Cascade Mountains at Wenatchee Washington
Click image to enlargeNot sure how I missed it, but last night I discovered the March 12, 2008 edition of the NuWire Investor publication named Wenatchee in the "Top 10 Places To Buy Vacation Rental Homes in the U.S".  


Wenatchee came in number three, but looking at the criteria for which they were chosen, it appears Wenatchee could have very easily topped the list.   Factors taken into consideration were home prices and appreciation rates but, I think, more importantly (for a vacation home or vacation rental home) such things as weather and the availability of activities and attractions are critical. 



In the weather category, it was interesting to note they used an "average number of rainy days" factor (not a number of sunny days factor).  Either way, Wenatchee would have won hands down over all the markets listed.   Wenatchee was noted as having an average of 26 rainy days per year and the nearest competitor was the Virgin Islands at 73 rainy days!   


In the median home price category, I found the NuWire information inaccurate.  Wenatchee's median home price was listed at $319,900 but it is actually $248,500 according to the March 2008 Pacific Appraisal SNAPSHOT statistical market summary.  NuWire lists their source as Zillow which is basically a computerized statistical analysis and not based soley on actual sales records.  This is a significant discrepancy. 



Here are the top ten markets for buying a vacation rental, according to NuWire Investor:

1) Ashland, Oregon

2) Grand Junction, Colorado

3) Wenatchee, Washington

4) Guam (U.S. Territory)

5) Asheville, North Carolina

6) Miami, Florida

7) U.S. Virgin Islands (U.S. Territory)

8) Salem, Oregon

9) Salt Lake City, Utah

10) Coeur d'Alene, Idaho



If you get a minute, you can read the entire NuWire article.  Interesting to note that 4 of the top 10 are in the Northwest region of the United States.



All things considered, I anticipate Wenatchee WILL be a hot spot for future vacation rentals as a wonderful alternative to the typical motel room.  I've been touting this option on my Wenatchee Condo blog for quite a while now.


Because of our great weather (and central location in the state) there is almost always some convention or combination of meetings going on in Wenatchee.   With all the demand for motel/hotel rooms due to these meetings (and the plethora of recreational activities in the area), I see a huge demand for vacation rentals in the Wenatchee real estate market. 


At this time, there are many vacation rentals in the outlying areas like Leavenworth, Lake Chelan and Crescent Bar, but almost NONE in Wenatchee.   I do represent the one project in Wenatchee currently being promoted for that purpose.  So, if you want to get in early, now may be the time.  


We often get inquiries from potential renters looking for a more versatile option to the typical motel accommodations.  These tenants are looking for accommodations from a few nights to several weeks at a time.  And, they are willing to pay significantly more than a standard monthly rental apartment because short term rentals (less than 6 months) are extremely hard to find.



If you missed the last big increase in home values, vacation rentals may be the next niche to consider.



Have a great week-end!













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Information is FREE.  Knowledge, Experience & Integrity Are Priceless



Contact the Top Team Today:

Carol Williams,  TopTeamCarol@gmail.com

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In spite of crazy weather challenges, I have inside information that SR 28 will be re-opening ahead of schedule... as early as this afternoon about 5:00.  Yeah!


Good Job JANOD !














For customized service buying or selling real estate contact the TOP Team:
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On my Active Rain blog, I had a commenter (agent from Western Washington) asked me the following question:


Question: 
Is your appreciation in Wenatchee going to hit 30% this year?  What about this bad market????


Answer:
The "bad" market?  I had three closings last month and will have two closings this coming week, have one more pending.... and am working with several buyers.  Good thing the market is bad because  I'd go crazy if  it were any better.  LOL. 


Actually the market has slowed for a variety of reasons that you already know.  1) Wintertime slowdown 2) Media scare tactics,  3) Financing crisis,  4) and one other which is somewhat unique to our area and that is...


We have many buyers who want to (and will) buy here but they have property to sell elsewhere (California, Arizona maybe even Western Washington) but they can't buy until they sell.  Many of the markets across the country are experiencing true slow downs so properties are not selling.  Therefore, in my opinion, what we are seeing is a temporary slowdown with pent-up demand building locally.   Come Spring, we could see another surge with appreciation starting again.


However, I don't think we are going to see appreciation rates at the same levels of the last couple years (25% per year).  I think (and hope) it will be more like 10% - 15% .  Just a guess, of course.  If I actually could predict stuff like that I wouldn't be a real estate agent in Wenatchee.   I'd run for President and fix a lot of problems.  LOL.


At this moment in time, we are seeing a stabilization in prices which is a much needed and welcome breather from the frenzy.  





