MARKET WATCH REPORT
Specific to Colorado River Front Home Market
Bullhead City 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 30 years. As the recession lingers into 2011 many vacationers have decided to take advantage of the market and purchase the riverfront home of their dreams.
As we review the cost per sq ft approach to sales of luxury homes on the Colorado River, we can plainly see that for the first time since the high of the market in 2008 prices along the river have seen the first bump of recovery. In addition to a positive price per sq ft bump 2011 has brought 8 single family riverfront home sales. More positive signs are that there are 8 single family riverfront homes under contract. This is refreshing news as it is very likely 2011 will see more riverfront sales than 2010 which had only 12.
2011 rang in the New Year with the 1 million dollar sale for the home at 9853 Dike Road. This had been a short sale and after a long tedious wait with the bank, the deal was finally approved. The riverfront property was in poor repair due to neglect. After months of work and a revolving door of contractors, the new owners restored this Mohave Valley Estate to pristine condition. In fact, the home is currently for sale at $2,375,000.
Are we optimistic that the market is improving? You bet! Real Living Country Ranch, formerly Country Ranch GMAC (brand change) continues to stay in step with servicing the Buyers and Sellers on the Colorado River. Over the past 16 years we have been involved with over 55% of all riverfront transactions. Although we are faced with the toughest real estate market in decades and Real Living Country Ranch remains an ally for Sellers as we have been involved in over 50% of the sales during this year too. In fact of the 8 sales this year Real Living Country Ranch agents represented 7 clients in the 8 transactions.
Thank you for your continued support and referring customers to us.
Focused on Your Real Estate Success!
Michael and Petra Fahey
email@example.com or visit us on the web www.TeamFahey.com www.PetraFahey.com