Beverly-Hanks & Associates REALTORS®

Well it would seem the word on Asheville is growing (but that’s not surprising to those of us who live here, nor the lucky folks who have getaway homes here or visit regularly). 

The editors of Livability.com have selected five of the most livable cities in the U.S. based on the cost of living, available jobs, quality of life, etc.  Knowing that we live in a very mobile society these days, they are giving entrants the chance to win a VIP trip to visit one of these cities through a sweepstakes they have launched on their website.

Winner’s will be the guest of the Chamber of Commerce and treated to meals, tours, etc., and maybe even looking at homes to buy! 

Aside from Asheville NC, the other four cities in the Relocate to a Better Life sweepstakes are Albuquerque, NM; Eugene, OR; Nashville TN; and Pueblo CO. 

To find out more and vote Asheville the most livable city click here. 

But if you ask me, Asheville’s the winner HANDS DOWN!

 Asheville ranks number 9 in list of 10 Best Places for Second Homes.  At long last, the market for luxury real estate in Asheville is coming back to life.

From the Article on Barrons.com

9. Asheville, N.C. Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat. The locals call them “halfbacks,” since Asheville is halfway up the East Coast. The town has a university and a thriving art scene. We like the 1920s-vintage Tudor homes in the Biltmore Forest district, once part of the adjacent Biltmore Estate. The funky Grove Park neighborhood is also worth a look.

Median Price: $700,000
Drop From Peak : 38%
Neighbor : Andie McDowell

Read the Full Luxury Real Estate Article on Barrons.com

From WCNC

ASHEVILLE, N.C. — Tiger Woods’ first U.S. golf course is under construction near Asheville.

The owners of the first home in the community just closed on the house. The couple from Charlotte gave NewsChannel 36 an exclusive tour of the house.

“You’ve got a panoramic view of western North Carolina,” said Kathy Levy, describing the spectacular view outside her new home.

A Charlotte-based retired doctor, Levy and her husband are the first official homeowners at The Cliffs at High Carolina.

“Look around you. The piece of property is spectacular,” said developer Jim Anthony. “This is an incredible piece of land.”

Property prices range from several hundred thousand to $3 million before the house is even built. The views go for 50 miles because the elevation is up to 4,000 feet.

Woods has already claimed his mountain top.

“Tiger’s picked out his home site up on the ridge there,” Anthony said as he pointed out where the golfer plans to build.

At the 2007 grand opening, Woods told prospective buyers about plans to play in the North Carolina mountains.

Read The Full Article on WCNC

A recent article on MarketWatch.com discusses the 100 best places to retire list, and highlights Asheville as the #1 destination. In fact, Asheville has topped the list since 2007.

Asheville is a long-time favorite, said Brady. Part of its ongoing appeal is its climate (it’s mild year round); its location (it’s in the Blue Ridge Mountains; there’s water everywhere for fishing and boating, and its downtown is walkable and dynamic); its housing stock (there’s a wide range of upscale housing opportunities for seniors). What’s not so special is that Asheville gets crowded in the summer and over-development is coming.

Read the entire article here

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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View Large PDF

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

The Cliffs at High Carolina stands by Tiger Woods

Update: from the Wall Street Journal From the Article:

ASHEVILLE, N.C.—Golf-resort developer Jim Anthony seemed to have pulled off a major coup by signing Tiger Woods to design the superstar’s first U.S. course at a 3,200-acre community in the high meadows of the Blue Ridge Mountains.

Since that deal in 2007, the value of the Tiger Woods name looks a bit more questionable in the wake of claims about his alleged infidelities that have destroyed his wholesome image. The development near Asheville, named the Cliffs at High Carolina, has been confronted by the same dilemma faced by dozens of companies that paid Mr. Woods enormous amounts to endorse their products: maintain the ties with the Tiger brand or cut him loose.

“I’m sure the Cliffs will probably change their marketing focus now,” said Nancy Thompson, a real-estate broker who has lived in Asheville for 15 years.

So far, the Cliffs is standing by Mr. Woods even as sponsors including Accenture Ltd. and AT&T Inc. have distanced themselves from the golfer.

“We’re as committed as ever to High Carolina and the Tiger Woods golf course,” Mr. Anthony said in a recent interview. “The reasons we chose Tiger are still true: his dedication to golf and he is the greatest golfer in the world.”

Read the entire article on The Wall Street Journal

Last Week in Review

“IT’S A RECESSION WHEN YOUR NEIGHBOR LOSES HIS JOB; IT’S A DEPRESSION WHEN YOU LOSE YOURS.” Harry S. Truman. Very true words indeed - and last week brought some market action when Fed Chairman Ben Bernanke discussed the recession, commenting that our economic recovery still faces “formidable headwinds.” As you can see in the chart below, the current recession we have been in has been the longest in nearly half a century.

