West Savage Real Estate Blog

"The Skinny" - August 2009

By Chad Huebener

Here is the monthly "skinny" for August 2009 on our metro-area housing market. While not specific to West Savage alone, it provides an excellent summary of the trends we are seeing. Although foreclosures and short sales are continuing to be ever-present, with no end in sight (actually we are predicting another heavy wave of foreclosures coming), the drop in overall inventory, paired with an increase in home sales, gives us a brighter outlook on the market. In terms of West Savage, we are seeing a couple of foreclosures in The Pointe (one is currently pending), as well as short sales in Woodhill (pending bank approval - no sign in yard), Oak Hills (pending bank approval), The Vistas of Summit Ponds (active), and Summit Ponds (pending bank approval). The good news is that these properties ARE moving.

Just Listed in West Savage's Ridgewood/Boone Place Neighborhood!

Just Listed in West Savage!  

Cute-as-a-button sun-drenched home in the Ridgewood / Boone Place neighborhood features corner cul de sac lot tucked into the hillside! Hunter Douglas window treatments throughout. Custom bath with solid doors in lower level. The basement is sheetrocked & ready for completion and instant equity.  Private backyard with HUGE patio for entertaining!  NEW boulder walls and landscaping. In-ground sprinklers, security system.

Competitively priced at $249,700. 

For more details or to schedule a showing on this home, please click here.

Our online flyer on this home can be viewed here.

The New Reality of Home Appraisals

By Sara Huebener

I recently wrote a blog post about the problems occuring with home appraisals. This KARE11 video sums it up nicely. As I mentioned in that blog post, Chad and I have adopted the practice of meeting appraisers at the property to show them comps for use in the appraisal. While not always fool-proof, it helps to support our clients' agreed-upon sale price.

I should note that this video mentions that the buyer secures a new appraisal to help complete the transaction. One can assume from the video that the buyer was a conventional borrower, as FHA appraisals stick with the property for six months.

Heightened Activity in West Savage

By Sara Huebener

For our West Savage neighborhoods, August has marked the most notable changes of the entire year in terms of inventory and sales.   These drastic changes are likely attributed to increased consumer confidence and a need to get families relocated prior to the start of a new school year.

 

West Savage has seen a 37.5% drop in total inventory in the past month.  This is a tremendous decrease in competition for sellers in our local marketplace.  The steepest declines in inventory have occurred in The Pointe neighborhood, which usually sees an average of 12 active listings at any given time, and now has only five.  Following The Pointe in terms of inventory declines is the Woodhill neighborhood, which has seen a 40% drop in inventory, as two of its five active listings have sold in the past month.   (One has no sign in the yard.)   Hamilton HIlls has also seen significant changes in inventory.   Furthermore, new listings in West Savage are down 60%.  

 

Pending sales in West Savage have nearly tripled since last month, and sold listings have quadrupled.  Whereas zero sales closed on paper during the time period covered by our last issue, four properties have closed on paper in the last 45 days.    Expired and cancelled listings remain constant from last month.  

 

In summary, the steep drop in inventory, sharp rise in pending activity, and increase in closed sales are a breath of fresh air for our local marketplace compared to what we were reporting in March and April of this year.   In recent months, our marketplace typically sees an average of two listings sell from a pool of 28 active listings.   Using that as a benchmark and comparing it to this month’s report, homeowners in West Savage finally have something to smile about!

 

Our West Savage absorption rate has dropped to 5.64%.   That means if zero new homes come on the market, it will take 5.64 months to sell our existing inventory.   This is the lowest absorption rate we have seen in well over a year!

 

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Chad & Sara

Just Listed! 4+ Acres in the City!

 

 

A Taste of Country in the City!   This updated home rests on 4.13 Acres just 2 blocks from an area high school. Enjoy manicured grounds with mature oak, birch, pine, locust, maple and apple trees.  Lilacs, crabapple trees, perennial gardens and black and white pussy willow bushes provide a year-round colorful display.   Enjoy vegetable gardens, a firepit, wide open spaces and tucked away garden nooks in the acreage of this home, without sacrificing the convenience of the city!   

 

The home has many updates including a new, vaulted 4-season porch addition with new kitchen floors and a maintenance-free deck, all added in November 2008.  Each floor has its own living room with fireplace, so the whole family has space to relax!   Enjoy oversized bedrooms and a bathroom on each level.  This home offers spectacular views from every window.   Many new updates have been added, including new siding, windows, doors, and a concrete driveway. 

 

 

 

Just Sold by Chad & Sara!

This home is being built by upscale Wooddale Builders for a client seeking a new home in a short period of time.  We found a builder and site for the buyer in under one week.  The builder will break ground on the home next week and the house will be done in 60 days.   If you have new construction needs, contact us.  We can help you get it done! 

1768 Gotland Lane

Just Listed in Hamilton Hills!

This Hamilton Hills home is now SOLD!

This warm and inviting home is situated in the upscale Hamilton Hills neighborhood on a quiet cul de sac. With soaring ceilings and a two-story Great Room plus loft, this home provides an amazing "sense of space".

Enjoy upgrades such as hardwood and tile floors, solid doors, a fireplace and updated window treatments. The kitchen has a center island, writing desk, and corner windows. A patio door walks out to the deck. The Formal Dining Room has French doors which open to a two-story foyer. A half bath and main floor laundry also lie on the main floor.

The private master suite offers bright windows, dual sinks, a whirlpool tub and separate shower. The second floor also offers two additional bedrooms and a full bathroom, as well as a loft overlooking the Great Room.

The lower level is finished and includes a family room, guest bedroom, a bathroom with shower, and tons of storage. Plenty of sunlight shines into the lower level. The home is situated on a large, cul de sac lot with gardens, and has a sprinkler system and three-car garage.

For more information on this beautiful Hamilton Hills home, please contact us at (952) 212-3597.