Happy Friday!
In true summer form, the beautiful days of July are FLYING by! The summer always bring out the best Sun Valley has to offer and just this week I have been privileged enough to see a private performance by the Company of Fools that rivals a Broadway play, heard Dave Mason, formerly of Traffic, play at River Run (with an opening band made up of local tweens) and tonight get to drink some of the countries’ finest wines at the Sun Valley Center for the Arts’ Wine Auction. Where else in the world does a small town offer so much big city culture? And the best part is that these events are accessible to practically every age and social status. I truly believe we live in one of the finest places in the country!
Of course real estate is at its busiest in July. Showings are up and sales, while nowhere near their past levels are slowly trickling in. We seem to be on par with most Western resort economies. In a report from the Western Mountain Resort Alliance summer meeting in Lake Tahoe, CA last month, representatives from our local Board of Realtors said the following:
“In general, most resort markets are moving forward. Some are still seeing a small decline in pricing. It is perceived that most resorts are at the bottom and slowly making their way back up. Interest rates are still low. When the market really makes a significant rise, interest rates will also rise. Now is when Realtors should be encouraging buyers to purchase, before interest rates go up. California resort sales are at pre-peak levels. With the median income up 9%, affordability is at near-record high. Resort foreclosures are at 30-40% of the market and short-sales are another 30-40%. Generally the resort market is tracking with the rest of the market, though inventories are higher and prices softer than non-resort markets.”
So the deals are out there and while buyers are hesitant and cautious, transactions are beginning to take place.
On the national front, we are seeing the housing economy going through a bumpy ride. The interactive chart, Where Housing is Headed published in the Wall Street Journal shows that even the healthiest cities are not over the hurdle quite yet.
One this is for sure, good housing economy or bad, the Wood River Valley is still an incredible place to live and play.
Wishing all of you a wonderful weekend of summer fun!
Katherine Rixon, Rob Cronin and Rob Hogan
If you know of anyone looking to buy or sell real estate please let us know. We are never to busy for your referrals!
Sun Valley Brokers, LLC
office: 208-622-7722
cell: 208-720-4958
fax: 208-622-7127
www.svbrokers.com
www.pilotinvestmentsllc.com
Friday, July 23, 2010
Saturday, July 3, 2010
June Real Estate Statistics and Client Update, Sun Valley, Idaho
Happy Friday!
The weather has turned beautiful and town is BUSY! Tonight I'm taking my kids to the opening of the new Ketchum Town Square fore the ribbon cutting and FREE ICE CREAM! What a great new addition to town!
Since what everyone wants to know is WHAT IS THE MARKET DOING? I'm going to get right to the June statistics:
In June there were:
312 New Listings
229 Price Reductions
50 Pending Sales
37 Sales
18 new default filings (properties pending foreclosure)
Of the sales:
Average Sales Price: $606,000
Low Sales Price: $27,000 (lot in Featherville)
High Sale Price: $6,300,000 (residence in Adam's Gulch)
From January 1 - July 1, 2010 over the same time period last year we are
Up in volume 36%
Up in number of sales 38%
The statistics above show there is an easing of the purse strings and buyers are feeling better about spending money again. However except in rare cases, most buyers are looking for properties that are significantly discounted from the market high. Short sales and foreclosures are still dominating the market. We expect this to continue through the summer. While we expect good sales volume, the discounted properties will be at the forefront.
On another note, I ran into some clients this week who congratulated me on my new business venture. Confused, I asked them what they meant and they referred to this newsletter coming from Pilot Investments. And then I realized that when I started these weekly updates over a year ago they came from my personal email account. Once the list grew too large I had to switch to a newsletter format which now comes officially from Pilot Investments. Along the way I never explained exactly what we are all about. So if you care to know and have a few minutes to spare, keep reading……
Who and What is Pilot Investments and where did they come from???
I started in real estate in 2001 and in the first five years of my career built a very solid residential business. My background is in economics and so I’ve always enjoyed running numbers and looking at real estate from an investment angle. When I was asked to run the commercial division of Coldwell Banker in 2005 I though it would be a great fit. I also jumped at the idea of working on a real estate team, rather than feeling like an island in a sea of realtors. Rob Cronin came from a similar background and when we met we hit it off right away. He is the outgoing, gregarious one who loves meeting new people. I am best at the nuts and bolts of real estate transactions. Don’t get me wrong, I like meeting people, too, but Rob is REALLY good at it!
We started our team and began to tackle leasing and selling commercial properties up and down the valley. We went out (in person) and spoke with owners and tenants from Bellevue to Ketchum to learn the market backwards and forwards. At CB we also met and started working with Rob Hogan who was a lead member of the Investment Division, focused on finding income producing properties around the western United States for some of our local clients. (Hogan is also a former commercial pilot and has the unique ability to be able to personally fly clients to visit markets in which they are interested.) This situation went quite well for a time, but we started to feel a bit confined in our abilities to sell various properties as our former residential clients came calling and we had to refer them out to other agents. We were very intrigued with the investment business as many of our residential clients are also avid real estate investors. Rob, Rob and I started to formulate what we thought would be the ideal real estate brokerage, one that would offer a full range of services to our clients yet still be considered a specialized boutique operation.
