COMMUNITY WATERFRONT SALES for homes in 2011 were 25% less in unit volume compared to 2010 but the sales prices only dipped by 3 ½ % on the average. Usually our strongest sales category, community waterfront lost several of the Buyers who opted to purchase waterfront as the pricing was just a bit more expensive and with the low rates the Buyers could become move up Buyers. We also had 8 Bank Owned homes in this category that skewed the average sales price as community waterfront usually holds its value or gains each year. Still the most popular entry level category we have in Lake Chelan the Chelan Hills community waterfront properties get you access to a launch ramp on the lake, two of the best beach areas to picnic and relax with your family along with docks, buoys, swimming pools and tennis courts.  All available as a property owner for only $425 annually in maintenance fees. Vacant lot sales for 2010 in community waterfront had an 11% increase in average dollar sales and the units were identical to 2010.    

LOTS / LAND AND ACREAGE SALES took another beating. We have a seven year inventory in this category based on current sales and because of this high inventory the prices just keep tumbling. The average price for an acreage parcel or lot dropped 24% in 2011 compared to 2010 sales. We have seen four years of steady price drops in lots, land and acreage. There are deals out there right now that will blow you away. For example in 2006 there was a sale in  Summit Ridge which are all two acre parcels overlooking Lake Chelan with irrigation water, domestic water and power that sold for $400K. This year one of those two acre parcels sold for $159K. If you have time before you retire you should think about getting your land now.  We now have some good lot and land loans that are available so hopefully this category will bottom out and pick up again.  

HOME AND HOME ON ACREAGE SALES held their own this year. The unit numbers for 2011 were almost identical to 2010 and we had an increase in average sales price by 10%.  We also had a return of sales for higher end off the water homes that we haven’t seen since 2006. 10% of these sales were $600K and above which means that these higher end Buyers for off the water homes decided to bust loose with their cash and get something before prices go back up. I’ll take this as a good sign and I hope it continues in 2012 as it shows strength that our market is coming back. 

CONDO SALES for 2011 were almost identical to 2010 but the average sales price dipped another 14%. The leader in condo sales for the second year in a  row was the Grandview with another 12 Bank Owned condos being purchased. They were a combination of one and two bedroom units. The one bedroom units sold for  approximately $179K. These are the same units that sold brand new in 2007 for $425K. The two bedroom units sold for approximately $275K and when they were brand new in 2007 they were selling for $750K. The best vacation rental opportunity on the water in Lake Chelan. You can pick the weeks you want to be here and turn the calendar over to the staff at the Grandview to book the rest of the Season.  Great investment opportunity and when they become available they go fast. Contact me for  more information on these as I have the cap rates based on purchase price and rental income.