TopTeamCarol@gmail.com

Wenatchee Condo News BlogOver on my Wenatchee condos blog, I am doing a series on the various condo options currently available on the local market.  There is a very broad range of choices by size, level of luxury and price.   Check it out when you have the time. 


Have a great week-end,

 

 

TopTeamCarol@gmail.com

One of our current Wenatchee rental housesI work with a lot of investors and constantly get inquiries about what is happening with real estate in North Central Washington.   One recent investor prospect had a very long list of questions, so thought I'd share some of these with you.  I'm going to break them down in parts for easier reading:

Question: What  is the SFH (single family housing) rental vacancy rate in Wenatchee?


Answer:  Last year at this time it was 5%.  This September's report from Pacific Appraisal Associates indicates current SFH vacancy rates  at 2%... computing to a 60% reduction in vacancy rates.  Vacancy rates on apartments are about 4%.  This aligns with my own experience in renting SFH.  Demand is extremely high! 



* * * * *
If you have a specific question you would like answered, e-mail me direct or leave a comment at the bottom of this blog post: 

Carol Williams
TopTeamCarol@gmail.com

Fall Foliage At The Wenatchee RiverI get this question asked all the time.  "How is the real estate market?"  "Are you still keeping busy"?   The national attention to the "real estate slowdown" and talk of a "bubble bust" has everyone wondering if Wenatchee, which has been enjoying national attention as the #1 appreciating market in the nation, is still going strong.


Wenatchee IS still going strong. We are still busy with buyers and sellers. However, the local market, in general, seems to be experiencing a temporary slowdown due to seasonal circumstances, some subprime meltdown financing woes, AND buyers waiting for properties to sell elsewhere.  We have many buyers with properties for sale in other parts of the country.  When those properties sell they will be re-buying here. 


Demand is still strong and  I predict pent-up demand will continue to grow and we will experience another surge in the Spring.    If you are a buyer, now is a great time to buy while inventory is up and sales are down.  If you are a seller, your property WILL sell if you price it right.  Now is not the time to test the market.  Price your home right for a quick sale and take advantage of the increased inventory of homes on the market to get a great buy.


As you can tell, I am still very bullish on Wenatchee.  Although I wrote it last December, here is a link to an article that is still timely.  It outlines the economic climate and why local real estate is still, and will continue to be, in high demand. 










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Contact the TOP Team today:

Carol Williams  TopTeamCarol@gmail.com

Shelley Granger  TopTeamShelley@gmail.com

Flying over WenatcheeIronically, one day after my "bullish" post on Wenatchee, the local newspaper (The Wenatchee World) came out with an article confirming my opinion.  Even though the market has slowed some, which is not necessarily a bad thing, our appreciation factor is still high AND we are leading the nation! 


As I said, the economic climate is so healthy and our lifestyle appeal so strong, the market will stay vibrant.  


I am still convinced, the current "slowdown" is mainly a result of the lending correction going on.  This will get resolved and we can get back to a more normal selling atmosphere.   There is also a factor of prices having risen so much that a percentage of people can not afford to buy.  For investors this relates to a continued strong demand for rental housing... but that's a subject for a post another time.


Remember... 
Information is FREE.  Knowledge, Experience, & Integrity Are Priceless 


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If you want customized service or have real estate questions contact the TOP Team:
Carol Williams   TopTeamCarol@gmail.com
Shelley Granger  TopTeamShelley@gmail.com


Have a great week-end!

Wenatchee from the air in April 2007.  Click on image to enlargeOn Thursday, there was a Letter to the Editor in the local newspaper (The Wenatchee World) bemoaning the "influx of traffic problems, pretentious lifestyles, and escalating property costs".     If you click on that link, scroll down to "Wenatchee's Gone" for the entire content of the letter.


Truth is, Wenatchee has been changing since the white man came out west and settled in the territory.  Just ask the Indians!  If they'd had a newspaper to write to, I bet they would have had plenty to say. 


Change is inevitable and our job, as proud residents, is to do our best to protect the very lifestyle that attracted all of us in the first place.  You can't stop it, so you might as well embrace it.  Unless you are a native American Indian you, too, are an immigrant to the beautiful Wenatchee valley.  We welcomed you, and we will welcome those yet to come who see the benefits of living and working in our piece of paradise. 


For current Wenatchee real estate info, contact the TOP Team:
Carol Williams, Wenatchee real estate agent / Team Leader 
TopTeamCarol@gmail.com 


Shelley Granger, Wenatchee real estate agent / Showing Specialist
TopTeamShelley@gmail.com 

I received the following question via e-mail yesterday from a prospective investor client:
Question:
Can you tell me what the local buzz is as far as the local economy & home appreciation?  I have the hard census data and I have read your blog posts.  I'm looking for what people are excited about these days in Wenatchee?



