Idylwood Towers sales and rental statistics 2009
Investors and homeowners are still realizing the value at Idylwood Towers. There were 12 homes sold during 2009. The lowest price was a 1br/1ba at $159,900. The maximum price was an updated 3br/2ba property at $315,000.

As can be seen on the graph above, the number of foreclosures were up in 2009 versus 2008.

The average sales price for a 1 bedroom unit was $177,550. The average price for a 2 bedroom unit was $213,600. As mentioned earlier, a single 3 bedroom unit sold for $315,000.

Homes on average sell for 92.4% of the original list price. They sell for 96.6% of the final list price. If you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that knows the buildings and can help you determine if the asking price is reasonable.

Idylwood Towers Sold 1/1/2009-2/24/2010: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=587050XA2RI&p=DE-102620777-956

As of 2/24/2010 the number of pending home sales at Idylwood Towers is 7. Four are 1 bedroom units and three are 2 bedroom units. Four appears to be short sales, one a foreclosure and two are regular resales.

Six homes are currently available for sale in Idylwood Towers. They range in price from a 1-bedrooms at $190,000 to a 2-bedroom listed at $320,000. Two 3-bedroom units are also for sale in the $299,500-$315,000 range. If you would like the current list of homes for sale, please email me at are@tysonsliving.com.

To get a better understanding of the overall price curve in the neighborhood we can take a look at the sales history of the various models. As there has been few sales of the 3 bedroom units, the price trend is probably most accurate for the 1 and 2 bedroom units.

As can be seen from the above graph, the average sales price is still trending downwards and are approaching 2003 levels. The three bedroom model seems to keep its value well but will need more sales to see what the long-term difference is in price between that and e.g. the 2 bedrooms. There is great interest in units for sale in Idylwood Towers and reasonably priced units do sell quickly.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 2 upcoming auctions and 1 bank owned properties. Some bank owned properties have already been listed and sold over the last few years. There does not seem to be a flood of foreclosed on units coming up over the next few months. However, there is a sharp increase in short-sales as sellers, Realtors and banks get more experience with them (4 units currently pending sale are short-sales.)

Moving on to rentals, the prices have come down a little bit from last year. 27 properties rented in 2009, up from 21 in 2008. There are currently 14 properties listed for rent ranging from $1,075 for a junior 1br/1ba to $1,800 for a 2br/2ba. As can be seen on the below graph, the rents have declined for all the models (3br seems to have gone up, but one rented last year for a very low price so we are probably back to an expected average for that model.) The large numbers of units currently for rent may drive the rents down further in 2010 but we won’t know until the summer by how much, if any.

For investors the GRM is still getting better but looks to be flattening out. Even though prices have kept falling the rents have also fallen.

Idylwood Towers is a great place to call home and the prices are now lower than what they have been for a long time. Coupled with the low interest rates and the potential to qualify for a tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing in Idylwood Towers please give me a call.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"