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Friday, May 18, 2007

Expensive homes taking longer to sell

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    We are hearing from real estate agents that homes at the top of the market are lingering longer on the MLS (multiple listing service) and fetching a smaller percentage of their asking prices than down-market homes. 

    Wilmington, NC, is one example of the phenomenon.  In April, homes in the Hampstead area just north of the city, in zip code 28443, took an average 133 days to sell at an average price of $369,000, 89% of the asking price.  In the Wilmington zip code of 28405, where homes were listed at an average $293,000, they sold in April in 73 days and at an impressive 98% of their asking price.

    With the stock market remaining strong, at least for now, there is not too much downward pressure on pricing for owners of higher end homes.  But a stock market correction could certainly change that.

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    Our friend Adam Ney is a leading exponent of green businesses and lifestyles in the state of Connecticut.  He maintains an interesting web site called Building Connecticut Green.  Last month Adam masterminded a clean-up of the road that runs alongside his town golf course, Wintonbury Hills in Bloomfield. 

    Wintonbury Hills is not your average muni; it was designed by Pete Dye for the princely sum of $1 as a favor to friends of his in town, and it is the equal -- in layout and condition -- of most local private courses.  Adam arranged for a few of his fellow club members to help pick up trash along the road, and then played the course.  This might be a day of fun and productivity you can organize at your own course, whether it is private or public.  For Adam's article, click here .


Read 3018 times Last modified on Monday, 21 May 2007 08:44
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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.