Each year it seems Labor Day truly invites Fall in the mountains. The air is dry and clear, the sun is bright and warm but a bit lower in the sky, and the nights are definitely cooler. I hate to see summer leave us so quickly. But Fall is beautiful and brings tourists to see the color … leaves peak the third week of October.

Cathey on top of the world at Mtn. Mitchell.

Real estate sales still lag … like the rest of the country, but seem to be picking up a bit. From June 1 – Sept. 1, 2009, 181 homes, $250K – $500K have sold in Buncombe County (Asheville) with 446 new listings in the same time period. Twenty-nine homes have sold in the $500K – $750K range with 99 new listings since June 1.

In the $750K – $1M, 15 homes have closed with 173 new active listings, while only 2 in the $1M-$1.5M have sold. There are 24 new listings in that price range. Nothing over $2M has sold since June 1, but there are 11 new active listings over $2M. I am happy to supply information about specific neighborhoods for anyone interested.

Many sellers in the upper end have reduced prices up to 30%. And those homes that have sold are still selling around 95% of list price. But money remains tight and those buyers coming from other areas … as well as locals … are usually faced with selling in order to buy. And even with excellent credit and sufficient assets, folks are jumping through hoops to secure loans.

So Realtors have time on their hands these days to enjoy the beautiful Asheville area. We were visited this Labor Day weekend by our daughter and husband who live in Houston. When they come to town, there’s a flurry of activities. Saturday was a glorious day so we decided to hike Mount Mitchell, in the Black Mountains of the Appalachians … the highest peak east of the Mississippi. We climbed a strenuous trail to 6500’ above sea level. Thank goodness for my aerobic step class and a little weight training. If you need some ideas about where to hike when you visit Asheville, a great resource is Hiking the Carolina Mountains by Danny Bernstein who lives in Asheville.

Sunday we played 18 holes of golf at the Biltmore Forest Country Club and I actually parred one hole and managed to keep my score fairly decent on the other 17. I have played several wonderful golf courses over the years in the area and happy to give you golfers some hints.

Son-in-law, George, in the rough but ended up a great shot!

Hope to meet you in Asheville …

Cathey

Biltmore Forest Town Hall

July 4th brought gorgeous weather to WNC. I decided to spend the day by the pool after a morning of pulling ivy away from our rhododendron and azalea. In short time, my grandson and two college gal pals dropped by for the afternoon. I got all the details about the recent debutante festivities and presentations … the parties, the clothes … the works!

But their big decision of the day was which wonderful Asheville restaurant to patronize on July 4th and which set of fireworks to watch … presumably the ones on the lawn of our historic City Hall … following the ever popular “shindig-on-the-green”. This, after attending the morning “parade” in Biltmore Forest.

Each July 4th, “children” of all ages meet around the Biltmore Forest Town Hall. The kids decorate their trikes and bikes in hopes of winning prizes for the best July 4th decorated kiddy vehicles. A parade of happy faces on all sorts of contraptions head from there to one of two parks for the festivities. Watermelon, hot dogs, games and good old fashioned community fellowship is enjoyed by all.

Later in the day, members of the Biltmore Forest Country Club enjoyed a beautiful day of pool and tennis followed by the annual 4th celebration. Hot dogs, hamburgers, BBQ ribs and all the traditional picnic fare … kids were treated to games, face painting and activities on the #1 tee and fairway.

Biltmore Forest is a town surrounded by Asheville, bound by charming Biltmore Village on the north end, Biltmore Estate west side and the Blue Ridge Parkway on the south end. It’s a fine place to live for anyone who appreciates natural beauty, mature trees, convenience to downtown Asheville with its cosmopolitan atmosphere and many activities. High volume and reduced prices equal an excellent time to buy real estate in this premier community. For a list of homes for sale in Biltmore Forest, go to our home page and select “search MLS”. Under “city”, choose Biltmore Forest. Then call us for a tour of this and other prime neighbors in the Asheville area. Hope to see you here soon …

Biltmore Forest Country Club

Wow! What a time to buy a home in Asheville … one of the country’s favorite cities. For years the real estate community in Asheville falsely believed we were immune to a burst in our ever expanding bubble. It burst … and has provided excellent opportunities for high end buyers. While homes that have closed since January 1, 2009 still bring 95% or so of the list price, most have provided generous price reductions.

We just got back from a beach vacation and while I was there I snooped around the Net for some information to include on our web site. I found the following comparison worth sharing. The article is taken from the National Association of Homebuilders. Even in the current economy, it’s hard to beat an investment in real estate … and enjoy our cool, green mountains!

Homeownership’s Real Value

Here are a few examples of why, dollar for dollar, homeownership is a solid stepping stone to a future of financial security and the single largest creator of wealth for many Americans.

Over the long-term real estate has consistently appreciated, even through periodic adjustments in local markets in response to economic conditions. On a national level, home appreciation has historically increased 5-6 percent annually, report economists at the National Association of Home Builders.

Five percent may not seem much at first, but here’s an example that will put it into perspective: Say you put 10 percent down on a $200,000 house, for an investment of $20,000. At a 5 percent annual appreciation rate, that $200,000 home would increase in value $10,000 during the first year. Earning $10,000 on an investment of $20,000 is an extraordinary 50 percent annual return.

In contrast, putting that $20,000 down payment into the stock market and getting a 5 percent gain would only yield a $1,000 profit.

Compared to Stocks

Looking at it another way, over a longer period of time, if someone put $10,000 into the stock market in 1997, the average annual S&P return would make that investment worth $21,500 today—an increase of $11,500. The median home price in 1997 was $140,000.

Today, that same home would have gained nearly $100,000 in value.