Thu, Mar 29, 2018
Article as printed in The Monticello News…
“For 2018, we are continuing to see an improving market. The total number of sales is up again as well. We are using 249 sales from 2017, up from 217 in 2016. However, we are still far from our high of 435 sales in 2007. Additionally, bank sales are no longer the factor they once were. Last year we had 14 and this year we only have 5.
“The big sellers for 2018 are Turtle Cove and Monticello. Both areas had very strong sales and will see increases this year. The sales on rural tracts have cooled slightly after several years of increases. Housing on the North rural tracts has seen an increase of approximately 30 percent since the downturn, but will not see an increase this year. However for small tracts, land sales are slightly up. We are beginning to see small tracts selling in the $6,000 per acre range, on both the North and South sides.
“Again this year, I did a comparison with the proposed new values and current listings on MLS. I compared 58 properties. Only two had new values that were more than the listed price, one is a bank sale. Of the 58, 30 are listed for $50k or more over the new values.
“And as a reminder, there are concerns each year about changing the values. Last year, changes were implemented and there are many areas that are now selling for more than those values. This is why it is so important to follow the market on a yearly basis. You can get behind on values very quickly if it is not done.”
City of Monticello: Increases will be applied for most of Monticello. Some areas will only see increases on the residential structure and some will see increases on the lot and the structure as well. As a reminder, Monticello did not receive any increases last year as the 2016 sales were a little mixed. The 2017 sales were very good, though.
5 acre “Farms”: There were sales in six of these eight neighborhoods. Structure increases will be applied in Lake Ridge, North Jasper Farms, Deep Lake Farms and Barnes Mountain Farms.
County Line Subdivisions: Structure increases will be applied for Jones Estates, Hodges Farm and Bobcat Estates. I am also applying lot increases for Bobcat Estates and Phase III of Jones Estates. There was one sale in Ashwood Meadows, the sale price was only $300 different than the current value, so no changes recommended for that neighborhood.
Turtle Cove Interior: No changes recommended for the vacant lot value.
Structure increases will be applied to all Interior houses. On improved lots, there were 55 sales last year and only 10 sold for less than the current value. I noticed an interesting trend on the properties that sold closer to the current values. Many of these properties were purchased very inexpensively during the downturn. The sellers were still gaining a nice profit, even when selling a little under the current market. Most of the sales ranged anywhere from five percent to 30 percent over current values.
Other Interior Neighborhoods: There were no sales in any other lake interior neighborhoods. However, in reviewing the listings I am applying an increase for Alcovy Shores Interior. This neighborhood has not increased since 2016. Based on the properties listed, a modest increase is in order.
Lakefront Neighborhoods: The activity on lakefront properties slowed compared to last year with one big exception, Turtle Cove. There were sales in Southern Pines, Bear Creek, Alcovy Bluffs, Alcovy Shores and Templeton Heights. All of these sold for very close to current values. No changes are recommended for these areas. A slight increase will be applied to the structures in Alcovy North based on the sales, but no lot changes. Lot increases will be applied to the Waters Bridge lots.
There were 18 lakefront sales in Turtle Cove. They sold for two percent to 40 percent over the current values. Increases will be applied to both the lots and the structures. Additionally there were several sales of lots with more than average frontage, which consistently sold at higher rates than the others. All lots with extra lake frontage have been identified per the neighborhood plat. Additional lot increases will be applied for these properties as well.
Turtle Cove Golf and View Lots: There were five sales of golf/lake view lots this year. All were improved lots and sold for more than the current value. Structure increases will be applied for the golf and lake view lots.