Bubble in Asheville

[WeavervilleNC]

Originally Posted by jstubbspt

Asheville came late to the housing bubble party and will be hit as hard as Fla or Ca. if not more so. Last I looked there was a 17 month inventory of houses for sale, a number that will only grow as more houses come onto the market. The high end is toast and grossly overbuilt across the country; sadly that's what the majority of development in the mountains has been. Honestly how many people can afford a $500,000+ home using normal financing?

Ah well, let the newbies to the area keep deluding themselves that "Asheville is different, and special...it won't be hurt like those other places." Look to Bend, OR, for parallels as to what is going to happen in the mountains of WNC. You're toast...you just don't know it yet.

My house in particular may not be sold yet...but I do know that homes in my neighborhood/development (Seven Glens) ARE selling. Prices selling are anywhere from $300,000-$500,000. I'm not including the million dollar homes that people are having built in here for themselves.

I've lived in the Weaverville area for almost 14 years. Smack down IN Weaverville....prices aren't budging. A modest, renovated 2600 sq foot cottage just sold FSBO for $440,000!! Crazy! But true.

There are qualified buyers out there....it's just that there is a lot of inventory (as stated by jstubbspt above)...but it only takes ONE of those buyers to fall in love with YOUR house.

I'm staying positive....and grateful for what I have....there is something to be learned from every experience....good and bad.

If you're trying to sell your house....as I am....keep your chin up. Being all poo-poo about it won't make anything better.

Kelly :-)

[Jeff Richards]

HI, been reading the posts about the RE market in Asheville and also the one post on "crime and drugs". My family and I are relocating next week (july 20th) to Arden. I will be working in Hendersonville. As far as RE prices are concerned, I have been browsing the 4sales in Asheville and all of WNC and find that the prices in Asheville and Hendersonville are inflated compared to prices from my small town of Littleton, N.H. or even those across the border in Tenn. Is it b/c of the "market bubble"? I have no idea as I have not the experiences, yet, as you all do. I can only say that from my experiences here in this small NH town, that once over development practices begin, (ie. weak zoning ordinances, no architectural design standards/limits, weak or no Master Plan, etc), that is when RE, and infrastructure prices begin to skyrocket. And infrastructure, costs of road maintenance, etc. is directly related to personal property tax, and none of us want to see that little tidbit to inflate.
As far as crime and drugs go, we too have crime (the occassional muder, perhaps once every 2 or 3 years) and drugs, (heroin and cocaine are in good supply here, espeically across the border in Vt.: DAMN! those Vermonters!). Hence, crime and murder will be anywhere you go. I do agree though, that crime is directly related to drugs; get rid of the drug problem and you dramatically reduce the crime. I do hope that in the Arden area the crime and drug problem is low. See everyone in only a few short days.

[NCBND]

Asheville or Hendersonville prices will for sure be higher than comparable properties in East TN - can't speak to NH. There's more demand and better marketing supporting them.

I stayed in a B&B in Littleton once - very cute town.