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!













Remember:

Information is FREE.  Knowledge, Experience & Integrity Are Priceless



Contact the Top Team Today:

Carol Williams,  TopTeamCarol@gmail.com

Shelley Granger,  TopTeamShelley@gmail.com



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Current Wenatchee condo news, info and trends

For those of you who aren't accustomed to visiting my Wenatchee Condo News blog yet, here is the latest and most current summary of condominium inventory in the Wenatchee Valley. 


This list includes units in Wenatchee, East Wenatchee, Cashmere, Leavenworth, and Orondo. There are a total of 94 condos for sale, the majority of them out of the "affordable" range for many.  The higher end priced units are targeted for retirees and the more affluent looking for a low maintenance second home.


   8 - $124,900 - $139,900
   1 @ $175,000
   1 @ $199,900
  10 @ $249,900 $ 299,900
  74 @ $300,000 - $650,000



Contact the TOP Team with your real estate questions:

Carol Williams   TopTeamCarol@gmail.com

Shelley Granger   TopTeamShelley@gmail.com





Remember:

   Information Is FREE. 
      Knowledge, Experience & Integrity Are Priceless

At the risk of getting into hot water with the Leavenworth real estate agents, I am cautioning potential buyers to watch the market over the next few months before making a buying decision. 

There was an article in last night’s Wenatchee World newspaper about the upcoming closure of Longview Fibre’s Winton lumber mill 14 miles northwest of  Leavenworth.  According to the article, this will displace 100 workers.  How many of these displaced workers will need to sell their homes.  Will this increase the inventory of homes for sale enough to put downward pressure on prices.  Perhaps.  I will be watching the trend over the next few months. 

You can read the complete article here.  Stay tuned for future updates.


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


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Par 3, #8 (Click image to enlarge)I had the pleasure of playing the golf course in Leavenworth, Washington last Friday. If you're a golfer, I highly recommend playing the course.  If you're not a golfer, I suggest you drive into the town of Leavenworth, wander passed the numerous shops and have lunch or dinner at one of the many restaurants. 


Leavenworth is a wonderfully transformed Bavarian theme town and was named the "Ultimate Holiday Town" in all of the United States by A&E last year.  From Thanksgiving to Christmas is a beautiful time to spend an evening in Leavenworth.   Year round, there is almost always something going on in the Leavenworth area and it's a haven for recreationalists... from hiking, cross country skiing, white water rafting, and a whole lot more. 


The golf course is carved out of a forest with many tight, tree-lined fairways, rugged Cascade mountain views and the sometimes raging, yet soothing, Wenatchee River running along the edge of #5 & #6.  I was impressed by the condition of the course, the mountain views... and their beautifully designed and maintained flower gardens.  Oh... My score?  87    
Looking south from the tee box on #5 (click image to enlarge)

 
Flower garden at #10 tee box (click image to enlarge)
Carol@TopPropertiesWenatchee.com

Search homes and/or land for sale in Leavenworth, WA and all of North Central Washington

 

For those people who really want to buy a home but are not in a position to get financing because of low credit scores, I have good news!  There is a program available that may allow you to get into a lease/purchase, with up to 2 years to raise your credit scores in order to get financing.    The greatest advantage to this program is that the selection of homes is very large.  We've always had a severe shortage of lease/purchase homes in the Wenatchee area.  Now the inventory has opened up dramatically... and we offer the advisory staff to walk you through the process of improving your credit scores, so you can finance the home as soon as possible. 

If you'd like additional information on the lease/purchase program, please contact me:

Carol@TopPropertiesWenatchee.com
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Current Wenatchee real estate news, info & trends (through pictures & commentary)

Although I'm still officially on vacation, I did a quick foreclosure search today.  Here is a summary of current foreclosure inventory in the Wenatchee & North Central Washington area: 
  Wenatchee: 3 foreclosures, 3 pre-foreclosures
   East Wenatchee: 1 foreclosure, 1 pre-foreclosure
   Chelan:  1 foreclosure, 1 pre-foreclosure, 1 bankruptcy
   Leavenworth: 1 foreclosure, 1 pre-foreclosure

I don't send out daily updates, but if you want a list of foreclosures at any given time, please let me know and I'll do a current customized search for you.  I can do local, state, or nationwide searches. 

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com
http://www.CarolsWenatchee.com
http://www.RealEstateSuccess.blogspot.com

Today I was contacted by a prospect to show her a specific property that was listed with one of the local discount real estate brokers.  I searched for this particular property in the Wenatchee MLS and it was not there, which means they listed it as an exclusive listing not to be shared with the rest of us agents.    I contacted the listing agent and he said I could indeed show the home, but the seller would not pay my service fee and I would have to add that into the offer.  This is why I don't like working with the discount agencies.   It gives me no incentive to actually do what is best for the client.

But, being who I am, I did do what was best for the client.  I told her that the home is available but I would not be able to represent her on the transaction because I wouldn't get paid, unless she was willing to pay me.  I knew this wasn't an option because she is already on a very tight budget.    I was honest and told her I could not work for free. Not only am I not willing to work for free, but it doesn't make sense to take on the liability of a transaction without the compensation to justify it.   My client understood, of course, and is NOT pursuing the purchase of that particular property. 

