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
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