Carol's Answer:

The local buzz?  The riverfront development is high on the buzz scale.  
   The Columbia River and inexpensive hydro power is really what is driving our economy these days.   
   The hydro power is far reaching in it's effect on the economy... from residential to agricultural, commercial and industrial.   
    We have baby boomers flocking here with their retirement checks, seeking our 300 days of sunshine

 

Notice:  We are now offering Wentchee Property Management Services. 
Contact the TOP Team today:
Carol Williams  TopTeamCarol@gmail.com
Shelley Granger  TopTeamShelley@gmail.com


Wenatchee Condo info
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As we move into the second half of 2007, it's a good time to review homes sales activity from January thru June of this year.  Yesterday I did a condo summary.  Here is a statistical summary of real estate activity on single family homes in the Wenatchee Valley.  These numbers are comparisons to the same (January-June) period of 2006.






Wenatchee single family homes:
New listings are up 23% (365/449)
Number of closed sales down 17% (283/233)
Average sales price up 30% ($212,071/$277,243)
Sale price to list price within 1%

Search ALL Wenatchee MLS homes and land for sale
Current Wenatchee Condo News, inventory, and trends


Have a great day!
                                    

Yesterday was such a beautiful Spring day, I couldn't resist taking the opportunity to check out the new (detour) road to Fancher Heights and take some pictures of a few houses AND the fabulous view from there. 

I left out the houses this time.  Here are some view pics.


For current news, info and trends in the Wenatchee real estate market contact the Top Team:
Carol: TopTeamCarol@gmail.com
Shelley: TopTeamShelley@gmail.com 
 

Remember: 
Information is FREE. Knowledge, Experience & Integrity Are Priceless

Here is a link to a comprehensive article about the status of the significant plans for riverfront development in Wenatchee. 


The picture at left is courtesy of the Wenatchee World newspaper... World photos / Don Seabrook.


If you have questions about the latest in Wenatchee real estate contact the TOP Team:

 

Carol Williams, Realtor / Team Leader  TopTeamCarol@gmail.com
Shelley Granger, Realtor / Assistant  TopTeamShelley@gmail.com 



Or visit our our Wenatchee real estate website and search all homes and land for sale. 
 


Information is FREE. Knowledge, Experience & Integrity Are Priceless

Despite high demand, total home sales in the Wenatchee area declined dramatcially (over the same period a year ago) in the last quarter of 2006.  Lack of "affordable" housing is blamed.  Here is a link to a recent article from the Wenatchee World newspaper, citing a report put out by Pacific Appraisal Associates in Wenatchee. 


Regardless of the fact that the average Wenatchee home (at $217,000) is still priced significantly less than the state average (at $301,000), affordability is, indeed, an issue. 


* * * * *
If you have specific questions about buying or selling property in the Wenatchee area, contact one of these TOP Team members:
Carol Williams, Realtor & Team Leader   TopTeamCarol@gmail.com
Shelley Granger, Realtor Assistant  TopTeamShelley@gmail.com
Perci Owens, Realtor Assistant   TopTeamPerci@gmail.com 


Free Search of all homes and land for sale:

http://TopPropertiesWenatchee.com

Information Is Free. Knowledge & Experience Are PricelessAccording to an interesting article in tonight's Wenatchee World, the Sunnyslope area at the north end of Wenatchee is targeted to absorb much of our forecast growth over the next 20 years.  Click here to read the entire article.


For customized service contact Carol or one of her assistants today:

   TopTeamCarol@gmail.com
   TopTeamShelley@gmail.com 

   TopTeamPerci@gmail.com 


To search all listed land and homes for sale visit:
   www.TopPropertiesWenatchee.com  

Appreciation rates for Wenatchee real estate continues.  Although our strong and diverse economy surely indicates demand and values will continue, I was surprised to see the 2007 forecast for appreciation to be coming in at a whopping 27.20%.  This comes in at #2 in the entire nation (behind Gulfport-Biloxi, MS).  Do you remember in 2006 we were #2 behind Panama City, Florida?


What does this mean? 
* If you're thinking about selling your home and trading up to a larger, more expensive, home... do it now before prices go up more!  


* If you're thinking about selling a home and trading down, you might want to wait and build some more equity before buying a smaller, less expensive, home.


27% of $300,000 is $71,000
27% of $200,000 is $54,000

27% of $150,000 is $40,000


For investors:  Buy as much as you can, even if it means negative cash flow on your rentals.  You can cover a $100 (or more) negative cash flow ($1200 per year) if you are going to enjoy an appreciated value in the tens of thousands for the same time period.



