Asheville Mountain Real Estate Blog

Asheville, NC real estate for sale. Information for buyers, sellers and mountain homeowners, without pressure. Rich content for those who are far away about what it is like to live here through the generous use of media. And some nostalgia with our, "Baby Boomers' Fun Stuff", Thanks for stopping by.

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Location: Mars Hill, NC, United States

A small, highly personalized real estate firm specializing in mountain homes and land in greater Asheville.

Tuesday, January 13, 2009

Asheville Real Estate Roundup

The weather of late has been wild an wooly. We have seen everything from heavy rain and floods, including mudslides to 67 degrees F, and then 5 or more inches of snow in the mountains.

The real estate news in greater Asheville has also been notable.

In Real Estate
January 8:
The lead story in the print edition of The Citizen Times detailed the Chapter 11 bankruptcy filing of the number 3 real estate firm in the the region. The culprit, declining sales:
The number of existing homes sold through the Multiple Listing Service in Buncombe County through November last year was about 27 percent lower than in the same period of 2007.

The total dollar value of all home sales in the county — the amount Realtors' commissions are typically based on — fell more than 30 percent, from $915.9 million to $632.8 million.
Those numbers are year to date. The decline has accelerated in recent months. November, 2008 sales were 50.4% less than one year ago, and 62% less than 2006. These numbers are 3 to 4 times softer than national averages.

Ashevegas has more.

It is important to note that Chapter 11 is a reorganization. Businesses in Chapter 11 continue to operate, and as the article noted:
"During the reorganization, 'Service to our clients — buyers and sellers alike — is really unaffected.' ”
January 6:
Ashevegas informs us about the closing of Jim Walter Homes. Here is more from MSNBC, and Tampa Biz Journals. Jim Walter was a fixture in local television advertising, one of those CEO's who did their own commercials. Walter started his business with $395 in 1946, quite a story.

January 6:
Mountain Express reported the Chapter 7 bankruptcy of a high end, 6,500 acre golf resort in the Boone area. The resort has now been acquired by new owners, more info here.

December 14:
Ashevegas covered this story where creditors of a high end community, just a few minutes from downtown have filed petitions against the development. Subsequent information is sketchy, but this web site, (never heard of them), has reported they have been placed in involuntary Chapter 11.

Chapter 11 Vs. Chapter 7
Because we were unclear ourselves, here is some very basic information on bankruptcy.

Chapter 11 bankruptcy is a reorganization where day to day operations continue. A corporation choosing this avenue receives an automatic stay from all creditors while it formulates a plan to pay bills and to emerge from its current conditions.

Chapter 7 bankruptcy is where a business ceases operations, (usually), and its assets are liquidated to generate revenues to pay off creditors. It is apparently the most common form of bankruptcy in the US.

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Filed Under: Asheville Real Estate News

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