Chart: Post World War II Recessions And because negative economic comments or news causes money to flow out of Stocks and into Bonds, Bernanke’s words helped Bonds and home loan rates to improve early last week…but these improvements were short lived. Bond prices and home loan rates responded poorly to the Treasury auctions of last week, as the Treasury instruments being auctioned off are in direct competition with Mortgage Backed Securities…and the continual record amounts of supply hitting the market requires record amounts of buying to take place as well. And remember - the Federal Reserve is winding down their Mortgage Backed Security purchasing program, so as they stretch out and ration their remaining purchases through the first quarter of next year, the reduced amount of their buying just adds to the problem. And as with any item, when there is lots of supply and diminishing demand - Economics 101 tells us that the price of that item will subsequently go down. So as Bond prices go down, home loan rates go up - and last week saw home loan rates increase by at least .125% across the board. Also adding to selling pressure on Bonds in the latter part of last week were several bits of good economic news. First, the Retail Sales Report for November was better than expected, marking the third monthly increase over the past four months. It appears that lower prices and good deals are helping to spur some buying activity, though it remains to be seen how this will impact retailers’ bottom lines. Consumer Sentiment was also reported quite a bit better than expected. AND SPEAKING OF RETAIL SALES AND CONSUMER SENTIMENT - ARE YOU STILL WONDERING HOW TO WISELY SPEND YOUR HARD EARNED DOLLARS WHILE HOLIDAY SHOPPING THIS YEAR…AND STILL FEEL GREAT ABOUT HAVING GIVEN A GREAT GIFT? CHECK OUT THIS WEEK’S MORTGAGE MARKET VIEW FOR GREAT HOLIDAY GIFT IDEAS UNDER $25.

Forecast for the Week

Last week may have been a slow one when it comes to economic reports, but the week ahead is full of action, beginning with Tuesday’s Producer Price Index (PPI) Report, which measures inflation at the wholesale level. More inflation news immediately follows with Wednesday’s Consumer Price Index (CPI) Report. Remember that inflation erodes the value of the fixed income that a Bond provides, so any signs of inflation can cause Bond prices and home loan rates to worsen. Wednesday will also bring a read on the housing market with the Housing Starts and Building Permits Report, as well as the Interest Rate Decision and Policy Statement from the Fed, following the end of their regularly scheduled Federal Open Market Committee meeting. A change in rates isn’t expected - but any comments about inflation in the Policy Statement could rattle Bonds and home loan rates. Also important this week is a look at the manufacturing sector, via Tuesday’s Empire State Index and Thursday’s Philadelphia Fed Report. Manufacturing reports have been all over the boards lately, but a marked improvement in either of these reports could cause Stocks to move higher, and in turn, hurt Bonds and home loan rates. Also in store for Thursday is another look at the weekly Initial Jobless Claims Report. Last week’s Continuing Jobless Claims fell to the lowest level since February, and while at first blush this decline would appear to be a good thing, it is likely that the numbers are reflective of people accepting part time or seasonal work that won’t last after the holidays. Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. As you can see in the chart below, Bonds and rates worsened after last week’s Treasury auctions. I’ll be watching carefully to see if Bonds and rates can muster an improving rally this week in the face of a heavy news week. Chart: Fannie Mae 4.5% Mortgage Bond (Friday Dec 11, 2009)

The Mortgage Market View…

Best Holiday Gifts for Under $25 The holiday season can be a strain on your pocketbook. Considering the current economic climate, it may be even more apparent this year than in the recent past. But there are still plenty of inexpensive holiday gifts you can give this year - even for under $25 - that will help ring in the holiday cheer! Godiva Chocolate - Godiva offers a number of chocolate selections for under $25. It’s not only a delicious product, but receiving chocolate in a little gold box is about as iconic as receiving jewelry in a little blue box. Visit www.Godiva.com to see the various selections. Bottle of Wine - A bottle of wine is a great gift of holiday cheer. And for $25, you can buy a nice bottle. Christmas Tree Ornament - This gift is obviously contingent on the recipient celebrating Christmas. Nonetheless, it is a thoughtful present that can be kept forever. Depending on the ornament, some can be personalized with engraved messages, as well as the year they were purchased. Lottery Tickets - This is another inexpensive gift you should consider. The idea of scratching off 25 lottery tickets can be a lot of fun. The gift gets even better if a number of the lottery tickets pay off. Tuck them inside a thoughtful card and you’re all set. French Press Coffee Pot - Every true coffee lover should have a French Press pot. And even if they already have one, they’ll probably enjoy another one to keep in separate locations or to be used simultaneously for larger get-togethers. A Journal and a Pen - One does not have to be a writer in order to find countless uses for a journal and a pen. A Board Game - From single folks to families, board games provide the perfect entertainment at a gathering with friends, or even a quiet weekend night at home. Homemade Gift Basket - Putting together a gift basket for someone allows you to tailor the gift precisely to the interests of the person who’s receiving it. Gift basket themes are limitless and can fit into any budget. Bath and Body Gifts - Everyone can use a little bit of pampering from time to time. With the variety of scented lotions and shower gels available today, you’re sure to find something within your budget. Times may be tough, but that doesn’t mean you need to completely forgo the tradition of holiday gift buying. You just have to be a bit more creative. Happy shopping…and happy holidays.

The Week’s Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of December 14 - December 18