Covered Bridge Estates:

Well, by the time you get this newsletter the new CBE Interim Board will be appointed, the Nominating Committee should be seeking candidates for the new 2012 HOA Board and Thanksgiving is just around the corner. Unfortunately the Real Estate market still has not shown much improvement. One result we care a lot about is a turnaround for new homes. We haven’t attained it quite yet, with New Home Sales down 2.3% in August. This keeps them in the range they’ve occupied since May 2010, but there was some good news in the report. The inventory of new homes for sale fell to its lowest level on record. At the same time, the inventory of homes not yet started went up the most it has in nearly five years. Some economists say this may indicate home building is close to turning back up. This key home price index is up 7.4% annually over the last three months, the fastest rate of increase since early 2006. Standard & Poor’s Case-Shiller Home Price Index was UP 0.9% in July for the fourth month in a row, although prices are still down versus last year. Finally, Pending Home Sales, measuring contracts on existing homes, were off 1.2% in August, dragged down by the hurricane and floods in the Northeast, but they’re UP 7.7% year-over-year!

Here in Covered Bridge Estates, Short Sales and Foreclosures (REO) are still affecting our prices. Of the approximate 19 homes currently FOR SALE, 11 (58%) are REO’s or Short Sales. Of the approximate 25 homes now under contract, ONLY 2 are not a Short Sale or REO and those are the new homes from DR Horton. So you can see the continuing trend in our community. For the exception of a few homes that sold for higher than $72 per sqft. and some that have sold for as low as $44 per sqft. Most homes in our community are selling for a median price of $65 per sqft. just a little below our previous price range of $68 to $72 per square foot. As I’ve been saying for the past year, REOs and short sales will continue dominate the market for a long time and will most likely keep our prices depressed here in Covered Bridge.

One the bright side, if you need to sell or lease your home I’m your go-to guy in Covered Bridged.  You can choose to sell for a Flat Fee of ONLY $495; or select from one of our other affordable Plans that will save you $1000s in commissions. If you’re interested in LEASING your house, we perform all background checks, credit reports and qualify the tenant so you feel confident the tenant is right for you. We also provide PROPERTY MANAGEMENT to protect your investment. If you need assistance with a Short Sale, I’m the professional Realtor who will get it done right.

 

Being your neighbor in Covered Bridge Estates, I understand how important it is for you to know what is happening in our community. So, I’ve started a new Blog at www.CoveredBridgeEstatesUpdate.com. As your Real Estate Specialist for Covered Bridge, it is important for me to provide you with the most up-to-date information about the value and marketability of your home. I know my Blog will keep you more updated with our Real Estate market and community information. I encourage everyone to visit my Blog and add your contribution. I’m happy to provide you with this complimentary report on sales activity in Covered Bridge Estates over the past year. If you prefer not to receive any reports from me in the future, you can easily remove yourself from my mailing list at www.mycommunityupdate.com.

THE FOLLOWING ARE PENDING SALES IN COVERED BRIDGE ESTATES:
Address List Price Address List Price
6415 CORAL CREEK CT $80,000 5818 BROAD RIVER RUN $138,600
3911 DAY BRIDGE PL $80,800 6124 FRENCH CREEK CT $139,900
4019 DAY BRIDGE PL $96,400 6520 ROCK BRIDGE LN $145,000
4128 DAY BRIDGE PL $109,000 5923 WILLOW BRIDGE LOOP $148,000
3814 DAY BRIDGE PL $110,000 5989 WILLOW BRIDGE LOOP $149,900
5823 FRENCH CREEK CT $119,000 5751 FRENCH CREEK CT $150,000
5918 WILLOW BRIDGE LOOP $124,900 4616 HALLS MILL XING $154,990
5975 WILLOW BRIDGE LOOP $124,900 4805 GARDENS RUN $155,000
4809 GARDENS RUN $125,000 6215 FRENCH CREEK CT $159,000
5742 FRENCH CREEK CT $129,900 6310 FRENCH CREEK CT $159,900
5809 FRENCH CREEK CT $131,000 5803 NEW PARIS WAY $169,000
6623 ROCK BRIDGE LN $135,000 4527 HALLS MILL XING $199,990

The following tables contain information on homes sold in Covered Bridge Estates over the past two years. Most of the information is self-explanatory. However, additional clarification may be helpful for the following statistics:

  • Annual Turnover: This is the percentage of homes that has sold in Covered Bridge Estates over the past year. For example, if Covered Bridge Estates had 100 homes and 5 sold in the past year, your annual turnover would be 5%. This statistic measures the pace of real estate activity in Covered Bridge Estates. A higher turnover indicates a faster pace.
  • Avg Price per Sq Ft: The average price per square foot is useful for understanding the average value of homes in Covered Bridge Estates regardless of size. For example, a 2,000 square foot home that sold for $400,000 and a 2,500 square foot home that sold for $500,000 both have a price per square foot of $200. The difference in their sale price results from the difference in their living area. Multiplying the living area of your home by the average price per square foot for Covered Bridge Estates provides a rough estimate of your home’s value.
  • Difference (+/-): This shows how each statistic has changed from one year to the next, illustrating important trends in Covered Bridge Estates. For example, if the Avg Price per Sq Ft was $200.00 over the past 12 months, and was only $180.00 the year before, it would show $20.00, indicating that the Avg Price per Sq Ft has increased by $20.00 compared to the previous year.
  • Absorption Rate: Number of weeks it takes to sell the current inventory at the present rate of sales. If you need more information about the absorption rate in Covered Bridge Estates please contact me.

I hope you enjoy receiving my report. If you have any comments please feel free to contact me.

Please click here for complete Covered Bridge Estates real estate market news in graphs & charts!

As a courtesy to Cover Bridge homeowners if you hire my team by November 30, 2011 to MANAGE your property, we will charge a monthly Property Management fee of $100, Lease fee is separate.

 

Peter J. Poe

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