2009 Mid Year Sales Stats for Big Canoe

On July 7, 2009, Karin Elliott wrote -

The June mid year stats (according to FMLS) for Big Canoe are slightly down from last year. However, they are interestingly different. I am noticing almost a pendulum swing from January to June in sales. Last year in 2008 from January to June there were 40 sales, this year there are 30 sales. The strongest sales in 2008 happened in June while the heaviest month in 2009 so far was January. Foreclosure sales have been on the increase with only one recorded sale on FMLS (for Jan to June) 2008 and already 4 sales for 2009. I had a few sales in January but have seen a surge in summer business with closings lined up throughout June and July. Some of my clients are looking for a “year end closeout” deal and holding off until September. Without further ado here are the stats for the first 6 months in Big Canoe for the year 2009.

Big Canoe Stats for the 1st Half of 2009
Number of Homes Listed: 275
Total Homes Sold: 30
Highest Price on Market: $2,390,000
Lowest Price: $125,000
Foreclosures Sold: 4

Could this be the turning point? Judging from my current surge of home hunters I feel strongly that the increasing interest rates are going to call attention to the buyers that require loans and also the cash buyers more towards the second half of the year. The cash buyers are anxiously waiting for the deal of the century and many of them are getting just that, compromising with an “as-is” contract (with inspection) and prepared to fix what needs to be fixed. This does not only imply foreclosures. The cash buyers are aware that clean and quick contracts not only help the Sellers move on with their lives but also help them to negotiate fabulous prices on either second or full time homes.

Big Canoe has been a weekend destination for over 30 years but recently in the last decade has attracted more full time residents looking to step away from the suburban lifestyle and exchanging a bit longer commute for weekend family quality time. Most of my buyers come from either Atlanta or Florida but I do get calls from across the country and also across the world. Having a mountain setting in an established resort community only an hour away from Atlanta has truly put the Big Canoe Community on the map. I also live here and have yet to find anything that compares.

Sincerely,
Karin Elliott of IBA Mountain Homes