So in 2007, when Sun Valley Brokers approached Cronin and I asking if we would like to come in as new partners to their independent firm it seemed like the perfect fit. We made the move and brought Rob Hogan along with us, forming a new team under the Sun Valley Brokers umbrella called Pilot Investments. We have since built the business to where it is today. We currently have 40 local residential and commercial listings and are proud to announce that we have won the 2010 “Valley’s Best Realtor(s)” award. We have also successfully closed over $20 million in investment deals in the past two years, despite the economic downturn. Now we are beginning to work on some "alternative" real estate investment opportunities in the fields of natural gas, solar and wind power.
We love working as a team and best of all we have a lot of fun together. To top it off, we have made a ton of great friends along the way!
With that I will wish you all a very happy 4th of July weekend. Please stop by Zou 75 if you are in Hailey for the parade on Sunday. As most of you know, Rob and Kris Cronin throw a great party!
Katherine Rixon, Rob Cronin and Rob Hogan
If you know of anyone looking to buy or sell real estate please let us know. We are never to busy for your referrals!
Sun Valley Brokers, LLC
office: 208-622-7722
cell: 208-720-4958
fax: 208-622-7127
www.svbrokers.com
www.pilotinvestmentsllc.com
The weather has turned beautiful and town is BUSY! Tonight I'm taking my kids to the opening of the new Ketchum Town Square fore the ribbon cutting and FREE ICE CREAM! What a great new addition to town!
Since what everyone wants to know is WHAT IS THE MARKET DOING? I'm going to get right to the June statistics:
In June there were:
312 New Listings
229 Price Reductions
50 Pending Sales
37 Sales
18 new default filings (properties pending foreclosure)
Of the sales:
Average Sales Price: $606,000
Low Sales Price: $27,000 (lot in Featherville)
High Sale Price: $6,300,000 (residence in Adam's Gulch)
From January 1 - July 1, 2010 over the same time period last year we are
Up in volume 36%
Up in number of sales 38%
The statistics above show there is an easing of the purse strings and buyers are feeling better about spending money again. However except in rare cases, most buyers are looking for properties that are significantly discounted from the market high. Short sales and foreclosures are still dominating the market. We expect this to continue through the summer. While we expect good sales volume, the discounted properties will be at the forefront.
On another note, I ran into some clients this week who congratulated me on my new business venture. Confused, I asked them what they meant and they referred to this newsletter coming from Pilot Investments. And then I realized that when I started these weekly updates over a year ago they came from my personal email account. Once the list grew too large I had to switch to a newsletter format which now comes officially from Pilot Investments. Along the way I never explained exactly what we are all about. So if you care to know and have a few minutes to spare, keep reading……
Who and What is Pilot Investments and where did they come from???
I started in real estate in 2001 and in the first five years of my career built a very solid residential business. My background is in economics and so I’ve always enjoyed running numbers and looking at real estate from an investment angle. When I was asked to run the commercial division of Coldwell Banker in 2005 I though it would be a great fit. I also jumped at the idea of working on a real estate team, rather than feeling like an island in a sea of realtors. Rob Cronin came from a similar background and when we met we hit it off right away. He is the outgoing, gregarious one who loves meeting new people. I am best at the nuts and bolts of real estate transactions. Don’t get me wrong, I like meeting people, too, but Rob is REALLY good at it!
We started our team and began to tackle leasing and selling commercial properties up and down the valley. We went out (in person) and spoke with owners and tenants from Bellevue to Ketchum to learn the market backwards and forwards. At CB we also met and started working with Rob Hogan who was a lead member of the Investment Division, focused on finding income producing properties around the western United States for some of our local clients. (Hogan is also a former commercial pilot and has the unique ability to be able to personally fly clients to visit markets in which they are interested.) This situation went quite well for a time, but we started to feel a bit confined in our abilities to sell various properties as our former residential clients came calling and we had to refer them out to other agents. We were very intrigued with the investment business as many of our residential clients are also avid real estate investors. Rob, Rob and I started to formulate what we thought would be the ideal real estate brokerage, one that would offer a full range of services to our clients yet still be considered a specialized boutique operation.
So in 2007, when Sun Valley Brokers approached Cronin and I asking if we would like to come in as new partners to their independent firm it seemed like the perfect fit. We made the move and brought Rob Hogan along with us, forming a new team under the Sun Valley Brokers umbrella called Pilot Investments. We have since built the business to where it is today. We currently have 40 local residential and commercial listings and are proud to announce that we have won the 2010 “Valley’s Best Realtor(s)” award. We have also successfully closed over $20 million in investment deals in the past two years, despite the economic downturn. Now we are beginning to work on some "alternative" real estate investment opportunities in the fields of natural gas, solar and wind power.
We love working as a team and best of all we have a lot of fun together. To top it off, we have made a ton of great friends along the way!
With that I will wish you all a very happy 4th of July weekend. Please stop by Zou 75 if you are in Hailey for the parade on Sunday. As most of you know, Rob and Kris Cronin throw a great party!
Katherine Rixon, Rob Cronin and Rob Hogan
If you know of anyone looking to buy or sell real estate please let us know. We are never to busy for your referrals!
Sun Valley Brokers, LLC
office: 208-622-7722
cell: 208-720-4958
fax: 208-622-7127
www.svbrokers.com
www.pilotinvestmentsllc.com
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