For a free customized consultation, contact Carol today: 

Carol@TopPropertiesWenatchee.com 



To search for home and or land in the Wenatchee MLS, click here. 

You can also get customized print-outs from my two assistants:

TopTeamShelley@gmail.com

TopTeamPerci@gmail.com

$109,900 in Waterville (would be over $150,000 in Wenatchee)As many of you know, I've been promoting more properties in Waterville, Washington lately because that is where the best real estate values are these days. 


One of the objections I get from buyers about Waterville is that they don't want to do the commute to and from Wenatchee each day.  The good news is our fabulous Link Transit bus system serves Waterville with 6 runs a day.  


Want a real bargain in real estate?  Work in Wenatchee?  Consider buying a home in beautiful, rural, Waterville.  Save a lot of money on a home (and gas)... and relax on your way to and from work.  Ride the Link Transit bus to and from Wenatchee whenever you don't feel like driving. 


For more information about properties available in Waterville, contact Carol Williams today:
Carol@TopPropertiesWenatchee.com


Information is FREE.  Experience & Knowledge Are Priceless.

I wrote previously about a gated equestrian community being developed in East Wenatchee, featuring 2 acre parcels and some riding trails.  These parcels, in Highland Estates, range in price from $169,900 - $179,900 and are located on Rock Island Road.


In last night's local newspaper, The Wenatchee World, there was a comprehensive article about another, much larger, proposed horse community.  Here is the first paragraph of the article:
 "MALAGA — An Issaquah real estate investor wants to build a 640-acre, ranch-style development with luxury homes and villas and a private equestrian center on a bluff overlooking the Columbia River south of Malaga."


Here is a link to the full article.    "Ravenwing Ranch" sounds like it will be a true haven for serious horse lovers. 


If you're interested in more information on either of these projects, please contact me direct at:

Carol@TopPropertiesWenatchee.com   or phone me at 509-670-7840 


To search homes and land for sale in Central Washington, click here  

For current news, info and trends in local real estate, click here 
To watch a new home being built in East Wenatchee, click here

As winter approaches, I continue to get a lot of people asking me if the real estate market is slowing down here in Wenatchee.  Is it still a seller's market or is it more of a buyer's market, with more inventory than buyers?  

Today I did run some statistics and here's what I figured out:
Under $200,000: Strong seller's market.   More demand than supply.
$200,000-$250,000: Balanced market.   Balanced supply and demand.
$250,000 & up:  Buyer's market.  More supply than demand.


* * * * * *

Search homes and land for sale in Wenatchee and the surrounding area


For answers to your real estate questions, contact Carol:
   Carol@TopPropertiesWenatchee.com

Fall at Fancher HeightsI was pleased to read in tonight's edition of the local paper, the Wenatchee World, that Wenatchee topped the list of safest cities in Washington State.   Here are the first two paragraphs of the article:

"WENATCHEE — The Wenatchee area has been listed as the safest metropolitan area in Washington in an annual ranking of the nation’s safest and most dangerous cities.

Nationally, Wenatchee ranked 83rd among 344 metropolitan areas with populations of 75,000 or more. The list includes a dozen cities in Washington and two that cross into Idaho and Oregon."

What a great piece of publicity for this area of North Central Washington!   Here is a link to the entire article.  


While other real estate markets across the nation suffer a downturn, Wenatchee was also recently named  #2 nationally for forecast appreciation of real estate over the next year... but that's fodder for another blog entry.


To search the Wenatchee MLS for homes and land for sale, click here

To follow a custom home being constructed, click here
Contact Carol: Carol@TopPropertiesWenatchee.com

314 E. Ash * Waterville        Click on image to enlargeHere is some statistical info, revealing some real estate market trends comparing the first 9 months of this year with the first 9 months of 2005.  Statistics can be misleading (depending on various factors), so take it for what it is... interesting info, but not gospel.  This info is for detached single family residences.  Condos, manufactured homes on land, and mobile homes on leased land are not included in these figures.

 

 

Average sales price:

Wenatchee 2005:  $196,347
Wenatchee 2006:  $221,124  (up 13%)


East Wenatchee 2005: $199,110

East Wenatchee 2006: $234,642  (up 18%) 



The total number of homes sold in the Wenatchee and East Wenatchee areas so far in 2006 was up about 5% over the same time period for last year.  



Featured Value: 
The home pictured above is listed at $99,900 and one of the best values on the market today.  New kitchen cabinets, new range & dishwasher, new flooring and paint throughout, remodeled bathroom with claw-foot tub.  Available as an outright purchase or on Lease-To-0wn terms.


For answers to your specific real estate questions please contact:

Carol@TopPropertiesWenatchee.com