MARKET WATCH REPORT
Specific to Colorado River Front Home Market
by Petra Fahey Owner Country Ranch Realty
Bullhead CityArizona and the Colorado River has been a destination spot for travelers and vacationers alike. Many family traditions and fond memories have been created here for over the last 30 years. As families grow, the kids grow up, and the economic pressures build, many riverfront owners are faced with selling their beloved homes on the Colorado River in Bullhead City Arizona.
As we continue to live in our countries recession and depressed housing market, what does a seller do when they are faced with the decision to sell in this type of market? Deciding to sell your luxury home under any condition can be a stressful decision and without the luxury of a crystal ball it can be worrisome. As we review the cost per sq ft approach to sales of luxury homes on the Colorado River in Bullhead City Arizona, we can plainly see that prices have not been this low since 2001. If we decide to remove the one distressed sale at 2575 Camino Del Rio as the home is located on the poorest lot in the subdivision and had condition problems, our average cost per sq ft comes up slightly to $171.00. Although the prices are down additional salt in the wound is that the quality of home that is on the market today is generally more upgraded with luxury amenities far surpassing the amenities in the homes selling in 2001.
Additional factors must be taken into consideration when reviewing your options when the offer comes in. Take a look at the price ceiling that we are experiencing. The highest price sale just closed last week for $675,000. The seller’s contract had been slightly higher than what the appraisal came in at. After years of being on the market, the seller decided it was best to cut their losses reduce the price to match the appraisal and move on with their proceeds. It hasn’t been since 2002 that we have had a year where the highest sale did not go over $700,000. Encouraging news is there are currently two riverfront homes pending sale. One of the sales is at 9853 Dike Road, Mohave Valley Arizona. The sale is a short sale and there are 2 offers in. You may know the house, which was built by Shumway Construction, over 6600 sq ft on 1.20 acres with approx 100 feet of sandy beach and private boat launch. The home sold July 2007 for 2.7 million and offers before the bank. Time will tell how much of a loss the bank will accept to allow this short sale to proceed.
With 7 sales for 2010 and only 2 under contract with this year half over, we can project that 2010 will have the fewest riverfront sales in 10 years.
Making the tough decision to sell in today’s market is not easy. By providing you with up to date information and our years of experience, you can be assured that the decisions you make today are based on facts and not opinions.
Country Ranch Realty continues to stay in step with servicing the Buyers and Sellers on the Colorado River. Over the past 15 years we have been involved with over 55% of all riverfront transactions. Although 2010 may prove to be toughest, Country Ranch Realty remains an ally for sellers as we have been involved in over 50% of the sales during this year too.
|AVG $ per sq ft||152||139||180||218||305||346||346||283||194||151|