murphy nc foreclosures for sale: Foreclosures Drive Prices Down On Mountain Land - 2010 Land Sales Market Report for Murphy NC and Cherokee County - 03/10/11 05:20 AM
                          
Low prices on homes for sale in 2010 meant fewer land sales in Murphy, North Carolina and Cherokee County.  A total of 156 parcels of land listed on the Mountain Lakes MLS service sold in 2010, with the majority of one to three acre lots selling for under $30,000.  But even with low prices for mountain land, prospective buyers found that they could buy an existing home here in the mountains last year for much less than the cost of buying a lot and building.
Bargain hunting buyers planning for future use or investment found plenty of property from … (1 comments)

murphy nc foreclosures for sale: Average Home Price Down 10% From Last Year - 2010 Year-End Market Report For Murphy NC and Cherokee County - 01/20/11 10:45 AM
Despite historically low interest rates, the number of home buyers declined in Cherokee County in 2010.  There were 281 sales recorded, 28 fewer than 2009's 309 closed transactions.  Home prices fell by about the same percentage in 2010.  The average home price was $140,800, which is 10.6% less than the average home price of $157,600 in 2009.
Although only 3-4% of the active listings at any time are foreclosures, that category accounted for 23% of all recorded sales.  There were 64 foreclosures sold, ranging from $20,000 for a 2 bedroom, 1 bath fixer-upper to $349,000 for a 3 bedroom, 2 bath … (1 comments)

murphy nc foreclosures for sale: Foreclosures With a Mountain View - Homes and Land For Sale at The Sanctuary at Vance Mountain, Murphy North Carolina - 11/07/10 07:17 AM

When it opened in 2006, The Sanctuary at Vance Mountain in Murphy North Carolina was the most expensive new gated development in Cherokee County.  With long range mountain views that rival those in Highlands and Cashiers, The Sanctuary has an added advantage of being less than 2 hours from metro Atlanta.
Initially, homes for sale in The Sanctuary at Vance Mountain ranged in price from around $500,000 to $1.7 million.  Lot prices for a 30 mile long range view began at around $100,000. 
 ure -
Today, you can buy the most expensive house for sale in The Sanctuary, a 13 … (3 comments)

murphy nc foreclosures for sale: Did You Buy Mountain Land In Western North Carolina? Cherokee County Has Lowest Number of Foreclosed Lots - 10/13/10 07:04 AM

Murphy North Carolina and Cherokee County have escaped the financial devastation created by overdevelopment and fraudulent land schemes in other Western North Carolina counties. 
"Cherokee County seems to be insulated from the effects that mortgage fraud and the recession have had.  There are massive developments in areas of Western North Carolina with hundreds and in some cases thousands of acres of lots where the developers presold lots and then simply walked away."
This is a direct quote from my own "Deep Throat", a source who works in North Carolina foreclosures for a large national bank.  His position with the bank does not allow him … (0 comments)

murphy nc foreclosures for sale: Lower Interest Rates Keep August, September 2010 Pending Home Sales Steady - Real Estate Market Report for Murphy NC and Cherokee County - 10/04/10 09:05 AM

Local interest rates are still dropping.  The combination of historically low rates and low prices on homes for sale in Murphy North Carolina and Cherokee County continues to attract buyers to the mountains.  August sales matched those of a year ago with 36 homes sold and 28 more going under contract. 
          
September's closed sales were down over those of a year ago, however the number of homes going under contract was basically the same as in August.  There were 23 home sales in September, 2010 compared to 34 in September of 2009. 
Inventory remains lower than it was earlier in … (0 comments)

murphy nc foreclosures for sale: The Average Sale Price of a Mountain Home in Murphy North Carolina Is $153,500 - 3rd Quarter 2010 Real Estate Market Report - 10/01/10 08:18 AM
                    
