more than a 20% pending ratio! See the list below:
http://www.flexmls.com/link.html?ot50u7tjy8e,7,1
Short Sale List (188 Active, 21 Pending – 19 sold last month)
I ran all the short sales sold in the last year. 70 total. Sellers ON AVERAGE reduced their prices 10% since initially offering their property. Then they averaged a 3.55% price reduction from the bank while in negotiations. This tells me that agents are getting the prices on the short sales below appraised value and close to what the banks will accept. View the list of short sales here:
http://www.flexmls.com/link.html?ot50ucmw7aj,7,1
Waterfront Listings (84 North Idaho Waterfront Listings)
Summer is a great time to be in North Idaho. Here is the latest in waterfront listings.
http://www.flexmls.com/link.html?ot512zgi5s8,7,1
The commercial market is engaging a record $480 BILLION in debt coming due. This is a large number (up to 10X) compared to the residential market!
“…thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies. The reason: according to research firm Foresight Analytics LCC, $530 billion of commercial mortgages will be coming due for refinancing in the next three years — with about $160 billion maturing in the next year. Credit, meanwhile, is practically nonexistent and cash flows from commercial property are siphoning off.”
Why, you ask, does this affect the market? Well, if you own a commercial property, and you have a balloon payment coming up, traditionally you would refinance, and start the process again. The availability of funds to refinance has dried up and terms have gotten tougher. Understand the issue? It is going to put a strain on banks ability to fund not only commercial but residential, credit lines, ect… This may present some distressed sales/foreclosures in the commercial arena. STAY TUNED. To view the available commercial inventory now, visit my site updated nightly with newest listings:
http://www.NorthIdahoCommercial.com
Total Market Overview CDA
Add to your Preferred Social Bookmarking Website:
July 2, 2009
June 29, 2009
News out concerning the national sales data compiled for May. 1 in 3 homes sold was a foreclosure or property in a distressed sale. This is keeping sales prices down, but number of sales up. Locally, in North Idaho – Kootenai County specifically, we had 241 residential home sales in May. 25 of these were REO (Real Estate Owned) properties, 5 were short sales. 12% of our sales being distressed. This tells me that sellers of property are pricing their homes aggressively to compete with the distressed sales. Further, this is also telling me that banks are not just “dumping” properties but holding out for higher prices, getting into the real estate game. There are currently 84 REO properties on the market now. Let me know if you want a foreclosure list. Here is the rest of the article:
Home sellers are still competing against a growing number of bargain-priced foreclosures, buyers are paying higher mortgage rates and new rules for property appraisers are delaying or scuttling many deals.
The National Association of Realtors said Tuesday that home sales rose to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April.
About one in three homes sold last month was a foreclosure or distressed sale, dragging down the median price to $173,000 — 16.8 percent below a year ago.
Nevertheless, there are other signs the market is turning around. The number of unsold homes fell 3.5 percent in May. That means there’s a 9.6 month supply at the current sales pace, compared with 6 months or fewer in a normal market.
Chris Heller, agent-owner of Keller Williams Realty in northern San Diego, estimated that in recent weeks problems with the appraisal process have caused about a third of his transactions to fall apart.
AP Real Estate Writers J.W. Elphinstone and Alex Veiga contributed to this report.
Copyright © 2009 The Associated Press. All rights reserved.
Add to your Preferred Social Bookmarking Website:
June 22, 2009
Hi All, just wanted to get you access to the latest list of North Idaho retreat properties that I think would be an ideal location. I take into account acreage, access, trees, and water (creek/pond). This is a general list of 66 North Idaho properties, if you have more specific needs, please do not hesitate to give me your property needs/wants and I will program a specific query that every time a new real estate listing comes available with your terms, the system emails you IMMEDIATELY. Just email T.J. Barnhart tj@livecda.com.
http://www.flexmls.com/link.html?osavolzmkax,7,1
This link is valid until 7/22/2009.
One property listing that I particularly like is a log home (920 SQFT)on 20 acres 1 mile off of HWY 95 in Careywood. Has a year round creek and an array of over 70 solar panels for self sufficiency. Backs up to State of Idaho land. Large shop, several outbuildings only $269,000. Also includes a doublewide and a singlewide set up for living now…Let me know if you have interest in this property…
Add to your Preferred Social Bookmarking Website:
Older Posts »
 |
