FullSizeRender (2)

Market Update, January 9, 2015

sduplessis Real Estate

As I wait for the Red Bull Frozen Rush fun to begin—clearly a distraction from my desk when the action starts—I’ll provide a quick market update. It’s a little shorter timeframe than usual, but with a robust market I don’t want there to be too much lag time on reporting.

As always, the update includes land, single-families and condos in Albany Township, Bethel, Gilead, Greenwood, Hanover, Newry and Woodstock and generally includes single-family homes listed above $150k. This update covers from November 18 to January 9.

Pendings are the big story, with a total of 13 Pending single-family homes and a decent amount of condos and land parcels as well. But first, there were six homes that sold, including two foreclosures on Intervale Road. A chalet spec home on Vernon Street in Bethel sold at $205k and a custom build package in The Colony development in Newry listed at $512,500 closed out 2014.

Of the Pending single-family homes, eight are in Bethel, with just four above $150k. Two have been on the market for lengthy periods and include a log-sided chalet on Brook Road listed at $239k and a 1950s cape home on Paradise Road listed at $180k. The latter had a significant price drop, which was the likely impetus for the sale as it went under contract just 12 days after the new price. A home on Mayville Road that was sold only a few years ago is again under contract with a list price of $579k.

The other Pending homes include another home in Newry in the Starwood neighborhood that was also sold in the past two years. The cool “barn” style home is listed at $525k. Two new construction, chalet spec homes in Powder Ridge, listed at $375k and $389,500, are also under contract.

The Tempest Ridge Mountain Village Phase II was sold out officially with the last of the 12-units closing on the last day of 2014. The unit was listed at $510k. Next door, the model unit with finished basement and listed at $550k sold earlier in the month. A South Ridge end unit, which is the largest unit type in the complex at 1684 square-feet, sold after being listed for less than a month. It was listed at $415k. And in the same complex, a tri-level unit at 1131 square feet with a list price of $239k also sold.

There are three Pending condos in Newry, all slopeside: a two-bedroom in the Brookside complex listed at $157k and one-bedrooms in Fall Line and White Cap, listed at $109k and $120k, respectively.

Finally, I have alluded to in previous updates the resurging market for new construction, with Buyers choosing a custom build home over existing inventory in the market. There is also a desire among Buyers for larger parcels that affords them privacy, provides timber harvesting opportunity, or both. Recent sales were all in Bethel and include a 178-acre parcel off Intervale Road that sold for $150k, and a 172-acre parcel off Chandler Hill Road that sold for $149,200. A 30.4-acre parcel, on the Abe Merrill Road, which is also off Intervale, sold for $43,750 and a 10.5 acre-acre parcel on Daisy Bryant Road sold for $39,200.

In Newry, Pending land includes a 5.76-acre parcel listed for $259k in The Peaks, high up on Pinnacle Drive, which will surely host a custom build package, and a .84 acre lot in neighboring Peaks Village, listed at $139k. Also in Newry, a steal of a deal 1.15-acre lot on Vail Drive at Powder Ridge listed at $29k is Pending. Another large parcel, 240 acres on Richardson Hollow Road in Greenwood, is under contract and listed at $199k. A couple of smaller parcels in Bethel on McCrillis Brook Road and Countryside Lane and listed at $24k and $17,500, are also both under contract.

Following a very busy two-week vacation period the Pendings should continue to flood the MLS in the greater Sunday River region. Stay tuned for more market updates in the Mountain Real Estate Company site.

About the Author

sduplessis