The first of the, much anticipated, Wenatchee riverfront condos came on the market yesterday as pre-sale listings.   This is just the beginning of much more development coming along the waterfront. 


1700 square feet units are starting at $435,000
2100 square feet units are starting at $510,000


For more information contact:
Carol Williams  TopTeamCarol@gmail.com 


Information is FREE.  Knowledge, Experience & Integrity Are Priceless

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  

Pam & Perry  (click to enlarge)About 3 years ago Pam & Perry Kimple, from Las Vegas,  found me through my website.  After about a year of communicating via e-mail, and a couple of visits to Wenatchee, they bought a 1/2 acre building lot at Fancher Heights.  They bought this lot specificially for the fabulous view (of the Wenatchee Valley and the Mission Ridge ski area).


After much anticipation, they finally moved here in April of this year to begin construction of their retirement home.  In the interest of being involved (and saving money), they're doing some of the work themselves. Today, I caught them both at the building site in their best painting attire.  After a small protest, I talked them into letting me take a picture of them.

It's satisfying for me to reflect on how an innocent e-mail communication from 3 years ago has turned into a good friendship... and we get together every once in a while to catch up on the project and for us to introduce them to various restaurants in the Valley.    Hopefully, one day soon we'll be sitting on their deck, sipping a cold drink and enjoying the breathtaking view.

Note of interest: To follow a new construction project from inception to finish, visit my new construction blog ,set up specifically for Wayne & Susan Gerald from Sammamish, Washington.    Over the last several months, I've reported about the process of selecting the lot, choosing a plan, and negotiating with builders.  We are currently at the point of being ready for the foundation to be poured.  Come follow along with us. 


For answers to specific real estate questions contact:

Carol@TopPropertiesWenatchee.com

A few weeks ago, I started another blog called "Wenatchee: Birth-Of-A-House" which is solely for the purpose of following the process of having a custom home built with my clients, Wayne and Susan Gerald.  This will chronicle EVERY step of the process, including choosing a lot, selecting a builer, identifying and customizing a floor-plan,  and on through the completion of the home.    Over the next several months, I will post photos and commentary covering the process step-by-step.

Carol@TopPropertiesWenatchee.com
Search the local, state, or national MLS database
Follow the construction of a custom home being built
Stay current with Wenatchee real estate news, info and trends

I'm looking for individual building lots, and particularly lots zoned for multi-family structures... duplex, 4-plex, apartment complexes.    Lots in the Wenatchee, East Wenatchee, Malaga, and Rock Island areas will be considered.

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

Recent employment reports should bode well for the continued strength in the real estate market here in Wenatchee, Washington.    Homes and land are selling well, and there is a lot of commercial activity going on.

According to a recent article in the Wenatchee World newspaper, Chelan & Douglas counties gained 2,300 more jobs in the non-agricultural sectors, during Feburary than in the same period last year.  This computes to a 6.5% increase and nearly twice the Washington state average of  a 3.5% increase  

Of the 2,300 new jobs, it is reported that 700 were in construction, 400 in retail, 300 in education & health services, 200 in hotels & restaurants and 200 in government (which includes school jobs).   The rest were classifid in "miscellaneous" categories.  Overall, the state employment figures seem to be the strongest in about 10 years.

This employment news, along with our diverse local economy, creates a sense of confidence in a strong atmosphere for real estate sales in the Wenatchee (and surrounding) area.   Our diverse economy is currently supported by major employers in the following areas (not in any particular order): hydroelectric power production, aluminum production, agriculture, medical services, government, education and administrative services... AND, of course, tourism.   

Life is good in Wenatchee!

e-mail: Carol@TopPropertiesWenatchee.com
Search properties: http://TopPropertiesWenatchee.com

Are building prices going sky high?  I've made a couple of previous posts about my concerns for what will happen with new home construction costs in the Wenatchee real estate market... and across the nation.  Here is a link to an article in Inman News that explains a little more about the overall situation.  Keep in mind, this was an article written after Hurrican Katrina but before Hurricane Rita (or whatever other Hurricane's still come along this season), so the situation will only get worse.    The Inman article estimate on the projected percentage of cost increase in new construction is far lower than what I've been hearing.   On yesterday's news, interviewed building suppliers were saying costs have increased as much as 30%!  We're not just talking lumber, which is in such high demand, but many of the materials used in new construction (such as roofing) are oil based. 

This all could affect the rental market, as well, while people opt to continue to rent while waiting for construction prices to level out.   Will this affect people's decision to sell their homes (to build a new home) because of the looming cost of new construction?   Will they sell their home (taking their huge equity) and become renters while the prices stabilize?  Will the renters decide to give up on their dream to own a home because it is too expensive?  Will there be even greater interest in existing home sales, where prices per square foot are far more attractive than new construction?     Remember Newton's Third Law... "for every action there is an opposite and equal reaction".  

