Real Estate Forum at CCL
Thanks to the 120 or so Landfall residents who came to the Landfall Realty Fall Real Estate Forum Wednesday at Country Club of Landfall. I was happy to see such a diversity of age, background and interest. Our attendees clearly understand that the value of property, and its pace of sale, impacts all residents in a significant way.
I trust those in attendance recognized that in these forums I attempt to go well beyond the numbers by focusing on trends, and making observations about what I and my Landfall Realty staff expect to see in the future, fully recognizing that despite our extensive experience and research, we, like everyone else, might be fooled. Several attendees commented as I left the Club that they had expected to hear a typical real estate rah-rah presentation, and were pleasantly surprised by the rather analytical approach I try to take (even if the news is not all good). My goal is to convey what I believe, not what I hope, and to give reasons why.
In this and future blogs, I will briefly summarize some of the points that were presented in more detail at the forum. Today, a few Landfall facts:
1) The total number of transactions in 2009 will likely be just a few short of the transactions in 2008, but the average selling home price is down more than $100,000.
2) Sales prices on average are at about 2005 levels.
3) Homes are selling better than home sites.
4) Lower priced homes are selling at a much better pace than more expensive homes.
5) The pace of construction of new homes may be at an all time low, as only 2 applications are now in front of the ARB.
6) By the end of 2010, Landfall will have, or least will be nearing, 1500 completed homes.
7) The sales pace has been stronger late summer and fall than it had been earlier in the year.
More to come. Again, thanks to those in attendance. Your feedback is always appreciated, whether by response to this blog, or email, or phone.
Kenneth M. Kirkman, General Manager
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