Realty Insider Blog

The market activity at Idylwood Towers has been up this year. While there were 12 homes sold last year - 2010 saw 19 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 by the graphs above, the percentage of distressed sales seems to have peaked in 2009 and was down in 2010.

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.

For 2010 the average sales price for a 1 bedroom unit was $188,500. The average price for a 2 bedroom unit was $229,750. 3br/2ba' are $288,500 and 3br/3ba's sell on average for $301,000.

Homes on average sell for 95% of the original list price. They sell for 98% 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 2/20/2011 there are 4 pending sales at Idylwood Towers. Two of them are short sales.

Five homes are currently available for sale in Idylwood Towers. They range in price from a 1-bedroom home at $184,711 to a 3-bedroom home 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 prices did go up some this year(one bedrooms went up about 5% and two bedrooms about 8%.) The homebuyer credit expired at the end of April and could have accounted for some of the increase - we should have a better feeling for that as we get into 2011.

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, 1 upcoming or recent auctions and 3 bank owned properties. Some of these bank sales may already have been listed and/or sold. But, not a large amount of foreclosures it seems.

Moving on to rentals, the prices have gone up a little bit from last year for the 1 and 2 bedroom units. 29 properties rented in 2010, compared to 27 properties rented in 2009. There are currently 2 properties listed for rent ranging from $1,475 for a 1br/1ba to $1,795 for a 2br/2ba. As can be seen on the below graph, the rents have been declining overall since 2006-2007 for most models but seems to be recovering.

For investors the GRM has flattened out due increasing prices and rents offsetting each other in 2010.

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.