Our elected politicians will have a significant effect on the future of the housing market (and entire economy) across the country.  While they want to do the humane thing of promising to help rebuild, it creates a burden on other areas of the country, where the labor and supplies are being drawn from.    This causes a trickle out (dollars leaving) on the local economies, literally affecting everyone in every large city and small town across the United States. .. yes Wenatchee, too! 

We're such an intertwined economy, there will be many actions and reactions, which will cause another reaction, causing another reaction and on and on and on.   Reminds me of  the old saying: "Oh what a tangled web we weave". 

Here is a sign of the developing tangled economic web that Hurricane Katrina is weaving.  Last week I posted an article about my concern over the potential for dramatic increases in the cost of new construction, here and across the nation.  Yesterday I heard that some of the local (Wenatchee) box stores are restricting the amount of lumber an individual can buy.  I haven't been to any of the stores to confirm this story, but certainly would not be surprised by this development.   I wonder if this is just for the at-home-handyman or if restricted sales include builders.  

In many ways our Wenatchee real estate market is unique and unaffected by other parts of the country... yet, in a situation like this, we are at the mercy of the law of supply and demand just like any other market area. 

Without the benefit of a crystal ball, I'm going to make a prediction and recommendation.  Due to the sudden and ever increasing demand on building materials and petroleum based products (as a result of Hurriane Katrina), I recommend locking in a price on a new construction home as soon as possible.  This doesn't mean I am necessarily recommending building a new home, but if you are seriously considering a new construction home, you should definitely consider making a committment (at a guaranteed price) as soon as possible.   

We are already hearing about rising costs in the Wenatchee real estate market area and, as recovery efforts get into full swing through the hurricane ravaged area, the cost of new construction everywhere is sure to go up, up, up.    As prices for new construction rise, resale homes (prevously lived in) could become a more attractive value.  As prices increase on new construction, existing homes will likely increase as well although, most likely, at a somewhat slower pace. 

Whether you're interested in researching available inventory on existing homes, or the possibility of having a new home built, call me for up-to-date information.    In the meantime, if you'd like to do some of your own research, please visit my primary real estate website. 

I am often asked these days about the cost of  a new construction home.  In a "hot" Wenatchee area real estate market, like we are currently experiencing, it's difficult for  buyers to find what they want in the "resale" inventory, so they consider going with new construction.   Costs vary widely, of course, depending on so many variables. 

BUT, as a general rule, I tell people new construction costs are currently running between $120 - $140 per square foot.  This means a 2,000 square foot home will cost in the range of $240,000 - $280,000.  On top of that, add the cost of landscaping, window coverings and any extras or upgrades.   Generally speaking, a two-story home will cost less per square foot than a one level (of the same size) because the foundation and roof areas are less.     If you own the land, you should be able to reduce the construction costs by about $20 per square foot.

These are general guidelines and not meant to be taken as gospel.  I saw a recent new construction sale reported at $89 per square foot.  This could be on a home with low end cabinetry, finish work, appliances, and/or fixtures.  There could be other factors.  I also saw new construction sell recently for $191 per square foot.    As I said, costs vary widely depending on many factors.   If you are interested in a new construction home, please contact me.  We can get some bids, based on the lot, floor plan and builder you select.  I can help you through this process.   

The better value per square foot would be from the "resale" inventory.   The older (and less updated) a home is, the lower the cost (duh, right?).  Recent resales have ranged from $65 - $195 per square foot, with $88 - $120 per square foot being more common.     Although you may get more square footage for your money from the "resale" inventory, you will (most likely) have more immediate and ongoing maintenance issues to tend to.  This can add up to a significant amount of money on an ongoing basis.    There are pros and cons to each, so you've just got to consider all factors and make a decision based on your personal needs.

Please call for customized service on all your Wenatchee area real estate buying or selling needs.   509-670-7840    Or you may do some of your own research from my primary real estate website at:  www.TopPropertiesWenatchee.com    For investment oriented news, info and trends, visit my other blog. 

I haven't checked the exact numbers, but it appears our overall inventory in the Wenatchee real estate market area  is down considerably from this time  a year ago.   I've read numbers as high as 40%, but I haven't verified that.   On the other side of the scale, helping balance supply with demand is the surge in new construction.  New construction is up around 15%.    Drive around on either side of the Columbia River and you will see all the new subdivision development.    Our prices continue to climb, yet not at the insane rate we are seeing in other parts of the country.   

In working with new people coming to the area, they find our home prices a good value, compared to other market areas such as  Las Vegas, Reno, Mill Creek, and  California in general.   Those are the areas my new clients are coming from.    Conversely, though, people coming from say Moses Lake find our values on the high side... even though Moses Lake continues to grow at a rapid pace, as well.    It just all depends on the market area. 

Remember, you can search the entire local MLS, and do statewide and nationwide searches from my primary real estate website.  If I can answer any specific questions, please contact me. 

In the meantime, have a great week-end!
Carol