In Lake Toxaway Estates, sales volume was up slightly for 2009 over 2008 -- $23
million vs $21 million. Transactions were up also...40 in '09 vs. 30 in '08.
In 2006 and 2007 sales volume was around $50 million, so today sales are still down
significantly with totals in the $20 millions.
This was the year for the developer of Bear Wallow Springs to exit the project. All
remaining inventory was sold in BWS, some at substantial discounts. The consensus is that
as these were the least saleable lots there, overall values in BWS should not be affected.
Homes on Lake Toxaway have always been the strength of the community and this
remained true in 2009. Six sold in 2009 vs 2 in 2008 (and 15 in 2007).
The average price for homes sold in Lake Toxaway:
2007 2008 2009
All homes in LTE $1,121,000 1,122,000 1,211,000
Homes on Lake Toxaway 1,558,000 1,252,000 1,780,000
(The sampling, of course, is small, but it does demonstrate that the average price of
homes sold in LTE has remained steady over the past three years. The same is true of
homes on Lake Toxaway...they have even increased a little.)
Homes with a mountain view or a lake view -- the same. Closed prices have held
steady:
2007 2008 2009
Lake view $1,205,000 1,090,000 1,136,000
Mountain view 737,000 425,000 590,000
So, the prices that people are willing to pay for a home in Lake Toxaway Estates have held
steady. The total units are down, and the houses that sold were priced realistically,
sometimes after several price reductions.
Average difference between Most Recent Asking Price / Sold Price for homes on Lake
Toxaway
2009 - 88%
2008 - 89%
2007 - 89%
Our conclusion: Gathering and analyzing all this data for 2009 confirmed what we had
been casually observing all along: In spite of what is happening in other markets, people
are still willing to spend multi millions of dollars for a home in Lake Toxaway Estates;
however, today's buyer is more savvy, more value conscious than ever before. We see
fewer of them. There is more inventory. In order to battle this significantly more competitive
market, the seller must set his asking price at market value (based on sold comps), and
make it shine in comparison to the other houses in his range. And by the same token, the
buyer needs to realize that for lower than market value offers, they will need to look
elsewhere.
million vs $21 million. Transactions were up also...40 in '09 vs. 30 in '08.
In 2006 and 2007 sales volume was around $50 million, so today sales are still down
significantly with totals in the $20 millions.
This was the year for the developer of Bear Wallow Springs to exit the project. All
remaining inventory was sold in BWS, some at substantial discounts. The consensus is that
as these were the least saleable lots there, overall values in BWS should not be affected.
Homes on Lake Toxaway have always been the strength of the community and this
remained true in 2009. Six sold in 2009 vs 2 in 2008 (and 15 in 2007).
The average price for homes sold in Lake Toxaway:
2007 2008 2009
All homes in LTE $1,121,000 1,122,000 1,211,000
Homes on Lake Toxaway 1,558,000 1,252,000 1,780,000
(The sampling, of course, is small, but it does demonstrate that the average price of
homes sold in LTE has remained steady over the past three years. The same is true of
homes on Lake Toxaway...they have even increased a little.)
Homes with a mountain view or a lake view -- the same. Closed prices have held
steady:
2007 2008 2009
Lake view $1,205,000 1,090,000 1,136,000
Mountain view 737,000 425,000 590,000
So, the prices that people are willing to pay for a home in Lake Toxaway Estates have held
steady. The total units are down, and the houses that sold were priced realistically,
sometimes after several price reductions.
Average difference between Most Recent Asking Price / Sold Price for homes on Lake
Toxaway
2009 - 88%
2008 - 89%
2007 - 89%
Our conclusion: Gathering and analyzing all this data for 2009 confirmed what we had
been casually observing all along: In spite of what is happening in other markets, people
are still willing to spend multi millions of dollars for a home in Lake Toxaway Estates;
however, today's buyer is more savvy, more value conscious than ever before. We see
fewer of them. There is more inventory. In order to battle this significantly more competitive
market, the seller must set his asking price at market value (based on sold comps), and
make it shine in comparison to the other houses in his range. And by the same token, the
buyer needs to realize that for lower than market value offers, they will need to look
elsewhere.
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| Copyright 2010 by Tony Austin |
| Lake Toxaway Estates Market Pulse |
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Sales Summary Lake Toxaway Estates 2006-2009
Sources: Western North Carolina Regional MLS; Transylvania County Courthouse records. Copyright 2010 by Tony Austin