Realty Insider Blog

The market activity at Idylwood Towers has been up this year. While there were 12 homes sold during 2009 - the first half of 2010 saw 12 homes sold. The lowest price was a 1br/1ba at $175,000. The highest price was an updated 3br/3ba property at $310,000.

As can be seen on the graph above, the percentage of foreclosures peaked in 2009 and is down this year.

In 2009 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.

The first half of 2010, the average sales price for a 1 bedroom unit was $188,500. The average price for a 2 bedroom unit was $238,143. A single 3br/3ba unit sold for $310,000.

Homes on average sell for 93.7% of the original list price. They sell for 97.4% of the final list price. If you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that is familiar with the buildings and can help you determine if the asking price is reasonable.

As of 7/12/2010 the number of pending home sales at Idylwood Towers is 1. It is a 1 bedroom short sale unit listed at $199,555.

Five homes are currently available for sale in Idylwood Towers. They range in price from a junior 1-bedroom at $164,900 to a 3-bedroom listed at $339,000. If you would like the current list of homes for sale, please email me.

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.

The average sales price went up some in the first quarter of the year but seems so have given up most of that gain in Q2. We will need some more sales to see what the overall trend will be this year. The homebuyer credit expired at the end of April but it is too early to know if that is the main reason for the decline. Overall for the year, the prices appear to still be up though - especially for 2 bedroom units.

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, 7 upcoming or recent auctions and 0 bank owned properties. Some of these bank sales may have been listed as short-sales currently but the majority of them may come on the market over the next months.

Moving on to rentals, the prices have come down a little bit from last year. 13 properties rented so far this year, compared to 27 properties rented in 2009. There are currently 6 properties listed for rent ranging from $1,300 for a junior 1br/1ba to $1,500 for a regular 1br/1ba. As can be seen on the below graph, the rents have been declining since 2006-2007 for most models  (2br units seem to have gone up.)

For investors the GRM has flattened out due to pretty flat prices and falling rents. The 1 and 2 bedroom has an Identical GRM for Q2 in 2010 (the blue dot is hidden between the red 2 bedroom one.)

Idylwood Towers is a great place to call home and the prices are still low. Coupled with the low interest rates this is a great 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"

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only - always do your own research.