It is experiences like these that makes me wonder if sellers understand the disadvantages of working with a discount agency.    To be fair, I admit to have worked for one ofthese discount agencies (twice).  I like the concept and I think it's great when (and if) I can save sellers money.  I've even been known to show people do a For Sale By Owner transaction if I think it best serves them! 

Anyway, when I was a listing agent at the discount agency I would prep my clients upfront that it's important to get as much exposure as possible and price the home in such a way that they can pay a selling agent fee if necessary.    I never had anyone object to that approach.  The plus side is the home might actually sell without paying the extra selling side fee.  It's certainly worth a try, BUT it's also necessary to cooperate with the MLS agents to get maximum exposure.  This is part of the supply and demand of economics and actually creates more demand (and therefore higher value)  for any given property. 

The downside, then, of  listing with the discount agencies is that we "conventional" agents are suspicious that we won't get paid for our efforts, so we don't make any particular effort to sell those properties.    I don't mean to insinuate that we purposely avoid working with these agencies listings... but, with our limited time, we do have to make choices and it only makes sense to make the choice to put our efforts where we think we will be compensated.    I admit it.  You'd do the same, I suspect.  The opposite approach to discounting the fee offered is to offer a bonus.  That certainly gets more positive attention. 

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com

Today the local North Central Washington Multiple Listing Service launched a new MLS system, called FlexMLS.  This is going to be an excellent program once I figure out how to use it in my Wenatchee real estate business.   After some initial glitches getting me online with the system, I spent much of the day familiarizing myself with the overall structure of this software program.

This new MLS system is quite exciting because it seems to be aptly named as it is very FLEXible for serving clients.   I will be able to set up daily, weekly or monthly e-mail notifications when new listings come on the market.   I can totally customize these property searches for each person.  I can e-mail Photo Tours and listing reports to you on demand.  All you need to do is tell me what you want in a home or investment property (price, size, age, location, blah, blah, blah) and I will set it up for you to be notified any (or every) day of the week as new listings come on the market.

My primary real estate website also has an auto notification feature but, honestly, this system is far better because it gives us more flexibility in setting up specific search criteria.  

As we move into late winter and toward early Spring, there will be significantly more listings coming on the market.  Now is a great time to sign up for this new automatic notification service. 

Let me know how I can serve you!
Carol

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com

Yesterday I posted a 2005 summary of all  home sales in the Wenatchee Valley area.   This morning I began wondering about the current availability of foreclosure homes, so I  did a new search.  My search revealed only 3 foreclosure properties available in all of Chelan County.  There was one each in Leavenworth, Chelan, and Wenatchee.  When I searched Douglas County I found zero foreclosure properties currently available for sale.   

Overall, the foreclosure home listing inventory is down.  It will be interesting to watch this trend during the coming year.  I will post periodic updates for you.  If you'd like a customized foreclosure home search done for you, let me know.  I can prepare a list of any zip code, city, county or state in the United States. 

Carol

Carol@TopPropertiesWenatchee.com
www.TopPropertiesWenatchee.com

 

Below is a summary of the Wenatchee area home sales activity for the entire calendar year of 2005. 

The following summary includes:  Wenatchee & East Wenatchee (including Malaga and Rock Island)... Cashmere,  Leavenworth... with Peshastin and Monitor included as well.  This overall summary is of ALL homes sold, including mobiles (on leased land), manufactured (with land), condos and standard single family residences. 

Wenatchee / East Wenatchee homes sold
Total # Homes Sold:  1246
Average Selling Price:  $185,569
Average # Days on the market:  98

The least expensive homes were older mobile homes on leased land.    These homes fit well for people who are on a very limited income.  In many cases they can get a very comfortable home for much less than they would pay for rent.    Even though they don't buy the land, it's still a more financially attractive option to renting. 

 The overall price average doesn't have any particular meaning, because it is an average of every single sale (high and low).    There were 58 homes sold under $100,000.   The most active price range was $125,000 - $200,000 with nearly an equal number of homes sold in the $125,000 - $150,000 range (182)  as the $150,000 - $175,000 (180).    

Cashmere area homes sold:
Total # Homes Sold:  77
Average Selling Price:  $187,412
Average Days on the Market:  94

Again the least expensive were mobiles on leased land, the least expensive of which were $12,000 & $14,000 located in the Dawn Lee Mobile Home Park on Kimber Road.    Otherwise, there was no concentration of sales in a particular price range.  Prices ranged from the low of $12,000 to a high of $475,000 for a home on Majeska Lane.

Leavenworth / Lake Wenatchee area homes sold:
Total # Homes Sold:  264
Average Selling Price:  $241,954
Average Days on the Market:  121

As with the Cashmere real estate market area, the Leavenworth and Lake Wenatchee real estate market areas did not have a concentration of sales in a specific price range... but were spread from a low of $10,000 to a high of 1,254,999.   

