October's Unofficial Numbers--By Ray Mikus
|Active||New In September||Closed In September||Under Deposit||Price Change|
And comparing to a year ago ...
|New To Market September 2010||New To Market September 2011||Closed September 2009-September 2010||Closed September 2010-September 2011|
For all the talk about the decline in sales, and the state of the real estate market, look at how tightly clustered sales have been in this area. Barre Town, Montpelier and U-32 all had nearly identical 12 month sales in 2009-2010 and 2010-2011. Barre City and Northfield, well, the number of sales were down.
But don't think that sellers in Barre City and Northfield aren't aware of that. Look at the number of price changes this month in those two markets. Sellers who are staying in the market are going to sell their houses. Those that are testing high prices have gotten their answers. No jumping to conclusions! There are houses that are priced correctly and are still on the market.
I recently had a great opportunity to expand my professional knowledge at the annual Vermont Realtors' Conference in South Burlington. For two days, I took courses and networked with some great people, including the President of the National Association of Realtors Ron Phipps and the Government Affairs Director for the Vermont Association of Realtors Chris MacDonald.
Just about everyone from our office was able to attend and take courses. I took a specialized course on property evaluation (residential and investment), a course on the new RESPA requirements and a course on cooperative and effective negotiation. All in all, it was a great two days. I did miss being in the office, though.
Recently, our office has had two properties that were listed and then within days went under deposit. That tells me that buyers are hungry for properties, and that when they find the right one, smart buyers aren't wasting time. In both cases, the buyers were able to move fast and were able to get ahead of other offers. Getting the inside scoop from a Realtor who really tracks the market helped these folks immeasurably.
Most Improved Player
This month's most improved player award goes to 58 Wheelock Street in Montpelier. The first time I saw the house, I made some recommendations on how to make it show better to buyers. I always do that to help my sellers. But these sellers took my advice and ran with it. They took up carpet to expose beautiful hardwood floors, took off, um, "vintage" wallpaper in the dining room and, er, "antique" wallpaper in the upstairs landing. Both of those are now a crisp, clean white. The house is breathtaking. Like I said, most improved.
Low Lying Fruit
Investors looking to add to their portfolio of multi-family properties are in one of the best markets in years. Rents for apartments have remained steady over the course of the economic downturn, but prices have come down significantly. Plus, there is a great supply of investment opportunities. Owner occupied multi-families can get in with 5% down and 80% of the rental income can count toward financing ratios. Talk to me or a lender for details. Non-owner occupied still needs 20% down in most cases. There are deals out there. I'm happy to help you run numbers and find some tasty properties.
|Active Multi-Family Properties||Closed In Last 12 Months|
Are you kidding? With cap rates in many cases exceeding 10%, low interest rates and stable rents there are some buys out there in the multi-family investment property market.
September's Closed Transactions
|Address||Town||List Price||Sale Price|
|28 Fairview St.||Barre City||$115,000||$105,000|
|8 East Parkside||Barre City||$124,900||$119,000|
|1 Waterman St.||Barre City||$165,000||$158,000|
|98 Miller Road||Barre Town||$109,900||$115,000|
|111 Websterville Road||Barre Town||$134,900||$136,900|
|325 Beckley Hill Road||Barre Town||$156,000||$148,000|
|27 Waterman||Barre Town||$165,900||$159,000|
|5 East Street Ext.||Barre Town||$180,000||$170,000|
|79 Cassie Street||Barre Town||$169,900||$174,000|
|731 Graniteville Road||Barre Town||$80,100||$76,000|
|141 Vine Street||Berlin||$225,000||$228,000|
|104 Highland Avenue||Berlin||$250,000||$230,000|
|62 Route 302||Berlin||$129,500||$122,700|
|50 Mugford Rd.||East Montpelier||$28,500||$26,500|
|500 Rt. 14S||East Montpelier||$115,020||$115,100|
|10 Dolan Road||Middlesex||$208,000||$200,000|
|194 East Hill Rd||Middlesex||$300,000||$300,000|
|136 North Bear Swamp||Middlesex||$195,000||$194,500|