prices are all over the board due to financial distress,poor location,poor condition,etc...
but understand,we never had a housing glut. prices really dropped because of the financial
freeze;recessionary drop in stock prices;then,stock and bond yields dropped.
Find a home you love,negotiate,buy it,enjoy it for years],then sell !!!!
remember, it's about the lifestyle up here!!!!1
p.s. there won't be a bell ringing to let you know "BOTTOMED OUT NOW""
Just as Lori said........ it is difficult to say a dollar amount or %'age because the numbers are greatly affected by Foreclosures and short sales. IF you are truely interested in getting a clear picture of the Market on Sugar/Banner Elk/or Beech Mtn - my husband & I build a very detailed and comprehensive report each month showing the Sales Stats and the comparison of each month to the previous month AND to the same periods from previous year(s). IF you'd like to be added to our mailing list for this monthly report - Just drop me an e-mail!
Prices are sort of all over the place in the area. The average price drop has been around 50-60,000. on the mid price range homes, but there have been some short sales saving buyers up to hundreds of thousands of dollars. A recent sale in Eagles Nest sold for over 2 million less than what the developer was originally asking for. (originally 4.3m asking price, and sold for 1.9M) There are definitely some deals to be had. I would have to say the homes and land are probably at their lowest for the most part, but obviously any short sales and foreclosures that come about, we'll represent some of your best buys. Are you looking for a home or lot?
Let me know if I can research any properties for you on Sugar.
Have a great evening,