* * * * *
I hope you find this information interesting.   As always, it is deemed reliable based on my computer market research... but cannot be guaranteed.

If you want any specific information on past sales, or current listing available please call or e-mail me for additional info.
   Carol@TopPropertiesWenatchee.com
   www.TopPropertiesWenatchee.com 
   1-509-670-7840

Happy 2006 !
Carol Williams

Since returning from Europe last week, I've noticed a bit of a slow down in the Wenatchee real estate frenzy... BUT there is still good activity on well priced listings.   We are not getting as many showings on each listing but there is still activity and qualified buyers shopping.  

As we move into the winter months people tend to have the impression there won't be much buying activity.  This isn't necessarily true.  There may be somewhat of a slowdown, but there is always buyer activity throughout the winter months.    I still have a consistent flow of inquiries through my website, which is an indication of general interest.   Interest rates are still very attractive, so that shouldn't be a factor in slowing down sales of real estate in the Wenatchee Valley or North Central Washington.  According to studies, Wenatchee real estate is still a very affordable option compared to the rest of the country. 

If you do have a home to you are considering selling, winter is actually a pretty good time to list because there is generally less inventory, meaning less competition for buyers.   As we move into Spring, we always notice a surge in inventory creating more competition among home sellers... and more choices for buyers. 

If you'd like to know the value of your home, please contact me for a FREE Price Analysis:
   Carol@TopPropertiesWenatchee.com
   www.TopPropertiesWenatchee.com

The following list is a result of my foreclosure real estate search in Chelan and Douglas County, Washington.  This report was generated at 6:30 p.m. Thursday, November 10, 2005.     The status of these listings changes constantly, so please contact me for current information:
       Carol@TopPropertiesWenatchee.com  or call 509-670-7840


Wenatchee:
407 Oregon St., #112  ($49,900)
429 King St., #322  ($49,900)
407 Ridgeview Loop Dr.  ($104,900)
5005 Squilchuck Road  (Unknown list price)
801 Methow St.  ($72,000)
220 Pennsylvania St.  ($123,600)
1016 West Park St.  ($132,500)

EastWenatchee:
916 S.E. 4th St.  ($154,000)
1112 10th St., N.E.  (Unknown list price)

Rock Island:
1481 Idaho St.  ($115,500)

Cashmere:
409 Pioneer  ($Unknown list price)
110 River St.  ($63,900)

Malaga:
3344 Saturday Ave.   ($88,900)

Chelan:
131 Gibson St.  ($Unknown list price)

Leavenworth:
3628 Allen Lane   ($74,500)

As always, this information is deemed accurate and reliable but cannot be guaranteed.

Rumor has it, there was quite a bit of discussion today over a new listing that was on the agent's weekly home tour.  Without disclosing which home, let's just say it was a common opinion that the home was underpriced by quite a bit.   I'm not insinuating the listing agent intentionally under-priced the home to get a quick sale but, in a situation as fast moving as the Wenatchee (and surrounding area) real estate market, it's not always easy to price any given property.   

 This brings me to the point of my post... the importance of getting more than one opinion of value from experienced agents who are active in the market.   These "opinions of value" are known as "CMA's" (Comparable Market Analysis).   To go along with the CMA, an agent should also offer a "CMO" (Complete Market Overview).   The CMO can spot overall  trends (not target price related) and help the agent and homeowners determine what might happen in the future of the local market. 

The general consensus, in soliciting a price opinion,  is to get three agents (preferably from three different companies) to do a CMA.   It is interesting to evaluate the comparables used by each agent and the compensating factors taken into consideration before coming up with a final list price.

That said, I also want to make a point of  offering caution to homeowners who think they should list with the agent who comes in with the highest price.    Some agents have been known to inflate their recommended price, thinking this will make them look better to the homeowners.   The value of a home has nothing to do with any agent's opinion.   The purpose of the CMA is to determine the "market value" of the subject home.    The "market value" is the price an owner can realistically expect a buyer to pay (and an appraisal to support).    The agent is most likely not going to buy the home, so their opinion should only count for pricing consideration purposes, not for the purpose of actually selecting the listing agent.    If the agent does offer to buy the home, this could be a red flag that it IS underpriced. 

The listing agent should be selected based on their ability to market the property most effectively AND do the best job of representing the seller when it's time to negotiate with a buyer and their agent.     A listing agent should also be selected based on the likelihood of  a good working relationship and open lines of communication with the homeowner.   The homeowner should not be intimidated by the agent, nor should the agent be intimidated by the homeowner.  

The, 128 page,  September edition of the North Central Washington HomeFinder's Guide hit the stands on Thursday.  If you're from out of town and would like a copy, let me know and I'll put one in the mail to you.   This Guide features real estate in Wenatchee, East Wenatchee, Malaga, Rock Island, Cashmere and Leavenworth.  If you're confused about all the possibilities, let me provide you with a customized print-out of homes that meet only your specific criteria.    Send me an e-mail, or call today:
               Carol@TopPropertiesWenatchee.com    509-670-7840