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Welcome and thank you for visiting Kim Skaar and real estate retriever 'Lilly' at Coldwell Banker LCP.
2009 has been a very interesting year ! Our transaction level is close to what happened in 2007 and 2008 but our prices are down, way down. We have reverted back to 2005 pricing and so most of the gains we had made in 2006 which was our ramp up year have been lost or stabilized. What is really interesting is that our number one product for sales in the Lake Chelan Valley by units is a small residential home less than $300K. It was community waterfront lots and homes and had been since 2003. Now we are selling small homes in the downtown area that are clean and reasonably priced. Yes, this is entry level into the Lake Chelan Valley but with the first time homebuyers tax credit of $8K and the $6500K for move up buyers that is what we expect to happen throughout the winter into next Spring. I think another reason these lower end homes have been selling so fast is the fact that our rents have gone up in the Chelan Valley. My clients are buying them and renting them out. Why not? If you can get a great little downtown home for $250K or so and rent it out for $1200 per month you have a positive cash flow and will experience a good return on investment by holding this home for 5 to 7 years. With the smaller downtown homes getting the most pressure on them this has opened up an opportunity for Buyers on the higher end properties to really make some killer deals. Inventory is high on community waterfront and waterfront and the Sellers are chasing each other down with their price reductions to get their properties sold. We are seeing homes for sale still on the market now that have active comps in the same neighborhood for $150K more than what is being asked for the existing home. That is 20% to 25% less than our high year of 2006.
The last three years have been a market correction and even though it was considered a time of adjustments, corrections and protections by the government we still had a decent sales year in Lake Chelan. If you are a Buyer and plan to spend part of your year in Lake Chelan prior to retirement and then relocate here after retirement this is an excellent time to make a deal. Inventory levels are higher than normal and prices have rolled back to 2005 levels. This will not last for long which is good news for our Sellers as historically Chelan County has had an average appreciation rate of 9% annually for the past 30 years.
Lake Chelan just received it's ava (American Vinter Association) designation and will become known as one of the premier grape growing areas in the country. Property prices will rise again and for the Buyers who want to take advantage of the lower pricing you should be searching now. Give me a call at 509.670.2223 or send an email to me at: kimskaar@msn.com and I will send you out a free relocation package with properties to choose from, local events and information about the Chelan Valley.
Let My Experience Work For You!
Life is good at Lake Chelan
Call Kim today!
Cell Phone: (509) 670-2223
Office: (509) 682-7777
Fax: (509) 682-0858
Toll Free: (800) 572-9531
E-mail: kim@chelanproperty.com
The only thing better than visiting Chelan ... is Living Here!
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