If you've been dreaming of a home in the cool mountains of Murphy North Carolina, today's prices coupled with historically low interest rates can make that dream a reality.
The number of homes sold in Murphy North Carolina and Cherokee County for the third quarter of this year is down slightly from 3rd quarter of 2009, but prices are almost unchanged from those of a year ago.  The average price of a home sold over the summer was just over $150,000   
            Homes Sold                 Days on Market                      Average Sale Price
2010            80                                           249                                        $153,559
2009         91                                           223                                         $154,400
2008           70                                            239                         … (6 comments)

murphy nc foreclosures for sale: Cherokee County's Purchase of the Cornerstone Building in Murphy North Carolina - Is This $1.35 Million Transaction Voidable By Taxpayers? - 09/26/10 06:19 AM
A controversial spending spree by 3 lame duck County Commissioners in their last months in office has incensed some taxpayers in Murphy North Carolina and Cherokee County.  After attending the September 7 meeting of the County Commissioners, I did some research into their purchase of the foreclosed Cornerstone Building on Hwy 64 West in MUrphy on August 13, 2010 for $1,350,000.
                      
I found numerous questionable issues, which I detailed in my last post What REALLY Went On When Cherokee County Commissioners Purchased the Foreclosed Cornerstone Building in Murphy North Carolina for Over $1.3 Million on August 13, 2010? 
My biggest concerns … (0 comments)

murphy nc foreclosures for sale: What REALLY Went On When Cherokee County Commissioners Bought Foreclosed Cornerstone Building in Murphy North Carolina for Over $1.3 Million on August 13, 2010? - 09/25/10 06:50 AM
                      
Controversy over the purchase of the Cornerstone Building in Murphy North Carolina by 3 lame duck county commissioners has monopolized both meetings of the Cherokee County Board of Commissioners this month.  Their decision to quickly purchase the foreclosed building from Unity Community Bank for the full asking price of $1,350,000 was questioned by a room full of concerned taxpayers.
I attended the first meeting on September 7 and what I heard led me to do some research into the details of this transaction.  After going to the County Manager, the county's financial officer and the County Attorney, I finally obtained the documents that I requested … (1 comments)

murphy nc foreclosures for sale: Home Foreclosure For Sale in Murphy NC 28906 - 2 Bedroom 2 Bath Ranch at 459 Johnson Rd $84,750 - 09/13/10 08:51 AM
                     
Looking for a home foreclosure for sale under $100,000 in the North Carolina mountains? Check out this newly listed 2 bedroom 2 bath ranch home with log siding at 459 Johnson Road in Murphy NC 28906.  There's a covered front porch overlooking the level front yard and beautiful wooded lot and a stone chimney for that authentic moutain cabin look.
 
Imagine spending cool fall evenings in front of the stone fireplace in the living room.  The adjoining country kitchen has loads of cabinets and counter space and a dining area in front of sliding glass doors that lead to an open deck. 
Down … (1 comments)

murphy nc foreclosures for sale: Are Any Lots Selling in Grand Vista Subdivision in Murphy NC Since the Developers Walked Away? August 2010 Update - 08/16/10 12:22 PM
       
Is ANYTHING selling in Grand Vista Subdivision in Murphy, North Carolina?
That's the number one question I get from anxious property owners who bought lots in Phase 1 of this upscale development in the mountains of Cherokee County several years ago.  Ever since the news came out that Grand Vista Subdivision has been abandoned by the developers, owners have been wondering what this means for the value of their property.
So far this year, four lot sales have been recorded for Grand Vista subdivision, all within the last three months:
Lot 18 - $23,000 (foreclosure) Lot 9 - $30,000 ( short sale)  Lot 55 … (7 comments)

murphy nc foreclosures for sale: Want to Buy a Foreclosure in Murphy NC This Summer? Better Hurry - They're Almost Gone! - 08/08/10 07:58 AM
  
Nearly every day, I get emails from buyers looking for foreclosures here in the mountains of Murphy, North Carolina.  With all the national news stories about a huge volume of foreclosed homes for sale and a tsunami of bank-owned properties ready to flood the market, people expect to find dozens of homes in every price range just waiting for a lowball offer.  
                 
So when I did my local market report for July, I took the time to do some research into foreclosures as well.  To my surprise, I found that out of 814 homes for sale on our MLS in Cherokee … (2 comments)